New Jersey Korean American Mutual Aid Association Inc

Analysis

New Jersey Korean American Mutual Aid Association Inc is a registered charity in United States, based in Palisades PK, NJ. It received its IRS tax-exemption ruling in May 2017, 9 years ago. Its declared purposes cover human services, which this site groups under poverty relief. 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 2022, New Jersey Korean American Mutual Aid Association Inc reported income of $1.7m and spending of $1.6m, spending 93% of its income. Across the 4 years on record, from December 2019 to December 2022, income grew from $486k to $1.7m (+257%), an average of +53% a year. The sharpest change came in the year to December 2020, when income rose by 383%. Over the whole period it spent 86% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, New Jersey Korean American Mutual Aid Association Inc 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 85th percentile, and in the 87th percentile within NJ. Charities of a similar size with the same main cause include Visitation Home Inc ($1.7m), Kids Beating Cancer Inc ($1.7m) and Katsucon Entertainment Inc ($1.7m).

On its Form 990 for the period ending December 2022, revenue came from contributions and grants 100% of the total. Compensation of current officers, directors and key employees was $57k (3.5% of expenses). At year end it held assets of $1.1m against liabilities of $141k, net assets of $920k. It reported 3 employees.