Foundation For Korean Language & Culture In The Usa
- Assets
- $1.2m
- Revenue
- $1.3m
- Investments
- $0.0
- Employees
- 1
- Location
- Los Angeles, CA
- Founding
- 09/1996
- Data as of
- 12/2022
- EIN
- 95-4497495
Organization Overview
Foundation For Korean Language & Culture In The Usa is located in Los Angeles, CA. The organization was established in 1996. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Foundation For Korean Language & Culture In The USA 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 12/2022, Foundation For Korean Language & Culture In The USA generated $1.3m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 22.3% each year . All expenses for the organization totaled $744.7k during the year ending 12/2022. While expenses have increased by 12.9% 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.
Since 2018, Foundation For Korean Language & Culture In The USA has awarded 35 individual grants totaling $434,540. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
CHARITY TO EDUCATION
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO SUPPORT KOREAN CLASSES AND EDUCATE KOREAN LANGUAGE TEACHERS AS WELL AS GENERAL PUBLIC
TO SUPPORT KOREAN STUDY AND RESEARCH FOR KOREAN CLASS CURRICULUM DEVELOPMENT AND THE CULTURAL UNDERSTANDING
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Monica Ryoo C.e.o. | OfficerTrustee | 10 | $0 |
Mi Jin Lee Secretary | Officer | 40 | $40,800 |
Chris K Kim C.f.o. | OfficerTrustee | 2 | $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 | $1,339,861 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,339,861 |
| Total Program Service Revenue | $0 |
| Investment income | $2,210 |
| 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 | $1,342,071 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $99,491 |
| Grants and other assistance to domestic individuals. | $538,156 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $40,800 |
| Compensation of current officers, directors, key employees. | $40,800 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $3,506 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,800 |
| Fees for services: Accounting | $2,920 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $7,482 |
| Office expenses | $4,597 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $8,780 |
| Travel | $2,206 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,346 |
| Interest | $9,853 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,481 |
| Insurance | $7,879 |
| All other expenses | $4,426 |
| Total functional expenses | $744,704 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $840,973 |
| Savings and temporary cash investments | $375,159 |
| 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 | $1,260 |
| Total assets | $1,217,392 |
| 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 | $117,718 |
| Total liabilities | $117,718 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $1,099,674 |
| 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 | $1,217,392 |
Grants Awarded
Over the last fiscal year, Foundation For Korean Language & Culture In The Usa has awarded $72,138 in support to 6 organizations.
| Grant Recipient | Amount |
|---|---|
RESEDA CHARTER HIGH SCHOOL PURPOSE: Supporting Korean Class | $19,203 |
HOLLYWOOD HIGH SCHOOL PURPOSE: Supporting Korean Class | $16,524 |
GEORGE W CARVER MIDDLE SCHOOL PURPOSE: Supporting Korean Class | $5,128 |
DYMALLY HIGH SCHOOL PURPOSE: Supporting Korean Class | $11,283 |
DEL NORTE HIGH SCHOOL PURPOSE: Supporting Korean Class | $10,000 |
BENTON MIDDLE SCHOOL PURPOSE: Supporting Korean Class | $10,000 |