2023-08-15T14:33:51-04:00 2022-12-31 451343806 KL CPA & ASSOCIATES LLC 222 BRIDGE PLAZA S STE 720 FORT LEE NJ 07024 990 2022-01-01 204647454 EASTERN AMERICAN CERTIFIED DEVELOPMENT COMPANY INC EAST 2015850136 438 BROAD AVE PALISADES PARK NJ 07650 KWON H JUNG PRESIDENT 2015414101 2023-08-15 true KWON JUNG XXX-XX-XXXX false KENNETH K LEE CPA P00956025 2127689144 2023-08-15 2022 2023-04-26 12:10:37Z EASTERN AMERICAN CDC KWON H JUNG 47B W RUBY AVENUE PALISADES PARK NJ 07650 2131175 false X WWW.EA504.ORG X 2005 NJ THE SPECIFIC PURPOSE OF THIS CORPORATION SHALL BE TO FOSTER ECONOMIC DEVELOPMENT, CREATE OR PRESERVE JOB AND EDUCATION OPPORTUNITIES, TRAIN, STIMULATE GROWTH, EXPANSION AND MODERNIZATIN OF SMALL BUSINESSES. 7 7 5 0 553997 1500000 631173 766 2 2950 0 557713 2131175 0 0 43277 128025 0 0 497797 412671 541074 540696 16639 1590479 363839 1895199 382328 376617 -18489 1518582 THE SPECIFIC PURPOSE OF THIS CORPORATION SHALL BE TO FOSTER ECONOMIC DEVELOPMENT, CREATE OR PRESERVE JOB AND EDUCATION OPPORTUNITIES, TRAIN, STIMULATE GROWTH, EXPANSION AND MODERNIZATIN OF SMALL BUSINESSES. false false 298695 7A AND OTHER INCOME 298695 true false false false false true false false false false true false false false false false true false false false false false false false false false false false false false false false false true false false false false false false false false false false false false false true 3 0 5 true false false false false false false false false X 7 7 false false false false true true true true true false false false true true true false true false false false NJ X KWON H JUNG 2015850136 47B W RUBY AVENUE PALISADES PARK NJ 07650 KWON H JUNG PRESIDENT 40.00 X 55113 0 0 MICHAEL SHIN DIRECTOR X 0 0 0 CHARLES PARK DIRECTOR X 0 0 0 JINGU SEO DIRECTOR X 0 0 0 JOHN HA DIRECTOR X 0 0 0 KEN GILHO CHOI DIRECTOR X 0 0 0 ALEXANDER KANGSEOK CHOI DIRECTOR X 0 0 0 55113 false false false 1500000 1500000 FEE REVENUE 522291 631173 631173 631173 2 2 2131175 631175 X 55113 55113 36399 36399 28201 28201 8312 8312 29625 29625 11800 11800 97768 81174 16594 39659 39559 100 80984 68861 12123 43058 43058 8357 7376 981 19370 19370 8332 8332 7742 7742 AUTO EXPENSE 33127 19876 13251 BAD DEBT EXPENSE 25490 25490 REPAIRS AND MAINTENANCE 2898 2898 EQUIPMENT & LEASE 2431 2431 2030 1246 784 540696 298695 242001 0 68629 1163304 219047 7329 666977 10576 108585 60286 56632 48299 12202 6043 363839 1895199 21548 43350 7500 17030 339416 301037 13864 15200 382328 376617 X -18489 255640 1262942 -18489 1518582 363839 1895199 1590479 -53408 X false true X true false X 529868 554810 578630 553997 1500000 3717305 529868 554810 578630 553997 1500000 3717305 3717305 3717305 788606 1.00000 0.99860 X 1 1500000 1500000 false false 108585 60286 48299 48299 2131175 2131175 2131175 540696 540696 540696 KWON H JUNG OFFICER LEGAL SETTLEMENT X 192026 192026 false true true HYE J YANG DIRECTOR COVER CASH DEFICIENCIES X 200000 109011 false true true 301037 FORM 990, PAGE 6, PART VI, LINE 6 THE CORPORATION HAS 25 MEMBERS. FORM 990, PAGE 6, PART VI, LINE 7A TOTAL 25 MEMBERS ARE RESPONSIBLE FOR RECOMMENDING THE BOARD OF DIRECTORS OF THE CORPORATION. THE MEMBERS HAVE NO VOTING POWER. BOARD OF DIRECTORS HAVE VOTING POWER. FORM 990, PAGE 6, PART VI, LINE 7B INSTEAD OF THE MEMBERS, THE BOARD OF DIRECTORS MUST MEET AT LEAST QUARTERLY AND SHALL BE RESPONSIBLE FOR CDC STAFF DECISIONS AND ACTIONS. A QUORUM SHALL REQUIRE AT LEAST 5 DIRECTORS AUTHORIZED TO VOTE AND MAJORITY OF PRESENTED DIRECTORS HAVE TO AGREE. THE BOARD MEETINGS REQUIRE A QUORUM TO TRANSACT BUSINESS. A QUORUM MUST BE PRESENT FOR THE DURATION OF THE MEETING. SBA ALLOWS INTERIM VACANCIES ON THE BOARD OF DIRECTORS TO BE FILLED BY A MAJORITY OF THE REMAINING BOARD OF DIRECTORS. ANY PERSON FILLING AN INTERIM VACANCY MUST STAND FOR ELECTION AT THE NEXT ANNUAL OR SPECIAL MEETING OF THE BOARDS, WHICHEVER COMES FIRST. IF A NEW BOARD POSITION IS CREATED, IT MUST BE FILLED BY A VOTE OF THE DIRECTORS AT THE NEXT ANNUAL OR SPECIAL MEETING OF THE DIRECTORS. WHEN THE BOARD VOTES ON SBA LOAN APPROVAL OR SERVICING ACTIONS, AT LEAST TWO BOARD DIRECTORS WITH COMMERCIAL LOAN EXPERIENCE ACCEPTABLE TO SBA, OTHER THAN THE CDC MANAGER, MUST BE PRESENT AND VOTE. THERE MUST BE NO ACTUAL OR APPARENT CONFLICT OF INTEREST WITH RESPECT TO ANY ACTIONS OF THE BOARD. THE CDC BOARD OF DIRECTORS MAY DELEGATE MANAGEMENT FUNCTIONS TO AN EXECUTIVE COMMITTEE. THE EXECUTIVE COMMITTEE MUST MEET THE SAME REQUIREMENTS AS THE BOARD OF DIRECTORS BUT MAY BE APPOINTED BY THE BOARD OF DIRECTORS. FORM 990, PAGE 6, PART VI, LINE 11B DRAFTS OF FORM 990 ARE DISTRIBUTED TO THE BOARD OF DIRECTORS MEMBERS TO GET APPROVAL FOR FILING. FORM 990, PAGE 6, PART VI, LINE 12C IT IS IN OUR BYLAWS AND REPORTS TO SBA EVERY YEAR. FORM 990, PAGE 6, PART VI, LINE 19 UPON REQUEST. FORM 990, PART IX, LINE 11G OTHER PROFESSIONAL FEES 0 9,050 0 OTHER FEES PRG 3,938 0 0 504 SERVICE FEES TO SBA 29,526 0 0 504 VENTURES 5,913 0 0 504 ECONOMIC DEVELOPMENT 30,481 0 0 OUTSIDE SERVICE 11,316 7,544 0 TOTAL 81,174 16,594 0