Korean Society of Maryland Inc

Analysis

Korean Society of Maryland Inc is a registered charity in United States, based in Columbia, MD. It received its IRS tax-exemption ruling in May 1978, 48 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 Society of Maryland Inc reported income of $180k and spending of $208k, spending 116% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $224k to $180k (-20%), an average of -5.4% a year. The sharpest change came in the year to December 2022, when income rose by 175%. Over the whole period it spent 114% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Korean Society of Maryland Inc sits at the 46th percentile: it is larger than about 46% of them. Against every charity in United States with reported income it ranks in the 51st percentile, and in the 51st percentile within MD. Charities of a similar size with the same main cause include St Vincent de Paul of Escondido Inc ($180k), Loudon Food Pantry ($180k) and Duride ($180k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 96% and program service revenue 4.0% of the total. At year end it held assets of $336k against liabilities of $23k, net assets of $313k.

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.