Morning Star Korean Culture Center Inc
- Assets
- $991.2k
- Revenue
- $119.7k
- Investments
- $0.0
- Employees
- 0
- Location
- Lynnwood, WA
- Founding
- 03/2005
- Data as of
- 12/2019
- EIN
- 27-0028338
Organization Overview
Morning Star Korean Culture Center Inc is located in Lynnwood, WA. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Morning Star Korean Culture Center 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 12/2019, Morning Star Korean Culture Center Inc generated $119.7k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 5 years, the organization has seen revenues fall by an average of (9.2%) each year. All expenses for the organization totaled $142.8k during the year ending 12/2019. As we would expect to see with falling revenues, expenses have declined by (4.8%) per year over the past 5 years. You can explore the organizations financials more deeply in the financial statements section below.
Limited Data Available: This organization filed their most recent 990 in paper format. This filing methodology limits the information that can be extracted from the filing.Limited Data Available: This organization is one of the few in our database that filed their most recent 990 with the IRS in paper format. This filing methodology limits the information that can be extracted from the filing. This will, however, be changing soon; The IRS now requires all organizations to file their 990s electronically.
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Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $38,900 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $21,000 |
| 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 | $119,670 |
| 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 | $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 | $1,500 |
| 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 | $891 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $23,210 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $56,968 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $27,742 |
| Insurance | $5,575 |
| All other expenses | $0 |
| Total functional expenses | $142,759 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $8,976 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $117,809 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $991,194 |
| 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 | $883,307 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $883,307 |
| Net assets without donor restrictions | $107,887 |
| 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 | $107,887 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Morning Star Korean Culture Center Inc has recieved totaling $8,798.
| Awarding Organization | Amount |
|---|---|
American Online Giving Foundation Inc Newark, DE PURPOSE: GENERAL SUPPORT | $8,774 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $24 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Goldbelt Heritage Foundation Juneau, AK | $678,169 | $2,466,525 |
Centrocultural Mexicano Redmond, WA | $1,206,257 | $2,680,609 |
Path With Art Seattle, WA | $2,031,532 | $2,438,156 |
Asia-Northwest Cultural Education Association Tacoma, WA | $252,423 | $1,459,616 |
Portland 5 Centers For The Arts Foundation Portland, OR | $140,561 | $1,203,023 |
Ingersoll Gender Center Seattle, WA | $863,153 | $449,154 |
Portland Rose Festival Foundation Portland, OR | $2,329,427 | $1,493,262 |
Northwest Folklife Seattle, WA | $1,273,751 | $1,146,546 |
Sisters Folk Festival Inc Sisters, OR | $3,152,481 | $1,369,782 |
The Vera Project Seattle, WA | $942,628 | $1,094,389 |
Saint Luke Productions Battle Ground, WA | $1,298,746 | $1,892,714 |
Terrain Programs Spokane, WA | $636,591 | $1,201,482 |