Korea Society
- Assets
- $30.6m
- Revenue
- $3.7m
- Investments
- $0.0
- Employees
- 16
- Location
- New York, NY
- Founding
- 06/1991
- Data as of
- 12/2021
- EIN
- 52-1714111
Organization Overview
Korea Society is located in New York, NY. The organization was established in 1991. According to its NTEE Classification (Q20) the organization is classified as: Promotion of International Understanding, under the broad grouping of International, Foreign Affairs & National Security and related organizations. As of 12/2021, Korea Society employed 16 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Korea Society 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, Korea Society generated $3.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 7.9% each year. All expenses for the organization totaled $3.0m during the year ending 12/2021. While expenses have increased by 1.8% 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
STRENTHENING THE BONDS OF AWARENESS, UNDERSTANDING & COOPERATION BETWEEN THE US & KOREA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
POLICY & CORPORATE: SEE SCHEDULE O.
MEDIA: SEE SCHEDULE O.
EDUCATION: SEE SCHEDULE O.
CONGRESSIONAL, ARTS & CULTURE
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Thomas J Byrne President & CEO | Officer | 40 | $279,583 |
Stephen Noerper Senior Director Of Policy | 40 | $115,913 | |
Chong-Yun Park Treasurer | OfficerTrustee | 2 | $0 |
Kathleen Stephens Chair | OfficerTrustee | 2 | $0 |
Song K Jung Secretary | OfficerTrustee | 2 | $0 |
Nicholas Bratt Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $210,115 |
| Fundraising events | $1,150,480 |
| Related organizations | $0 |
| Government grants | $146,100 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,597,596 |
| Noncash contributions included in lines 1a–1f | $56,000 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,104,291 |
| Total Program Service Revenue | $207,280 |
| Investment income | $474,517 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$97,318 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,688,770 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $137,664 |
| 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. | $293,562 |
| Compensation of current officers, directors, key employees. | $52,810 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $876,192 |
| Pension plan accruals and contributions | $36,099 |
| Other employee benefits | $167,327 |
| Payroll taxes | $76,622 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,250 |
| Fees for services: Accounting | $31,100 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $79,700 |
| Advertising and promotion | $0 |
| Office expenses | $21,274 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $806,161 |
| Travel | $6,092 |
| 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 | $139,968 |
| Insurance | $17,808 |
| All other expenses | $0 |
| Total functional expenses | $2,989,793 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,806,557 |
| Savings and temporary cash investments | $1,179,581 |
| Pledges and grants receivable | $404,503 |
| Accounts receivable, net | $33,250 |
| 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 | $24,149 |
| Net Land, buildings, and equipment | $1,010,652 |
| Investments—publicly traded securities | $21,824,713 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $4,291,182 |
| Total assets | $30,574,587 |
| Accounts payable and accrued expenses | $118,727 |
| 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 | $4,617,902 |
| Total liabilities | $4,736,629 |
| Net assets without donor restrictions | $12,871,742 |
| Net assets with donor restrictions | $12,966,216 |
| 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 | $30,574,587 |
Grants Recieved
Over the last fiscal year, we have identified 4 grants that Korea Society has recieved totaling $31,123.
| Awarding Organization | Amount |
|---|---|
Y T Hwang Family Foundation Inc Cresskill, NJ PURPOSE: CHARITABLE | $20,000 |
Goldman Sachs Charitable Gift Fund New York, NY PURPOSE: COMMUNITY OUTREACH & ENRICHMENT PROGRAMS | $6,000 |
American Online Giving Foundation Inc Newark, DE PURPOSE: GENERAL SUPPORT | $5,023 |
Robert J Cummins Family Foundation Inc New York, NY PURPOSE: ARTS | $100 |
Endowment Analysis
| Beg. Balance | $12,411,266 |
| Earnings | $3,096,924 |
| Net Contributions | $42,877 |
| Other Expense | $5,912 |
| Ending Balance | $15,545,155 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Alliance For Open Society International Inc New York, NY | $43,304,993 | $33,954,105 |
Harvard-Yenching Institute Cambridge, MA | $357,386,063 | $5,038,189 |
Idealistorg Inc New York, NY | $8,884,686 | $10,106,263 |
Middle East Forum Philadelphia, PA | $5,601,334 | $8,052,985 |
Americas Society Inc New York, NY | $65,186,397 | $5,307,206 |
China Institute In America Incorporated New York, NY | $39,618,019 | $6,570,371 |
American-Scandinavian Foundation New York, NY | $56,118,805 | $3,574,288 |
Peaceworks Network Foundation New York, NY | $9,232,893 | $2,717,484 |
Auschwitz Instut For The Prevention Of Genocide And Mass Atrocities New York, NY | $427,684 | $2,862,009 |
Korea Society New York, NY | $30,574,587 | $3,688,770 |
Netherland-America Foundation Incorporated New York, NY | $8,725,622 | $2,894,571 |
Beyond Borders Inc Norristown, PA | $1,569,645 | $2,578,672 |