Seattle-Washington State Korean Association
- Assets
- $1.0m
- Revenue
- $1.1m
- Investments
- $0.0
- Employees
- 0
- Location
- Tukwila, WA
- Founding
- 10/1974
- Data as of
- 12/2023
- EIN
- 23-7257765
Organization Overview
Seattle-Washington State Korean Association is located in Tukwila, WA. The organization was established in 1974. According to its NTEE Classification (A23) the organization is classified as: Cultural & Ethnic Awareness, under the broad grouping of Arts, Culture & Humanities and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Seattle-Washington State Korean Association 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 12/2023, Seattle-Washington State Korean Association generated $1.1m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 39.1% each year . All expenses for the organization totaled $770.9k during the year ending 12/2023. While expenses have increased by 31.6% per year over the past 9 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 2023, Seattle-Washington State Korean Association has awarded 22 individual grants totaling $151,800. 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PROMOTE AND PERFORM CULTURAL, EDUCATIONAL AND CHARITABLE ACTIVITIES OF KOREAN COMMUNITIES IN THE STATE OF WASHINGTON.
Describe the Organization's Program Activity:
GREATER SEATTLE KOREAN ASSOCATION RECEIVED 1,000,000 WA STATE DEPT OF COMMERCE GRANT AND HELPED TO BOOST SMALL, MINORITY, WOMEN, AND VETERAN-OWNED BUSINESSES WITH GRANT FUNDS DISTRIBUTING THEM. 328,515 OF 1,000,000 WA DEPT OF COMMERCE GRANT WAS USED FOR OFFICE RENOVATION TO START BUSINESS INCUBATOR PROGRAM.
ALL OTHER ACCOMPLISHMENTS
ARIRANG TRADITION KOREAN CULTURAL ACTIVITIES
SEAFAIR PARADE FOR KOREAN CULTURE PROMOTION IN AMERICAN CULTURE
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Wonjun Kim President | OfficerTrustee | $0 | |
Alisa Na Chairman | OfficerTrustee | $0 | |
Stacey Yun Secretary & | Officer | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $2,120 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,043,910 |
| All other contributions, gifts, grants, and similar amounts not included above | $35,821 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,081,851 |
| Total Program Service Revenue | $59,232 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$2,887 |
| 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 | $1,138,196 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $556,440 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $69,000 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $1,200 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $37,000 |
| Advertising and promotion | $12,957 |
| Office expenses | $6,472 |
| Information technology | $400 |
| Royalties | $0 |
| Occupancy | $495 |
| Travel | $16 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $7,361 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,113 |
| Insurance | $0 |
| All other expenses | $117 |
| Total functional expenses | $770,850 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $199,459 |
| 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 | $847,233 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,046,692 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $308,267 |
| Total liabilities | $308,267 |
| Net assets without donor restrictions | $738,425 |
| 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 | $1,046,692 |
Grants Awarded
Over the last fiscal year, Seattle-Washington State Korean Association has awarded $151,800 in support to 22 organizations.
| Grant Recipient | Amount |
|---|---|
BLUE CACTUS PRESS PURPOSE: WA SBIF GRANT | $5,900 |
CARITAS CRITICAL PURPOSE: WA SBIF GRANT | $10,000 |
CRAFT THEORY PURPOSE: WA SBIF GRANT | $7,000 |
DAHWI INC PURPOSE: WA SBIF GRANT | $9,000 |
ELBA LLC PURPOSE: WA SBIF GRANT | $5,900 |
HOHO 2017 TERIYAKI PURPOSE: WA SBIF GRANT | $7,000 |