Korean American Association Of Chicago
- Assets
- $1.3m
- Revenue
- $974.1k
- Investments
- $0.0
- Employees
- 1
- Location
- Glenview, IL
- Founding
- 10/1984
- Data as of
- 06/2023
- EIN
- 36-3235868
Organization Overview
Korean American Association Of Chicago is located in Glenview, IL. The organization was established in 1984. According to its NTEE Classification (P84) the organization is classified as: Ethnic & Immigrant Centers, under the broad grouping of Human Services and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Korean American Association 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 06/2023, Korean American Association Of Chicago generated $974.1k in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 62.2% each year . All expenses for the organization totaled $290.4k during the year ending 06/2023. While expenses have increased by 21.4% per year over the past 5 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
PROMOTE THE STATUS OF THE KOREAN COMMUNITY IN MAINSTREAM AMERICAN SOCIETY, ADVANCE CIVIL RIGHTS FOR KOREAN AMERICANS, GUIDE THE TRANSITION OF NEWLY-ARRIVED KOREAN IMMIGRANTS, PROVIDE JOB-MARKET INFORMATION,
Describe the Organization's Program Activity:
Part 3 - Line 4a
60TH ANNIVERSARY
DONATION & OUTREACH $11,475
KOREAN AMERICAN DAY
KOREAN FESTIVAL
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Julie Choi President | Trustee | 40 | $0 |
Jae Eun Heo Vice President | Trustee | 40 | $31,000 |
Bonnie B C Oh Director | Trustee | 0 | $0 |
Steven H Lee Director | Trustee | 0 | $0 |
Kiran Kim Director | Trustee | 0 | $0 |
Michelle Kim Vice Chairman | Trustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $31,318 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $922,933 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $954,251 |
| Total Program Service Revenue | $17,000 |
| Investment income | $2,866 |
| 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 | $974,117 |
| 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. | $31,000 |
| Compensation of current officers, directors, key employees. | $31,000 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $2,554 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $4,500 |
| Fees for services: Accounting | $2,850 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $9,748 |
| Office expenses | $20,897 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $12,485 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $19,497 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $12,431 |
| Insurance | $3,480 |
| All other expenses | $68,448 |
| Total functional expenses | $290,434 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $228,632 |
| Savings and temporary cash investments | $180,266 |
| 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 | $869,336 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,278,234 |
| Accounts payable and accrued expenses | $21,090 |
| 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 | $0 |
| Total liabilities | $21,090 |
| Net assets without donor restrictions | $1,244,704 |
| Net assets with donor restrictions | $12,440 |
| 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 | $1,278,234 |