ASIAN AMERICAN CHAMBER OF COMMERCE… - Form 990 Financial Data

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

2020

Legal Domicile

Tax Period

2023-01-01 to 2023-12-31

ASIAN AMERICAN CHAMBER OF COMMERCE OF ILLINOIS, founded in 2020, is a micro nonprofit that reported $49K in total revenue in fiscal year 2023. Revenue fell 81% from the prior year — a significant decline worth monitoring. Expenses of $189K exceeded revenue, resulting in a 288% operating deficit.

Mission

MISSION IS TO UNITE AND SUPPORT THE ASIAN AMERICAN BUSINESS COMMUNITIES THROUGHOUT THE STATE OF ILLINOIS. EDUCATIONAL: INCREASE THE CAPACITY OF ASIAN AMERICAN AND OTHER MINORITY-OWNED BUSINESSES THROUGH FINANCIAL, LEGAL, & STRATEGIC EDUCATION AND COUNSELING.

Program Service Accomplishments

Program 1

Expenses: $188,653

1. CONDUCTED NEEDS SURVEY OF ILLINOIS SBDC DIRECTORS.2. PARTNERSHIPS CREATED WITH SEVERAL ASIAN AMERICAN COMMUNITY ORGANIZATIONS.3. CREATED ORGANIZATION WEBSITE AND AND REFERRAK NETWORKS.4. HOSTED...

1. CONDUCTED NEEDS SURVEY OF ILLINOIS SBDC DIRECTORS.2. PARTNERSHIPS CREATED WITH SEVERAL ASIAN AMERICAN COMMUNITY ORGANIZATIONS.3. CREATED ORGANIZATION WEBSITE AND AND REFERRAK NETWORKS.4. HOSTED SEVERAL WEBINARS WITH IL DCEO AND OTHER COMMUNITY ORGANIZATIONS.5. IN-PERSON EDUCATIONAL AND TRAINING SEMINARS.6. ASSISTANCE WITH MINORITY CERTIFICATION.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $48,670

Program Service Revenue $0

Investment Income $4

Other Revenue $0

TOTAL REVENUE $48,674

Expense Breakdown

Grants Paid $0

Salaries & Benefits $115,152

Fundraising Expenses $0

Program Expenses $188,653

Other Expenses $73,501

TOTAL EXPENSES $188,653

Year-over-Year Comparison

	2023	2022	Change
Revenue	$48,674	$255,988	-0.8%
Expenses	$188,653	$97,598	+0.9%
Net Income	$-139,979	$158,390	-1.9%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

N/A

Governance Policies

✗ Conflict of Interest Policy

✗ Whistleblower Policy

✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

Total Directors

$101,250

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
MEGAN NAKANO	EXECUTIVE DIRECTOR	40.00	Director Highest	$101,250	$0	$101,250
TERESA GING	BOARD MEMBER	2.00	Director	$0	$0	$0
AILEEN KIM	SECRETARY	2.00	Officer	$0	$0	$0
ERNEST WONG	PRESIDENT	2.00	Officer	$0	$0	$0
SAM KUKADIA	TREASURER	2.00	Officer	$0	$0	$0

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	No data	No data	No data	No data
2023	$48,674	$188,653	$21,652	$-139,979
2022	$255,988	$97,598	$189,357	$158,390

ASIAN AMERICAN CHAMBER OF COMMERCE OF ILLINOIS