Korean American Association of Chicago

Analysis

Korean American Association of Chicago is a registered charity in United States, based in Glenview, IL. It received its IRS tax-exemption ruling in October 1984, 42 years ago. Its declared purposes cover human services, which this site groups under poverty relief. 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 June 2023, Korean American Association of Chicago reported income of $974k and spending of $290k, leaving 70% of income unspent that year. Across the 4 years on record, from June 2020 to June 2023, income grew from $223k to $974k (+337%), an average of +64% a year. The sharpest change came in the year to June 2022, when income rose by 300%. Over the whole period it spent 42% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Korean American Association of Chicago sits at the 75th percentile: it is larger than about 74% of them. Against every charity in United States with reported income it ranks in the 79th percentile, and in the 78th percentile within IL. Charities of a similar size with the same main cause include Mississippi Assoc of Cooperatives ($974k), Soar Fox Cities Inc ($974k) and Young Mens Christan Association of Geneva New York Inc ($974k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 98% and program service revenue 1.7% of the total. Compensation of current officers, directors and key employees was $31k (11% of expenses). At year end it held assets of $1.3m against liabilities of $21k, net assets of $1.3m. It reported 1 employees.