Korean-American Lawyers Association Of New York Inc
- Assets
- $354.1k
- Revenue
- $374.8k
- Investments
- $0.0
- Employees
- 0
- Location
- New York, NY
- Founding
- 11/2003
- Data as of
- 02/2023
- EIN
- 13-3354702
Organization Overview
Korean-American Lawyers Association Of New York Inc is located in New York, NY. The organization was established in 2003. 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 Lawyers Association Of New York 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 02/2023, Korean-American Lawyers Association Of New York Inc generated $374.8k in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 26.0% each year . All expenses for the organization totaled $301.6k during the year ending 02/2023. While expenses have increased by 25.6% per year over the past 8 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE MEMBERS WITH TRAINING AND RESOURCES USEFUL FOR PROFESSIONAL ADVANCEMENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
NETWORKING EVENTS AND MEETINGS TO ENABLE MEMBERS TO EXPAND THEIR PROFESSIONAL CONNECTIONS AND DEVELOP SKILLS. ANNUAL GALA - DINNER TO RECOGNIZE ACHIEVEMENTS OF THE ORGANIZATION AND ITS MEMBERS. PRO BONO LEGAL CLINICS - LAWYERS VOLUNTEER THEIR TIME IN THEIR COMMUNITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Gene Kang President (outgoing) | OfficerTrustee | 5 | $0 |
Lawrence Han Pres. (incoming) Exec. V.P. Outgoing | OfficerTrustee | 5 | $0 |
Sung Jin Kang Treas./(outgoing) Exec. V.p.(incoming) | OfficerTrustee | 5 | $0 |
Kwonsun Jung Treasurer (incoming) | OfficerTrustee | 5 | $0 |
Christina Nguyen Vice Pres. Of Comm. (incoming) | OfficerTrustee | 5 | $0 |
Christopher Bae Vice Pres. Of Membership (outgoing) | OfficerTrustee | 5 | $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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $374,776 |
| Investment income | $34 |
| 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 | $374,810 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $9,850 |
| Grants and other assistance to domestic individuals. | $10,000 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $3,240 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $20,093 |
| Advertising and promotion | $2,568 |
| Office expenses | $3,985 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $700 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,039 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $3,598 |
| All other expenses | $94 |
| Total functional expenses | $301,605 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $354,066 |
| 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 | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $354,066 |
| 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 | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $354,066 |
| 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 | $354,066 |
Grants Awarded
Over the last fiscal year, Korean-American Lawyers Association Of New York Inc has awarded $38,500 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
KOREAN-AMERICAN COMMUNITY FOUNDATION INC PURPOSE: KACF COVID-19 COMMUNITY ACTION FUND SUPPORT. | $10,000 |
MINKWON CENTER FOR COMMUNITY ACTION INC PURPOSE: GRANT FOR LEGAL FELLOW. | $28,500 |