Civic Intelligence

Discover Torrance

990 • Fiscal year 2023 • EIN 32-0305113

Jan 01, 2023 to Dec 31, 2023 • Filed on May 14, 2024

Organization Profilewww.discovertorrance.com
21540 Hawthorne Blvd 463Torrance, CA 90503

(310) 802-7777

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

12th percentile

0.00x

Higher debt load relative to assets than 12% of similar nonprofits.

2023 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2023

Liabilities / Revenue

12th percentile

0.00x

Higher debt load relative to revenue than 12% of similar nonprofits.

2023 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2023

Net Margin

16th percentile

-8.5%

Higher net margin than 16% of similar nonprofits.

2023 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2023

Top Officer Pay

27th percentile

$0

Higher top officer pay than 27% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2023 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2023

Asset Growth

19th percentile

-5.5%

Faster asset growth than 19% of similar nonprofits.

2023 filings • 501(c)6 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Revenue Growth

73rd percentile

20%

Faster revenue growth than 73% of similar nonprofits.

2023 filings • 501(c)6 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets12th percentile

Assets

Down

$1,355,283

Down $78,502 (-5.5%) from 2022

Net Assets

Down

$1,354,615

Down $78,693 (-5.5%) from 2022

Liabilities

Up

$668

Up $191 (+40%) from 2022

Revenue And Expenses
Liabilities / Revenue12th percentileNet Margin16th percentile

Revenue

Up

$921,782

Up $152,485 (+20%) from 2022

Expenses

Up

$1,000,475

Up $96,855 (+11%) from 2022

Net Income

Up

-$78,693

Up $55,630 (+41%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth19th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$2.0M$1.5M$1.0M$500K$0Assets 2014: $1,063,557Liabilities 2014: $0Net Assets 2014: $1,063,5572014Assets 2015: $1,162,792Liabilities 2015: $0Net Assets 2015: $1,162,7922015Assets 2016: $1,588,357Liabilities 2016: $0Net Assets 2016: $1,588,3572016Assets 2017: $1,656,652Liabilities 2017: $0Net Assets 2017: $1,656,6522017Assets 2018: $1,761,115Liabilities 2018: $0Net Assets 2018: $1,761,1152018Assets 2019: $1,795,803Liabilities 2019: $0Net Assets 2019: $1,795,8032019Assets 2020: $1,836,976Liabilities 2020: $0Net Assets 2020: $1,836,9762020Assets 2021: $1,568,195Liabilities 2021: $564Net Assets 2021: $1,567,6312021Assets 2022: $1,433,785Liabilities 2022: $477Net Assets 2022: $1,433,3082022Assets 2023: $1,355,283Liabilities 2023: $668Net Assets 2023: $1,354,6152023Assets 2024: $1,135,578Liabilities 2024: $686Net Assets 2024: $1,134,8922024

Highlighted filing

2023

Assets$1,355,283
Liabilities$668
Net Assets$1,354,615
Open 2023 Filing

Operations Trend

Revenue Growth73rd percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$1.5M$1.0M$500K$0-$500KRevenue 2014: $708,123Expenses 2014: $514,439Net Income 2014: $193,6842014Revenue 2015: $641,394Expenses 2015: $542,159Net Income 2015: $99,2352015Revenue 2016: $1,104,939Expenses 2016: $679,374Net Income 2016: $425,5652016Revenue 2017: $886,213Expenses 2017: $817,918Net Income 2017: $68,2952017Revenue 2018: $920,546Expenses 2018: $816,083Net Income 2018: $104,4632018Revenue 2019: $879,572Expenses 2019: $844,884Net Income 2019: $34,6882019Revenue 2020: $543,750Expenses 2020: $502,577Net Income 2020: $41,1732020Revenue 2021: $591,325Expenses 2021: $860,670Net Income 2021: -$269,3452021Revenue 2022: $769,297Expenses 2022: $903,620Net Income 2022: -$134,3232022Revenue 2023: $921,782Expenses 2023: $1,000,475Net Income 2023: -$78,6932023Revenue 2024: $886,313Expenses 2024: $1,106,036Net Income 2024: -$219,7232024

Highlighted filing

2023

Revenue$921,782
Expenses$1,000,475
Net Income-$78,693
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
May 14, 2024
Return Version
2023v5.0
Gross Receipts
$921,782
Mission and Program Overview

Mission

To promote travel and tourism in the city of torrance and enhance the hotel and lodging industry.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$1,433,785$1,355,283▼ $78,502
Savings and Temporary Cash Investments-$0-
Accounts Receivable-$0-
Other Notes and Loans Receivable, Net-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Land, Buildings, and Equipment, Net-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Prepaid Expenses and Deferred Charges-$0-
Total Assets$1,433,785$1,355,283▼ $78,502
Other Assets Total-$0-
Liabilities
Other Liabilities$477$668▲ $191
Total Liabilities$477$668▲ $191
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$1,433,308$1,354,615▼ $78,693
Total Net Assets Fund Balance$1,433,308$1,354,615▼ $78,693
Total Liabilities and Net Assets / Fund Balance$1,433,785$1,355,283▼ $78,502

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings-$5,499$5,499
Equipment-$4,097$4,097
Compensation and Service Providers
Top Officer Pay27th percentile

Board Members and Trustees

NameTitle
Linda AmatoChairman
Neera ChananiVice Chair
Danielle SmithDirector
Dorsa RastegarDirector
Douglas WuDirector
Ed ApodacaDirector
Falicia FosterDirector
Kazunori YamaotoDirector
Kevin ChenDirector
Mario MaradiagaDirector
Sal Al-EzzaniDirector
Sonia CorderoDirector
Zachari MateevDirector
Fran FultonExecutive Director
Donna DuperronEx-Officio
Maria HimebaughSecretary
Mike PatelTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$895,451
Investment Income
$26,331
Other Revenue
$0
Change in Net Assets
$-78,693
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$824,973
Salaries, Compensation, and Employee Benefits$175,502
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$162,047--$162,047
Office Expenses$22,447--$22,447
Fees for Services Accounting$15,703--$15,703
Payroll Taxes$13,455--$13,455
All Other Expenses$9,290$2,991-$12,281
Other Expenses$5,315$7,844-$5,315
Insurance$4,084--$4,084
Travel$595--$595
Interest$23$6-$29
Total Functional Expenses$989,634$10,841$0$1,000,475
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
In-house lobbying only
No
Subject to proxy tax
Yes
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Sales Tax Payable$668
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
No
Backup withholding compliance
No
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 11B

“A draft copy is provided to the chairperson to distribute and approve prior to filing.”

Form 990, Part VI, Section C, Line 19

“The public is invited to listen on the board meetings”

Filing and Contact Details

Filer

Filer Name
Discover Torrance
EIN
32-0305113
Phone
3108027777
Address
21540 Hawthorne Blvd 463, Torrance, CA 90503

Signing Officer

Name
Linda Amato
Title
Chairman
Signed
2024-05-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Linda Amato
Formed
2010
Legal Domicile
CA
Voting Board Members
17
Independent Board Members
17
Employees
8
Volunteers
17

Preparer

Firm
Jensen & Company Accountancy Corporation
Address
3838 West Carson Street Suite 220, Torrance, CA 90503
Preparer
Shawn Motalebi
Phone
4242017640
Supplemental Narrative

Additional Explanations

Employee Retention Credit

“The entity has included the ERC of $37,932.94 in Part VIII Line 1e Government Grants”

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IRS990/LandBldgEquipAccumDeprecAmt09596
IRS990/LandBldgEquipBasisNetGrp/EOYAmt00
IRS990/LandBldgEquipCostOrOtherBssAmt09596
IRS990/LegalDomicileStateCd0CA
IRS990/LoanOutstandingInd0false
IRS990/LocalChaptersInd0false
IRS990/MaterialDiversionOrMisuseInd0false
IRS990/MembersOrStockholdersInd0false
IRS990/MethodOfAccountingCashInd0X
IRS990/MinutesOfCommitteesInd0false
IRS990/MinutesOfGoverningBodyInd0true
IRS990/MissionDesc0TO PROMOTE TRAVEL AND TOURISM IN THE CITY OF TORRANCE AND ENHANCE THE HOTEL AND LODGING INDUSTRY.
IRS990/MoreThan5000KToIndividualsInd0false
IRS990/MoreThan5000KToOrgInd0false
IRS990/NetAssetsOrFundBalancesBOYAmt01433308
IRS990/NetAssetsOrFundBalancesEOYAmt01354615
IRS990/NetGainOrLossInvestmentsGrp/TotalRevenueColumnAmt00
IRS990/NetIncmFromFundraisingEvtGrp/TotalRevenueColumnAmt00
IRS990/NetIncomeFromGamingGrp/TotalRevenueColumnAmt00
IRS990/NetIncomeOrLossGrp/TotalRevenueColumnAmt00
IRS990/NetRentalIncomeOrLossGrp/TotalRevenueColumnAmt00
IRS990/NoDonorRestrictionNetAssetsGrp/BOYAmt01433308
IRS990/NoDonorRestrictionNetAssetsGrp/EOYAmt01354615
IRS990/NoListedPersonsCompensatedInd0X
IRS990/NondeductibleContributionsInd0false
IRS990/OccupancyGrp/TotalAmt00
IRS990/OfficeExpensesGrp/ProgramServicesAmt022447
IRS990/OfficeExpensesGrp/TotalAmt022447
IRS990/OfficerMailingAddressInd0false
IRS990/OperateHospitalInd0false
IRS990/Organization501cInd0X
IRS990/OrganizationFollowsFASB117Ind0X
IRS990/OtherAssetsTotalGrp/EOYAmt00
IRS990/OtherEmployeeBenefitsGrp/TotalAmt00
IRS990/OtherExpensesGrp/Desc0MARKETING
IRS990/OtherExpensesGrp/Desc1TRADE SHOWS
IRS990/OtherExpensesGrp/Desc2RENT
IRS990/OtherExpensesGrp/Desc3COMPUTER & INTERNET
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt07844
IRS990/OtherExpensesGrp/ProgramServicesAmt0680504
IRS990/OtherExpensesGrp/ProgramServicesAmt144793
IRS990/OtherExpensesGrp/ProgramServicesAmt231378
IRS990/OtherExpensesGrp/ProgramServicesAmt35315
IRS990/OtherExpensesGrp/TotalAmt0680504
IRS990/OtherExpensesGrp/TotalAmt144793
IRS990/OtherExpensesGrp/TotalAmt239222
IRS990/OtherExpensesGrp/TotalAmt35315
IRS990/OtherLiabilitiesGrp/BOYAmt0477
IRS990/OtherLiabilitiesGrp/EOYAmt0668
IRS990/OtherRevenueTotalAmt00
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt0162047
IRS990/OtherSalariesAndWagesGrp/TotalAmt0162047
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt00
IRS990/PartialLiquidationInd0false
IRS990/PaymentsToAffiliatesGrp/TotalAmt00
IRS990/PayrollTaxesGrp/ProgramServicesAmt013455
IRS990/PayrollTaxesGrp/TotalAmt013455
IRS990/PensionPlanContributionsGrp/TotalAmt00
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt00
IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt00
IRS990/PrincipalOfficerNm0Linda Amato
IRS990/ProfessionalFundraisingInd0false
IRS990/ProgramServiceRevenueGrp/Desc0Assessment Fees
IRS990/ProgramServiceRevenueGrp/Desc1Membership Dues
IRS990/ProgramServiceRevenueGrp/Desc2Souvenirs
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt0843775
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt145000
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt26676
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0843775
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt145000
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt26676
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYInvestmentIncomeAmt04305
IRS990/PymtTravelEntrtnmntPubOfclGrp/TotalAmt00
IRS990/PYOtherExpensesAmt0767548
IRS990/PYProgramServiceRevenueAmt0764992
IRS990/PYRevenuesLessExpensesAmt0-134323
IRS990/PYSalariesCompEmpBnftPaidAmt0136072
IRS990/PYTotalExpensesAmt0903620
IRS990/PYTotalRevenueAmt0769297
IRS990/RcvblFromDisqualifiedPrsnGrp/EOYAmt00
IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt00
IRS990/ReconcilationRevenueExpnssAmt0-78693
IRS990/RegularMonitoringEnfrcInd0false
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RoyaltiesGrp/TotalAmt00
IRS990/RoyaltiesRevenueGrp/TotalRevenueColumnAmt00
IRS990/SavingsAndTempCashInvstGrp/EOYAmt00
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleC/AgreeCarryoverPriorYearInd0false
IRS990ScheduleC/Form1120POLFiledInd0false
IRS990ScheduleC/OnlyInHouseLobbyingInd0false
IRS990ScheduleC/SubstantiallyAllDuesNondedInd0false
IRS990ScheduleD/EquipmentGrp/DepreciationAmt04097
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt04097
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt05499
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt05499
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt0668
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Sales Tax Payable
IRS990ScheduleD/TotalLiabilityAmt0668
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0A DRAFT COPY IS PROVIDED TO THE CHAIRPERSON TO DISTRIBUTE AND APPROVE PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE PUBLIC IS INVITED TO LISTEN ON THE BOARD MEETINGS
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2The entity has included the ERC of $37,932.94 in Part VIII Line 1e Government Grants
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section B, Line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section C, Line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Employee Retention Credit
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0true
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt01433785
IRS990/TotalAssetsEOYAmt01355283
IRS990/TotalAssetsGrp/BOYAmt01433785
IRS990/TotalAssetsGrp/EOYAmt01355283
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt00
IRS990/TotalEmployeeCnt08
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt010841
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0989634
IRS990/TotalFunctionalExpensesGrp/TotalAmt01000475
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0477
IRS990/TotalLiabilitiesEOYAmt0668
IRS990/TotalLiabilitiesGrp/BOYAmt0477
IRS990/TotalLiabilitiesGrp/EOYAmt0668
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt01433308
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt01354615
IRS990/TotalProgramServiceRevenueAmt0895451
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0921782
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0921782
IRS990/TotalVolunteersCnt017
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt01433785
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt01355283
IRS990/TravelGrp/ProgramServicesAmt0595
IRS990/TravelGrp/TotalAmt0595
IRS990/TypeOfOrganizationCorpInd0X

Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,355,283
Liabilities
$668
Net assets
$1,354,615
Revenue
$921,782
Expenses
$1,000,475
Net income
-$78,693
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$1.14$0.00$1.13$0.89$1.11$0.22
2023Detailed filing. Detailed filing data is available for this year.$1.36$0.00$1.35$0.92$1.00$0.08
2022Detailed filing. Detailed filing data is available for this year.$1.43$0.00$1.43$0.77$0.90$0.13
2021Detailed filing. Detailed filing data is available for this year.$1.57$0.00$1.57$0.59$0.86$0.27
2020Detailed filing. Detailed filing data is available for this year.$1.84$0.00$1.84$0.54$0.50$0.04
2019Detailed filing. Detailed filing data is available for this year.$1.80$0.00$1.80$0.88$0.84$0.03
2018Detailed filing. Detailed filing data is available for this year.$1.76$0.00$1.76$0.92$0.82$0.10
2017Detailed filing. Detailed filing data is available for this year.$1.66$0.00$1.66$0.89$0.82$0.07
2016Detailed filing. Detailed filing data is available for this year.$1.59$0.00$1.59$1.10$0.68$0.43
2015Detailed filing. Detailed filing data is available for this year.$1.16$0.00$1.16$0.64$0.54$0.10
2014Detailed filing. Detailed filing data is available for this year.$1.06$0.00$1.06$0.71$0.51$0.19