Korean American Center
- Assets
- $91.6k
- Revenue
- $644.0k
- Investments
- $0.0
- Employees
- 19
- Location
- Irvine, CA
- Founding
- 10/2015
- Data as of
- 12/2023
- EIN
- 47-5175147
Organization Overview
Korean American Center is located in Irvine, CA. The organization was established in 2015. According to its NTEE Classification (A23) the organization is classified as: Cultural & Ethnic Awareness, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 12/2023, Korean American Center employed 19 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Korean American Center 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 12/2023, Korean American Center generated $644.0k in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 35.3% each year . All expenses for the organization totaled $552.5k during the year ending 12/2023. While expenses have increased by 38.2% 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
DEDICATED TO BUILDING CONNECTIONS BETWEEN INTERGENERATIONAL KOREAN-AMERICANS AND THE GREATER COMMUNITY BY PROMOTING OPPORTUNITIES FOR APPRECIATION OF KOREA'S RICH CULTURAL HERITAGE. WE AIM TO INTEGRATE OTHERS OF VARIOUS BACKGROUNDS THAT HAVE A COMMON INTEREST IN KOREA AND ITS CULTURE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROMOTE KOREAN LANGUAGE LEARNING OPPORTUNITIES IN THE GREATER ORANGE COUNTY/SOUTHERN CALIFORNIA AREA BY PROVIDING A HIGH QUALITY KOREAN LANGUAGE PROGRAM FOR ADULTS
CREATE OPPORTUNITIES FOR KOREAN CULTURAL AWARENESS BY HOSTING A WEEKLY KOREAN/ENGLISH LANGUAGE AND CULTURAL EXCHANGE.
CITIZENSHIP N400 APPLICATION ASSISTANCE AND LEGAL REVIEW
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Tammy Kim Shin CEO | Officer | 40 | $59,063 |
Nam Hyee Kim Director | 40 | $56,152 | |
Migyung Lee Teacher | 40 | $54,082 | |
Kum Sun Paek Teacher | 40 | $41,081 | |
Minsun Choe Teacher | 20 | $24,746 | |
Jang Hee Cho CFO | Officer | 5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $367,986 |
| All other contributions, gifts, grants, and similar amounts not included above | $15,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $382,986 |
| Total Program Service Revenue | $261,038 |
| Investment income | $0 |
| 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 | $644,024 |
| 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. | $59,063 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $318,975 |
| Pension plan accruals and contributions | $11,621 |
| Other employee benefits | $0 |
| Payroll taxes | $32,662 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $55,301 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $28,600 |
| Travel | $7,718 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $16,035 |
| All other expenses | $663 |
| Total functional expenses | $552,526 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $91,576 |
| 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 | $91,576 |
| 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 | $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 |
| Retained earnings, endowment, accumulated income, or other funds | $91,576 |
| Total liabilities and net assets/fund balances | $91,576 |