Korea Society is located in New York, NY. The organization was established in 1991. According to its NTEE Classification (Q20) the organization is classified as: Promotion of International Understanding, under the broad grouping of International, Foreign Affairs & National Security and related organizations. As of 12/2023, Korea Society employed 22 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Korea Society 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, Korea Society generated $3.5m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 5.9% each year. All expenses for the organization totaled $3.8m during the year ending 12/2023. While expenses have increased by 4.9% per year over the past 6 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
STRENGTHENING THE BONDS OF AWARENESS, UNDERSTANDING & COOPERATION BETWEEN THE US & KOREA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MEDIA: SEE SCHEDULE O.
CORPORATE: THE KOREA SOCIETY'S CORPORATE PROGRAMS PROVIDE THE INTERNATIONAL BUSINESS COMMUNITY WITH UNIQUE ACCESS TO THE ISSUES AND INDIVIDUALS THAT DEFINE THE U.S.-KOREA BUSINESS RELATIONSHIP IN A RAPIDLY CHANGING GLOBAL ENVIRONMENT. IN CONTINUATION OF THIS EFFORT, OUR ONGOING LEADERSHIP INTERVIEW SERIES DELVED INTO MAJOR ISSUES WITH DISTINGUISHED BUSINESS LEADERS WHO IMPACT THE ECONOMIC PARTNERSHIP BETWEEN THE U.S. AND KOREA.WE ALSO CONTINUE TO ESTABLISH MEANINGFUL PARTNERSHIPS WITH BUSINESS, CORPORATE, AND OTHER STAKEHOLDERS IN THE UNITED STATES AND KOREA. CORPORATE PARTNERSHIPS PROVIDE THE KOREA SOCIETY AND OUR SUPPORTERS WITH INVALUABLE NETWORKING OPPORTUNITIES, FACILITATING CONNECTIONS WITH POTENTIAL DONORS, VOLUNTEERS, AND LIKE-MINDED ORGANIZATIONS IN DIVERSE SECTORS. RECOGNIZING THIS IMPORTANCE, THE SOCIETY HAS INTRODUCED PARTNERSHIP EVENTS AS A NEW SUBCATEGORY OF CORPORATE PROGRAMS TO MAXIMIZE OUR CAPACITY TO HOST MANY TYPES OF EVENTS WITH VARIOUS PARTNERS. LEADERSHIP INTERVIEW SERIES: BUILDING UPON THE SUCCESS OF ITS SECOND YEAR, THE KOREA SOCIETY'S LEADERSHIP INTERVIEW SERIES HAS EXPANDED ITS ROSTER OF FEATURED SPEAKERS IN 2023. THIS SERIES SERVES AS A DYNAMIC PLATFORM HIGHLIGHTING THE CONTRIBUTIONS OF ESTEEMED LEADERS FROM BOTH THE UNITED STATES AND KOREA, FORTIFYING THE MULTIFACETED RELATIONSHIP BETWEEN THE TWO NATIONS. THESE SPEAKERS OFFER VALUABLE INSIGHTS INTO THEIR PERSONAL AND PROFESSIONAL EXPERIENCES, SPANNING AREAS SUCH AS BUSINESS, ECONOMICS, EDUCATION, AND GOVERNANCE. THESE THOUGHT-PROVOKING DISCUSSIONS WITH LEADERS ARE MADE ACCESSIBLE TO THE PUBLIC THROUGH ONLINE PLATFORMS, PROVIDING EASE OF ACCESS AND VIEWING. THE KOREA SOCIETY ACTIVELY LEVERAGES THESE RECIPROCAL RELATIONSHIPS WITH THE INTERVIEWEES TO PROMOTE AND STRENGTHEN ECONOMIC TIES BETWEEN THE U.S. AND KOREA, WITH A NOTABLE IMPACT IN AREAS SUCH AS BUSINESS AND FINANCE.PARTNERSHIP EVENTS: IN 2023, THE KOREA SOCIETY INTRODUCED PARTNERSHIP EVENTS AS A DISTINCT SUBCATEGORY OF CORPORATE PROGRAMS, DESIGNED TO MAXIMIZE ITS CAPACITY TO HOST A VARIETY OF EVENTS IN COLLABORATION WITH DIVERSE PARTNERS. THESE EVENTS SERVE AS A CRUCIAL COLLABORATIVE PLATFORM, OFFERING ORGANIZATIONS AND PROFESSIONALS AMPLE OPPORTUNITIES TO CULTIVATE COOPERATION ACROSS DIVERSE SECTORS. THIS YEAR, THE KOREA SOCIETY SUCCESSFULLY PARTNERED WITH ORGANIZATIONS INCLUDING KOREA INVESTMENT CORPORATION, CONSULATE GENERAL OF THE REPUBLIC OF KOREA IN NEW YORK, AND ENOB. THESE EVENTS HAVE PROVEN PARTICULARLY SUCCESSFUL IN ATTRACTING YOUNG PROFESSIONALS AND STUDENTS EAGER TO LEARN FROM INDUSTRY LEADERS.YOUNG PROFESSIONALS' NETWORK: IN 2023, THE YOUNG PROFESSIONALS' NETWORK (YPN) PROGRAM SERIES CONTINUED TO WORK TOWARDS THE MISSION TO PROVIDE OUR AUDIENCE OF YOUNG PROFESSIONALS WITH A PLATFORM FOR LEARNING, DEVELOPMENT, AND NETWORKING. IN PURSUIT OF THIS GOAL, THE SOCIETY FEATURES KOREAN AND KOREAN AMERICAN EXPERTS FROM A WIDE RANGE OF INDUSTRIES FOR ENGAGING AND THOUGHT-PROVOKING DISCUSSIONS. THIS YEAR, OUR STAR SPEAKER LINEUP INCLUDED: PROFESSOR JOENGKI LIM, TO DISCUSS THE FUTURE OF AI; A PANEL OF STARTUP ENTREPRENEURS, TO PARTICIPATE IN A STARTUP MENTORSHIP PROGRAM; NY FASHION DESIGNER AND FORMER KPOP IDOL SANG A IM, TO SHARE HER FASCINATING CAREER JOURNEY IN THE ARTS; AND KAKAO MOBILITY SENIOR VICE PRESIDENT DR. CHRISTOPHER CHANG, TO DIVE INTO HIS AND KAKAO'S PROFESSIONAL VISION.TOTAL NUMBER OF PROGRAM: 9 TOTAL REGISTRATIONS [IN-PERSON & ONLINE]: 886YOUTUBE VIEWS FOR PROGRAMS: 6,612 PODCAST DOWNLOADS: 1,297ARTS AND CULTURE: THE ARTS & CULTURE DEPARTMENT CONTINUES TO PROMOTE THE DIVERSITY AND EXCELLENCE OF KOREAN CULTURE AND CHAMPION ARTISTS AND CREATORS IN VARIOUS MEDIA. IN 2023, MANY OF OUR PROGRAMS WERE PRESENTED IN HYBRID FORMAT, COMBINING IN-PERSON PRESENTATION AT OUR EVENT SPACE WITH LIVE WEBCAST OR VIDEO RELEASE. THE ARTS & CULTURE DEPARTMENT ALSO CONTINUES TO OFFER PRE-RECORDED PROGRAMS, WHICH WORKS PARTICULARLY WELL WITH KOREAN-SPEAKING GUESTS, AS THE VIDEO PRESENTATION INCLUDES ENGLISH SUBTITLES. ALSO INCREASED IN NUMBER ARE OFF-SITE PROGRAMS PRESENTED IN PARTNERSHIP WITH OTHER NEW YORK CULTURAL INSTITUTIONS, SUCH AS PEN AMERICA'S WORLD VOICES FESTIVAL, NEW YORK PUBLIC LIBRARY, COLUMBIA UNIVERSITY, AND MORE. BY PROVIDING A VARIETY OF PROGRAMS AND WAYS TO VIEW THEM, THE ARTS & CULTURE DEPARTMENT IS ATTRACTING NEW DEMOGRAPHICS AND AUDIENCES TO THE KOREA SOCIETY. IN 2023, THE KOREA SOCIETY CONTINUED ITS MISSION TO SHOWCASE KOREAN AND KOREAN-BORN ARTISTS THROUGH EXHIBITIONS AND ARTIST TALK PROGRAMS. THROUGHOUT THE YEAR, THE KOREA SOCIETY'S ARTS & CULTURE DEPARTMENT CONTINUED TO EXPLORE THE GLOBAL POPULARITY OF CONTEMPORARY KOREAN CULTURE THROUGH VARIOUS PROGRAMS. THE KOREA SOCIETY SHOWCASED KOREAN AND KOREAN AMERICAN STORYTELLERS IN FILM AND MEDIA AND CO-PRESENTED AND/OR SPONSORED A VARIETY OF KOREAN MUSIC AND THEATER PERFORMANCES IN PARTNERSHIP WITH OTHER CULTURAL INSTITUTIONS. IN THE FOURTH YEAR OF ITS AUTHOR TALKS VIDEO SERIES, THE KOREA SOCIETY FEATURED DISCUSSIONS WITH AWARD-WINNING KOREAN NOVELISTS WHILE ALSO HOSTING NUMEROUS KOREAN AND KOREAN AMERICAN AUTHORS IN FRONT OF LIVE AUDIENCES.MOST NOTABLE PARTICIPANTS OF ARTS & CULTURE PROGRAMS INCLUDE: SEONGMIN AHN [FINE ART]; ELENOR HYUN [CURATOR]; SUNGLIN KIM [ART HISTORY]; KYUNG-SOOK SHIN [AUTHOR]; STEVE CHUNG [ENTERTAINMENT EXECUTIVE]; YU MIRI [AUTHOR]; JUNGHYUN PARK [CHEF]; AND SOHN JIE-AE [AMBASSADOR FOR CULTURAL CORPORATION].TOTAL NUMBER OF PROGRAM: 41 TOTAL REGISTRATIONS [IN-PERSON & ONLINE]: 6,352YOUTUBE VIEWS FOR PROGRAMS: 16,441 PODCAST DOWNLOADS: 4,831CONGRESSIONAL STUDY: THE CONGRESSIONAL STUDY GROUP ON KOREA (CGSK), ESTABLISHED IN PARTNERSHIP WITH THE KOREA FOUNDATION AND THE U.S. ASSOCIATION OF FORMER MEMBERS OF CONGRESS, WAS LAUNCHED IN FEBRUARY 2018. THE SIGNATURE EVENT IS A STUDY TOUR TO KOREA, WHICH BRINGS MEMBERS OF CONGRESS TO MEET SENIOR KOREAN GOVERNMENT OFFICIALS AND OTHER HIGH-LEVEL MEETING PARTNERS TO DISCUSS KEY ISSUES THAT IMPACT THE U.S.-ROK RELATIONSHIP. THE CONGRESSIONAL STUDY GROUP ON KOREA IS MAINLY SUPPORTED BY THE KOREA FOUNDATION AND THE SOCIETY PARTNERS WITH THE ASSOCIATION FOR FORMER MEMBERS OF CONGRESS (FMC) IN WASHINGTON DC, AN ORGANIZATION THAT ALSO RUNS THE LONG-STANDING GERMAN AND JAPAN CONGRESSIONAL STUDY GROUPS.
EDUCATION: SEE SCHEDULE O.
POLICY: SEE SCHEDULE O.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Kathleen Stephens Chair | OfficerTrustee | 2 | $0 |
Carter Booth Secretary | OfficerTrustee | 2 | $0 |
Young Choi Treasurer | OfficerTrustee | 2 | $0 |
Byeong Chan Bai Director | Trustee | 2 | $0 |
Nicholas Bratt Director | Trustee | 2 | $0 |
Michael Burke Director | Trustee | 2 | $0 |
Statement of Revenue | |
---|---|
Federated campaigns | $0 |
Membership dues | $256,462 |
Fundraising events | $747,286 |
Related organizations | $0 |
Government grants | $0 |
All other contributions, gifts, grants, and similar amounts not included above | $1,343,922 |
Noncash contributions included in lines 1a–1f | $18,000 |
Total Revenue from Contributions, Gifts, Grants & Similar | $2,347,670 |
Total Program Service Revenue | $491,326 |
Investment income | $651,417 |
Tax Exempt Bond Proceeds | $0 |
Royalties | $0 |
Net Rental Income | $0 |
Net Gain/Loss on Asset Sales | $142,706 |
Net Income from Fundraising Events | -$92,292 |
Net Income from Gaming Activities | $0 |
Net Income from Sales of Inventory | $0 |
Miscellaneous Revenue | $0 |
Total Revenue | $3,540,827 |
Statement of Expenses | |
---|---|
Grants and other assistance to domestic organizations and domestic governments. | $234,086 |
Grants and other assistance to domestic individuals. | $12,000 |
Grants and other assistance to Foreign Orgs/Individuals | $0 |
Benefits paid to or for members | $0 |
Compensation of current officers, directors, key employees. | $319,491 |
Compensation of current officers, directors, key employees. | $57,867 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $1,102,784 |
Pension plan accruals and contributions | $50,327 |
Other employee benefits | $134,068 |
Payroll taxes | $94,088 |
Fees for services: Management | $0 |
Fees for services: Legal | $0 |
Fees for services: Accounting | $26,300 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $0 |
Fees for services: Other | $1,020 |
Advertising and promotion | $0 |
Office expenses | $28,788 |
Information technology | $0 |
Royalties | $0 |
Occupancy | $872,198 |
Travel | $21,962 |
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 | $145,585 |
Insurance | $18,172 |
All other expenses | $0 |
Total functional expenses | $3,755,584 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $340,035 |
Savings and temporary cash investments | $2,259,465 |
Pledges and grants receivable | $325,234 |
Accounts receivable, net | $106,278 |
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 | $22,914 |
Net Land, buildings, and equipment | $771,490 |
Investments—publicly traded securities | $21,844,725 |
Investments—other securities | $0 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $3,008,255 |
Total assets | $28,678,396 |
Accounts payable and accrued expenses | $124,774 |
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 | $3,258,506 |
Total liabilities | $3,383,280 |
Net assets without donor restrictions | $12,546,729 |
Net assets with donor restrictions | $12,748,387 |
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 | $28,678,396 |
Over the last fiscal year, Korea Society has awarded $240,781 in support to 3 organizations.
Grant Recipient | Amount |
---|---|
FORMER MEMEBERS OF CONGRESS (FMC) PURPOSE: TO SUPPORT THE CONGRESSIONAL STUDY GROUP ON KOREA | $120,781 |
CSIS PURPOSE: TO SUPPORT US-ROK ALLLIANCE STUDY | $100,000 |
UNIVERSITY OF PITTSBURGH PURPOSE: TO SUPPORT ASIAN STUDIES CENTER | $20,000 |