Korean American Museum Inc

Analysis

Korean American Museum Inc is a registered charity in United States, based in Los Angeles, CA. It received its IRS tax-exemption ruling in February 1993, 33 years ago. Its declared purposes cover arts, culture and humanities, which this site groups under arts, culture, heritage and science. 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 2022, Korean American Museum Inc reported income of $570k and spending of $147k, leaving 74% of income unspent that year. Across the 4 years on record, from December 2019 to December 2022, income fell from $2.4m to $570k (-77%), an average of -38% a year. The sharpest change came in the year to December 2022, when income rose by 108%. Over the whole period it spent 17% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Korean American Museum Inc sits at the 79th percentile: it is larger than about 79% of them. Against every charity in United States with reported income it ranks in the 72nd percentile, and in the 74th percentile within CA. Charities of a similar size with the same main cause include NYC Builds Bio Inc ($570k), Brooke of Life ($570k) and Epiphany Studio Productions ($570k).

On its Form 990 for the period ending December 2022, revenue came from contributions and grants 95% of the total. Compensation of current officers, directors and key employees was $95k (65% of expenses). At year end it held assets of $7.2m against liabilities of $3.2m, net assets of $4.0m. It reported 1 employees.