Koram Senior Housing Corporation
- Assets
- $1.4m
- Revenue
- $914.7k
- Investments
- $0.0
- Employees
- 6
- Location
- Chicago, IL
- Founding
- 04/1985
- Data as of
- 12/2023
- EIN
- 36-3314048
Organization Overview
Koram Senior Housing Corporation is located in Chicago, IL. The organization was established in 1985. 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 12/2023, Koram Senior Housing Corporation employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Koram Senior Housing Corporation 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, Koram Senior Housing Corporation generated $914.7k in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 1.7% each year. All expenses for the organization totaled $810.4k during the year ending 12/2023. While expenses have increased by 0.0% 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
MANAGE APARTMENT BUILDING THAT PROVIDES HUD-SUBSIDIZED HOUSING FOR THE ELDERLY AND HANDICAPPED.
Describe the Organization's Program Activity:
Part 3 - Line 4a
OPERATE AND MANAGE A 60 UNIT APARTMENT BUILDING THAT PROVIDES HUD-SUBSIDIZED HOUSING TO ELDERLY AND HANDICAPPED INDIVIDUALS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Arnie Choi President | OfficerTrustee | 3 | $0 |
Kent Chaegu Lee Secretary | OfficerTrustee | 3 | $0 |
Heon J Woo Treasurer | OfficerTrustee | 3 | $0 |
Dr Joseph Kim Director | Trustee | 2 | $0 |
Ok Kyung Kim Director | Trustee | 2 | $0 |
Shinhae Oh Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $912,705 |
| Investment income | $659 |
| 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 | $914,671 |
| 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 | $251,218 |
| Pension plan accruals and contributions | $1,900 |
| Other employee benefits | $36,060 |
| Payroll taxes | $19,128 |
| Fees for services: Management | $54,766 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $11,600 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $1,786 |
| Office expenses | $32,061 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $154,915 |
| Travel | $2,357 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $105,852 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $87,715 |
| Insurance | $24,101 |
| All other expenses | $0 |
| Total functional expenses | $810,355 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $121,184 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $286 |
| 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 | $750,011 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $555,233 |
| Total assets | $1,426,714 |
| Accounts payable and accrued expenses | $65,878 |
| 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 | $2,448,808 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $17,111 |
| Total liabilities | $2,531,797 |
| Net assets without donor restrictions | -$1,105,083 |
| 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 | $1,426,714 |