Korean American Cultural Center of Michigan

Analysis

Korean American Cultural Center of Michigan is a registered charity in United States, based in Southfield, MI. It received its IRS tax-exemption ruling in July 2002, 24 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 December 2023, Korean American Cultural Center of Michigan reported income of $276k and spending of $62k, leaving 78% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $75k to $276k (+266%), an average of +38% a year. The sharpest change came in the year to December 2022, when income rose by 224%. Over the whole period it spent 42% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Korean American Cultural Center of Michigan sits at the 67th percentile: it is larger than about 66% of them. Against every charity in United States with reported income it ranks in the 60th percentile, and in the 60th percentile within MI. Charities of a similar size with the same main cause include The Reynolds Center for Teaching Learning and Creativity Inc ($276k), The Church Hill Theatre Inc ($276k) and Orleans Renaissance Group Inc ($276k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 6.5% and program service revenue 2.6% of the total. At year end it held assets of $880k against liabilities of $65k, net assets of $815k.