Korean American Cultural Center Of Michigan
- Assets
- $613.5k
- Revenue
- $50.7k
- Investments
- $0.0
- Employees
- 0
- Location
- Southfield, MI
- Founding
- 07/2002
- Data as of
- 12/2021
- EIN
- 38-3534465
Organization Overview
Korean American Cultural Center Of Michigan is located in Southfield, MI. The organization was established in 2002. 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. Korean American Cultural Center Of Michigan 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, Korean American Cultural Center Of Michigan generated $50.7k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (8.9%) each year. All expenses for the organization totaled $51.4k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (5.2%) per year over the past 7 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE THE MICHIGAN KOREAN COMMUNITY WITH A VARIETY OF KOREAN CULTURAL ACTIVITIES, CULTURAL EXCHANGE EVENTS, HEALTH PROMOTING PROGRAMS, EDUCATION AND COUNSELING SERVICES ARE DESIGNED TO PROMOTE QUALITY OF LIFE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
VARIETY OF LECTURE PROGRAMS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mi Dong Exec. Director | Officer | 2 | $0 |
Dosyng Yoon MD Chair Person | Officer | 2 | $0 |
Dae Ho Kim Treasurer | Officer | 3 | $0 |
Won Min Bruce Park Chief In Planning | Officer | 3 | $0 |
Gyu Cheon Hwang General Secretary | Officer | 1 | $0 |
Young Ho Kim MD Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $2,700 |
| Fundraising events | $18,677 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $14,441 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $35,818 |
| Total Program Service Revenue | $11,325 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $3,600 |
| 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 | $50,743 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $300 |
| 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 | $750 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $4,770 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $3,900 |
| Office expenses | $2,492 |
| 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 | $646 |
| Interest | $3,986 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $12,587 |
| Insurance | $3,458 |
| All other expenses | $775 |
| Total functional expenses | $51,380 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $78,163 |
| 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 | $535,319 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $613,482 |
| 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 | $124,150 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $124,150 |
| Net assets without donor restrictions | $0 |
| 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 | $489,332 |
| Total liabilities and net assets/fund balances | $613,482 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Korean American Cultural Center Of Michigan has recieved totaling $500.
| Awarding Organization | Amount |
|---|---|
Pfizer Foundation Inc New York, NY PURPOSE: MATCHING GIFTS | $500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Madam Walker Legacy Center Indianapolis, IN | $11,815,867 | $1,800,443 |
Telugu Association Of North America Incorporated Novi, MI | $0 | $4,245,639 |
Detroit Jewish News Foundation Inc Farmington Hills, MI | $926,264 | $1,523,999 |
Holland Tulip Time Festival Inc Holland, MI | $1,138,959 | $1,752,331 |
Lahc Leaders Advancing And Helping Communities Dearborn, MI | $3,675,898 | $2,177,958 |
G A F Society Oregon, OH | $1,529,004 | $1,714,642 |
Cleveland Guardians Charities Inc Cleveland, OH | $4,142,503 | $1,831,941 |
Italian American Cultural Society Clinton Township, MI | $2,637,120 | $1,171,605 |
Centro Multicultural La Familia Inc Pontiac, MI | $347,451 | $1,498,588 |
Latvian Center Garezers Inc Three Rivers, MI | $4,046,891 | $1,156,418 |
Federation Of Balkan American Associations Inc Troy, MI | $2,512,886 | $991,033 |
Black River Falls Recreation Association Inc Black River Falls, WI | $572,409 | $1,077,707 |