2024-05-23T23:10:16-07:00 2022-12-31 660526565 Ernst & Young LLP 231 Ypao Rd Ste 201 Tamuning GQ 990 2022-01-01 660798103 GUMA Guam Unique Merchandise Art Inc GUMA 6716473803 1296 Pale San Vitores Road Tumon GU 96913 Marvin Manibusan Board Chairperson 6716473803 2024-05-22 true Marvin Manibusan XXX-XX-XXXX true Sherillou C Aguon P01596511 6716493700 3 AAL1 IAL1 FAL1 2022 2023-04-26 12:10:37Z X Francis Guerrero 1296 Pale San Vitores Rd Tumon GU 96913 454967 false X www.gumaguam.com X 2013 GU The primary purpose of the organization shall be to mentor, support, and develop aspiring local artists, cultural producers and entrepreneurs, transforming their creativity, skills, and innovative spirit into self-sustainable marketable product of the highest quality that are uniquely Guam. 9 9 4 0 0 0 269274 454967 0 0 1142 0 270416 454967 0 0 128489 164677 10961 10961 161276 278894 289765 454532 -19349 435 227395 722261 6500 500931 220895 221330 X The primary purpose of the organization shall be to mentor, support, and develop aspiring local artists, cultural producers and entrepreneurs, transforming their creativity, skills, and innovative spirit into self-sustainable marketable product of the highest quality that are uniquely Guam. true false 218386 0 0 I Bisinun Mami (IBM) Training & Program- condensed training geared specifically to home-based business startups. 83682 0 0 IBM Microgrant Support Program that disburses $3,000 cash to IBM Training & Program graduates who apply for start-up funding 129555 0 0 Incubator Program - grant opportunity for Training & Mentoring graduates who apply for capital investment from GUMA 431623 true true false false false false false false false false true false false false false false false false false false false false false false false false false false false false false false false false false false false false false false false false false false false false false true 0 0 4 true false false false false false false false false false false false false false false false false false X 9 9 false false false false false false false true false false false true false false false false false false GU Mark Umagat 6716896275 PO Box 2173 Hagatna GU GU 96910 X Marvin Manibusan Chairman 1.00 X 0 0 0 Francis Guerrero Vice Chairman 1.00 X 0 0 0 Vincent C Camacho Treasurer 2.00 X 0 0 0 Matthew Cruz Finance Director 1.00 X 0 0 0 Monica Guzman Executive Director 28.00 X 0 0 0 Joann Camacho Secretary 1.00 X 0 0 0 0 0 0 false false false X 450917 4050 454967 0 0 0 0 0 454967 0 0 0 152974 152974 0 0 11703 11703 0 0 67263 67263 0 0 3692 3692 0 0 10961 10961 6641 6641 0 0 3458 3458 0 0 94352 83682 10670 0 2924 2924 0 0 43708 43708 0 0 55482 55482 0 0 Business meals 596 0 596 0 Miscellaneous 125 96 29 0 Bank fees 653 0 653 0 454532 431623 11948 10961 X 169636 561245 4000 235094 78078 57759 157016 227395 722261 6500 3707 497224 6500 500931 X 220895 221330 220895 221330 227395 722261 X 435 X false false false X 0 0 108466 84583 41260 270416 454967 959692 0 0 0 108466 84583 41260 270416 454967 959692 0 0 0 959692 959692 1.00000 1.00000 0.00000 0.00000 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 235094 78078 157016 157016 Pt VI, Line 11b Form 990 is prepared by an independent CPA and reviewed by the GUMA Guam Unique Merchandise Art, Inc.'s Chairman. Pt VI, Line 19 The corporation's financial statements is published annually in a newspaper of general circulation. Pt III, Line 2 GUMA's Incubator Program has been in existence since 2014 and was originally funded as part of a separate federal grant at the time. When the grant ended, the program was funded by GUMA via contributions and donations made to GUMA from other private benefactors. However, by the beginning of 2022, GUMA had nearly exhausted its private funds and the program was temporarily suspended. The GEDA Growth Accelerator Program grant provided a large infusion of capital that allowed for GUMA to resume the program. Additionally, the IBM Microgrant Program is new to 2022 and is attributed entirely to the funds appropriated by the legislature. Despite the fact that the funds can only be used as direct participant support, the microgrants served to significantly boost interest in our IBM Training Program which has helped us to reach our federal grant training goals. Pt VIII Statement of Revenue is amended to properly reflect the recognition of revenue in 2022. The original return recognized all Government Grants revenue from GEDA Economic Development Authority and Guam Department of Administration received in 2022. However, a portion of that revenue and the related expenses and asset capitalization did not all occur in 2022. A portion that of revenue and related expenses are actually recognized in 2023. Therefore, Government Grant revenues, with the related expenses are amended to properly reflect revenue that is actually incurred in 2022. Pt X Several balance sheet items have been adjusted as a result of amending the recognition of Government grant revenue. Cash total decreased and accounts receivables total increased. Accounts payable total increased. Deferred revenue has significantly increased to recognize Government grant revenues received in 2022, but related program expenses have not occurred yet. As a result of amending revenue recognition, total net assets without donor restrictions total decreased. Other Pt IX Statement of Functional Expenses - Other Salaries and wages, payroll taxes, and Depreciation, depletion and amortization totals are adjusted to properly reflect expenses following the amendment of the Government grant recognition of revenue. Pt XI Total revenues and total expenses are amended to properly reflect changes in the amendment of recognition of revenue. Pt VI, Line 8b GUMA does not have any committees nor other groups within the organization that have the authority to act on behalf of the governing body.