Form 990 for tax year 2022

Filed by KOREA SOCIETY.

Totals

Total revenue: $5,439,144
Total expenses: $3,476,977
Contributions and grants received: $3,238,679
Grants paid: $240,781
Program service revenue: $281,177
Investment income: $1,966,847
Other revenue: -$47,559
Total assets, end of year: $27,540,832
Total liabilities, end of year: $4,062,367
Net assets or fund balances, end of year: $23,478,465
Program services expenses (Part IX): $2,403,527
Management and general expenses: $497,535
Fundraising expenses: $575,915
Program service expenses (Part III): $2,403,527

Program services were 69.1% 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.

1b · Membership dues

$231,400
1c · Fundraising events

$1,103,224
1f · All other contributions, gifts and grants

$1,904,055
1g · Noncash contributions included above

$79,606
2a · Program service revenue: KOREAN STUDIES

total $275,787 · related or exempt $275,787
2b · Program service revenue: POLICY

total $3,485 · related or exempt $3,485
2c · Program service revenue: CORPORATE

total $1,305 · related or exempt $1,305
2d · Program service revenue: ARTS & CULTURE

total $600 · related or exempt $600
3 · Investment income

total $597,352 · excluded $597,352
7a · Gross sales of assets other than inventory

securities $2,981,043
7b · Less cost or other basis and sales expenses

securities $1,611,548
7c · Gain or loss

securities $1,369,495
7d · Net gain or loss

total $1,369,495 · excluded $1,369,495
8a · Fundraising events: gross income

$185,200
8a · Fundraising events: contributions included on line 1c

$1,103,224
8b · Fundraising events: direct expenses

$287,659
8c · Net income from fundraising events

total -$102,459 · excluded -$102,459
11a · Other revenue: CARES ACT - ERTC

total $54,900 · excluded $54,900
11e · Other revenue, total

$54,900

Functional expenses

Part IX, the statement of functional expenses.

1 · Grants to domestic organizations and governments

total $240,781 · program services $240,781
5 · Compensation of officers, directors and key employees

total $309,682 · program services $188,576 · management and general $61,264 · fundraising $59,842
7 · Other salaries and wages

total $945,610 · program services $575,813 · management and general $187,071 · fundraising $182,726
8 · Pension plan contributions

total $43,215 · program services $26,315 · management and general $8,549 · fundraising $8,351
9 · Other employee benefits

total $121,844 · program services $74,195 · management and general $24,104 · fundraising $23,545
10 · Payroll taxes

total $82,154 · program services $50,026 · management and general $16,253 · fundraising $15,875
11c · Fees: accounting

total $25,300 · program services $17,862 · management and general $7,438
11g · Fees: other

total $73,850 · program services $52,138 · management and general $21,712
13 · Office expenses

total $27,638 · program services $18,400 · management and general $4,426 · fundraising $4,812
16 · Occupancy

total $842,362 · program services $555,032 · management and general $133,864 · fundraising $153,466
17 · Travel

total $8,672 · program services $5,644 · management and general $1,405 · fundraising $1,623
22 · Depreciation, depletion and amortization

total $142,259 · program services $93,692 · management and general $22,607 · fundraising $25,960
23 · Insurance

total $18,145 · program services $12,778 · management and general $3,102 · fundraising $2,265
24a · Other expenses: PROGRAM COSTS

total $491,279 · program services $432,734 · fundraising $58,545
24b · Other expenses: CONTRIBUTED AIRLINE TIC

total $54,415 · program services $24,817 · fundraising $29,598
24c · Other expenses: OTHER EXPENSES

total $44,115 · program services $30,900 · management and general $4,878 · fundraising $8,337
24d · Other expenses: EQUIP. RENTAL & MAINTEN

total $5,440 · program services $3,608 · management and general $862 · fundraising $970
24e · All other expenses

total $216 · program services $216

Balance sheet

Part X, book values.

1 · Cash, non-interest-bearing

beginning of year $1,806,557 · end of year $475,580
2 · Savings and temporary cash investments

beginning of year $1,179,581 · end of year $2,374,301
3 · Pledges and grants receivable

beginning of year $404,503 · end of year $825,427
4 · Accounts receivable

beginning of year $33,250 · end of year $124,593
9 · Prepaid expenses and deferred charges

beginning of year $24,149 · end of year $24,854
10a · Land, buildings and equipment: cost or other basis

$1,571,746
10b · Land, buildings and equipment: accumulated depreciation

$690,544
10c · Land, buildings and equipment, net

beginning of year $1,010,652 · end of year $881,202
11 · Investments: publicly traded securities

beginning of year $21,824,713 · end of year $19,169,173
15 · Other assets

beginning of year $4,291,182 · end of year $3,665,702
17 · Accounts payable and accrued expenses

beginning of year $118,727 · end of year $83,847
25 · Other liabilities

beginning of year $4,617,902 · end of year $3,978,520
27 · Net assets without donor restrictions

beginning of year $12,871,742 · end of year $12,422,382
28 · Net assets with donor restrictions

beginning of year $12,966,216 · end of year $11,056,083

Mission and programs · 2022

Mission

SEE SCHEDULE O.

Activities or mission (Part I)

STRENGTHENING THE BONDS OF AWARENESS, UNDERSTANDING & COOPERATION BETWEEN THE US & KOREA.

MEDIA: SEE SCHEDULE O.

Expenses $651,043
POLICY: SEE SCHEDULE O.

Expenses $623,866 · Grants $100,000 · Revenue $3,485
EDUCATION: SEE SCHEDULE O.

Expenses $427,755 · Revenue $275,787
ARTS & CULTURE: THE ARTS & CULTURE DEPARTMENT CONTINUES TO PROMOTE THE DIVERSITY AND EXCELLENCE OF KOREAN CULTURE AND CHAMPION ARTISTS AND CREATORS IN VARIOUS MEDIA. IN 2022, MANY OF OUR PROGRAMS WERE PRESENTED IN HYBRID FORMAT, COMBINING IN-PERSON PRESENTATION AT OUR EVENT SPACE WITH LIVE WEBCAST OR VIDEO RELEASE. THE INCREASING RSVP NUMBERS FOR THE IN-PERSON PROGRAMS AND EXHIBITIONS PROVE THE AUDIENCE'S RENEWED INTEREST IN ATTENDING IN-PERSON EVENTS. THE ARTS & CULTURE DEPARTMENT ALSO CONTINUES TO OFFER PRE-RECORDED PROGRAMS, WHICH WORKS PARTICULARLY WELL WITH KOREAN-SPEAKING GUESTS, AS THE VIDEO PRESENTATION INCLUDES ENGLISH SUBTITLES. BY PROVIDING A VARIETY OF PROGRAMS AND WAYS TO VIEW THEM, THE ARTS & CULTURE DEPARTMENT IS ATTRACTING NEW DEMOGRAPHICS AND AUDIENCES TO THE KOREA SOCIETY.IN 2022, THE SOCIETY CONTINUED ITS MISSION TO SHOWCASE THE BREADTH AND PREEMINENCE OF KOREAN AND KOREAN-BORN ARTISTS THROUGH EXHIBITIONS AND ARTIST TALK PROGRAMS. THE KOREA SOCIETY EXPANDED ITS IN-PERSON AND ONLINE ART OFFERINGS BY PRESENTING A LECTURE SERIES ON HANBOK, SEVERAL LITERATURE PROGRAMS PRESENTED BOTH IN-PERSON AND ONLINE, AND IN-HOUSE WORKSHOPS. FOLLOWING THE SUCCESS AND INTEREST IN OUR ONGOING VIDEO SERIES NEW NARRATIVES IN KOREA, THE KOREA SOCIETY CONTINUED TO INTRODUCE KOREAN CREATIVES TO DISCUSS THE POPULARITY AND RISE OF CONTEMPORARY KOREAN CULTURE. THE KOREA SOCIETY ALSO CONTINUED TO SHOWCASE THE ARTISTIC EXPRESSION OF KOREAN AND KOREAN-AMERICAN STORYTELLERS IN FILM AND MEDIA THROUGH EXCLUSIVE FILM SCREENINGS AND LIVE WEBCASTS. THE KOREA SOCIETY ALSO MADE IT POSSIBLE FOR THE PUBLIC TO ENJOY EXCITING AND ENGAGING KOREAN MUSIC AND PERFORMANCES WITH A COMBINATION OF VIRTUAL CONCERTS AND LIVE PROGRAMMING. MOST NOTABLE PARTICIPANTS OF ARTS & CULTURE PROGRAMS INCLUDES: WONJU SEO [FINE ART]; THE CAST AND CREATIVE BEHIND THE MUSICAL KPOP [MUSIC]]; ERIC KIM [CUISINE]; BORA CHUNG [AUTHOR]; JOHN CHO [ACTOR/AUTHOR]; TAE YONG KIM [FILM]; AND BAEK SEHEE [AUTHOR].TOTAL NUMBER OF PROGRAM: 36REGISTRATIONS FOR ONLINE PROGRAMS: 4,552YOUTUBE VIEWS FOR PROGRAMS: 26,665PODCAST DOWNLOADS: 16,789

Expenses $317,455 · Grants $20,000 · Revenue $600
Withheld by Nonprofiteer: this text may name a private individual.

Expenses $238,224 · Revenue $1,305
CONGRESSIONAL STUDY GROUP ON KOREA: THE CONGRESSIONAL STUDY GROUP ON KOREA (CGSK), ESTABLISHED IN PARTNERSHIP WITH THE KOREA FOUNDATION AND THE U.S. ASSOCIATION OF FORMER MEMBERS OF CONGRESS, WAS LAUNCHED IN FEBRUARY 2018. THE SIGNATURE EVENT IS A STUDY TOUR TO KOREA. THE STUDY GROUP WAS ABLE TO BRING EIGHT MEMBERS OF CONGRESS TO MEET THE YOON ADMINISTRATION'S SENIOR GOVERNMENT OFFICIALS AND OTHER HIGH-LEVEL MEETING PARTNERS TO DISCUSS KEY ISSUES THAT IMPACT THE U.S.-ROK ALLIANCE. ON DECEMBER 8, 2022, THE KOREA SOCIETY CO-HOSTED A PROGRAM WITH FORMER MEMBERS OF CONGRESS (FMC) & THE CONGRESSIONAL STUDY GROUPS TITLED, THE IMPACT OF THE U.S. MIDTERMS AND THE U.S.-KOREA ALLIANCE. THIS PROGRAM FEATURED A DIALOGUE WITH A BIPARTISAN PAIR OF FORMER MEMBERS OF CONGRESS, FORMER REPRESENTATIVE RUSS CARNAHAN (D-MO, 2005-2013) AND FORMER REPRESENTATIVE TED YOHO (R-FL, 2013-2021), TO HEAR INSIGHTS ON THE CONSEQUENCES OF AMERICA'S MIDTERM ELECTIONS ON THE COUNTRY AT LARGE AND ITS DYNAMIC RELATIONSHIP WITH SOUTH KOREA. THE CONGRESSIONAL STUDY GROUP ON KOREA IS MAINLY SUPPORTED BY THE KOREA FOUNDATION AND THE SOCIETY PARTNERS WITH THE ASSOCIATION FOR FORMER MEMBERS OF CONGRESS (FMC) IN WASHINGTON DC, AN ORGANIZATION THAT ALSO RUNS THE LONG-STANDING GERMAN AND JAPAN CONGRESSIONAL STUDY GROUPS.

Expenses $145,184 · Grants $120,781

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here. A text marked withheld matched a screen for wording that may name a private individual, such as an honorific or "in memory of". Most of what it withholds names no one; it is withheld so that what does is never shown.

Listed in Part VII

Kathleen StephensKATHLEEN STEPHENS

CHAIR

Total calculated

$0

Hours/week

2
Carter BoothCARTER BOOTH

SECRETARY

Total calculated

$0

Hours/week

2
Young ChoiYOUNG CHOI

TREASURER

Total calculated

$0

Hours/week

2
Byeong Chan BaiBYEONG CHAN BAI

DIRECTOR

Total calculated

$0

Hours/week

2
Nicholas BrattNICHOLAS BRATT

DIRECTOR

Total calculated

$0

Hours/week

2
Michael BurkeMICHAEL BURKE

DIRECTOR

Total calculated

$0

Hours/week

2
Young Ht ChoYOUNG HT CHO

DIRECTOR

Total calculated

$0

Hours/week

2
Jun ChoiJUN CHOI

DIRECTOR

Total calculated

$0

Hours/week

2
Kyoungsik ChoiKYOUNGSIK CHOI

DIRECTOR

Total calculated

$0

Hours/week

2
Henry DoHENRY DO

DIRECTOR

Total calculated

$0

Hours/week

2
Susan GreenwellSUSAN GREENWELL

DIRECTOR

Total calculated

$0

Hours/week

2
Ji Hoon HongJI HOON HONG

DIRECTOR

Total calculated

$0

Hours/week

2
Thomas C HubbardTHOMAS C HUBBARD

DIRECTOR

Total calculated

$0

Hours/week

2
Song K JungSONG K JUNG

DIRECTOR

Total calculated

$0

Hours/week

2
Abraham KimABRAHAM KIM

DIRECTOR

Total calculated

$0

Hours/week

2
Anthony KimANTHONY KIM

DIRECTOR

Total calculated

$0

Hours/week

2
Hae-Young KimHAE-YOUNG KIM

DIRECTOR

Total calculated

$0

Hours/week

2
Mee KimMEE KIM

DIRECTOR

Total calculated

$0

Hours/week

2
Kevin LeeKEVIN LEE

DIRECTOR

Total calculated

$0

Hours/week

2
Sangjun LeeSANGJUN LEE

DIRECTOR

Total calculated

$0

Hours/week

2
Mark LippertMARK LIPPERT

DIRECTOR

Total calculated

$0

Hours/week

2
Tami OverbyTAMI OVERBY

DIRECTOR

Total calculated

$0

Hours/week

2
Chong-Yun ParkCHONG-YUN PARK

DIRECTOR

Total calculated

$0

Hours/week

2
William R RhodesWILLIAM R RHODES

DIRECTOR

Total calculated

$0

Hours/week

2
General Walter SharpGENERAL WALTER SHARP

DIRECTOR

Total calculated

$0

Hours/week

2
Philip D ShermanPHILIP D SHERMAN

DIRECTOR

Total calculated

$0

Hours/week

2
Yong SohnYONG SOHN

DIRECTOR

Total calculated

$0

Hours/week

2
Gene YoonGENE YOON

DIRECTOR

Total calculated

$0

Hours/week

2
Michael WoodsMICHAEL WOODS

DIRECTOR

Total calculated

$0

Hours/week

2
Tae-Bong YoonTAE-BONG YOON

DIRECTOR

Total calculated

$0

Hours/week

2
Thomas J ByrneTHOMAS J BYRNE

PRESIDENT AND CEO

Total calculated

$309,682

From this org

$292,112

From related orgs

$0

Other

$17,570

Hours/week

40

Schedule J breakdown matched by us

Base

$292,012

Bonus

$0

Other

$100

Deferred

$17,570

Nontaxable benefits

$0

Filer's total

$309,682
Jiyoung SuhJIYOUNG SUH

SENIOR DIRECTOR OF DEVELOPMENT

Total calculated

$132,984

From this org

$108,298

From related orgs

$0

Other

$24,686

Hours/week

40

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. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

3 · Written employment contract
3 · Approval by the board or compensation committee

Answered no

4a · Severance or change-of-control payment
4b · Supplemental nonqualified retirement plan
4c · Equity-based compensation arrangement
5a · Pay contingent on this organization's revenues
5b · Pay contingent on a related organization's revenues
6a · Pay contingent on this organization's net earnings
6b · Pay contingent on a related organization's net earnings
7 · Other non-fixed payments
8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

FORMER MEMEBERS OF CONGRESS (FMC)

$120,781

TO SUPPORT THE CONGRESSIONAL STUDY GROUP ON KOREA
CSIS

$100,000

TO SUPPORT US-ROK ALLLIANCE STUDY
UNIVERSITY OF PITTSBURGH

$20,000

TO SUPPORT ASIAN STUDIES CENTER

Provenance

Return type: form_990
Tax year: 2022
Filed: 27 July 2023
IRS schema version: 2022v5.0
Source object: 202302219349300905

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