Korean-American Community Foundation Inc

Analysis

Korean-American Community Foundation Inc is a registered charity in United States, based in New York, NY. It received its IRS tax-exemption ruling in February 2003, 23 years ago. Its declared purposes cover philanthropy, voluntarism and grantmaking foundations, which this site groups under grant-making and general purposes. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Korean-American Community Foundation Inc reported income of $2.7m and spending of $3.4m, spending 124% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $1.8m to $2.7m (+47%), an average of +10% a year. The sharpest change came in the year to December 2021, when income rose by 59%. Over the whole period it spent 89% of the income it received.

Among 19,413 United States charities whose main cause is grant-making and general purposes and that reported income, Korean-American Community Foundation Inc sits at the 89th percentile: it is larger than about 89% of them. Against every charity in United States with reported income it ranks in the 88th percentile, and in the 85th percentile within NY. Charities of a similar size with the same main cause include Morton Community Foundation ($2.7m), United Way of Wisconsin Inc ($2.7m) and Humanities Council of Washington DC Inc ($2.7m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 96% of the total. Compensation of current officers, directors and key employees was $472k (14% of expenses). Other salaries and wages came to $403k. At year end it held assets of $5.8m against liabilities of $2.2m, net assets of $3.6m. It reported 11 employees.