Korean-American Community Foundation Inc
- Assets
- $4.9m
- Revenue
- $3.5m
- Investments
- $0.0
- Employees
- 5
- Location
- New York, NY
- Founding
- 02/2003
- Data as of
- 12/2021
- 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 12/2021, Korean-American Community Foundation Inc employed 5 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 12/2021, Korean-American Community Foundation Inc generated $3.5m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 10.9% each year . All expenses for the organization totaled $2.5m during the year ending 12/2021. While expenses have increased by 6.9% per year over the past 7 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 66 individual grants totaling $3,762,000. 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
2021
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 | $202,258 |
Brennan Gang Vice President Of Programs Operations | Officer | 40 | $133,287 |
Chul Pak Chair | OfficerTrustee | 1.15 | $0 |
Michael K Chung Secretary | OfficerTrustee | 1.3 | $0 |
David H Lee Treasurer | OfficerTrustee | 1 | $0 |
Jeannie Park Vice Chair | OfficerTrustee | 1.25 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $1,500,282 |
| Related organizations | $0 |
| Government grants | $77,603 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,937,994 |
| Noncash contributions included in lines 1a–1f | $466,897 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,515,879 |
| Total Program Service Revenue | $0 |
| Investment income | $5,514 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $51 |
| Net Income from Fundraising Events | $4,949 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,532,545 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,780,500 |
| 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. | $338,140 |
| Compensation of current officers, directors, key employees. | $87,658 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $188,205 |
| Pension plan accruals and contributions | $6,274 |
| Other employee benefits | $59,856 |
| Payroll taxes | $38,622 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,495 |
| Fees for services: Accounting | $28,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $18,154 |
| Advertising and promotion | $0 |
| Office expenses | $23,687 |
| Information technology | $13,089 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $462 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,232 |
| Interest | $376 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,407 |
| Insurance | $1,486 |
| All other expenses | $2,772 |
| Total functional expenses | $2,526,804 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $999,890 |
| Savings and temporary cash investments | $2,509,557 |
| Pledges and grants receivable | $556,888 |
| Accounts receivable, net | $5,989 |
| 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 | $104,204 |
| Net Land, buildings, and equipment | $3,517 |
| Investments—publicly traded securities | $670,122 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $5,000 |
| Total assets | $4,855,167 |
| Accounts payable and accrued expenses | $60,656 |
| Grants payable | $1,159,334 |
| Deferred revenue | $110,537 |
| 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 | $1,533 |
| Total liabilities | $1,332,060 |
| Net assets without donor restrictions | $2,241,930 |
| Net assets with donor restrictions | $1,281,177 |
| 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 | $4,855,167 |
Grants Awarded
Over the last fiscal year, Korean-American Community Foundation Inc has awarded $1,778,000 in support to 26 organizations.
| Grant Recipient | Amount |
|---|---|
New York, NY PURPOSE: Korean Small Business Services | $135,000 |
Flushing, NY PURPOSE: Pathways to Empowerment Proj. | $127,500 |
Brooklyn, NY PURPOSE: Legal Services Advocacy in Queens | $127,500 |
New York, NY PURPOSE: Capacity Building and Fellowship | $121,000 |
Bayside, NY PURPOSE: Help Individuals with Disabilities Families | $111,000 |
New York, NY PURPOSE: Mobile JOBS | $105,000 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Korean-American Community Foundation Inc has recieved totaling $15,000.
| Awarding Organization | Amount |
|---|---|
Quinn Emanuel Foundation Los Angeles, CA PURPOSE: CHARITABLE | $15,000 |
Endowment Analysis
| Earnings | $1,111 |
| Net Contributions | $1,030,066 |
| Ending Balance | $1,031,177 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Lancaster County Community Foundation Lancaster, PA | $92,463,036 | $19,491,842 |
Community Foundation Of Western Massachusetts Springfield, MA | $263,677,089 | $50,890,910 |
Essex County Community Foundation Incorporated Danvers, MA | $116,029,343 | $28,414,247 |
Community Foundations Of The Hudson Valley Poughkeepsie, NY | $96,104,226 | $20,607,422 |
The Berkshire Taconic Community Foundation Inc Sheffield, MA | $235,546,714 | $26,961,716 |
Greater Worcester Community Foundation Inc Worcester, MA | $200,476,252 | $22,847,423 |
Community Foundation Of Herkimer And Oneida Counties Inc Utica, NY | $207,402,752 | $30,922,448 |
Community Foundation Of Greater Johnstown Johnstown, PA | $89,313,800 | $19,729,908 |
Community Foundation Of Eastern Connecticut New London, CT | $123,416,332 | $10,480,728 |
Southcoast Community Foundation Inc New Bedford, MA | $53,147,669 | $13,725,688 |
The Community Foundation For The Greater Capital Region Inc Albany, NY | $120,227,075 | $24,885,752 |
Connecticut Community Foundation Inc Waterbury, CT | $154,014,275 | $11,174,882 |