Korean War Veterans National Museum & Library
- Assets
- $22.7k
- Revenue
- $386.4k
- Investments
- $0.0
- Employees
- 5
- Location
- Chicago, IL
- Founding
- 07/1998
- Data as of
- 12/2017
- EIN
- 37-1369481
Organization Overview
Korean War Veterans National Museum & Library, operating under the name Korean War National Museum, is located in Chicago, IL. The organization was established in 1998. According to its NTEE Classification (A54) the organization is classified as: History Museums, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 12/2015, Korean War National Museum employed 5 individuals. Korean War National Museum 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 12/2017, Korean War National Museum generated $386.4k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 3 years, the organization has seen revenues fall by an average of (20.5%) each year. All expenses for the organization totaled $424.1k during the year ending 12/2017. As we would expect to see with falling revenues, expenses have declined by (20.4%) per year over the past 3 years. 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
2017
Describe the Organization's Mission:
Part 3 - Line 1
THE MISSION OF THE KOREAN WAR NATIONAL MUSEUM (KWNM) SEEKS TO HONOR THE VETERANS OF THE KOREAN WAR BY EDUCATING CITIZENS AND FUTURE GENERATIONS, PRESERVING THE LEGACY AND HISTORY, AND CELEBRATING "THE FORGOTTEN VICTORY".
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE MUSEUM REOPENED ITS DOORS IN 2009 AT THE DENIS J. HEALY FREEDOM CENTER IN SPRINGFIELD, IL. THIS 10,000-SQUARE-FOOT FACILITY HAS AN INTERACTIVE AND PROFESSIONALLY DEVELOPED EXHIBIT OF ITEMS, ARTIFACTS, WEAPONS, ART, PHOTOGRAPHS AND MATERIALS. THE FREEDOM CENTER IS OPEN WITH PUBLISHED HOURS AND FREE ADMISSION. VISITORS ARE ENCOURAGED TO ASK QUESTIONS AND SUPPORT THE OPERATIONS WITH MONETARY DONATIONS. THE MUSEUM PRESERVES A RECORD OF THE UNITED STATES PARTICIPATION IN THE KOREAN WAR, EDUCATES AND DISSEMINATES INFORMATION TO THE GENERAL PUBLIC ABOUT THE KOREAN WAR ERA, AND PROMOTES FRIENDSHIP AMONG VETERANS OF THAT CONFLICT. IN ADDITION, THE MUSEUM AIDS VETERANS, THEIR FAMILIES, AND SCHOLARS WITH RESEARCH ABOUT THE KOREAN WAR. THE MUSEUM'S SPEAKER SERIES FEATURES VETERANS, SCHOLARS AND OTHER EXPERTS WHO SHARE STORIES, INSIGHTS AND PERSPECTIVES ABOUT THE WAR THROUGHOUT THE YEAR. KOREAN WAR NATIONAL MUSEUM, LIBRARY AND CULTURAL CENTER INTENDS TO BE A WORLD-CLASS MUSEUM LOCATED IN NEW YORK CITY. WHEN COMPLETED, THE MISSION WILL BE TO HONOR THE KOREAN WAR VETERANS FROM THE 22 PARTICIPATING UNITED NATIONS MEMBER COUNTRIES, EDUCATE FUTURE GENERATIONS, PRESERVE THE HISTORY AND CELEBRATE THE SUCCESS OF THE POST-WAR REPUBLIC OF KOREA. IT AIMS TO NOT ONLY TELL THE STORY OF THE WAR ITSELF, BUT TO BECOME A CENTER FOR EDUCATION, CULTURAL EXCHANGE AND DISCUSSION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Name Not Listed Director | Trustee | 4 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $250,259 |
| Investment income | $6 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$129 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $386,407 |
| Statement of Expenses | |
|---|---|
| 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 to disqualified persons | $0 |
| Other salaries and wages | $49,218 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $12,116 |
| Payroll taxes | $4,449 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $20,066 |
| Fees for services: Accounting | $40,205 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $9,395 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $1,349 |
| 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 | $19,816 |
| Insurance | $13,616 |
| All other expenses | $6,010 |
| Total functional expenses | $424,118 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $985 |
| 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 | $1,756 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $22,741 |
| Accounts payable and accrued expenses | $5,693 |
| 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 | $300,256 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $305,949 |
| Net assets without donor restrictions | -$283,208 |
| 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 |
| Total liabilities and net assets/fund balances | -$283,208 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Korean War Veterans National Museum & Library has recieved totaling $50,000.
| Awarding Organization | Amount |
|---|---|
The American Ireland Fund Boston, MA PURPOSE: Arts & Culture | $50,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Missouri Historical Society Jefferson Memorial Building St Louis, MO | $154,816,775 | $36,156,227 |
Conner Prairie Museum Inc Fishers, IN | $11,539,614 | $17,879,069 |
Chicago Historical Society Chicago, IL | $142,770,893 | $16,768,760 |
Pmml North Inc Chicago, IL | $161,806,539 | $478,889 |
Union Station Kansas City Inc Kansas City, MO | $67,441,549 | $27,511,678 |
Shakertown At Pleasant Hill Kentucky Inc Harrodsburg, KY | $23,439,163 | $8,870,243 |
Holocaust Memorial Foundation Of Illinois Inc Skokie, IL | $79,808,430 | $11,161,559 |
Eaa Aviation Foundation Inc Oshkosh, WI | $62,820,883 | $14,243,844 |
Owsley Brown Frazier Historical Arms Museum Foundation Inc Louisville, KY | $43,112,750 | $4,338,107 |
Putnam Museum And Science Center Davenport, IA | $12,236,666 | $5,417,637 |
Museum Of Wisconsin Art Inc West Bend, WI | $10,712,368 | $3,038,325 |
Living History Farms Foundation Des Moines, IA | $16,358,279 | $3,488,331 |