The Korean Association of Greater Washington

Analysis

The Korean Association of Greater Washington is a registered charity in United States, based in Annandale, VA. It received its IRS tax-exemption ruling in September 1981, 45 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 (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, The Korean Association of Greater Washington reported income of $143k and spending of $187k, spending 131% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $310k to $143k (-54%), an average of -18% a year. The sharpest change came in the year to December 2020, when income dropped by 84%. Over the whole period it spent 140% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, The Korean Association of Greater Washington sits at the 51st percentile: it is larger than about 51% of them. Against every charity in United States with reported income it ranks in the 46th percentile, and in the 45th percentile within VA. Charities of a similar size with the same main cause include Music From Japan Inc ($143k), Bridgton Art Guild Inc ($143k) and Pyroclastic Arts Inc ($143k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 42% and program service revenue 58% of the total. At year end it held assets of $86k against liabilities of $33k, net assets of $53k.

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.