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Nonprofiteer
← NAE IL FOUNDATION LTD

Form 990 for tax year 2023

Filed by NAE IL FOUNDATION LTD.

Totals

Total revenue
$1,581,308
Total expenses
$468,456
Contributions and grants received
$0
Grants paid
$375,000
Program service revenue
$0
Investment income
$1,581,308
Other revenue
$0
Total assets, end of year
$39,029,721
Total liabilities, end of year
$0
Net assets or fund balances, end of year
$39,029,721
Program services expenses (Part IX)
$375,000
Management and general expenses
$93,456
Fundraising expenses
$0
Program service expenses (Part III)
$375,000

Program services were 80.1% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 3 · Investment income

    total $1,581,308 · unrelated business $13,489 · excluded $1,567,819

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $375,000 · program services $375,000

  • 11b · Fees: legal

    total $61,583 · management and general $61,583

  • 11c · Fees: accounting

    total $29,180 · management and general $29,180

  • 13 · Office expenses

    total $1,154 · management and general $1,154

  • 17 · Travel

    total $1,198 · management and general $1,198

  • 24a · Other expenses: BANK FEES

    total $341 · management and general $341

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,335,810 · end of year $1,315,534

  • 2 · Savings and temporary cash investments

    beginning of year $10,662,672 · end of year $354,447

  • 11 · Investments: publicly traded securities

    end of year $11,329,228

  • 12 · Investments: other securities

    beginning of year $26,030,512 · end of year $26,030,512

  • 27 · Net assets without donor restrictions

    beginning of year $38,028,994 · end of year $39,029,721

Mission and programs · 2023

Mission

NAEIL FOUNDATION'S MISSION IS TO ADVANCE SOCIAL JUSTICE AND DEMOCRATIC VALUES IN THE KOREAN-AMERICAN COMMUNITY BY ADVOCATING FOR POLICIES AND CIVIC ENGAGEMENT THAT PLACES EDUCATIONAL ACCESS, PRESERVATION OF CULTURAL HERITAGE, CROSS-CULTURAL COALITION BUILDING, AND COMMUNITY PROSPERITY AT THE FOREFRONT. ADDITIONALLY THE FOUNDATION PROMOTES EQUITABLE TREATMENT OF AND OUTCOMES FOR SIMILARLY SITUATED UNDERREPRESENTED AND SOCIOECONOMICALLY DISADVANTAGED COMMUNITIES ACROSS THE UNITED STATES AND ITS TERRITORIES WHERE THE FOUNDATION IS A MAJOR STAKEHOLDER IN THE COMMUNITY.

Activities or mission (Part I)

NAEIL FOUNDATION MISSION IS TO ADVANCE SOCIAL JUSTICE AND DEMOCRATIC VALUES IN THE KOREAN-AMERICAN COMMUNITY BY ADVOCATING FOR POLICIES AND CIVIC ENGAGEMENT THAT PLACES EDUCATIONAL ACCESS, PRESERVATION OF CULTURAL HERITAGE, CROSS-CULTURAL COALITION BUILDING, AND COMMUNITY PROSPERITY AT THE FOREFRONT. ADDITIONALLY THE FOUNDATION PROMOTES EQUITABLE TREATMENT OF AND OUTCOMES FOR SIMILARLY SITUATED UNDERREPRESENTED AND SOCIOECONOMICALLY DISADVANTAGED COMMUNITIES ACROSS THE UNITED STATES AND ITS TERRITORIES WHERE THE FOUNDATION IS A MAJOR STAKEHOLDER IN THE COMMUNITY.

  • SUPPORT FOR THE KOREAN AMERICAN FAMILY SUPPORT CENTER WHICH IS HELPING ADULTS, YOUTH, AND CHILDREN TO LEAD SAFE AND HEALTHY LIVES BASED ON DIGNITY, COMPASSION, AND MUTUAL RESPECT. THE CENTER IS COMMITTED TO PREVENT AND END DOMESTIC VIOLENCE, SEXUAL ASSAULT, AND RELATIONSHIP ABUSE, OVERALL TO CREATE A VIOLENCE-FREE SOCIETY. OUR COUNSELING, EDUCATION, AND ADVOCACY PROGRAMS FOR INDIVIDUALS AND FAMILIES IN THE NEW YORK TRI-STATE AREA ARE PROVIDED IN A CULTURALLY AND LINGUISTICALLY APPROPRIATE CONTEXT.

    Expenses $300,000 · Grants $300,000

  • SUPPORT FOR THE KOREAN AMERICAN COMMUNITY FOUNDATION (KACF) WHICH PROVIDES GRANTS AND ORGANIZATIONAL DEVELOPMENT SUPPORT TO NONPROFIT GROUPS WORKING TO ADDRESS THE MOST PRESSING NEEDS IN THE KOREAN AMERICAN COMMUNITY AND BEYOND.

    Expenses $50,000 · Grants $50,000

  • SUPPORT FOR THE KOREAN AMERICAN ASSOCIATION OF GREATER NEW YORK (KAAGNY) WHICH WORKS TO ADVANCE THE INTERESTS, RIGHTS, AND WELFARE OF KOREAN AMERICANS, AND ENHANCING THE FRIENDSHIP AND UNDERSTANDING BETWEEN THE KOREAN AMERICAN COMMUNITY AND THE WIDER PUBLIC. AS A PLATFORM FOR COMMUNITY ENGAGEMENT, WE WORK DILIGENTLY TO PROMOTE KOREAN CULTURE, HERITAGE, AND VALUES, WHILE ACTIVELY SUPPORTING THE INTEGRATION OF KOREAN AMERICANS INTO THE AMERICAN MAINSTREAM.

    Expenses $25,000 · Grants $25,000

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • So Young Kim

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • William Moon

    DIRECTOR, TREASURER

    Total calculated
    $0
    Hours/week
    1.5

  • Michael Lee

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those.

Grants on this return

Provenance

Return type
form_990
Tax year
2023
Filed
14 November 2024
IRS schema version
2023v5.1
Source object
202443199349318549

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