Friends Of Grace Seniors Inc
- Assets
- $6.8m
- Revenue
- $509.2k
- Investments
- $0.0
- Employees
- 13
- Location
- Tenafly, NJ
- Founding
- 08/2000
- Data as of
- 12/2022
- EIN
- 22-3711536
Organization Overview
Friends Of Grace Seniors Inc, operating under the name Korean Community Center, is located in Tenafly, NJ. The organization was established in 2000. According to its NTEE Classification (P81) the organization is classified as: Senior Centers, under the broad grouping of Human Services and related organizations. As of 12/2022, Korean Community Center employed 13 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Korean Community Center 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 Community Center generated $509.2k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (10.5%) each year. All expenses for the organization totaled $1.1m during the year ending 12/2022. 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
TO PROMOTE HEALTHY AND INDEPENDENT LIVING FOR ALL AGES AND TO INTEGRATE THE PEOPLE WITH KOREAN HERITAGE INTO THE GREATER COMMUNITY THROUGH CULTURE AND EDUCATION, OUTREACH, HEALTH AND SOCIAL SERVICES,AND CIVIC ADVOCACY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED EDUCATIONAL, CULTURAL, AND PHYSICAL WELLNESS PROGRAMS THROUGH CLASSES AT THE CENTER. ASSISTED PARENTS AND CHILDREN/YOUTH PROMOTING PRIDE IN THEMSELVES THROUGH SEMINAR, COUNSELING AND OTHER ACTIVITIES. QUALIFIED INSTRUCTORS WERE RECRUITED, AND PROFESSIONAL SERVICES WERE PROVIDED.
PROVIDED SENIOR CARE SERVICE THROUGH CARE MANAGEMENT PROGRAM, INFORMATION, ASSISTANCE, AND BENEFIT SCREENING. PROVIDED PREVENTIVE HEALTH SERVICES INCLUDING COMMUNITY HEALTH DISPARITY PREVENTION PROGRAM, AGING AND DISABILITY RESOURCE CENTERS CARE MANAGEMENT PROGRAM, HEALTH SCREENING, HEALTH EDUCATION, AND IMMUNIZATION SERVICES. PUBLISHED QUARTERLY MAGAZINE ABOUT THE CENTER ACTIVITIES, AND ADVERTISED PROGRAMS IN THE NEWSPAPER TO INDUCE PUBLIC TO JOIN THE PROGRAMS. IMPLEMENTED YOUNG PEOPLES NETWORK YPN PROGRAM TO CREATE OPPORTUNITIES FOR HIGH SCHOOL STUDENTS OF KCC FAMILY MEMBERS TO MEET AND NETWORK WITH YOUNG PROFESSIONALS, DEVELOP LEADERSHIP AND PUBLIC SPEAKING SKILLS, CULTIVATE AND PROMOTE KOREAN HERITAGE, AND PRACTICE LEADERSHIP BY PARTICIPATING IN REAL WORLD COMMUNITY SERVICES.
SECURE BUILDING SPACE FOR THE PROGRAM SERVICES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kyungmun Nam Executive Officer / CEO | Officer | 40 | $60,000 |
Junghye Ahn Director Of Health And Social Services Care Manager | Officer | 40 | $47,000 |
Seunghee Kang Director Of Operations Communications | Officer | 40 | $44,000 |
Sora Yoon Manager Of Program Admini, Resigned | Officer | 40 | $37,000 |
Young Deck Lee Care Manager | Officer | 40 | $17,504 |
Il Kyung Song Creative Director | Officer | 40 | $4,564 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $27,270 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $115,780 |
| All other contributions, gifts, grants, and similar amounts not included above | $72,393 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $215,443 |
| Total Program Service Revenue | $293,326 |
| Investment income | $0 |
| 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 | $509,229 |
| 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 | $365,432 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $31,248 |
| Payroll taxes | $23,185 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $4,000 |
| Fees for services: Accounting | $12,266 |
| 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 | $41,319 |
| 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 | $29,301 |
| Interest | $277,073 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $138,351 |
| Insurance | $14,761 |
| All other expenses | $13,063 |
| Total functional expenses | $1,086,387 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,459,782 |
| Savings and temporary cash investments | $0 |
| 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 | $5,349,610 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $20,407 |
| Other assets | $0 |
| Total assets | $6,829,799 |
| Accounts payable and accrued expenses | $82,079 |
| 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 | $5,672,030 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $5,754,109 |
| Net assets without donor restrictions | $1,075,690 |
| 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 | $6,829,799 |