Korean-American Community Foundation Inc
- Assets
- $5.8m
- Revenue
- $3.9m
- Investments
- $0.0
- Employees
- 8
- Location
- New York, NY
- Founding
- 02/2003
- Data as of
- 12/2022
- EIN
- 16-1643114
Organization Overview
Korean-American Community Foundation Inc is located in New York, NY. The organization was established in 2003. According to its NTEE Classification (T31) the organization is classified as: Community Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. As of 12/2022, Korean-American Community Foundation Inc employed 8 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Korean-American Community Foundation Inc 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 12/2022, Korean-American Community Foundation Inc generated $3.9m in total revenue. This organization has experienced exceptional growth, as over the past 4 years, it has increased revenue by an average of 20.4% each year . All expenses for the organization totaled $3.1m during the year ending 12/2022. While expenses have increased by 13.5% per year over the past 4 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2020, Korean-American Community Foundation Inc has awarded 68 individual grants totaling $4,596,000. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
KACF PROVIDES GRANTS AND CAPACITY BUILDING ASSISTANCE TO ORGANIZATIONS WORKING TO ADDRESS THE MOST PRESSING NEEDS IN THE KOREAN AMERICAN COMMUNITY AND BEYOND.
Describe the Organization's Program Activity:
Part 3 - Line 4a
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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kyung B Yoon President | Officer | 40 | $246,957 |
Brennan Gang Vice President Of Programs Operations | Officer | 40 | $188,967 |
S Steven Yang Director | Trustee | 0.96 | $0 |
Alex Chi Director | Trustee | 0.79 | $0 |
Lisa Kim Director | Trustee | 1.12 | $0 |
Chul Pak Director | Trustee | 0.98 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $3,674,911 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $245,420 |
| Noncash contributions included in lines 1a–1f | $201,692 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,920,331 |
| Total Program Service Revenue | $50,270 |
| Investment income | $13,437 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$38,292 |
| Net Income from Fundraising Events | -$77,254 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $11,459 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,884,951 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,832,750 |
| 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. | $452,103 |
| Compensation of current officers, directors, key employees. | $77,111 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $288,583 |
| Pension plan accruals and contributions | $13,105 |
| Other employee benefits | $62,114 |
| Payroll taxes | $48,972 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,110 |
| Fees for services: Accounting | $35,014 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $21,416 |
| Advertising and promotion | $0 |
| Office expenses | $55,660 |
| Information technology | $13,383 |
| Royalties | $0 |
| Occupancy | $65,982 |
| Travel | $25,816 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $13,211 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,642 |
| Insurance | $1,535 |
| All other expenses | $11,544 |
| Total functional expenses | $3,105,762 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $710,499 |
| Savings and temporary cash investments | $4,430,496 |
| Pledges and grants receivable | $272,544 |
| Accounts receivable, net | $5,114 |
| 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 | $116,792 |
| Net Land, buildings, and equipment | $1,875 |
| Investments—publicly traded securities | $78,271 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $192,700 |
| Total assets | $5,808,291 |
| Accounts payable and accrued expenses | $58,054 |
| Grants payable | $1,258,002 |
| 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 | $187,873 |
| Total liabilities | $1,503,929 |
| Net assets without donor restrictions | $3,303,720 |
| Net assets with donor restrictions | $1,000,642 |
| 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 | $5,808,291 |
Grants Awarded
Over the last fiscal year, Korean-American Community Foundation Inc has awarded $1,826,000 in support to 22 organizations.
| Grant Recipient | Amount |
|---|---|
ADVOCACY INSTITUTE 302 BETHEL PURPOSE: Support NFP Org Advance Advocacy | $100,000 |
ASIAN AMERICAN FEDERATION PURPOSE: Demographics and Civic Eng. Reports | $180,000 |
ASIAN WOMEN'S CHRISTIAN ASSOC PURPOSE: COVID Support for Food Pantries | $75,000 |
ASIAN AMERICANS FOR EQUALITY PURPOSE: Transitional Affordable Housing | $100,000 |
CHINESE-AMER PLANNING COUNCIL PURPOSE: Korean Childcare Project | $55,000 |
BERGEN VOLUNTEER MED INITIATIVE PURPOSE: Korean Healthcare Program | $75,000 |