Korean Perfoming Arts Institute Of Chicago
- Assets
- $218.4k
- Revenue
- $345.2k
- Investments
- $0.0
- Employees
- 6
- Location
- Skokie, IL
- Founding
- 08/2014
- Data as of
- 12/2021
- EIN
- 46-3414899
Organization Overview
Korean Perfoming Arts Institute Of Chicago is located in Skokie, IL. The organization was established in 2014. 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. As of 12/2021, Korean Perfoming Arts Institute Of Chicago employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Korean Perfoming Arts Institute 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 12/2021, Korean Perfoming Arts Institute Of Chicago generated $345.2k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 19.6% each year . All expenses for the organization totaled $308.9k during the year ending 12/2021. While expenses have increased by 17.6% per year over the past 7 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO DEVELOP TRADITIONAL KOREAN CULTURAL AND PERFORMING ARTS IN FURTHERANCE OF YOUTH LEADERSHIP, CROSS-CULTURAL UNDERSTANDING, AND COLLABORATION AMONG VARIED COMMUNITIES
Describe the Organization's Program Activity:
Part 3 - Line 4a
PERFORMANCE PROJECT : TO DEVELOP TRADITIONAL KOREAN CULTURAL AND PERFORMING ARTS IN FURTHERANCE OF CROSS-CULTURAL UNDERSTANDING, AND COLLABORATION AMONG VARIED COMMUNITES.
EDUCATIONAL SERVICE : TO TEACH AND PROMOTE KOREAN CULTURAL HERITAGE THROUGH TRADITIONAL KOREAN CULTURAL AND PERFORMING ARTS. TO NURTURE LEADERSHIP SKILLS AMONG YOUTH AND TO REACH OUT TO OTHER COMMUNITES FOR MUTUAL EDUCATION ABOUT EACH OTHER'S TRADITIONAL CULTURAL AND PERFORMING ARTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Chansoo Lee Education Director | OfficerTrustee | 40 | $33,600 |
Woosung Jung Education Director | OfficerTrustee | 40 | $33,600 |
Hojin Choi Education Director | OfficerTrustee | 30 | $28,000 |
Suwan Choi Education Director | OfficerTrustee | 20 | $23,700 |
Deokhwan Kim Education Director | OfficerTrustee | 20 | $16,800 |
Byoung Sug Kim President | OfficerTrustee | 25 | $13,800 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $4,500 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $7,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $181,458 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $192,958 |
| Total Program Service Revenue | $152,197 |
| Investment income | $0 |
| 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 | $345,155 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $550 |
| 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. | $149,500 |
| 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 | $32,368 |
| Payroll taxes | $12,214 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $9,915 |
| Fees for services: Accounting | $1,050 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $3,146 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $22,249 |
| Travel | $4,128 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $6,484 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,788 |
| Insurance | $2,008 |
| All other expenses | $63,461 |
| Total functional expenses | $308,861 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $184,388 |
| 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 | $33,968 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $218,356 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $139,400 |
| Other liabilities | $0 |
| Total liabilities | $139,400 |
| Net assets without donor restrictions | $78,956 |
| 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 | $218,356 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Korean Perfoming Arts Institute Of Chicago has recieved totaling $16,053.
| Awarding Organization | Amount |
|---|---|
Network For Good Inc Washington, DC PURPOSE: UNRESTRICTED | $10,938 |
Annie E Casey Foundation Baltimore, MD PURPOSE: CHARITABLE CONTRIBUTION THROUGH THE MATCHING GIFTS PROGRAM | $5,000 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $115 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Xilin Association Naperville, IL | $12,598,831 | $16,219,708 |
Great Lakes Inter-Tribal Council Inc Lac Du Flambeau, WI | $2,692,230 | $12,711,243 |
Madam Walker Legacy Center Indianapolis, IN | $11,815,867 | $1,800,443 |
National Museum Of Mexican Art Chicago, IL | $19,674,194 | $15,502,542 |
Cityserve International Springfield, MO | $3,073,627 | $2,894,245 |
Instituto Cervantes Of Chicago Inc Chicago, IL | $741,739 | $2,489,461 |
The Alliance Francaise French House Of Chicago Chicago, IL | $5,091,056 | $2,088,000 |
Blackhawk Area Cu Savanna, IL | $44,108,339 | $1,720,364 |
Puerto Rican Arts Alliance Chicago, IL | $5,828,545 | $2,540,329 |
The National Museum Of Puerto Rican Arts And Culture Chicago, IL | $8,152,716 | $2,503,474 |
Hispanic-American Construction Industry Association Chicago, IL | $735,168 | $1,371,038 |
Siouxland Expo Center Sioux City, IA | $20,203,719 | $764,942 |