Korean Service Center Inc

Analysis

Korean Service Center Inc is a registered charity in United States, based in Minneapolis, MN. It received its IRS tax-exemption ruling in December 1994, 32 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 December 2023, Korean Service Center Inc reported income of $2.1m and spending of $1.6m, leaving 23% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $1.5m to $2.1m (+42%), an average of +9.2% a year. The sharpest change came in the year to December 2020, when income rose by 28%. Over the whole period it spent 78% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Korean Service Center Inc sits at the 83rd percentile: it is larger than about 83% of them. Against every charity in United States with reported income it ranks in the 86th percentile, and in the 85th percentile within MN. Charities of a similar size with the same main cause include Clara White Mission Inc ($2.1m), Farm Alliance of Baltimore Inc ($2.1m) and Big Red Barn Retreat ($2.1m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 35% and program service revenue 62% of the total. Compensation of current officers, directors and key employees was $88k (5.6% of expenses). Other salaries and wages came to $961k. At year end it held assets of $2.5m against liabilities of $198k, net assets of $2.3m. It reported 32 employees.