Civic Intelligence

Asian Inc.

990 • Fiscal year 2021 • EIN 94-1753170

Jan 01, 2021 to Dec 31, 2021 • Filed on Nov 15, 2022

Organization ProfileWWW.ASIANINC.ORG
1167 MISSION ST 4TH FloorSan Francisco, CA 94103

(415) 928-5910

Siviq Scores

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

Liabilities / Assets

78th percentile

0.54x

Higher debt load relative to assets than 78% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Liabilities / Revenue

84th percentile

1.35x

Higher debt load relative to revenue than 84% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Net Margin

73rd percentile

28%

Higher net margin than 73% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Top Officer Pay

45th percentile

$156,800

Higher top officer pay than 45% of similar nonprofits.

Top officer pay equals 3.2% of source-year revenue.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Asset Growth

66th percentile

17%

Faster asset growth than 66% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2020 to 2021

Revenue Growth

50th percentile

12%

Faster revenue growth than 50% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets78th percentile

Assets

Up

$12,344,249

Up $1,833,673 (+17%) from 2020

Net Assets

Up

$5,727,939

Up $1,378,348 (+32%) from 2020

Liabilities

Up

$6,616,310

Up $455,325 (+7.4%) from 2020

Revenue And Expenses
Liabilities / Revenue84th percentileNet Margin73rd percentile

Revenue

Up

$4,897,792

Up $519,077 (+12%) from 2020

Expenses

Down

$3,519,444

Down $85,333 (-2.4%) from 2020

Net Income

Up

$1,378,348

Up $604,410 (+78%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth66th percentile

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

$15M$10M$5.0M$0Assets 2010: $5,945,066Liabilities 2010: $3,810,164Net Assets 2010: $2,134,9022010Assets 2011: $9,554,677Liabilities 2011: $6,087,435Net Assets 2011: $3,467,2422011Assets 2012: $8,849,622Liabilities 2012: $5,768,441Net Assets 2012: $3,081,1812012Assets 2013: $8,472,641Liabilities 2013: $6,020,240Net Assets 2013: $2,452,4012013Assets 2014: $9,145,415Liabilities 2014: $6,812,784Net Assets 2014: $2,332,6312014Assets 2015: $7,305,375Liabilities 2015: $4,416,487Net Assets 2015: $2,888,8882015Assets 2016: $9,036,099Liabilities 2016: $5,744,661Net Assets 2016: $3,291,4382016Assets 2017: $8,638,078Liabilities 2017: $5,518,235Net Assets 2017: $3,119,8432017Assets 2018: $8,637,930Liabilities 2018: $5,317,253Net Assets 2018: $3,320,6772018Assets 2019: $8,818,957Liabilities 2019: $5,243,304Net Assets 2019: $3,575,6532019Assets 2020: $10,510,576Liabilities 2020: $6,160,985Net Assets 2020: $4,349,5912020Assets 2021: $12,344,249Liabilities 2021: $6,616,310Net Assets 2021: $5,727,9392021Assets 2022: $13,642,103Liabilities 2022: $7,573,221Net Assets 2022: $6,068,8822022Assets 2023: $13,830,227Liabilities 2023: $7,483,361Net Assets 2023: $6,346,8662023Assets 2024: $14,814,259Liabilities 2024: $7,260,354Net Assets 2024: $7,553,9052024

Highlighted filing

2021

Assets$12,344,249
Liabilities$6,616,310
Net Assets$5,727,939
Open 2021 Filing

Operations Trend

Revenue Growth50th percentile

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

$6.0M$4.0M$2.0M$0-$2.0MRevenue 2010: $2,441,588Expenses 2010: $2,263,947Net Income 2010: $177,6412010Revenue 2011: $3,670,752Expenses 2011: $3,170,660Net Income 2011: $500,0922011Revenue 2012: $3,393,828Expenses 2012: $3,544,391Net Income 2012: -$150,5632012Revenue 2013: $2,835,712Expenses 2013: $3,167,308Net Income 2013: -$331,5962013Revenue 2014: $3,197,781Expenses 2014: $3,317,662Net Income 2014: -$119,8812014Revenue 2015: $3,381,551Expenses 2015: $3,229,827Net Income 2015: $151,7242015Revenue 2016: $3,532,087Expenses 2016: $3,129,537Net Income 2016: $402,5502016Revenue 2017: $3,253,236Expenses 2017: $3,166,332Net Income 2017: $86,9042017Revenue 2018: $3,334,886Expenses 2018: $3,087,839Net Income 2018: $247,0472018Revenue 2019: $3,628,497Expenses 2019: $3,373,521Net Income 2019: $254,9762019Revenue 2020: $4,378,715Expenses 2020: $3,604,777Net Income 2020: $773,9382020Revenue 2021: $4,897,792Expenses 2021: $3,519,444Net Income 2021: $1,378,3482021Revenue 2022: $4,447,185Expenses 2022: $4,072,368Net Income 2022: $374,8172022Revenue 2023: $4,287,646Expenses 2023: $4,009,662Net Income 2023: $277,9842023Revenue 2024: $5,561,637Expenses 2024: $4,381,533Net Income 2024: $1,180,1042024

Highlighted filing

2021

Revenue$4,897,792
Expenses$3,519,444
Net Income$1,378,348
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Nov 15, 2022
Return Version
2021v4.0
Gross Receipts
$5,390,588
Mission and Program Overview

Mission

The core mission of ASIAN, Inc. is the empowerment of the Asian American Community to achieve social equality by reducing dependency to create and expand access to opportunities in the areas of business development, housing and education.

The core mission of ASIAN, Inc. is the empowerment of the Asian American Community to achieve social equality by reducing dependency to create and expand access to opportunities in the areas of business development, housing and education. The most significant activities include technical assistance and research for strengthening the infrastructures of Asian American Communities in Northern California and to assist in their physical, economic, and social development.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$3,049,209$4,645,059▲ $1,595,850
Land, Buildings, and Equipment, Net$3,533,977$3,530,630▼ $3,347
Accounts Receivable$2,060,653$2,304,612▲ $243,959
Other Notes and Loans Receivable, Net$1,129,213$1,038,025▼ $91,188
Savings and Temporary Cash Investments-$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-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Prepaid Expenses and Deferred Charges-$0-
Total Assets$10,510,576$12,344,249▲ $1,833,673
Other Assets Total$737,524$825,923▲ $88,399
Liabilities
Mortgage Notes Payable Secured by Investment Property$4,154,736$5,481,028▲ $1,326,292
Other Liabilities$1,211,935$633,000▼ $578,935
Accounts Payable and Accrued Expenses$793,254$501,222▼ $292,032
Escrow Account Liability$1,060$1,060→ $0
Total Liabilities$6,160,985$6,616,310▲ $455,325
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$3,928,715$5,307,063▲ $1,378,348
Net Assets With Donor Restrictions$420,876$420,876→ $0
Total Net Assets Fund Balance$4,349,591$5,727,939▲ $1,378,348
Total Liabilities and Net Assets / Fund Balance$10,510,576$12,344,249▲ $1,833,673

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$2,539,531$718,511$3,258,042
Land$983,492-$983,492
Equipment$7,607$87,029$94,636
Other Land Buildings-$12,217$12,217
Other Assets Org$107,457--
Compensation and Service Providers
Top Officer Pay45th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Lamar HeystekPresidentFT$140,000$16,800$156,800
David MendozaSr. Proje DirectorFT$131,000$15,720$146,720
Tony TangProj. DirectorFT$110,888$13,307$124,195
Nobby ChengHousing DirectorFT$108,000$12,960$120,960
Thomas GaliciaSR. Prop ManagerFT$107,500$12,900$120,400
Herbert QuanDirector OF OPFT$84,295$10,200$94,495

Board Members and Trustees

NameTitle
Frank FungChairman
Robert LoVice-chair
Andrew ChauBoard Member
Aubri BryanBoard Member
Jonathan LeongBoard Member
Roger RoyseBoard Member
Christina CiuSecretary
Betty LemTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$424,157
Program Service Revenue
$4,102,390
Investment Income
$31,796
Other Revenue
$339,449
All Other Contributions
$98,289
Change in Net Assets
$1,378,348

Audited Revenue Reconciliation

Revenue per Audited Statements
$4,897,792
Total Revenue per Audited Statements
$4,897,792
Total Revenue per Form 990
$4,897,792
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$2,336,452
Other Expenses$1,182,992
Total Fundraising Expense$12,131
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,550,509$131,122$3,548$1,685,179
Occupancy$200,080$285,133$210$485,423
Fees for Services Other$445,095$32,816$3,699$481,610
Current Officers, Directors, Trustees, and Key Employees$172,666$78,628-$251,294
Payroll Taxes$138,284$18,000$449$156,733
Pension Plan Contributions$134,280$7,333-$141,613
Other Employee Benefits$91,821$9,198$614$101,633
Fees for Services Accounting-$45,800-$45,800
Office Expenses$14,861$16,377$1,840$33,078
Insurance$15,463$14,259$105$29,827
Interest-$26,007-$26,007
Travel$6,311$2,254$278$8,843
Depreciation Depletion$2,841$4,920$3$7,764
All Other Expenses$1,371$1,805-$3,176
Other Expenses$469$2,537$597$3,006
Total Functional Expenses$2,815,187$692,126$12,131$3,519,444

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$3,519,444
Total Expenses per Audited Statements$3,519,444
Total Expenses per Form 990$3,519,444
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$76,578
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Annual Gala$182,363-$76,578-
Total Events$182,363-$76,578$-76,578
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
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
Due to Related Parties$499,188
Line of Credit$133,811
Rounding$1
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
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
Yes
Other officer compensation reviewed
Yes
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, Line 11B: Form 990 Review Process

“The outside, independent cpa prepares the form 990, the board members review the form 990 before filing it.”

Form 990, Part VI, Line 12C: Explanation of Monitoring and Enforcement of Conflicts

“The conflict of interest policy is monitored and reviewed by the board annually and signed in order to show compliance.”

Form 990, Part VI, Line 15B: Compensation Review and Approval Process for Officers and Key Employees

“The compensation of the top management official (the president) is determined by a compensation and benefits survey report for nonprofits as well as a review and approval by the board of directors.the other officers or key employees' compensations are determined, reviewed and approved by the president.”

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

“Documents are available upon request”

Filing and Contact Details

Filer

Filer Name
Asian Inc
EIN
94-1753170
Phone
4159285910
Address
1167 MISSION ST 4TH Floor, SAN FRANCISCO, CA 94103

Signing Officer

Name
Lamar Heystek
Title
President
Signed
2022-11-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Lamar Heystek
Formed
1971
Legal Domicile
CA
Voting Board Members
8
Independent Board Members
8
Employees
40
Volunteers
20

Preparer

Firm
Chek Tan and Company Llp
Address
309 4TH AVE STE 300, SAN FRANCISCO, CA 94118
Preparer
Yunyu Huang
Phone
4156738573
Supplemental Narrative

Financial Statement Notes

Part IV, Line 2B: Explanation of escrow account liability

“ASIAN, Inc. holds certain accounts in trust for others in the course of its affordable housing program operations. The balances consist of tenant deposits and operating accounts for affiliates for which ASIAN, Inc. serves as property manager.”

Part X : FIN48 Footnote

“ASIAN, Inc. and its nonprofit Affiliates NHRC II, NHRC III, NHCR IV, Minna Inc., Van Ness Inc., Natoma Inc., and O'Farrell Inc. are exempt from taxation under Internal Revenue Code Section 501(c)(3) and California Revenue and Taxation Code Section 23701d. The limited partnerships: Natoma LP, Van Ness LP, Minna LP, Turk LP, Lassen LP, and Post LP, are pass-through entities not subject to income taxation except for the annual California limited partnership fee of $800. All taxable income,deductions, and tax credits are passed to, and are reportable by the partners individually. In 2020, the partnerships paid $4,800 in California limited partnership fees.Generally accepted accounting principles provides accounting and disclosure guidance about positions taken by an organization in its tax returns that might be uncertain. Management has considered its tax positions and believes that all of the positions taken by ASIAN, Inc. in its federal and state tax returns are more likely than not to be sustained upon examination. ASIAN, Inc.'s respective returns are subject to examination by federal and state taxing authorities, generally for three and four years, respectively, after they are filed.”

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IRS990/Form990PartVIISectionAGrp/TitleTxt1SR. PROJE DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt2PROJ. DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt3HOUSING DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt4SR. Prop Manager
IRS990/Form990PartVIISectionAGrp/TitleTxt5Director OF OP
IRS990/Form990PartVIISectionAGrp/TitleTxt6Chairman
IRS990/Form990PartVIISectionAGrp/TitleTxt7VICE-CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt8BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt9Secretary
IRS990/Form990PartVIISectionAGrp/TitleTxt10BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt11BOARD MEMBER
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IRS990/MinutesOfCommitteesInd0true
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IRS990/MissionDesc0The core mission of ASIAN, Inc. is the empowerment of the Asian American Community to achieve social equality by reducing dependency to create and expand access to opportunities in the areas of business development, housing and education. The most significant activities include technical assistance and research for strengthening the infrastructures of Asian American Communities in Northern California and to assist in their physical, economic, and social development.
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IRS990/PensionPlanContributionsGrp/ProgramServicesAmt0134280
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IRS990/ProgSrvcAccomActy2Grp/Desc0HOUSING DEVELOPMENT PROGRAM DEVELOPS HOUSING PROJECTS FOR LOW-TO-MODERATE INCOME HOUSEHOLDS IN SAN FRANCISCO AND SAN JOSE.
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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$12,344,249
Liabilities
$6,616,310
Net assets
$5,727,939
Revenue
$4,897,792
Expenses
$3,519,444
Net income
$1,378,348
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$14.8$7.26$7.55$5.56$4.38$1.18
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$13.8$7.48$6.35$4.29$4.01$0.28
2022Detailed filing. Detailed filing data is available for this year.$13.6$7.57$6.07$4.45$4.07$0.37
2021Detailed filing. Detailed filing data is available for this year.$12.3$6.62$5.73$4.90$3.52$1.38
2020Detailed filing. Detailed filing data is available for this year.$10.5$6.16$4.35$4.38$3.60$0.77
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$8.82$5.24$3.58$3.63$3.37$0.25
2018Detailed filing. Detailed filing data is available for this year.$8.64$5.32$3.32$3.33$3.09$0.25
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$8.64$5.52$3.12$3.25$3.17$0.09
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$9.04$5.74$3.29$3.53$3.13$0.40
2015Detailed filing. Detailed filing data is available for this year.$7.31$4.42$2.89$3.38$3.23$0.15
2014Detailed filing. Detailed filing data is available for this year.$9.15$6.81$2.33$3.20$3.32$0.12
2013Summary only. Only limited summary data is available for this year.$8.47$6.02$2.45$2.84$3.17$0.33
2012Summary only. Only limited summary data is available for this year.$8.85$5.77$3.08$3.39$3.54$0.15
2011Summary only. Only limited summary data is available for this year.$9.55$6.09$3.47$3.67$3.17$0.50
2010Summary only. Only limited summary data is available for this year.$5.95$3.81$2.13$2.44$2.26$0.18