2024-07-23T12:30:22-05:00 2022-12-31 953404284 KIRSCH KOHN & BRIDGE LLP 21800 OXNARD STREET SUITE 900 WOODLAND HILLS CA 913677108 990 2022-01-01 331095784 NATIONAL ASIAN AMERICAN COALITION NATI 6509520522 318 WESTLAKE CENTER 270 DALY CITY CA 94015 FILIBERTO GONZALEZ CHIEF EXECUTIVE OFFICER 6509520522 2024-07-23 1 FILIBERTO GONZALEZ 999009999 1 CARISA FERRER P00637549 8189076500 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z X FILIBERTO GONZALEZ 318 WESTLAKE CENTER 270 DALY CITY CA 94015 10167624 0 X WWW.NAAC.ORG X 2004 CA PROVIDE CONDUIT OF ECONOMIC DEVELOPMENT VIA TECHNICAL ASSISTANCE WITH MINORITY GROUPS IN CA. 8 8 12 0 0 0 6870000 8930769 352660 632198 184149 296716 712137 306659 8118946 10166342 163399 1105 0 0 1812322 1336123 0 0 6661 2586032 4734082 4561753 6071310 3557193 4095032 15985591 19281583 9734498 9134618 6251093 10146965 X NAAC'S MISSION IS TO BE THE PREFERRED CONDUIT OF LOW & MODERATE INCOME FAMILIES. THIS INCLUDES, BUT IS NOT LIMITED, TO INCREASING SUSTAINABLE AND RESPONSIBLE HOMEOWNERSHIP AND OUTREACH FOR SMALL BUSINESS DEVELOPMENT, MINORITIES, AND VETERANS; ADVOCATING AND CREATING HOMEOWNERSHIP OPPORTUNITIES FOR LOW-TO-MODERATE-INCOME PERSONS AND FAMILIES; AND ADVOCATING FOR COMMUNITIES ON A BROAD RANGE OF CONSUMER ISSUES BEFORE GOVERNMENTAL BODIES. 0 0 5013337 1105 630916 HOUSING COUNSELING AND HOMEBUYING EDUCATION AND COMMUNITY INVOLVEMENT, NAAC 501(C)(3) EITHER SPONSORED OR PARTICIPATED IN MORE THAN 77 FORECLOSURE PREVENTION CLINICS IN THE LAST TWO YEARS. NAAC CURRENTLY PROVIDES FINANCIAL EDUCATION AND HOMEBUYER EDUCATION WORKSHOPS, FORECLOSURE PREVENTION CLINICS, MORTGAGE DEFAULT AND DELINQUENCY RESOLUTION COUNSELING, PRE-PURCHASE & POST PURCHASE COUNSELING. NAAC SMALL BUSINESS CENTER IS A US DEPARTMENT OF TREASURY-CERTIFIED COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION (CDFI) MISSION-DRIVEN TO PROVIDE ACCESS TO BASIC FINANCIAL SERVICES, AFFORDABLE CREDIT, AND INVESTMENT CAPITAL TO LOW-INCOME BORROWERS WHO HAVE HISTORICALLY BEEN LEFT OUT OF TRADITIONAL BANKING SERVICES. WE PROVIDE GUIDANCE ONLINE TO PROSPECTIVE LOAN APPLICANTS WHO HAVE PROBLEMS QUALIFYING FOR TRADITIONAL LOANS. GUIDANCE MAY INCLUDE DETERMINING THE BEST TYPE OF LOAN PROGRAM THAT IS SUITED FOR THEIR BUSINESS. CONDUCT CRITICAL WORKSHOPS TO BUSINESS OWNERS IN A WAY THAT IS SCALABLE AND EFFECTIVE TO BUSINESS OWNERS WHEN IDEAL. THE TOPICS WILL BE LED BY SUBJECT MATTER EXPERTS IN THE AREAS OF BUSINESS PLANNING, SOURCES OF CREDIT, FINANCIAL PRESENTATION, AND BUSINESS MODEL CHANGES. LEAD BORROWERS TO RESOURCES THAT ARE PROVIDED TO REPUTABLE AGENCIES SUCH AS THE SBA, WOMEN BUSINESS CENTERS, SMALL BUSINESS DEVELOPMENT COMPANIES, AND VETERAN CENTERS. PURSUIT OF STRATEGIC OPPORTUNITIES FOR A PARTICULAR BUSINESS OR GROUP THAT CREATE MUTUAL AND EFFECTIVE AND PROFITABLE RELATIONS.INTERVENOR COMPENSENATION- AS PART OF ITS PROGRAM SERVICES, THE ORGANIZATION, ON BEHALF OF THE PUBLIC, IS ENGAGED IN ONGOING ADMINISTRATIVE LEGAL PROCEEDINGS BEFORE THE CALIFORNIA PUBLIC UTILITIES COMMISSION (CPUC). CPUC IS A GOVERMENT AGENCY THAT REGULATED PRIVATELY-OWNED UTILITY COMPANIES ENSURING THAT CALIFORNIA UTILITY CUSTOMERS HAVE SAFE, RELIABLE UTILITY SERVICE AT REASONABLE RATES, PROTECTING AGAINST FRAUD, AND PROMOTING THE HEALTH OF CALIFORNIA'S ECONOMY.OWNING A PIECE OF AMERICA IS A PROGRAM COMMITTED TO INFORMING, EMPOWERING AND INSPIRING THE NEW IMMIGRANT COMMUNITY OF SOUTHERN CALIFORNIA. THE NEW PROGRAM FORMAT BRAGS THREE STRONG SEGMENTS TO ACHIEVE THIS. WITH COMMUNITY LEADER FAITH BAUTISTA AS THE MAIN HOST, VIEWERS ARE INFORMED, INSPIRED & EMPOWERED AS THEY LEARN ESSENTIAL TIPS ON BUILDING A SUCCESSFUL LIFE IN AMERICA. FAITH, ALONGSIDE EXPERTS AND PANELISTS WILL SPEAK ON TOPICS SUCH AS FIRST TIME HOMEBUYING, CREDIT RESTORATION, ACCESS TO CAPITAL FOR SMALL BUSINESSES AND CONSUMER PROTECTION. 5013337 1 1 0 0 0 0 0 0 0 0 1 0 1 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 32 0 1 12 1 0 0 0 0 0 0 0 0 0 0 0 0 X 8 8 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CA X JOSELITO TABLANG 6509520522 318 WESTLAKE CENTER SUITE 270 DALY CITY CA 94015 CORA ORIEL CHAIRPERSON 3.00 X X 0 0 0 JAMES SANTAMARIA VICE CHAIRMAN 3.00 X X 0 0 0 ALEX ANDERSON SECRETARY 3.00 X X 0 0 0 ALICIA ATIENZA SECRETARY 3.00 X X 0 0 0 JASON HOBSON BOARD MEMBER 3.00 X 0 0 0 JAMES BRYANT BOARD MEMBER 3.00 X 0 0 0 KEVIN CROSS BOARD MEMBER 3.00 X 0 0 0 NELLIE REYES-SCHWAB TREASURER 3.00 X X 0 0 0 FAITH BAUTISTA PRESIDENT & CEO 40.00 X 698250 0 0 LIDELL PAGE LEGAL COUNSEL 3.00 X 0 0 0 JOSEFINA BAUTISTA CFO 40.00 X 179701 0 0 877951 0 0 2 0 1 0 FLORADEMA LLC 501 HILLSIDE BLVD SOUTH SAN FRANCISCO CA 94080 MARKETING AND OUTREACH 1228815 MARISSA SAMACO 1566 DINA CT SAN JOSE CA 95121 MARKETING AND NETWORKING 750460 SHEPPARD MULLIN RICHTER AND HAMPTON LLP 333 S HOPE ST 43RD FLOOR LOS ANGELES CA 90071 LEGAL SERVICES 592925 NORMITA CACHAPERO 1003 VICTORIA PARK HERCULES CA 94547 UNDERWRITING 244313 4 935000 7995769 9043 8930769 FRAMEWORK FEES 832229 179820 179820 LOAN FEES 832229 179344 179344 INTERVENOR COMPENSATION 839914 103089 103089 SPONSORSHIPS 832229 93425 93425 SAN DIEGO 1ST RESPONDER PROGRAM 541990 50000 50000 26520 26520 632198 297998 297998 1282 -1282 -1282 -1282 MANAGEMENT FEE 874100 162743 162743 NET INVESTMENT INCOME 901101 92821 92821 OTHER INCOME 900099 51095 51095 306659 10166342 630916 0 604657 X 105 105 1000 1000 877951 807203 70748 276982 254662 22320 95103 91167 3936 86087 76244 9843 3364951 2511833 846457 6661 228541 214847 13694 67992 31645 36347 92876 87756 5120 50477 39214 11263 194482 194482 5711 3400 2311 21276 1102 20174 PROVISION FOR DOUBTFUL 640325 640325 TELEPHONE 30659 28754 1905 AUTO 13158 10332 2826 EVENTS 10196 9979 217 13438 9287 4151 6071310 5013337 1051312 6661 X 5410952 7882288 2626795 72872 4747889 8278417 14577 98154 66923 54288 11718 12635 1071722 907020 2000000 2000000 101938 30197 15985591 19281583 1423525 505825 1082500 812500 7228473 7425461 0 390832 9734498 9134618 X 5997199 9650571 253894 496394 6251093 10146965 15985591 19281583 4095032 -199160 0 X X 0 1 X 1 0 X 1286009 1065808 1327345 6870000 8930769 19479931 1286009 1065808 1327345 6870000 8930769 19479931 19479931 54789 39016 65443 184149 297999 641396 20121327 0.96810 0.85690 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 10275 10275 0 48516 37698 10818 8132 6315 1817 12635 INVESTMENT IN CDFI 2000000 C 2000000 LINE OF CREDIT- BANK 250000 OTHER CURRENT LIABILITES 140832 390832 X 9967182 -199160 -199160 10166342 0 10166342 6071310 0 6071310 0 6071310 PART X, LINE 2: NAAC IS EXEMPT FROM TAXATION UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND IS GENERALLY NOT SUBJECT TO FEDERAL AND STATE INCOME TAXES. THE COMPANY HAS ADOPTED ACCOUNTING STANDARDS WHICH CLARIFY THE ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES RECOGNIZED IN THE COMPANY'S FINANCIAL STATEMENTS AND PRESCRIBES A RECOGNITION THRESHOLD AND MEASUREMENT OF A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. THE STANDARDS ALSO PROVIDE GUIDANCE ON DERECOGNITION AND MEASUREMENT OF A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. THE ADOPTION OF THESE STANDARDS DID NOT HAVE A MATERIAL EFFECT TO THE COMPANY. AS OF THE YEAR ENDED DECEMBER 31, 2022, NAAC HAD NO MATERIAL UNRECOGNIZED TAX BENEFITS OR TAX PENALTIES OR INTEREST. THE COMPANY'S FEDERAL AND STATE INCOME TAX RETURNS FOR YEARS 2018 THROUGH 2022 ARE SUBJECT TO EXAMINATION BY THE REGULATORY AGENCIES. TAX RETURNS ARE SUBJECT TO EXAMINATION, GENERALLY FOR THREE YEARS AND FOURS YEARS AFTER THEY WERE FILED FOR FEDERAL AND STATE, RESPECTIVELY. X X X 0 0 0 0 0 0 0 0 0 FAITH BAUTISTA PRESIDENT & CEO 224027 0 465000 0 9223 0 0 0 0 0 698250 0 0 0 JOSEFINA BAUTISTA CFO 178694 0 0 0 1007 0 0 0 0 0 179701 0 0 0 FORM 990, PART VI, SECTION A, LINE 2 JOSEFINA BAUTISTA (CFO) IS THE SISTER IN LAW OF FAITH BAUTISTA (CEO). FORM 990, PART VI, SECTION B, LINE 11B THE BOARD REVIEWS A COMPLETE COPY OF THE RETURN INCLUDING ALL SCHEDULES WITH THEIR CPA PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C ALL OFFICERS, DIRECTORS AND KEY EMPLOYEES ARE COVERED PERSONS UNDER NAAC'S CONFLICT OF INTEREST POLICY. AN ANNUAL CONFLICT OF INTEREST DISCLOSURE FORM IS REQUIRED TO BE COMPLETED BY ALL COVERED PERSONS WHEREIN THEY AFFIRM THAT THEY 1) HAVE RECEIVED A COPY OF THE CONFLICT OF INTEREST POLICY; 2) HAVE READ AND UNDERSTAND THE CONFLICT OF INTEREST POLICY; 3) AGREE TO COMPLY WITH THE CONFLICT OF INTEREST POLICY; 4) AFFIRM ANY TRANSACTIONS THEY OR A FAMILY MEMBER HAVE ENTERED INTO, DIRECTLY OR INDIRECTLY, WITH NAAC; 5) AFFIRM WHETHER THEY OR A FAMILY MEMBER HELD A POSITION WITH AN ORGANIZATION THE NAAC HAS ANY BUSINESS RELATIONSHIP WITH; 6) AFFIRM WHETHER THEY OR A FAMILY MEMBER HAD A FINANCIAL INTEREST IN ANY ORGANIZATION THAT NAAC HAS OR IS CONTEMPLATING ENTERING INTO A BUSINESS RELATIONSHIP WITH; AND 7) AFFIRM WHETHER THEY OR A FAMILY MEMBER RECEIVED ANY GIFTS, MONEY, LOANS OR OTHER TYPE OF SERVICE OR FAVOR WITH A MARKET VALUE OF $200 OR MORE FROM ANY PERSON OR ORGANIZATION THAT HAS, OR IS SEEKING TO HAVE, A BUSINESS RELATIONSHIP WITH THE NAAC. THE BOARD OF DIRECTORS REVIEWS THE ANNUAL DISCLOSURES AND ADDRESSES ANY POTENTIAL CONFLICTS OF INTEREST, WITH ANY INTERESTED PERSON ABSTAINING FROM THE DELIBERATION AND DISCUSSION OF THE MATTER. FORM 990, PART VI, SECTION B, LINE 15 NAAC'S BOARD OF DIRECTORS HAS A PROCESS FOR REVIEWING AND APPROVING THE COMPENSATION OF OFFICERS AND KEY EMPLOYEES ON A REGULAR BASIS TO DETERMINE IT IS FAIR AND REASONABLE WITH THE GOAL OF RETAINING EMPLOYEES AT COMPENSATION LEVELS WITHIN APPROPRIATE MARKET RANGE. THE PROCESS FOR DETERMINING THE COMPENSATION PAID TO THE CEO, OFFICERS, AND KEY EMPLOYEES INCLUDES THE APPROVAL OF THE COMPENSATION ARRANGEMENT IN ADVANCE, BY THE BOARD OF DIRECTORS, WITH ALL PERSONS WITH A CONFLICT OF INTEREST ABSTAINING FROM THE BOARD'S DELIBERATION AND DISCUSSION. THE BOARD REVIEWS DATA OF COMPARABLE COMPENSATION FOR SIMILARLY QUALIFIED NONPROFIT EXECUTIVES AT SIMILARLY SITUATED ENTITIES. THE DOCUMENTATION OF THE BOARD INCLUDES THE TERMS OF THE TRANSACTION AND THE DATE OF APPROVAL, THE MEMBERS WHO WERE PRESENT DURING THE DEBATE AND VOTE ON THE TRANSACTION, A DESCRIPTION OF THE COMPARABLE DATA AND HOW IT WAS OBTAINED, AND DOCUMENTATION OF THE BASIS FOR THE DETERMINATION. FORM 990, PART VI, SECTION C, LINE 18 DOCUMENTS AVAILABLE UPON REQUEST. FORM 990, PART VI, SECTION C, LINE 19 SOME OR ALL OF THESE ITEMS MAY BE AVAILABLE UPON REQUEST. FORM 990, PART IX, LINE 11G PROFESSIOANL FEES: PROGRAM SERVICE EXPENSES 2,511,833. MANAGEMENT AND GENERAL EXPENSES 846,457. FUNDRAISING EXPENSES 6,661. TOTAL EXPENSES 3,364,951. PART IX STATEMENT OF FUNCTIONAL EXPENSES TOTAL FUNCTIONAL EXPENSES INCREASED BY $468,033 DUE TO THE RE-ISSUED AUDITED FINANCIAL STATEMENTS. THE FOLLOWING ARE THE LINE ITEM CHANGES: PROVISION FOR DOUBTFUL ACCOUNTS INCREASED BY $466,282. INTEREST EXPENSE INCREASED BY $1,751. PART X BALANCE SHEET THE FOLLOWING ARE THE ACCOUNTS THAT CHANGED BASED ON THE RE-ISSUED AUDITED FINANCIAL STATEMENTS: ACCOUNTS PAYABLE AND ACCRUED EXPENSES INCREASED BY $62,360. UNSECURED NOTES AND LOANS PAYABLE DECREASED BY $23,580. NOTES AND LOANS RECEIVABLE DECREASED BY $466,280. NET ASSETS WITHOUT DONOR RESTRICTIONS DECREASED BY $505,059. PART XII LINE 2C THE ORGANIZATION DID NOT CHANGE THEIR PROCESS DURING THE TAX YEAR. NAAC LLC 15 SOUTHGATE AVE STE 200 DALY CITY CA 94015 454740024 PROJECT REBOUND CA 6901 11825 NATIONAL ASIAN AMERICAN COALITION