Korean Cultural Center Of Chicago
- Assets
- $4.9m
- Revenue
- $1.6m
- Investments
- $0.0
- Employees
- 2
- Location
- Wheeling, IL
- Founding
- 11/2005
- Data as of
- 12/2022
- EIN
- 20-2534366
Organization Overview
Korean Cultural Center Of Chicago is located in Wheeling, IL. The organization was established in 2005. According to its NTEE Classification (A20) the organization is classified as: Arts & Culture, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 12/2022, Korean Cultural Center Of Chicago employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Korean Cultural Center Of Chicago 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 Cultural Center Of Chicago generated $1.6m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 21.6% each year . All expenses for the organization totaled $623.6k during the year ending 12/2022. While expenses have increased by 6.1% per year over the past 8 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE PURPOSES SHALL BE: (1) TO DISCOVER, PRESERVE, AND DEVELOP KOREAN IMMIGRANTS' HISTORY AND KOREAN CULTURAL LEGACIES IN THE US, (2) TO ENHANCE THE UNDERSTANDING OF THE KOREAN CULTURE'S UNIQUENESS BY PROPAGATING AND EDUCATING KOREAN CULTURE TO KOREAN DESCENDANTS AND OTHER PEOPLE, (3) TO SERVE AS THE CENTER FOR COOPERATION AMONG ALL KOREAN-AMERICANS AND THEIR ORGANIZATIONS, AND (4) TO SUPPORT THE CULTURAL EXCHANGE AND NETWORKING BETWEEN KOREA AND THE US AND FACILITATE ANY OTHER CULTURAL ACTIVITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MAINTAIN THE CENTER AS COMMUNITY SPACES FOR SEVERAL CLASSES, CULTURAL EXHIBITION, AND COMMUNITY MEETINGS.
OTHER
MAINTAIN THE CENTER AS COMMUNITY SPACES FOR SEVERAL CLASSES, CULTURAL EXHIBITION, AND COMMUNITY MEETINGS.
OTHER
SUPPORT COMMUNITY EVENTS AND HOLD KOREAN CULTURAL EVENTS.
SUPPORT COMMUNITY EVENTS AND HOLD KOREAN CULTURAL EVENTS.
PROMOTE UNDERSTANDING OF KOREAN CULTURE, IDEAS AND TRADITIONS AND TO DISSEMINATE THE INFORMATION TO ALL INTERESTED PARTIES.
PROMOTE UNDERSTANDING OF KOREAN CULTURE, IDEAS AND TRADITIONS AND TO DISSEMINATE THE INFORMATION TO ALL INTERESTED PARTIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kay Kihwa Rho Executive Di | OfficerTrustee | 40 | $69,472 |
Poongja Lee Cho Vice Preside | Officer | 10 | $0 |
Mira Im Secretary | Officer | 3 | $0 |
Mikyung Kim Treasurer | Officer | 10 | $0 |
Yoon Tae Kim President | Officer | 20 | $0 |
Kay Kihwa Rho Executive Di | OfficerTrustee | 40 | $69,472 |
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 | $1,481,351 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,481,351 |
| Total Program Service Revenue | $82,839 |
| Investment income | $5,890 |
| 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 | $1,570,080 |
| 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 | $128,583 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $75,378 |
| 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 | $302,500 |
| Advertising and promotion | $12,618 |
| Office expenses | $6,960 |
| 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 | $6,244 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $80,045 |
| Insurance | $11,230 |
| All other expenses | $0 |
| Total functional expenses | $623,558 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $388,208 |
| Savings and temporary cash investments | $2,473,652 |
| 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 | $1,791,781 |
| Investments—publicly traded securities | $193,236 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $90,792 |
| Total assets | $4,937,669 |
| Accounts payable and accrued expenses | $1,800 |
| 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 | $123,500 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $125,300 |
| Net assets without donor restrictions | $2,494,665 |
| Net assets with donor restrictions | $2,317,704 |
| 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 | $4,937,669 |