Korean Community Senior Housing Corp of Maryland

Analysis

Korean Community Senior Housing Corp of Maryland is a registered charity in United States, based in Silver Spring, MD. It received its IRS tax-exemption ruling in July 1987, 39 years ago. 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 Community Senior Housing Corp of Maryland reported income of $1.5m and spending of $1.6m, spending 109% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $1.1m to $1.5m (+41%), an average of +8.9% a year. The sharpest change came in the year to December 2023, when income rose by 27%. Over the whole period it spent 109% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Korean Community Senior Housing Corp of Maryland sits at the 82nd percentile: it is larger than about 82% of them. Against every charity in United States with reported income it ranks in the 83rd percentile, and in the 82nd percentile within MD. Charities of a similar size with the same main cause include United Way of Bay County Inc ($1.5m), Sheppard and Enoch Pratt Foundation Inc ($1.5m) and Ursuline Sisters Mission ($1.5m).

On its Form 990 for the period ending December 2023, revenue came from program service revenue 98% of the total. Other salaries and wages came to $219k. At year end it held assets of $11.3m against liabilities of $9.1m, net assets of $2.2m. It reported 5 employees.

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.