2024-09-18T13:42:09-05:00 2023-12-31 351750664 DAUBY O'CONNOR & ZALESKI LLC 501 CONGRESSIONAL BLVD 300 CARMEL IN 46032 990 2023-01-01 954444102 LTSC COMMUNITY DEVELOPMENT CORPORATION LTSC 2134733030 231 E THIRD STREET G106 LOS ANGELES CA 90013 ERICH NAKANO OFFICER 2134733030 2024-09-17 1 0 ROBERT J DOYLE JR P02365765 3178485700 2023 2024-08-08 14:25:15Z LTSC CDCLITTLE TOKYO SERVICE CTR ERICH NAKANO 231 EAST THIRD ST G106 LOS ANGELES CA 90013 22472902 0 X WWW.LTSC.ORG X 1993 CA THE PURPOSE OF THE ORGANIZATION IS TO PROVIDE A COMPREHENSIVE ARRAY OF SOCIAL WELFARE AND COMMUNITY DEVELOPMENT ACTIVITIES TO ASSIST LOW INCOME PERSONS AND OTHERS IN NEED. 26 26 126 0 0 0 18066685 16015567 3554189 5929923 0 0 1952371 310829 23573245 22256319 0 0 0 0 7477591 8624879 0 0 599182 6404789 7361320 13882380 15986199 9690865 6270120 83519714 126635879 42909311 78269529 40610403 48366350 X THE PURPOSE OF THE ORGANIZATION IS TO PLAN, PROMOTE AND SUPPORT COMMUNITY DEVELOPMENT ACTIVITIES WHICH PRESERVE THE JAPANESE AMERICAN AND MULTI-ETHNIC CULTURE AND HISTORY OF LITTLE TOKYO AND CONTRIBUTE TO ITS PHYSICAL, SOCIAL, CULTURAL AND ECONOMIC REVITALIZATION; TO SERVE AS A RESOURCE FOR SIMILAR COMMUNITY ECONOMIC DEVELOPMENT EFFORTS IN OTHER LOW-INCOME COMMUNITIES, PARTICULARLY ASIAN AND PACIFIC ISLANDER COMMUNITIES; AND TO DEVELOP, PROVIDE AND MAINTAIN AFFORDABLE HOUSING AND HOUSING-RELATED SERVICES IN THE LITTLE TOKYO AREA AND IN THE GREATER LOS ANGELES METROPOLITAN AREA FOR THE BENEFIT OF LOW TO MODERATE INCOME PEOPLE. 0 0 2947091 3215690 PROMOTED COMMUNITY ECONOMIC DEVELOPMENT THROUGH DEVELOPING, PROVIDING, AND MAINTAINING AFFORDABLE HOUSING; WORKED TO PRESERVE THE UNIQUE CULTURAL LEGACY AND LIFE OF THE LITTLE TOKYO COMMUNITY BY ACQUIRING AND RENOVATING BUILDINGS IN THE LITTLE TOKYO HISTORIC DISTRICT ON FIRST STREET; PROVIDED SERVICES TO RESIDENTS OF THE ORGANIZATION'S AFFORDABLE HOUSING BUILDINGS IN THE IMMEDIATE DOWNTOWN LOS ANGELES AREA. 3059449 1025031 PROVIDED MULTILINGUAL SOCIAL SERVICES; ORIGINALLY FOUNDED TO SERVE MONOLINGUAL JAPANESE LIVING IN LITTLE TOKYO, THE ORGANIZATION CONTINUED TO SERVE THIS POPULATION AND HAS EXPANDED TO SERVE THE JAPANESE AMERICAN POPULATION THROUGHOUT SOUTHERN CALIFORNIA, AS WELL AS OTHER ASIAN IMMIGRANT POPULATIONS IN LOS ANGELES. SERVICES HAVE EXPANDED TO CHILDREN, YOUTH, YOUNG ADULT AND ADULT POPULATIONS. 7514436 1586674 WORKED WITH LITTLE TOKYO RESIDENTS AND STAKEHOLDERS TO IMPROVE THE COMMUNITY AND REPRESENT THEIR VOICES IN THE ONGOING DEVELOPMENT OF THE NEIGHBORHOOD; DEVELOPED AND MANAGED A MULTI-PURPOSE SPORTS AND ACTIVITIES CENTER TO PROVIDE A FACILITY WHERE YOUTH AND FAMILIES CAN CONGREGATE AND ENGAGE IN MEANINGFUL ACTIVITIES THAT EMPHASIZE SPORTSMANSHIP, TEAMWORK, DIVERSITY AND HEALTHY-LIVING; SERVED AS THE FISCAL SPONSOR FOR A NUMBER OF PROGRAMS, OFFERING TECHNICAL ASSISTANCE, AS WELL AS MANAGEMENT AND ADMINISTRATIVE SUPPORT TO HELP THE PROGRAMS FULFILL THEIR RESPECTIVE GOALS AND MISSIONS.ADMINISTERED SUBSIDIZED, HIGH QUALITY CHILD CARE FOR PRIMARILY LOW-INCOME FAMILIES WITH CHILDREN AGES SIX WEEKS TO FIVE YEARS OLD. THE FAMILY CHILD CARE PROGRAM INVOLVES HOME-BASED PROVIDERS WHO SERVICE NEWBORNS AND TODDLERS, AND ANGELINA PRESCHOOL SERVICES THREE TO FIVEYEAR-OLDS. THE PROGRAMS ARE DEVELOPMENTAL, CHILD-ORIENTED, SERVICE PROGRAM COSTS OF OTHER, NON-CHILDCARE, RELATED PROGRAMS, PARENT-FRIENDLY AND STAFFED BY SKILLED PROFESSIONALS. 13520976 1 1 0 0 0 0 0 0 0 1 1 1 0 1 1 1 0 1 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 127 0 1 126 1 0 0 0 0 0 0 0 0 0 0 X 26 26 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CA X X BOMEE FAIN 2134733030 231 E THIRD STREET G106 LOS ANGELES CA 90013 DICK KAKU BOARD MEMBER 1.50 X 0 0 0 MIGUEL NUNEZ VICE PRESIDENT 0.80 X X 0 0 0 CLAIRE KITAYAMA PRESIDENT 1.50 X 0 0 0 EDWIN TAKAHASHI BOARD MEMBER 0.80 X 0 0 0 KATHY MASAOKA BOARD MEMBER 0.80 X 0 0 0 GEORGE TANAKA BOARD MEMBER 0.80 X 0 0 0 AKEMI ARAKAKI BOARD MEMBER 0.80 X 0 0 0 KELSEY IINO BOARD MEMBER 0.80 X 0 0 0 KEITH TERASAKI BOARD MEMBER 0.80 X 0 0 0 DENNIS ARGUELLES BOARD MEMBER 0.80 X 0 0 0 MARK USUI BOARD MEMBER 0.80 X 0 0 0 JESSICA CHANG SECRETARY 0.80 X 0 0 0 JEFF SCHAFFER BOARD MEMBER 0.80 X 0 0 0 KIRA CONLON BOARD MEMBER 0.80 X 0 0 0 KAREN UMEMOTO BOARD MEMBER 0.80 X 0 0 0 KIRK SASAKI BOARD MEMBER 0.80 X 0 0 0 KELLY TAKASU BOARD MEMBER 0.80 X 0 0 0 JEFFRY YONEMURA TREASURER 0.80 X X 0 0 0 BETTY AVILA MEMBER 0.80 X 0 0 0 BIBIANA ROSALIA MEMBER 0.80 X 0 0 0 CHRIS AIHARA MEMBER 0.80 X 0 0 0 DAE JOONG YOON MEMBER 0.80 X 0 0 0 MARY ANN TAKEMOTO MEMBER 0.80 X 0 0 0 NOELLE ITO MEMBER 0.80 X 0 0 0 PERLA ESTON MEMBER 0.80 X 0 0 0 SID KATO MEMBER 0.80 X 0 0 0 BOMEE FAIN CFO 40.00 X 118504 0 0 ERICH NAKANO EXECUTIVE DIRECTOR 40.00 X 162186 0 0 TAKAO SUZUKI HIGH COMPENSATED EMPLOYEE 40.00 X 150840 0 0 MARGARET SHIMADA HIGH COMPENSATED EMPLOYEE 40.00 X 127057 0 0 DEBBIE CHEN HIGH COMPENSATED EMPLOYEE 40.00 X 145856 0 0 704443 0 0 5 0 1 0 BENCHMARK CONTRACTORS INC 3330 OCEAN PARK BLVD SANTA MONICA CA 90405 CONSTRUCTION 6795109 CARDE TEN ARCHITECTS 11341 NATIONAL BLVD 1104 LOS ANGELES CA 90064 ARCHITCECT FEES 550000 FSY ARCHITECTS 2902 KNOX AVENUE 2ND FLOOR LOS ANGELES CA 90039 CONSTRUCTION 518764 MID CONSTRUCTION GROUP 6350 LAUREL CANYON BLVD LOS ANGELES CA 91606 CONSULTING 300209 STEEL PROTECTIONS INC PO BOX 90361 INDUSTRY CA 91715 SECURITY 225010 5 32802 6994542 8988223 16015567 DEVELOPER FEES 531110 2608653 2608653 REAL ESTATE INCOME 531110 1476917 1476917 SERVICE FEE 531110 1323321 1323321 ASSET & PROPERTY MANAGEMENT 531110 277219 277219 PARTNERSHIP FEES 900099 243813 243813 5929923 629940 32802 216583 413357 413357 OTHER REVENUE - MISC. 900099 219830 219830 OPERATING LOSS FROM INVESTMENT 900099 -322358 -322358 -102528 22256319 5827395 0 413357 6819301 5355137 1084251 379913 1235802 864760 310095 60947 569776 455873 84398 29505 246633 154363 92270 19721 19421 300 44841 38548 4032 2261 125401 86084 39317 18145 11865 5000 1280 329338 224227 48155 56956 1345235 1288320 56915 62605 52864 8212 1529 216340 197445 18895 635754 635754 101289 99623 1666 108245 48988 58012 1245 PROGRAM EXPENSES 2587842 2524679 54532 8631 SUPPLIES 618901 608640 10261 0 FACILITY OPERATIONS 603086 577650 25436 0 OTHER EXPENSES 297944 276735 21209 0 15986199 13520976 1866041 599182 11827033 13394249 915519 918757 981425 1304314 654734 932459 140792 1896540 17509650 1198917 13703998 16310733 6195414 8873185 6476385 7865910 42624414 75139732 83519714 126635879 4493735 18215303 6290 24373 24538920 44098166 13870366 15931687 42909311 78269529 X 40515593 41148037 94810 7218313 40610403 48366350 83519714 126635879 X 6270120 780127 45604 660096 X X 0 1 X 1 1 1 X 13788133 17533386 12361591 19209768 17306085 80198963 1246297 1054221 1354474 2064692 4284244 10003928 15034430 18587607 13716065 21274460 21590329 90202891 0 0 0 90202891 84336 10169 1416727 1849341 219830 3580403 15118766 18597776 15132792 23123801 21810159 93783294 0.96180 0.96040 0.00000 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 2999169 0 329967 92725 33400 3203011 2318544 1000000 -254261 37109 28005 2999169 277185 2000000 58778 17419 2318544 225749 225749 225749 225749 1.00000 1 0 14435839 14435839 2120830 517542 1603288 952981 681375 271606 16310733 INVESTMENT IN AFFILIATES 7865910 C 7865910 DUE FROM AFFILIATES 33683753 CONSTRUCTION IN PROGRESS 35163553 RIGHT-OF-USE ASSET 6292426 75139732 INTEREST PAYABLE 494831 ACCRUED PAYROLL 1133518 TENANT SECURITY DEPOSITS 47393 CHILDCARE RESERVE LIABILITY 262124 NOTES PAYABLE-LT 5829972 LEASE LIABILITY 8163849 15931687 X 28114091 780127 45604 7761688 8587419 19526672 2729647 2729647 22256319 37559026 21572827 21572827 15986199 0 15986199 PART X, LINE 2: THE CORPORATION IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND STATE INCOME TAX AND HAS BEEN CLASSIFIED AS AN OTHER THAN PRIVATE FOUNDATION. ACCORDINGLY, NO PROVISION FOR FEDERAL AND STATE TAXES ON REVENUE AND INCOME HAS BEEN RECOGNIZED IN THE ACCOMPANYING FINANCIAL STATEMENTS. GENERALLY, THE FEDERAL AND STATE TAX RETURNS WERE SUBJECT TO EXAMINATIONS FROM THE THREE YEARS AFTER THE LATER OF THE ORIGINAL OR EXTENDED DUE DATE OR THE DATE FILED BY THE APPLICABLE TAX AUTHORITY. PART XI, LINE 2D - OTHER ADJUSTMENTS: REAL ESTATE INCOME FROM SUBSIDIARIES 7,545,105. FUNDRAISING EXPENSE 216,583. PART XI, LINE 4B - OTHER ADJUSTMENTS: ASSET & PROPERTY MANAGEMENT INCOME 22,000. PARTNERSHIP FEES 206,506. OPERATING LOSS FROM INVESTMENT IN AFFILIATES 112,016. TAX/BOOK DIFFERENCE-OPERATING GAIN/LOSS FROM INVESTMENT IN AFFILIATES -375,662. OTHER REVENUE 99,153. DEVELOPER FEES 2,608,653. PROPERTY MANAGEMENT INCOME 56,981. PART XII, LINE 2D - OTHER ADJUSTMENTS: EXPENSES FROM SUBSIDIARIES 21,640,679. FUNDRAISING EXPENSE 216,582. INTEREST EXPENSE -284,434. PART V, LINE 4: EXPLANATION: LTSC'S ENDOWMENT WAS ESTABLISHED TO PROVIDE ONGOING SUPPORT FOR THE ORGANIZATION. DISTRIBUTIONS FROM THE FUND ARE EXCLUSIVELY FOR GENERAL CHARITABLE USES AND PURPOSES OF LTSC. SAKE 408267 15000 393267 400 55425 11343 60412 BUDOKAN GOLF 87921 11941 75980 13470 24535 4532 2 166554 5861 160693 10028 11527 24911 662742 32802 629940 400 78923 47405 89855 216583 413357 0 0 0 0 0 0 0 0 0 ERICH NAKANO EXECUTIVE DIRECTOR 162186 0 0 0 0 0 0 0 0 0 162186 0 0 0 TAKAO SUZUKI HIGH COMPENSATED EMPLOYEE 150840 0 0 0 0 0 0 0 0 0 150840 0 0 0 FORM 990, PART VI, SECTION B, LINE 11B LTSC COMMUNITY DEVELOPMENT CORP. OUTSIDE AUDITORS & FINANCE STAFF PREPARE FORM 990. THE FORM IS THEN REVIEWED AND APPROVED BY THE ORGANIZATION CEO & CFO. THE FORM IS THEN SENT TO THE FULL BOARD FOR REVIEW BEFORE FILING. FORM 990, PART VI, SECTION B, LINE 12C LTSC COMMUNITY DEVELOPMENT CORP. REQUIRES ALL EMPLOYEES TO DISCLOSE, AT LEAST ANNUALLY, ALL SOURCES OF INCOME FROM COMPENSATION OR FROM OWNERSHIP OF EVERY OUTSIDE ENTITY THAT (A) SOLD, SUPPLIED OR PROVIDED SERVICES (B) OPERATED A COMPETING ENTERPRISE OR (C)PROVIDED GOODS OR SERVICES TO LTSC COMMUNITY DEVELOPMENT CORP. IN THE LAST SIX MONTHS. LTSC COMMUNITY DEVELOPMENT CORP. ALSO REQUIRES BOARD OF DIRECTORS TO ANNUALLY SIGN A STATEMENT AFFIRMING (A) RECEIPT OF LTSC COMMUNITY DEVELOPMENT CORP. CONFLICT OF INTEREST POLICY (B) UNDERSTANDING OF THE POLICY AND (C) AGREEMENT WITH THE POLICY. LTSC COMMUNITY DEVELOPMENT CORP. CONFLICT OF INTEREST POLICY DESCRIBES HOW LTSC COMMUNITY DEVELOPMENT CORP. WILL RESOLVE POSSIBLE CONFLICT OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD REVIEWED LTSC COMMUNITY DEVELOPMENT CORP. PRESIDENT'S AND CHIEF FINANCIAL OFFICER'S COMPENSATION IN 2023. THE BOARD REVIEWED DATA OF COMPARABLE COMPENSATION FOR SIMILARLY QUALIFIED NONPROFIT EXECUTIVES. THE OCCURRENCE OF THESE DELIBERATIONS ARE NOTED IN THE BOARD MINUTES. FORM 990, PART VI, SECTION C, LINE 19 SOME OR ALL OF THESE ITEMS MAYBE AVAILABLE AS PART OF A PUBLIC GRANT APPLICATION. HOWEVER, THERE IS NO PROCESS FOR MAKING THESE AVAILABLE TO THE PUBLIC. FORM 990, PART XI, LINE 9: TAX/BOOK DIFFERENCE ON OPERATING GAIN FROM INVESTMENT IN AFFILIATES 375,662. TAX/BOOK DIFFERENCE ON INTEREST EXPENSE 284,434. FORM 990, PART XII, LINE 2C THERE HAS BEEN NO CHANGE TO THE OVERSIGHT OF THE AUDIT FUNCTION FROM THE PRIOR YEAR. 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