Korea Society

Analysis

Korea Society is a registered charity in United States, based in New York, NY. It received its IRS tax-exemption ruling in June 1991, 35 years ago. Its declared purposes cover international, foreign affairs and national security, which this site groups under overseas aid and international. 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, Korea Society reported income of $3.5m and spending of $3.8m, spending 106% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $3.6m to $3.5m (-1.6%), an average of -0.4% a year. The sharpest change came in the year to December 2022, when income rose by 47%. Over the whole period it spent 81% of the income it received.

Among 10,317 United States charities whose main cause is overseas aid and international and that reported income, Korea Society sits at the 91st percentile: it is larger than about 91% of them. Against every charity in United States with reported income it ranks in the 90th percentile, and in the 87th percentile within NY. Charities of a similar size with the same main cause include Resurge International ($3.5m), People International ($3.5m) and American Institute for Foreign Study Foundation ($3.5m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 66% and program service revenue 14% of the total. Compensation of current officers, directors and key employees was $319k (8.5% of expenses). Other salaries and wages came to $1.1m. At year end it held assets of $28.7m against liabilities of $3.4m, net assets of $25.3m. It reported 22 employees.