Korean Educational Institute
- Assets
- $1.4m
- Revenue
- $169.5k
- Investments
- $0.0
- Employees
- 17
- Location
- New York, NY
- Founding
- 11/1994
- Data as of
- 06/2021
- EIN
- 13-3679783
Organization Overview
Korean Educational Institute is located in New York, NY. The organization was established in 1994. According to its NTEE Classification (A23) the organization is classified as: Cultural & Ethnic Awareness, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 06/2021, Korean Educational Institute employed 17 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Korean Educational Institute is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2021, Korean Educational Institute generated $169.5k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (11.2%) each year. All expenses for the organization totaled $206.7k during the year ending 06/2021. As we would expect to see with falling revenues, expenses have declined by (6.7%) per year over the past 6 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
EDUCATION
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED LECTURES TO STUDENTS WHO ARE INTERESTED IN LEARNING KOREAN LANGUAGE, HISTORY, SOCIAL STUDIES, MUSIC, ART, MATH, SCIENCE AND GYMNASTICS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Helena Min Officer | Officer | 20 | $35,008 |
Seong Yong Yoon V. Chairman | OfficerTrustee | 6 | $0 |
Hee Sung Kang Chairman | Trustee | 6 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $85,800 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $85,800 |
| Total Program Service Revenue | $38,862 |
| Investment income | $12,782 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $169,508 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $107,877 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $9,351 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $6,400 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $4,577 |
| Information technology | $6,871 |
| Royalties | $0 |
| Occupancy | $50,000 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,384 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,335 |
| Insurance | $10,298 |
| All other expenses | $0 |
| Total functional expenses | $206,731 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $76,466 |
| Savings and temporary cash investments | $1,271,531 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $12,782 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $7,590 |
| Total assets | $1,368,369 |
| Accounts payable and accrued expenses | $30,940 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $30,940 |
| Net assets without donor restrictions | $1,337,429 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $1,368,369 |
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