Korean Cultural Center Of Chicago
- Assets
- $4.0m
- Revenue
- $1.5m
- Investments
- $0.0
- Employees
- 2
- Location
- Wheeling, IL
- Founding
- 11/2005
- Data as of
- 12/2021
- EIN
- 20-2534366
Organization Overview
Korean Cultural Center Of Chicago is located in Wheeling, IL. The organization was established in 2005. According to its NTEE Classification (A20) the organization is classified as: Arts & Culture, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 12/2021, Korean Cultural Center Of Chicago employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Korean Cultural Center Of Chicago 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 Cultural Center Of Chicago generated $1.5m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 24.4% each year . All expenses for the organization totaled $523.0k during the year ending 12/2021. While expenses have increased by 4.3% per year over the past 7 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
SEE SCHEDULE O
Describe the Organization's Program Activity:
Part 3 - Line 4a
MAINTAIN THE CENTER AS COMMUNITY SPACES FOR SEVERAL CLASSES, CULTURAL EXIBITION, AND COMMUNITY MEETINGS.
SUPPORT COMMUNITY EVENTS AND HOLD KOREAN CULTURAL EVENTS.
PROMOTE UNDERSTANDING OF KOREAN CULTURE, IDEAS AND TRADITONS AND TO DISSEMINATE THE INFORMATION TO ALL INTERESTED PARTIES.
ALL OTHER ACCOMPLISHMENTS KOREAN CULTURAL CNETER BUILDING IS A CORE PART OF OUR SERVICES- ASSIGNED 90% OF DEPRECIATION EXPENSE AS PROGRAM SERVICE PORTION
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kay Kihwa Rho Executive Director | Officer | 40 | $61,800 |
Yoon Tae Kim President | Officer | 20 | $0 |
Mikyung Kim Treasurer | Officer | 10 | $0 |
Poongja Lee Cho Vice President | Officer | 10 | $0 |
Mira Im Secretary | Officer | 3 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $4,300 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,508,555 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,512,855 |
| Total Program Service Revenue | $0 |
| Investment income | $6,105 |
| 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 | $1,518,960 |
| 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. | $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 | $78,338 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $5,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $134,530 |
| Advertising and promotion | $8,081 |
| Office expenses | $5,015 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $15,805 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $83,992 |
| Insurance | $8,978 |
| All other expenses | $17,793 |
| Total functional expenses | $522,983 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,414,740 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $480 |
| 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 | $1,574,627 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $3,989,847 |
| 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 | $124,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $124,000 |
| Net assets without donor restrictions | $2,209,473 |
| Net assets with donor restrictions | $1,656,374 |
| 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 | $3,989,847 |
Grants Recieved
Over the last fiscal year, we have identified 4 grants that Korean Cultural Center Of Chicago has recieved totaling $271,006.
| Awarding Organization | Amount |
|---|---|
Bisco Charitable Foundation Schaumburg, IL PURPOSE: GENERAL FUND | $250,000 |
Network For Good Inc Washington, DC PURPOSE: UNRESTRICTED | $20,773 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $133 |
Pfizer Foundation Inc New York, NY PURPOSE: MATCHING GIFTS | $100 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
John Michael Kohler Arts Center Inc Sheboygan, WI | $91,886,755 | $7,533,321 |
Puerto Rican Cultural Center Chicago, IL | $9,175,566 | $9,769,703 |
United States Artists Inc Chicago, IL | $40,639,117 | $6,830,121 |
Center Of Creative Arts Saint Louis, MO | $22,497,336 | $9,712,696 |
Bertha D Garten Ketcham Memorial Center Inc Odon, IN | $9,035,091 | $6,675,118 |
Kohler Trust For The Arts And Education Kohler, WI | $9,068,772 | $5,585,156 |
Kranzberg Arts Foundation St Louis, MO | $18,112,007 | $6,602,930 |
The Center For The Performing Arts Inc Carmel, IN | $11,269,434 | $4,631,898 |
American College Of Occupational And Environmental Medicine Elk Grove Village, IL | $5,115,240 | $3,683,433 |
Winnetka Community House Winnetka, IL | $15,269,238 | $4,423,430 |
Association Of American Voices Saint Louis, MO | $696,688 | $3,487,679 |
Brucemore Inc Cedar Rapids, IA | $18,035,244 | $1,902,736 |