Korean War Veterans Association Inc
- Assets
- $733.7k
- Revenue
- $253.1k
- Investments
- $0.0
- Employees
- 0
- Location
- Charleston, IL
- Founding
- 08/2014
- Data as of
- 12/2023
- EIN
- 14-1671031
Organization Overview
Korean War Veterans Association Inc is located in Charleston, IL. The organization was established in 2014. According to its NTEE Classification (W30) the organization is classified as: Military & Veterans Organizations, under the broad grouping of Public & Societal Benefit and related organizations. This organization is a parent organization of an affiliated group for tax-exemption purposes. Korean War Veterans Association Inc is a 501(c)(19) and as such, is described as a "Post or Organization of Past or Present Members of the Armed Forces" by the IRS.
For the year ending 12/2023, Korean War Veterans Association Inc generated $253.1k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 5 years, the organization has seen revenues fall by an average of (5.8%) each year. All expenses for the organization totaled $304.6k during the year ending 12/2023. As we would expect to see with falling revenues, expenses have declined by (3.7%) per year over the past 5 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
ORGANIZED AS A VETERANS SERVICE ORGANIZATION IN ORDER TO MAINTAIN A CONTINUING INTEREST IN THE WELFARE OF KOREAN WAR AND KOREAN DEFENSE VETERANS , THEIR FAMILIES, AND TO MAINTAIN A VOICE IN VETERANS AFFAIRS. THE ORGANIZATION MAINTAINS THE HISTORY OF
Describe the Organization's Program Activity:
Part 3 - Line 4a
OUR MAGAZINE PUBLICATION IS USED TO INFORM THE MEMBERSHIP OF VARIOUS MONUMENTS AND MEMORIALS ESTABLISHED EACH YEAR BY OUR CHARTERED DEPARTMENTS AND CHAPTERS AND MEMORIAL SERVICES CONDUCTED BY THEM IN MEMORY OF THOSE WHO SERVED IN THE KOREAN WAR. MANY ARTICLES, PICTURES, AND RELATED STORIES ABOUT OUR MEMBERS WHO PARTICIPATED IN THE WAR ARE INCLUDED. REPORTS ARE ALSO PUBLISHED ON THE TELL-AMERICA PROJECT WHERE MEMBERS MAKE PRESENTATIONS TO STUDENTS AND COMMUNITY ORGANIZATIONS ABOUT THE WAR AND ITS PURPOSE. ALL BOARD AND MEMBERSHIP MEETING MINUTES ARE ALSO PUBLISHED. RESUMES OF ELECTION MEMBERS AND ELECTION RESULTS ARE ALSO DISCLOSED TO THE MEMBERSHIP. THE MAGAZINE IS PUBLISHED SIX TIMES A YEAR AND MAILED TO ALL MEMBERS.
THE ASSOCIATION HAS A SCHOLARSHIP PROGRAM. THEY SELECT DIRECT DESCENDANTS OF KOREAN WAR AND KOREAN DEFENSE VETERANS TO RECEIVE COLLEGE SCHOLARSHIPS. THE STUDENTS MUST BE AT LEAST A HIGH SCHOOL SENIOR PLANNING TO ATTEND A COLLEGE OR UNIVERSITY WHO DEMOSTRATES AN AFFINITY TOWARDS THE KOREAN WAR AND DEFENSE VETERANS AND A DESIRE TO LEARN ND UNDERSTAND THE LEGACY OF THE KOREAN WAR AND KOREAN DEFENSE VETERANS. THE ASSOCIATION AWARDS 9 SCHOLARSHIPS IN THE AMOUNT OF $1,000 EACH.
OUR ORGANIZATION MAINTAINS A NATIONAL MEMBERSHIP OFFICE AND WEBSITE THAT PROVIDES SUPPORT TO OUR MEMBERS AND LOCAL CHAPTERS THROUGHOUT THE UNITED STATES. THIS SUPPORT ENABLES OUR MEMBERS AND CHAPTERS TO CARRY OUT OUR MISSION THAT IS STATED AT PART III, LINE 1 ABOVE.
THE NATIONAL OFFICERS ARE REQUIRED TO BE IN ATTENDANCE AT MANY FUNCTIONS THROUGHOUT THE YEAR. THESE FUNCTIONS INCLUDE; BOARD OF DIRECTORS MEETINGS, ANNUAL ASSOCIATION MEMBERSHIP MEETINGS, AND VETERANS DAY CEREMONIES AT THE NATIONAL CAPITAL OR THROUGHOUT THE UNITED STATES. THE ORGANIZATION REIMBURSES ALL TRAVEL EXPENSES TO THESE VARIOUS MANDATORY FUNCTIONS FOR THE OFFICERS. FULFILLMENT OF OUR CONGRESSIONAL CHARTER REQUIRES THAT AN ANNUAL FINANCIAL AUDIT BE COMPLETED AND THE REPORT OF ACTIVITIES OF THE ASSOCIATION BE PRESENTED TO CONGRESS. AS REQUIRED BY THE IRS, A MEMBERSHIP OFFICE MUST BE MAINTAINED FOR RECORDKEEPING PURPOSES AND FUND RAISING ACTIVITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Name Not Listed Secretary | Officer | 2 | $0 |
Name Not Listed President | Officer | 20 | $0 |
Name Not Listed Treasurer | Officer | 20 | $0 |
Name Not Listed Director | Trustee | 2 | $0 |
Name Not Listed First Vice President | Officer | 2 | $0 |
Name Not Listed Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $77,777 |
| Fundraising events | $83,731 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $24,855 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $186,363 |
| Total Program Service Revenue | $5,808 |
| Investment income | $60,894 |
| 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 | $253,065 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $9,000 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $10,238 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| 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 | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $36,371 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $7,119 |
| All other expenses | $241,900 |
| Total functional expenses | $304,628 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $29,601 |
| Savings and temporary cash investments | $704,145 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $0 |
| Total assets | $733,746 |
| Accounts payable and accrued expenses | $16,143 |
| 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 | $16,143 |
| Net assets without donor restrictions | $717,603 |
| 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 | $733,746 |