Skip to content
Nonprofiteer
← KOREAN-AMERICAN COMMUNITY FOUNDATION INC

Form 990 for tax year 2023

Filed by KOREAN-AMERICAN COMMUNITY FOUNDATION INC.

Totals

Total revenue
$2,723,571
Total expenses
$3,378,452
Contributions and grants received
$2,615,805
Grants paid
$2,029,500
Program service revenue
$0
Investment income
$191,992
Other revenue
-$84,226
Total assets, end of year
$5,839,524
Total liabilities, end of year
$2,193,220
Net assets or fund balances, end of year
$3,646,304
Program services expenses (Part IX)
$2,608,725
Management and general expenses
$375,111
Fundraising expenses
$394,616
Program service expenses (Part III)
$2,608,725

Program services were 77.2% 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.

  • 1c · Fundraising events

    $1,823,316

  • 1f · All other contributions, gifts and grants

    $792,489

  • 1g · Noncash contributions included above

    $160,656

  • 3 · Investment income

    total $189,273 · excluded $189,273

  • 7a · Gross sales of assets other than inventory

    securities $92,992

  • 7b · Less cost or other basis and sales expenses

    securities $90,273

  • 7c · Gain or loss

    securities $2,719

  • 7d · Net gain or loss

    total $2,719 · excluded $2,719

  • 8a · Fundraising events: gross income

    $425,225

  • 8a · Fundraising events: contributions included on line 1c

    $1,823,316

  • 8b · Fundraising events: direct expenses

    $509,476

  • 8c · Net income from fundraising events

    total -$84,251 · excluded -$84,251

  • 11a · Other revenue: OTHER INCOME

    total $25 · related or exempt $25

  • 11e · Other revenue, total

    $25

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $2,029,500 · program services $2,029,500

  • 2 · Grants to domestic individuals

    total $0

  • 3 · Grants to foreign organizations and individuals

    total $0

  • 4 · Benefits paid to or for members

    total $0

  • 5 · Compensation of officers, directors and key employees

    total $471,669 · program services $317,066 · management and general $94,334 · fundraising $60,269

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $403,416 · program services $149,730 · management and general $73,564 · fundraising $180,122

  • 8 · Pension plan contributions

    total $15,590 · program services $8,316 · management and general $2,991 · fundraising $4,283

  • 9 · Other employee benefits

    total $71,822 · program services $38,312 · management and general $13,780 · fundraising $19,730

  • 10 · Payroll taxes

    total $62,216 · program services $33,188 · management and general $11,937 · fundraising $17,091

  • 11a · Fees: management

    total $0

  • 11b · Fees: legal

    total $1,150 · management and general $1,150

  • 11c · Fees: accounting

    total $35,000 · management and general $35,000

  • 11d · Fees: lobbying

    total $0

  • 11f · Fees: investment management

    total $0

  • 11g · Fees: other

    total $3,849 · program services $150 · management and general $3,699

  • 12 · Advertising and promotion

    total $0

  • 13 · Office expenses

    total $27,884 · program services $318 · management and general $13,020 · fundraising $14,546

  • 14 · Information technology

    total $18,532 · management and general $18,532

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $71,107 · management and general $71,107

  • 17 · Travel

    total $29,547 · program services $15,881 · management and general $13,619 · fundraising $47

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $0

  • 20 · Interest

    total $0

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $1,250 · management and general $1,250

  • 23 · Insurance

    total $1,648 · management and general $1,648

  • 24a · Other expenses: EVENT EXPENSES

    total $88,942 · management and general $3,321 · fundraising $85,621

  • 24b · Other expenses: COMMUNITY RELATIONS

    total $16,560 · program services $12,737 · management and general $3,823

  • 24c · Other expenses: DUES AND SUBSCRIPTIONS

    total $12,638 · program services $500 · management and general $11,930 · fundraising $208

  • 24e · All other expenses

    total $16,132 · program services $3,027 · management and general $406 · fundraising $12,699

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $710,499 · end of year $1,235,650

  • 2 · Savings and temporary cash investments

    beginning of year $4,430,496 · end of year $4,020,955

  • 3 · Pledges and grants receivable

    beginning of year $272,544 · end of year $292,603

  • 4 · Accounts receivable

    beginning of year $5,114

  • 9 · Prepaid expenses and deferred charges

    beginning of year $116,792 · end of year $157,406

  • 10a · Land, buildings and equipment: cost or other basis

    $27,817

  • 10b · Land, buildings and equipment: accumulated depreciation

    $27,192

  • 10c · Land, buildings and equipment, net

    beginning of year $1,875 · end of year $625

  • 11 · Investments: publicly traded securities

    beginning of year $78,271 · end of year $6,089

  • 15 · Other assets

    beginning of year $192,700 · end of year $126,196

  • 17 · Accounts payable and accrued expenses

    beginning of year $58,054 · end of year $114,932

  • 18 · Grants payable

    beginning of year $1,258,002 · end of year $1,930,001

  • 19 · Deferred revenue

    end of year $25,000

  • 25 · Other liabilities

    beginning of year $187,873 · end of year $123,287

  • 27 · Net assets without donor restrictions

    beginning of year $3,303,720 · end of year $2,007,311

  • 28 · Net assets with donor restrictions

    beginning of year $1,000,642 · end of year $1,638,993

Mission and programs · 2023

Mission

KACF PROVIDES GRANTS AND CAPACITY BUILDING ASSISTANCE TO ORGANIZATIONS WORKING TO ADDRESS THE MOST PRESSING NEEDS IN THE KOREAN AMERICAN COMMUNITY AND BEYOND. TO THE SUPPORTERS, KACF PROVIDES A WAY TO MAGNIFY THE IMPACT OF THEIR GIVING AND TO BUILD BRIDGES ACROSS GENERATIONS AND COMMUNITIES.

Activities or mission (Part I)

KACF PROVIDES GRANTS AND CAPACITY BUILDING ASSISTANCE TO ORGANIZATIONS WORKING TO ADDRESS THE MOST PRESSING NEEDS IN THE KOREAN AMERICAN COMMUNITY AND BEYOND.

  • THE KOREAN-AMERICAN COMMUNITY FOUNDATION, INC. KACF IS A NON-PROFIT ORGANIZATION THAT TRANSFORMS AND EMPOWERS COMMUNITIES THROUGH PHILANTHROPY, VOLUNTEERISM AND INTER-COMMUNITY BRIDGE BUILDING. KACF PURSUES THESE GOALS THROUGH GRANTMAKING THAT PROMOTES SELF-SUFFICIENCY FOR THE UNDERSERVED AND UNDER-RESOURCED, THROUGH RAISING AWARENESS OF NEEDS AND ISSUES, AND BY FOSTERING A CULTURE OF GIVING.

    Expenses $2,608,725 · Grants $2,029,500

As filed on the 2023 return.

Listed in Part VII

  • Kyung B Yoon

    PRESIDENT

    Total calculated
    $284,902
    From this org
    $276,419
    From related orgs
    $0
    Other
    $8,483
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $276,419
    Bonus
    not reported
    Other
    not reported
    Deferred
    $7,381
    Nontaxable benefits
    $1,102
    Filer's total
    $284,902

  • Brennan Gang Vice President

    OF PROGRAMS OPERATIONS

    Total calculated
    $199,441
    From this org
    $180,283
    From related orgs
    $0
    Other
    $19,158
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $180,283
    Bonus
    not reported
    Other
    not reported
    Deferred
    $5,392
    Nontaxable benefits
    $13,766
    Filer's total
    $199,441

  • S Steven Yang

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.25

  • Alex Chi

    DIRECTOR - RESIGNED ON 6/8/23

    Total calculated
    $0
    Hours/week
    0.25

  • Lisa Kim

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.25

  • Chul Pak

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.25

  • Jeannie Park

    CHAIR

    Total calculated
    $0
    Hours/week
    2

  • Richard Park

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.25

  • Michael K Chung

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.25

  • Judy Kim

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.25

  • David H Lee

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • David K Park

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Cathy Oh

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.25

  • Prisca Bae

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.25

  • Chris Park

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.25

  • James Seo

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.25

  • Edward J Lee

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.25

  • Michael Park

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.25

  • Jumee Song

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.25

  • Josephine Shin

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.25

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 · Compensation survey or study
  • 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

The 10 largest by cash amount. The API serves every itemized grant.

Provenance

Return type
form_990
Tax year
2023
Filed
15 November 2024
IRS schema version
2023v5.1
Source object
202403249349300530

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.