Korean American Museum Inc
- Assets
- $7.2m
- Revenue
- $569.8k
- Investments
- $0.0
- Employees
- 1
- Location
- Los Angeles, CA
- Founding
- 02/1993
- Data as of
- 12/2022
- 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 12/2022, Korean American Museum Inc generated $569.8k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (10.5%) each year. All expenses for the organization totaled $146.7k during the year ending 12/2022. 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
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 |
|---|---|---|---|
Jae Min Chang Chairman | Trustee | 5 | $0 |
Kay Song Director | Trustee | 1 | $0 |
Hun Cha Lee Director | Trustee | 0 | $0 |
John Lim Secretary | Trustee | 5 | $0 |
Michelle Moon Director | Trustee | 0 | $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 | $541,356 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $541,356 |
| Total Program Service Revenue | $0 |
| Investment income | $28,418 |
| 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 | $569,774 |
| 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 | $7,120 |
| Payroll taxes | $7,380 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $7,540 |
| 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 | $11,289 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $11,549 |
| Travel | $1 |
| 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 | $1,413 |
| All other expenses | $0 |
| Total functional expenses | $146,658 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,392,138 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $297,851 |
| 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 | $2,732 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,517,576 |
| Total assets | $7,210,297 |
| Accounts payable and accrued expenses | $2,934 |
| Grants payable | $0 |
| Deferred revenue | $3,228,925 |
| 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 | $0 |
| Total liabilities | $3,231,859 |
| Net assets without donor restrictions | $1,502,477 |
| 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 | $7,210,297 |