Andrew Jay-Hoon Kim Memorial Foundation

The information for the Andrew Jay-Hoon Kim Memorial Foundation is as of the organization's most recent filing in December '21. This organization is located in Englewood Cliffs, NJ. It has been in existence for 18 years, following its founding in 2003.

Organization Classification

The IRS classifies organizations according to the National Taxonomy of Exempt Entities (NTEE) system. The NTEE system helps the IRS assign a 3-character code to each organization to describe the organization's activities.

The Andrew Jay-Hoon Kim Memorial Foundation's NTEE code is B82. The "B" tells us that the organization is classified along with Education. The "82" tells us that the organization is focused on Scholarships & Student Financial Aid. The NTEE describes Scholarships & Student Financial Aid organizations as those that enable students who demonstrate financial need to obtain the financial assistance they require to meet their educational and living expenses while in school.

Every organization is also governed by a specific section of the Internal Revenue Code. The most common type is a 501(c)(3) organization. However, there are actually 29 different types of organizations that are identified by the Internal Revenue Code. This organization happens to be a 501(c)(3) organization. The IRS describes these organizations as those engaged in Religious, Educational, Charitable, Scientific, Literary, Public Safety, Amateur Sports, or Prevention of Cruelty to Children or Animals work.

Perhaps the most accurate way to get a sense of what the organization hopes to achieve is by looking at its mission. The mission of the Andrew Jay-Hoon Kim Memorial Foundation is to promote Korean-American youth through prizes and awards and to enhance efforts to prevent further tragedies through seminars and/or workshops.

Program Areas

The scholarship and contribution program area within our organization involves providing financial support to other related organizations that share similar purposes. This includes making contributions and payments to support their activities and initiatives.

Board Governance

The Andrew Jay-Hoon Kim Memorial Foundation appears to be well-governed based on the information provided. The organization has a small board of 3 voting members, all of whom are independent. This ensures that decisions made by the board are not influenced by personal interests or conflicts of interest. Additionally, the fact that potential conflicts of interest exist indicates that the organization is aware of the importance of transparency and is taking steps to address any potential conflicts that may arise. The documentation of board meetings and committee meetings further demonstrates the organization's commitment to transparency and accountability. By keeping records of these meetings, the organization ensures that decisions and discussions are properly documented and can be reviewed if necessary. However, there are some areas where the organization could improve its governance practices. The lack of a conflict of interest policy and a requirement for disclosure of conflicts may leave the organization vulnerable to potential conflicts of interest. Implementing these policies would help to ensure that any conflicts are properly managed and disclosed. Similarly, the absence of a written whistleblower policy and a document retention policy may leave the organization without clear guidelines for reporting misconduct and preserving important documents. These policies are essential for promoting a culture of accountability and transparency within the organization. Overall, while the Andrew Jay-Hoon Kim Memorial Foundation appears to have some strong governance practices in place, there are areas where improvements could be made to further enhance its governance structure.

Organization Growth

The Andrew Jay-Hoon Kim Memorial Foundation has experienced mixed growth over the given time period. While contributions and grants received decreased from $64.8K in 2014 to $10.8K in 2021, investment income increased significantly from $10.3K to $147.7K during the same period. Total revenue also saw growth, rising from $75.1K in 2014 to $158.5K in 2021. On the other hand, grants paid decreased from $22.6K in 2014 to $14.1K in 2021, indicating a reduction in the organization's financial support to other entities. Total expenses also decreased from $49.5K in 2014 to $20.7K in 2021, suggesting improved financial efficiency. The number of volunteers remained constant at 3 throughout the time period. Overall, while some aspects of the organization's operations have shown growth, others have experienced decline or remained stagnant.