Kaesong Foundation
- Assets
- $479.8k
- Revenue
- $71.3k
- Investments
- $0.0
- Employees
- 0
- Location
- Raleigh, NC
- Founding
- Data as of
- 12/2023
- EIN
- 85-0795572
Organization Overview
Kaesong Foundation is located in Raleigh, NC. According to its NTEE Classification (X20) the organization is classified as: Christianity, under the broad grouping of Religion-Related and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Kaesong 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 12/2023, Kaesong Foundation generated $71.3k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 4 years, the organization has seen revenues fall by an average of (33.7%) each year. All expenses for the organization totaled $55.8k during the year ending 12/2023. 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
SPREAD GOD'S LOVE, PROMISES AND GRACE BY DELIVERING HUMANITARIAN AID AND RELIEF TO THE POOR.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE NONPROFIT MADE DONATIONS TO VARIOUS CHURCHES AND PROVIDED SMALL GROUP MEALS FOR ONE CHURCH. THE NONPROFIT IS RESEARCHING INTO FUNDING CHRISTIAN MISSION TRIPS THAT PROVIDE EDUCATION, SUBSISTENCE, AND SUPPLIES FOR UNDEVELOPED COMMUNITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mark Lee President | OfficerTrustee | 3 | $0 |
Sungsook Lee Vice President | OfficerTrustee | 3 | $0 |
Diana Lee Treasurer | OfficerTrustee | 1 | $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 | $47,500 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $47,500 |
| Total Program Service Revenue | $0 |
| Investment income | $23,789 |
| 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 | $71,289 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $30,000 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $645 |
| Fees for services: Accounting | $2,425 |
| 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 | $80 |
| Information technology | $5,678 |
| 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 | $9,600 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $55,815 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,642 |
| Savings and temporary cash investments | $333,373 |
| 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 | $143,805 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $479,820 |
| 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 | $479,820 |
| Total liabilities and net assets/fund balances | $479,820 |
Grants Awarded
Over the last fiscal year, Kaesong Foundation has awarded $25,000 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
FIRST KOREAN BAPTIST CHURCH PURPOSE: FUND CHRISTIAN MISSION TRIPS THAT PROVIDE EDUCATION, SUBSISTENCE AND SUPPLIES FOR UNDEVELOPED COMMUNITIES | $9,000 |
SERVING GOD NJ PURPOSE: FUND CHRISTIAN ORGANIZATION THAT PROVIDES HUMANITARIAN AID AND RELIEF TO THE POOR. | $10,000 |
CHRIST LOVE CHURCH MD PURPOSE: FUND CHRISTIAN ORGANIZATION THAT PROVIDES HUMANITARIAN AID AND RELIEF TO THE POOR. | $6,000 |