Korean-American Seniors Association of Oc

Analysis

Korean-American Seniors Association of Oc is a registered charity in United States, based in Garden Grove, CA. It received its IRS tax-exemption ruling in March 1996, 30 years ago. 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 Seniors Association of Oc reported income of $209k and spending of $245k, spending 117% of what it took in. Across the 4 years on record, from December 2019 to December 2023, income fell from $482k to $209k (-57%), an average of -24% a year. The sharpest change came in the year to December 2023, when income dropped by 38%. Over the whole period it spent 104% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Korean-American Seniors Association of Oc sits at the 53rd percentile: it is larger than about 53% of them. Against every charity in United States with reported income it ranks in the 55th percentile, and in the 57th percentile within CA. Charities of a similar size with the same main cause include Nicollet County Historical Society ($209k), New Leipzig Ambulance Service ($209k) and Scott Area Team Sprots Inc Sats ($209k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 100% of the total. Other salaries and wages came to $75k. At year end it held assets of $1.1m against liabilities of $280k, net assets of $783k. It reported 5 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.