Korean American Foundation

Analysis

Korean American Foundation is a registered charity in United States, based in Los Angeles, CA. It received its IRS tax-exemption ruling in July 2019, 7 years ago. Its declared purposes cover philanthropy, voluntarism and grantmaking foundations, which this site groups under grant-making and general purposes. 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 September 2023, Korean American Foundation reported income of $1.2m and spending of $550k, leaving 53% of income unspent that year. Across the 2 years on record, from September 2022 to September 2023, income fell from $2.4m to $1.2m (-50%), an average of -50% a year. The sharpest change came in the year to September 2023, when income dropped by 50%. Over the whole period it spent 32% of the income it received.

Among 19,413 United States charities whose main cause is grant-making and general purposes and that reported income, Korean American Foundation sits at the 83rd percentile: it is larger than about 82% of them. Against every charity in United States with reported income it ranks in the 81st percentile, and in the 82nd percentile within CA. Charities of a similar size with the same main cause include Eagles Nest Ministries ($1.2m), United Way of Beaumont & North Jefferson County ($1.2m) and Wedgwood Circle ($1.2m).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 94% of the total. Other salaries and wages came to $64k. At year end it held assets of $2.7m against liabilities of $74k, net assets of $2.7m.