Federal Way Korean American Association

Analysis

Federal Way Korean American Association is a registered charity in United States, based in Federal Way, WA. It received its IRS tax-exemption ruling in June 2014, 12 years ago. Its declared purposes cover public and societal benefit, which this site groups under other charitable purposes. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Federal Way Korean American Association reported income of $88k and spending of $61k, leaving 30% of income unspent that year. Across the 3 years on record, from December 2019 to December 2023, income fell from $271k to $88k (-67%), an average of -43% a year. The sharpest change came in the year to December 2023, when income dropped by 57%. Over the whole period it spent 64% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Federal Way Korean American Association sits at the 33rd percentile: it is larger than about 33% of them. Against every charity in United States with reported income it ranks in the 34th percentile, and in the 29th percentile within WA. Charities of a similar size with the same main cause include West Valley Eagles Track Club Incorporated ($88k), Association for Research in Metaphysics ($88k) and Strasburg Community Library Inc ($88k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 100% of the total. At year end it held assets of $214k against liabilities of $0, net assets of $214k.