Korean American Museum Inc
- Assets
- $7.3m
- Revenue
- $274.1k
- Investments
- $0.0
- Employees
- 1
- Location
- Los Angeles, CA
- Founding
- 02/1993
- Data as of
- 12/2021
- EIN
- 95-4432022
Organization Overview
Korean American Museum Inc is located in Los Angeles, CA. The organization was established in 1993. According to its NTEE Classification (A50) the organization is classified as: Museums, 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 Museum Inc 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 Museum Inc generated $274.1k 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 (20.7%) each year. All expenses for the organization totaled $143.9k during the year ending 12/2021. 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
PRESERVE AND INTERPRET THE HISTORY, EXPERIENCES, CULTURE AND ACHIEVEMENTS OF AMERICANS OF KOREAN ANCESTRY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MUSEUM CONSTRUCTION: THE MUSEUM CONSTRUCTS THE PERMANENT FACILITY TO EXHIBIT KOREAN AMERICAN CULTURE, HISTORY, AND ART.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Shinae Yoon Executive Director | Officer | 40 | $95,000 |
Michelle Moon Director | Trustee | 0 | $0 |
Jae Min Chang Chairman | Trustee | 5 | $0 |
Hun Cha Lee Director | Trustee | 0 | $0 |
John Lim Secretary | Trustee | 5 | $0 |
Byung Chan Ahn Treasurer | Trustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $259,719 |
| All other contributions, gifts, grants, and similar amounts not included above | $37 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $259,756 |
| Total Program Service Revenue | $0 |
| Investment income | $14,385 |
| 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 | $274,141 |
| 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. | $95,000 |
| Compensation of current officers, directors, key employees. | $28,500 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $6,154 |
| Payroll taxes | $7,380 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $8,540 |
| 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 | $6,709 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $14,373 |
| Travel | $12 |
| 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 | $1,439 |
| All other expenses | $0 |
| Total functional expenses | $143,879 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,961,884 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $321,397 |
| 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 | $2,492 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,057,590 |
| Total assets | $7,343,363 |
| Accounts payable and accrued expenses | $8,000 |
| Grants payable | $0 |
| Deferred revenue | $3,770,281 |
| 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 | $10,000 |
| Other liabilities | $0 |
| Total liabilities | $3,788,281 |
| Net assets without donor restrictions | $1,079,121 |
| Net assets with donor restrictions | $2,475,961 |
| 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 | $7,343,363 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Korean American Museum Inc has recieved totaling $21,000.
| Awarding Organization | Amount |
|---|---|
California Community Foundation Los Angeles, CA PURPOSE: Arts | $10,000 |
California Community Foundation Los Angeles, CA PURPOSE: Arts | $10,000 |
Broad Foundation Los Angeles, CA PURPOSE: ARTS - TO SUPPORT VISUAL AND PERFORMING ARTS IN LOS ANGELES | $1,000 |
Endowment Analysis
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
National Hot Rod Association San Dimas, CA | $60,527,116 | $84,074,162 |
The Exploratorium San Francisco, CA | $264,783,310 | $48,557,720 |
Oakland Museum Of California Oakland, CA | $69,568,610 | $21,712,450 |
Uss Midway Museum San Diego, CA | $89,557,357 | $9,957,373 |
Lucas Museum Of Narrative Art Los Angeles, CA | $1,047,180,873 | $200,315,657 |
Musical Instrument Museum Phoenix, AZ | $166,967,307 | $47,583,205 |
Operation Underground Railroad Inc Anaheim, CA | $68,076,312 | $47,549,013 |
Discovery Science Center Of Orange County Santa Ana, CA | $60,809,996 | $26,194,294 |
Grammy Museum Foundation Inc Los Angeles, CA | $19,726,049 | $9,757,476 |
Japanese American National Museum Los Angeles, CA | $64,155,556 | $8,326,332 |
Mingei International Inc San Diego, CA | $66,923,986 | $7,226,145 |
Heard Museum Phoenix, AZ | $36,442,009 | $14,120,125 |