Korean American Foundation
- Assets
- $2.7m
- Revenue
- $1.2m
- Investments
- $0.0
- Employees
- 0
- Location
- Los Angeles, CA
- Founding
- 07/2019
- Data as of
- 09/2023
- EIN
- 83-2513160
Organization Overview
Korean American Foundation is located in Los Angeles, CA. The organization was established in 2019. According to its NTEE Classification (T31) the organization is classified as: Community Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Korean American Foundation 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 09/2023, Korean American Foundation generated $1.2m in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 67.1% each year . All expenses for the organization totaled $550.1k during the year ending 09/2023. You can explore the organizations financials more deeply in the financial statements section below.
Since 2023, Korean American Foundation has awarded 13 individual grants totaling $435,000. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
OUR MISSION IS TO (I) IMPROVE THE LIVES OF THE MOST VULNERABLE AND MARGINAZLIED MEMBERS OF OUR COMMUNITY WITH A PARTICULAR FOCUS ON KOREAN AMERICANS, (II) PROMOTE PHILANTHROPY AND BE AN EFFECTIVE AND DILIGENT STEWARD OF CHARITABLE FUNDS, AND (III) COLLABORATE WITH COMMUNITY BASED ORGANIZATIONS TO BUILD THEIR CAPACTIY TO INCREASE THEIR EFFECTIVENESS AND ENSURE THEIR SUSTAINABILITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
KAF FULFILLS ITS MISSION AND VISION BY RAISING AND STEWARDING FUNDS IN ORDER TO STRATEGICALLY GIVE BACK TO THE COMMUNITY THROUGH THE ADMINISTRATION OF GRANTS TO NONPROFITS WHOSE WORK ADDRESS THE MOST PRESSING NEEDS OF OUR COMMUNITY.
KAF PROVIDES FUNDHOLDER SERVICES, ASSISTING WITH GIFT ADMINISTRATION AND PROVIDING EXPERTISE BASED ON THE DONOR'S PHILANTHROPIC INTERESTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Teresa Mosqueda Board Member | Trustee | 0 | $0 |
David Lee Board Member | Trustee | 0 | $0 |
Robin Kim Board Member | Trustee | 0 | $0 |
Thomas Han Board Member | Trustee | 0 | $0 |
Jerry Kang Board Member | Trustee | 0 | $0 |
Albert Jang Board Member | Trustee | 0 | $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 | $1,107,325 |
| Noncash contributions included in lines 1a–1f | $55,825 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,107,325 |
| Total Program Service Revenue | $0 |
| Investment income | $65,512 |
| 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 | $1,172,842 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $460,000 |
| 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 | $64,400 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $10,114 |
| 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 | $0 |
| Advertising and promotion | $0 |
| Office expenses | $1,288 |
| 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 | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $5,290 |
| All other expenses | $0 |
| Total functional expenses | $550,142 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,516,790 |
| 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 | $22,180 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $98,769 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $100,000 |
| Total assets | $2,737,739 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $69,000 |
| 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 | $4,520 |
| Total liabilities | $73,520 |
| Net assets without donor restrictions | $1,019,219 |
| Net assets with donor restrictions | $1,645,000 |
| 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 | $2,737,739 |
Grants Awarded
Over the last fiscal year, Korean American Foundation has awarded $435,000 in support to 13 organizations.
| Grant Recipient | Amount |
|---|---|
KOREATOWN YOUTH & COMMUNITY CENTER (KYCC) PURPOSE: 2022 General Charitable Grant | $25,000 |
KOREAN AMERICAN SPECIAL EDUCATION CENTER PURPOSE: 2022 General Charitable Grant | $10,000 |
KOREAN AMERICAN FAMILY SERVICES PURPOSE: 2022 General Charitable Grant | $10,000 |
KOREAN AMERICAN FEDERATION OF LOS ANGELES PURPOSE: 2022 General Charitable Grant | $20,000 |
LOS ANGELES REGIONAL FOOD BANK PURPOSE: 2022 General Charitable Grant | $10,000 |
ABILITY FIRST PURPOSE: 2022 General Charitable Grant | $10,000 |