Korean-American Senior Mutual Association Inc
- Assets
- $1.8m
- Revenue
- $4.2m
- Investments
- $0.0
- Employees
- 5
- Location
- Flushing, NY
- Founding
- 07/1998
- Data as of
- 04/2020
- EIN
- 11-3323060
Organization Overview
Korean-American Senior Mutual Association Inc is located in Flushing, NY. The organization was established in 1998. According to its NTEE Classification (P81) the organization is classified as: Senior Centers, under the broad grouping of Human Services and related organizations. As of 04/2020, Korean-American Senior Mutual Association Inc employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Korean-American Senior Mutual Association 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 04/2020, Korean-American Senior Mutual Association Inc generated $4.2m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 5.1% each year. All expenses for the organization totaled $4.2m during the year ending 04/2020. While expenses have increased by 5.0% 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE BURIAL BENIFITS AND ASSISTANCE AND COMMUNITY SERVICE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
BURIAL BENEFITS PROGRAM PAID PART OF FUNERAL EXPENSES FOR THE DECEASED. 253 FAMILIES RECEIVED BENEFITS.
SOCIAL AND LEGAL SERVICE PROGRAM. SCHLORSHIP PAYMENTS $7,000 TO 7 HIGH SCHOOL STUDENTS. SUPPOT PAYMENT OF MONTHLY CONDOLATORY MONEY AMOUNT OF $59,645 BY KASMA FUND TO THE HIGHEST AGE OF 107 PERSONS DURING ONE YEAR. RICE SHARING OF PRIME COST WORTH $20,400 OF 1,700 PACKS TO 800 SENIORS, NEEDY PERSONS AND 30 CHARITABLE ORGANIZATIONS. FREE LEGAL CONSULTING SERVICES OF 58 PERSONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kwang S Bae President | Trustee | 40 | $0 |
Yun P Na Chairman | Trustee | 5 | $0 |
Sung W Kim Vice President | Trustee | 5 | $0 |
Sung Sul Park Vice Chairman | Trustee | 5 | $0 |
Jae Hun Hwang Vice Chairman | Trustee | 5 | $0 |
Kun Kyoo Jin Vice Chairman | Trustee | 5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,221,680 |
| Investment income | $4,394 |
| 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 | $4,226,074 |
| Statement of Expenses | |
|---|---|
| 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 to disqualified persons | $0 |
| Other salaries and wages | $155,270 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $30,225 |
| Payroll taxes | $12,178 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,000 |
| Fees for services: Accounting | $1,200 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $39,028 |
| Office expenses | $78,789 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $19,403 |
| Travel | $5,190 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $15,205 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $20,255 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $4,192,138 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $125,354 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,001,280 |
| 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 | $450 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,826,883 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $10,318 |
| 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 | $10,318 |
| Net assets without donor restrictions | $0 |
| 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 |
| Total liabilities and net assets/fund balances | $1,816,565 |