Council of Korean Americans Inc

Analysis

Council of Korean Americans Inc is a registered charity in United States, based in Washington, DC. It received its IRS tax-exemption ruling in September 2011, 15 years ago. Its declared purposes cover arts, culture and humanities, which this site groups under arts, culture, heritage and science. 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 March 2023, Council of Korean Americans Inc reported income of $1.7m and spending of $1.5m, spending 89% of its income. Across the 5 years on record, from December 2019 to March 2023, income grew from $1.1m to $1.7m (+59%), an average of +12% a year. The sharpest change came in the year to March 2023, when income rose by 661%. Over the whole period it spent 86% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Council of Korean Americans Inc sits at the 90th percentile: it is larger than about 90% of them. Against every charity in United States with reported income it ranks in the 85th percentile, and in the 64th percentile within DC. Charities of a similar size with the same main cause include Foss Waterway Seaport ($1.7m), Graham Gund Gallery ($1.7m) and Community Works of Louisiana ($1.7m).

On its Form 990 for the period ending March 2023, revenue came from contributions and grants 70% and program service revenue 47% of the total. Compensation of current officers, directors and key employees was $247k (16% of expenses). Other salaries and wages came to $344k. At year end it held assets of $1.3m against liabilities of $220k, net assets of $1.1m. It reported 7 employees.