The Los Angeles Korean American Chamber of Commerce (KACCLA) is debating on how to best utilize its available funds of $300,000.
The organization is set to hold a board of directors meeting on Sept. 19 at Oxford palace Hotel and revealed that it now holds $300,000 of available funds after the previous chairman Eun Lee’s regime has left $95,000 behind.
“The previous regime conducted excellent business and has left behind surplus profits,” said KACCLA chairman Ki-hwan Ha. “We now have a total available funding of $300,000. Now is the time for us to worry about how we can best utilize the money.”
There has been an internal suggestion that simply keeping a saving of the available funds could be problematic. However, it was unclear what it could do with the funds as the total amount has always been below $200,000 until recently. As the funds have now increased to $300,000, the organization is now exploring various possibilities, including purchasing a property.
“It’s now time to form a taskforce group with the previous chairmen to discuss how we could best spend the funds,” Ha said. “We could invest in the stock market or purchase an aging property to remodel it for the organization to use.”
The KACCLA’s account was opened with the purpose of conducting a transparent business since 34th chairman Choon-shik Kim was in charge of the organization.
Former chairmen Koo-hyeon Shin, Joo-hyeon Jeong, Edward Koo and Woo-sung Lim all ended their terms with available funds of nearly $200,000. That has now increased to $300,000.
The organization policies stipulate that the funds cannot be used for general operation costs. To purchase a property, the organization must earn approvals from chairman, director and fund manager.
By Moonho Kim