2025-02-24T12:00:46-06:00 2024-06-30 330700332 VASQUEZ COMPANY LLP 655 N CENTRAL AVE STE 1550 GLENDALE CA 91203 990 2023-07-01 330190964 WORLD TRADE CENTER ASSOCIATION LOS ANGELES - LONG BEACH WORL 2132364826 633 W 5TH STREET 3300 LOS ANGELES CA 90071 KENDAL TURNER CHIEF FINANCIAL OFFICER 2132364826 2025-02-19 1 0 X REGINA PRINCE CPA P00576936 2138731700 2023 2025-03-06 01:10:19Z X KENDAL TURNER 633 W 5TH STREET 3300 LOS ANGELES CA 90071 237400 0 X HTTP://WWW.LAEDC.ORG X 1986 CA WTCLA'S MISSION IS DEDICATED TO ATTRACTING FOREIGN DIRECT INVESTMENT TO THE LOS ANGELES REGION AND TRADE FACILITATION. THE WTCLA PROVIDES BUSINESS ASSISTANCE TO INTERNATIONAL COMPANIES SEEKING TO LOCATE OR EXPAND OPERATIONS IN LOS ANGELES, AND TO LOCAL COMPANIES SEEKING TO EXPORT PRODUCTS AND SERVICES TO THE INTERNATIONAL MARKET. 3 1 4 109 0 0 410000 195000 50078 41500 0 0 0 900 460078 237400 0 0 0 0 0 0 0 0 0 234713 540808 234713 540808 225365 -303408 855765 196947 683878 328468 171887 -131521 X WTCLA'S MISSION IS DEDICATED TO ATTRACTING FOREIGN DIRECT INVESTMENT TO THE LOS ANGELES REGION AND TRADE FACILITATION. THE WTCLA PROVIDES BUSINESS ASSISTANCE TO INTERNATIONAL COMPANIES SEEKING TO LOCATE OR EXPAND OPERATIONS IN LOS ANGELES, AND TO LOCAL COMPANIES SEEKING TO EXPORT PRODUCTS AND SERVICES TO THE INTERNATIONAL MARKET. 0 0 440666 41500 THE SPECIFIC PURPOSE OF THIS CORPORATION IS TO EDUCATE AND PROVIDE CONSULTING SERVICES TOWARD IMPROVING WORLD TRADE AND INTERNATIONAL COMMERCE IN THE REGION, PROVIDING CERTAIN SERVICES AND RESOURCES INCLUDING BUT NOT LIMITED TO: A LIBRARY OF TRADE PUBLICATIONS AND OTHER INFORMATION SERVICES; EDUCATIONAL PROGRAMS AND SEMINARS ON TRADE AND INTERNATIONAL BUSINESS; TRANSLATION SERVICES, AND PROMOTE GOOD PUBLIC RELATIONS. 440666 1 1 0 0 0 0 0 0 0 0 1 0 0 1 1 1 0 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 0 1 0 0 0 1 0 0 4 1 0 0 0 0 0 0 0 0 0 0 0 0 X 3 1 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 0 0 0 0 CA X KENDAL TURNER 2132364826 633 W 5TH STREET SUITE 3300 LOS ANGELES CA 90071 WILLIAM C ALLEN CEO (UNTIL 1/3/2023) 20.00 42.00 X X 0 0 0 STEPHEN CHEUNG PRESIDENT AND CEO 20.00 42.00 X X 0 395000 40192 KENDAL R TURNER EXEC. VICE PRES./CFO 20.00 42.00 X X 0 264710 34167 RON FRIERSON DIRECTOR 0.00 X 0 0 0 0 659710 74359 0 0 1 0 0 155000 40000 195000 SERVICE CONTRACTS 541720 41500 41500 41500 OTHER INCOME 541720 900 900 900 237400 41500 0 900 X 234970 187976 46994 40095 40095 21138 16910 4228 1067 854 213 18780 15024 3756 20064 16051 4013 16792 13434 3358 2000 1600 400 OTHER EXPENSES 171850 137480 34370 DUES & SUBSCRIPTIONS 12625 10100 2525 MINOR EQUIPMENT 1427 1142 285 540808 440666 100142 0 40112 982 320000 155000 17558 17558 0 0 495653 40965 855765 196947 24203 29166 659675 299302 683878 328468 X 171887 -131521 171887 -131521 855765 196947 -303408 0 X 0 1 X 1 0 X 358000 374639 320000 460078 236500 1749217 358000 374639 320000 460078 236500 1749217 89997 1659220 1749217 260100 0.94860 0.95030 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 17558 17558 0 0 INTERCOMPANY RECEIVABLE 40965 40965 INTERCOMPANY PAYABLE 299302 299302 X 9273188 84552 8951236 9035788 237400 0 237400 8915529 84552 8290169 8374721 540808 0 540808 PART X, LINE 2: THE ORGANIZATION IS EXEMPT FROM TAXATION UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND SECTION 23701D OF THE CALIFORNIA REVENUE AND TAXATION CODE AND IS GENERALLY NOT SUBJECT TO FEDERAL OR STATE INCOME TAXES. HOWEVER, THE ORGANIZATION IS SUBJECT TO INCOME TAXES ON ANY NET INCOME THAT IS DERIVED FROM A TRADE OR BUSINESS, REGULARLY CARRIED ON, AND NOT IN FURTHERANCE OF THE PURPOSES FOR WHICH IT WAS GRANTED EXEMPTION. NO INCOME TAX PROVISION HAS BEEN RECORDED FOR THE YEARS ENDED JUNE 30, 2024 AND 2023 AS THE NET INCOME, IF ANY, FROM ANY UNRELATED TRADE OR BUSINESS, IN THE OPINION OF MANAGEMENT, IS NOT MATERIAL TO THE CONSOLIDATED FINANCIAL STATEMENTS TAKEN AS A WHOLE. U.S. GAAP REQUIRES THAT AN ORGANIZATION RECOGNIZE IN THE FINANCIAL STATEMENTS THE IMPACT OF A TAX POSITION IF THAT POSITION WILL MORE LIKELY THAN NOT BE SUSTAINED ON AUDIT, BASED ON THE TECHNICAL MERITS OF THE POSITION. AS OF AND FOR THE YEARS ENDED JUNE 30, 2024 AND 2023, THE ORGANIZATION HAD NO MATERIAL UNRECOGNIZED TAX BENEFITS, TAX PENALTIES OR INTEREST. PART XI, LINE 2D - OTHER ADJUSTMENTS: REVENUE OF AFFILIATES 8,951,236. PART XII, LINE 2D - OTHER ADJUSTMENTS: EXPENSES OF AFFILIATES 8,290,169. 0 0 0 0 0 0 0 0 0 STEPHEN CHEUNG PRESIDENT AND CEO 0 357500 0 37500 0 0 0 18300 0 21892 0 435192 0 0 KENDAL R TURNER EXEC. VICE PRES./CFO 0 244710 0 20000 0 0 0 14162 0 20005 0 298877 0 0 PART I LINE 3 THE ORGANIZATION'S CEO IS COMPENSATED BY A RELATED ORGANIZATION, ECONOMIC DEVELOPMENT CORPORATION OF LOS ANGELES COUNTY (LAEDC), WHERE HE SERVES AS THE PRESIDENT/CEO. LAEDC'S BOARD HAS A PROCESS FOR REVIEWING AND APPROVING THE COMPENSATION OF ITS 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 VALUE. THE PROCESS FOR DETERMINING THE COMPENSATION PAID TO MR. CHEUNG INCLUDES THE APPROVAL OF THE COMPENSATION ARRANGEMENT IN ADVANCE, WITH ALL PERSONS WITH A CONFLICT OF INTEREST ABSTAINING FROM THE DELIBERATION AND DISCUSSION OF THE TRANSACTION. THE BOARD OF DIRECTORS REVIEWS DATA OF COMPARABLE COMPENSATION FOR SIMILARLY QUALIFIED NONPROFIT EXECUTIVES AT SIMILARLY SITUATED ENTITIES. THE DOCUMENTATION IN THE BOARD MINUTES 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 B, LINE 11B THE ORGANIZATION'S OUTSIDE AUDITORS AND FINANCE STAFF PREPARE THE FORM 990. THE FORM IS SUBMITTED FOR REVIEW TO THE GOVERNANCE COMMITTEE AND THE AUDIT COMMITTEE. THE FORM AND ALL SCHEDULES IS THEN PROVIDED TO THE FULL BOARD BEFORE E-FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C WORLD TRADE CENTER ASSOCIATION LOS ANGELES-LONG BEACH (WTCLA) REQUIRES THAT BOARD MEMBERS, OFFICERS AND EMPLOYEES CAN NOT HAVE UNDISCLOSED FINANCIAL INTERESTS THAT CONFLICT OR APPEAR TO CONFLICT WITH HIS OR HER RESPONSIBILITIES WITH WTCLA. WTCLA REQUIRES DISCLOSURE OF 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 WTCLA IN THE LAST SIX MONTHS. WTCLA'S CFO EVALUATES THE FORMS FOR POTENTIAL CONFLICTS OF INTEREST. WTCLA ALSO REQUIRES ALL DIRECTORS TO ANNUALLY SIGN A STATEMENT AFFIRMING (A) RECEIPT OF WTCLA'S CONFLICT OF INTEREST POLICY, (B) UNDERSTANDING OF THE POLICY, AND (C) AGREEMENT WITH THE POLICY FORM 990, PART VI, SECTION C, LINE 19 SOME OR ALL OF THESE ITEMS ARE AVAILABLE UPON REQUEST. FORM 990, PART IX, LINE 11G CONTRACTED SERVICES: PROGRAM SERVICE EXPENSES 40,095. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 40,095. ECONOMIC DEVELOPMENT CORPORATION OF LOS ANGELES COUNTY 633 W 5TH STREET SUITE 3300 LOS ANGELES CA 90071 953643339 PROMOTE AND ASSIST GROWTH OF JOBS IN THE LA COUNTY REGION CA 501(C)(3) LINE 7 0 CALIFORNIA INDUSTRY EDUCATION INSTITUTE 633 W 5TH STREET SUITE 3300 LOS ANGELES CA 90071 954482044 DEVELOPING PROGRAMS WITH CA COLLEGES TO ASSIST THE GROWTH OF JOBS IN LA CNTY CA 501(C)(3) LINE 7 ECONOMIC DEVELOPMENT CORPORATION OF LOS ANGELES COUNTY 0 ACTIVATE LA INCFKA EDC PRODUCT DEVELOPMENT FUND INC 633 W 5TH STREET SUITE 3300 LOS ANGELES CA 90071 954482158 EASE THE BURDENS OF GOVERNMENT BY ASSISTING ACTIVITIES OF A PUBLIC NATURE CA 501(C)(3) LINE 7 ECONOMIC DEVELOPMENT CORPORATION OF LOS ANGELES COUNTY 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 ECONOMIC DEVELOPMENT CORP OF LOS ANGELES COUNTY C 155000 BOOK ECONOMIC DEVELOPMENT CORP OF LOS ANGELES COUNTY P 234971 COST