Foundation for Korean Language & Culture in the USA

Analysis

Foundation for Korean Language & Culture in the USA is a registered charity in United States, based in Los Angeles, CA. It received its IRS tax-exemption ruling in September 1996, 30 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 2023, Foundation for Korean Language & Culture in the USA reported income of $753k and spending of $315k, leaving 58% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $431k to $753k (+75%), an average of +15% a year. The sharpest change came in the year to December 2022, when income rose by 142%. Over the whole period it spent 75% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Foundation for Korean Language & Culture in the USA sits at the 83rd percentile: it is larger than about 83% of them. Against every charity in United States with reported income it ranks in the 76th percentile, and in the 77th percentile within CA. Charities of a similar size with the same main cause include The Institute for New Economic Thinking Inc ($753k), Montgomery Symphony Association ($754k) and Pelham Art Center Inc ($753k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 94% of the total. Compensation of current officers, directors and key employees was $42k (13% of expenses). Other salaries and wages came to $33k. At year end it held assets of $1.5m against liabilities of $4,337, net assets of $1.5m. It reported 2 employees.