Hawaii Korean Cultural Center
- Assets
- $3.8m
- Revenue
- $733.2k
- Investments
- $0.0
- Employees
- 0
- Location
- Honolulu, HI
- Founding
- 12/2007
- Data as of
- 12/2021
- EIN
- 26-0640997
Organization Overview
Hawaii Korean Cultural Center is located in Honolulu, HI. The organization was established in 2007. According to its NTEE Classification (A20) the organization is classified as: Arts & Culture, 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. Hawaii Korean Cultural 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 12/2021, Hawaii Korean Cultural Center generated $733.2k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 26.2% each year . All expenses for the organization totaled $16.9k during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE ENTITY'S PRIMARY MISSION IS TO ESTABLISH A BUILDING FOR KOREAN CULTURAL CENTER IN HAWAII BY GATHERING FUNDS FROM VARIOUS COMMUNITY FUND RASING ACTIVITIES AND OBTAINING AID FROM KOREAN GOVERNMENT AND HAWAII STATE GOVERNMENT. THE ENTITY SPONSORS THE KOREAN EDUCATIONAL AND CULTURAL ACTIVITIES SUCH AS SHARING KOREAN CULTURE WITH LOCAL COMMUNITIES
Describe the Organization's Program Activity:
HOSTING SCHOLARSHIP AWARD EVENTS TO STUDENTS WHO EXCELL IN COMMUNITY VOLUNTEER ACTIVITIES AND SCHOLARSTIC ACHIEVEMENTS. INTRODUCING KOREAN MUSIC TO HAWAII COMMUNITY BY ARRANGING A KOREAN CONCERT. CONTRIBUTIONS FROM SPONSORING INDIVIDUALS AND BUSINESSES AND NET PROFITS FROM THE EVENTS ARE APPROPIRATED FOR ESTABLISHING THE KOREAN CULTURAL CENTER FUND.
SPONSORING VARIOUS COMMUNITY FUND RAISING ACTIVITIES TO GATHER FUND FOR ESTABLISHING THE KOREAN CULTURAL CENTER IN HAWAII. ACTIVITIES INCLUDE VISITING KOREAN CHURCHES IN HAWAII AND VISITING KOREA FOR OBTAINING KOREAN GOVERNMENT AID, ORGANIZING ANNUAL GOLF TOURNAMENT, AND PARTICIPATING HAWAII NON-PROFIT FUND RAISING EVENTS SUCH AS GIVE ALOHA SPONSORED BY FOODLAND COMPANY.
INTRODUCING AUTHENTIC OR FUSION KOREAN FOODS TO THE LOCAL COMMUNITY BY SPONSORING AND ORGANIZING KOREAN FOOD TASTING EVENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Chang-Kwak Amanda Chairman/director | OfficerTrustee | 5 | $0 |
Fooi-Jang Byun Director | OfficerTrustee | 2 | $0 |
Eun Ja Kim Director/treasurer | OfficerTrustee | 5 | $0 |
Kim James Y T Director | Trustee | 2 | $0 |
Kim Young Hae Director | Trustee | 2 | $0 |
Cho Kwan Jay Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $689,558 |
| All other contributions, gifts, grants, and similar amounts not included above | $40,232 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $729,790 |
| Total Program Service Revenue | $2,463 |
| Investment income | $929 |
| 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 | $733,182 |
| 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 | $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 | $3,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $6,468 |
| Office expenses | $285 |
| 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 | $1,739 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $16,913 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $269,293 |
| Savings and temporary cash investments | $27,600 |
| 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 | $3,528,904 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $3,825,797 |
| 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 | $1,850,626 |
| Unsecured mortgages and notes payable | $18,800 |
| Other liabilities | $0 |
| Total liabilities | $1,869,426 |
| Net assets without donor restrictions | $42,949 |
| Net assets with donor restrictions | $1,913,422 |
| 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 | $3,825,797 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Yerba Buena Center For The Arts San Francisco, CA | $31,419,770 | $23,544,531 |
Festival Of Arts Of Laguna Beach Laguna Beach, CA | $11,626,110 | $10,814,120 |
Wallis Annenberg Center For The Performing Arts Beverly Hills, CA | $86,738,826 | $10,256,946 |
Maui Arts & Cultural Center Kahului, HI | $31,390,294 | $9,713,031 |
Immigration Institute Of The Bay Area San Francisco, CA | $7,526,224 | $6,922,510 |
Montalvo Association Saratoga, CA | $34,273,816 | $7,481,073 |
First Step Housing Sacramento, CA | $1,058,195 | $4,450,714 |
The Center For Cultural Innovation Los Angeles, CA | $15,572,704 | $5,971,325 |
Alliance For California Traditional Arts Fresno, CA | $2,645,027 | $4,730,784 |
Gray Area Foundation For The Arts San Francisco, CA | $1,951,369 | $4,455,887 |
The Society For The Promotion Of Japanese Animation Corona, CA | $13,619,220 | $9,492,860 |
Community Works West Inc Oakland, CA | $4,260,482 | $3,855,581 |