Korean American Medical Association Of Usa Inc
- Assets
- $146.5k
- Revenue
- $236.7k
- Investments
- $0.0
- Employees
- 1
- Location
- Englewood Cliffs, NJ
- Founding
- 07/2018
- Data as of
- 12/2022
- EIN
- 82-3304552
Organization Overview
Korean American Medical Association Of Usa Inc is located in Englewood Cliffs, NJ. The organization was established in 2018. According to its NTEE Classification (S41) the organization is classified as: Chambers of Commerce & Business Leagues, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Korean American Medical Association Of USA Inc is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 12/2022, Korean American Medical Association Of USA Inc generated $236.7k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 4 years, the organization has seen revenues fall by an average of (7.6%) each year. All expenses for the organization totaled $243.3k during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (6.5%) per year over the past 4 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE PURPOSES FOR WHICH THE CORPORATION IS FORMED ARE TO PROVIDE BOTH DOMESTIC AND FOREIGN SUPPORT TO DOCTORS, MEDICAL STUDENTS, AND OTHER HEALTHCARE PROVIDERS DESERVING OF ASSISTANCE. MORE SPECIFICALLY, THE PURPOSES OF THE CORPORATION SHALL INCLUDE THE FOLLOWING: (I) PROVIDING FUNDING AND SUPPORT TO DISADVANTAGED STUDENTS SEEKING AN EDCUATION IN THE MEDICAL FIELD; (II) SCHOLARSHIPS AND FELLOWSHIPS TO MEDICAL STUDENTS AND DOCTORS AND PROVIDING TRAINING THROUGH VARIOUS EXCHANGE PROGRAMS; (III) DISTRIBUTING MEDICAL EQUIPMENT, MATERIALS, AND SUPPLIES TO HEALTHCARE PROVIDERS IN NEED OF ASSISTANCE; (IV) SUPPORTING OTHER ORGANIZATIONS THAT PROVIDE THE FOREGOING SERVICES CONSISTENT WITH THE CORPORATIONS PURPOSES; AND (V) TO DO ANY OTHER ACT OR THING NECESSARY OR INCIDENTAL TO OR CONNECTED WITH THE FOREGOING PURPOSES OR IN ADVANCEMENT THEREOF, BUT NOT FOR THE PECUNIARY PROFIT OR FINANCIAL GAIN OF ITS MEMBERS, IF ANY, DIRECTORS, OFFICERS, EXCEPT AS PERMITTED BY LAW.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE DOMESTIC AND FOREIGN SUPPORT TO MEDICAL ASSOCIATIONS, DOCTORS, MEDICAL STUDENTS, AND HEALTHCARE PROVIDERS DESERVING OF ASSISTANCE.
TO PROVIDE COMMUNITY SERVICE AND EDUCATION TO DOCTORS AND MEDICAL STUDENTS.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Brice Choi Director | Trustee | $0 | |
Mary Choi Director | Trustee | $0 | |
Michelle Kim Director | Trustee | $0 | |
Chester Koh Chairman | Trustee | $0 | |
Jennifer I Lee President | Trustee | $0 | |
Sunhye Lee Executive Di | Trustee | $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 | $234,680 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $234,680 |
| Total Program Service Revenue | $0 |
| Investment income | $1,876 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $165 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $236,721 |
| 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 | $15,333 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $1,938 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| 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 | $0 |
| 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 | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $2,125 |
| All other expenses | $1,373 |
| Total functional expenses | $243,280 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $83,514 |
| 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 | $0 |
| Investments—publicly traded securities | $62,989 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $146,503 |
| 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 | $0 |
| Other liabilities | $498 |
| Total liabilities | $498 |
| Net assets without donor restrictions | $146,005 |
| 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 | $146,503 |