Korean American Garment Ind Assoc

Analysis

Korean American Garment Ind Assoc is a registered charity in United States, based in Palmdale, CA. It received its IRS tax-exemption ruling in October 1982, 44 years ago. Its declared purposes cover community improvement and capacity building, which this site groups under community and economic development. 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 September 2023, Korean American Garment Ind Assoc reported income of $54k and spending of $63k, spending 116% of what it took in. Across the 5 years on record, from September 2019 to September 2023, income fell from $86k to $54k (-38%), an average of -11% a year. The sharpest change came in the year to September 2023, when income dropped by 30%. Over the whole period it spent 105% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Korean American Garment Ind Assoc sits at the 22nd percentile: it is larger than about 22% of them. Against every charity in United States with reported income it ranks in the 21st percentile, and in the 23rd percentile within CA. Charities of a similar size with the same main cause include North Loop Neighborhood Association ($54k), Lets Go to Work Inc ($54k) and The Hudson Valley Center for Innovation Inc ($54k).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 53% and program service revenue 47% of the total. Other salaries and wages came to $12k. At year end it held assets of $8,788 against liabilities of $18k, net assets of -$9,081. It reported 1 employees.