The Philip Jaisohn Memorial Foundation Inc
- Assets
- $6.5m
- Revenue
- $2.8m
- Investments
- $1.0m
- Employees
- 32
- Location
- Philadlphia, PA
- Founding
- 07/1976
- Data as of
- 12/2022
- EIN
- 23-1978566
Organization Overview
The Philip Jaisohn Memorial Foundation Inc is located in Philadlphia, PA. The organization was established in 1976. According to its NTEE Classification (P99) the organization is classified as: Human Services N.E.C., under the broad grouping of Human Services and related organizations. As of 12/2023, Philip Jaisohn Memorial Foundation Inc employed 32 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Philip Jaisohn Memorial 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, Philip Jaisohn Memorial Foundation Inc generated $2.8m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 5.8% each year. All expenses for the organization totaled $2.4m during the year ending 12/2022. While expenses have increased by 4.2% 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 FOUNDATION'S MISSION IS TO PROMOTE AND FULFILL DR. PHILIP JAISOHN'S IDEALS OF HUMANITY THROUGH MEDICAL, SOCIAL, EDUCATIONAL AND CULTURAL SERVICES FOR THE ENHANCEMENT OF THE QUALITY OF THE LIFE IN THE COMMUNITIES PARTICULARLY THOSE OF ASIAN AMERICANS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MEDICAL SERVICES: THE FOUNDATION PROVIDES VARIOUS MEDICAL SERVICES TO THE COMMUNITY, INCLUDING MEDICAL CLINIC, HEALTH EDUCATION AND SCREENING, FLU SHOTS AND OTHER MEDICAL SERVICES
HUMAN SERVICES AND ADVOCACY: THE FOUNDATION IS DEDICATED TO HELPING AND PROMOTING THE ASIAN AMERICAN COMMUNITY BY PROVIDING VARIOUS BENEFITS AND PROGRAMS INCLUDING MENTAL HEALTH COUNSELING, SENIOR SERVICES, SOCIAL SERVICES, HEALTH INSURANCE SERVICES, ADVOCACY, EDUCATION AND LEADERSHIP PROGRAMS.
MEMORIAL HOUSE: THE FOUNDATION MANAGES AND MAINTAINS A SEPERATE HISTORICAL MUSEUM, THE JAISOHN HOUSE, WHICH WAS ONCE THE HOUSE IN WHICH DR. PHILIP JAISOHN RESIDED. THE MEMORIAL HOUSE IS LOCATED IN MEDIA, PENNSYLVANIA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jung S Choe President | OfficerTrustee | 50 | $133,703 |
Grace Kim CFO | Officer | 40 | $97,327 |
Judy Yoo Board Member | Trustee | 1 | $0 |
Suk-Chung Yoon Board Member | Trustee | 1 | $0 |
Bong Sik Lee Board Member | Trustee | 1 | $0 |
Jongmoo Jay Choi Board Member | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Won Myung Kim Physician | 12/30/23 | $209,716 |
Young Nam Kim Physician | 12/30/23 | $189,412 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $79,720 |
| Related organizations | $0 |
| Government grants | $29,339 |
| All other contributions, gifts, grants, and similar amounts not included above | $446,919 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $555,978 |
| Total Program Service Revenue | $1,795,636 |
| Investment income | $66,897 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $19,200 |
| Net Gain/Loss on Asset Sales | $145,101 |
| Net Income from Fundraising Events | -$27,508 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,846,965 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $16,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $227,803 |
| Compensation of current officers, directors, key employees. | $59,826 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $760,011 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $80,325 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $11,110 |
| Fees for services: Accounting | $30,028 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $3,905 |
| Advertising and promotion | $9,499 |
| Office expenses | $70,043 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $26,494 |
| Travel | $1,253 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $116,497 |
| Insurance | $68,402 |
| All other expenses | $217,784 |
| Total functional expenses | $2,421,574 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $203,974 |
| Savings and temporary cash investments | $2,257,764 |
| Pledges and grants receivable | $44,480 |
| Accounts receivable, net | $113,911 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $162,110 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $29,618 |
| Net Land, buildings, and equipment | $1,104,150 |
| Investments—publicly traded securities | $1,218,529 |
| Investments—other securities | $1,049,354 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $266,968 |
| Total assets | $6,450,858 |
| Accounts payable and accrued expenses | $39,082 |
| Grants payable | $0 |
| Deferred revenue | $91,522 |
| 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 | $46,348 |
| Total liabilities | $176,952 |
| Net assets without donor restrictions | $5,474,956 |
| Net assets with donor restrictions | $798,950 |
| 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 | $6,450,858 |