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Nonprofiteer
← SEJONG ACADEMY

Form 990 for tax year 2023

Filed by SEJONG ACADEMY.

Totals

Total revenue
$7,036,265
Total expenses
$8,628,226
Contributions and grants received
$7,054,901
Grants paid
$0
Program service revenue
$62,995
Investment income
-$114,683
Other revenue
$33,052
Total assets, end of year
$13,807,686
Total liabilities, end of year
$17,231,871
Net assets or fund balances, end of year
-$3,424,185
Program services expenses (Part IX)
$7,847,919
Management and general expenses
$780,307
Fundraising expenses
$0
Program service expenses (Part III)
$7,847,919

Program services were 91.0% 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.

  • 1e · Government grants (contributions)

    $7,037,199

  • 1f · All other contributions, gifts and grants

    $17,702

  • 2a · Program service revenue: Student activities

    total $35,240 · related or exempt $35,240

  • 2b · Program service revenue: Other program services

    total $26,020 · related or exempt $26,020

  • 2c · Program service revenue: Fees for patrons

    total $1,315 · related or exempt $1,315

  • 2d · Program service revenue: Medical assistance

    total $420 · related or exempt $420

  • 3 · Investment income

    total $1,579 · excluded $1,579

  • 7a · Gross sales of assets other than inventory

    other assets $40,206

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

    other assets $156,468

  • 7c · Gain or loss

    other assets -$116,262

  • 7d · Net gain or loss

    total -$116,262 · excluded -$116,262

  • 11a · Other revenue: Pension Revenue

    total $33,052 · excluded $33,052

  • 11e · Other revenue, total

    $33,052

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $213,950 · program services $200,621 · management and general $13,329

  • 7 · Other salaries and wages

    total $3,172,200 · program services $2,974,417 · management and general $197,783

  • 8 · Pension plan contributions

    total $1,140,263 · program services $1,065,285 · management and general $74,978

  • 9 · Other employee benefits

    total $310,052 · program services $238,256 · management and general $71,796

  • 10 · Payroll taxes

    total $253,312 · program services $237,546 · management and general $15,766

  • 11b · Fees: legal

    total $25,146 · management and general $25,146

  • 11c · Fees: accounting

    total $66,429 · management and general $66,429

  • 11g · Fees: other

    total $460,794 · program services $291,375 · management and general $169,419

  • 13 · Office expenses

    total $80,404 · program services $54,281 · management and general $26,123

  • 14 · Information technology

    total $72,223 · program services $44,985 · management and general $27,238

  • 16 · Occupancy

    total $429,146 · program services $429,146

  • 17 · Travel

    total $945,444 · program services $940,499 · management and general $4,945

  • 22 · Depreciation, depletion and amortization

    total $775,964 · program services $760,629 · management and general $15,335

  • 23 · Insurance

    total $29,437 · program services $29,390 · management and general $47

  • 24a · Other expenses: Food Services

    total $361,641 · program services $359,566 · management and general $2,075

  • 24b · Other expenses: Equipment

    total $97,038 · program services $93,474 · management and general $3,564

  • 24c · Other expenses: Supplies

    total $67,741 · program services $67,741

  • 24d · Other expenses: Property Taxes

    total $54,132 · program services $54,132

  • 24e · All other expenses

    total $72,910 · program services $6,576 · management and general $66,334

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $817,762 · end of year $409,927

  • 3 · Pledges and grants receivable

    beginning of year $499,570 · end of year $632,683

  • 4 · Accounts receivable

    beginning of year $3,020 · end of year $3,020

  • 9 · Prepaid expenses and deferred charges

    beginning of year $31,624 · end of year $178,743

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

    $14,113,633

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

    $2,334,978

  • 10c · Land, buildings and equipment, net

    beginning of year $12,649,208 · end of year $11,778,655

  • 15 · Other assets

    beginning of year $1,308,006 · end of year $804,658

  • 17 · Accounts payable and accrued expenses

    beginning of year $272,205 · end of year $379,357

  • 25 · Other liabilities

    beginning of year $16,869,209 · end of year $16,852,514

  • 27 · Net assets without donor restrictions

    beginning of year -$1,839,549 · end of year -$3,431,260

  • 28 · Net assets with donor restrictions

    beginning of year $7,325 · end of year $7,075

Mission and programs · 2023

Mission

Sejong Academy is committed to providing an academically rigorous education to Pre-K to 12 Twin Cities students through immersion experience in Korean language and culture by using research-based curriculum, high standards for accountability and promoting an appreciation for diversity and international cultures.

Activities or mission (Part I)

The Academy provides an academically rigorous education to Pre-K to12 Twin Cities students.

  • Sejong Academy served approxiamtely 344ADM in grades Pre-K through 12 for in the 2024 school year. Looking forward to 2025, Sejong Academy is excited to move to its new facility.

    Expenses $7,847,919 · Revenue $62,995

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

Listed in Part VII

  • Grace Lee

    Chair

    Total calculated
    $0
    Hours/week
    5

  • Erik Funk

    Treasurer

    Total calculated
    $0
    Hours/week
    1

  • Anna Carpenter

    Member

    Total calculated
    $0
    Hours/week
    1

  • Thomas Caron

    Member/Teacher

    Total calculated
    $40,538
    From this org
    $34,979
    From related orgs
    $0
    Other
    $5,559
    Hours/week
    41

  • Pawku Hser

    Member/Teacher

    Total calculated
    $35,047
    From this org
    $29,723
    From related orgs
    $0
    Other
    $5,324
    Hours/week
    41

  • Hoonseok Oh

    Member/Teacher

    Total calculated
    $76,636
    From this org
    $66,527
    From related orgs
    $0
    Other
    $10,109
    Hours/week
    41

  • Donna Phillips

    Member

    Total calculated
    $0
    Hours/week
    1

  • Brad Tipka

    Executive Director

    Total calculated
    $127,167
    From this org
    $112,472
    From related orgs
    $0
    Other
    $14,695
    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.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2023
Filed
30 April 2025
IRS schema version
2023v6.0
Source object
202501219349301970

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

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