Ik-joong Kang Foundation Inc
Nonprofit profile at a glance
- EIN
- 993514044
- IRS 990-EZ coverage
- 2024–2024
- Forms available
- Form 990-EZ 2024
- Location
- New York, NY, USA
- Phone
- 2124778008
- Rating
- 91
- Verdict
- STRONG
- Rating confidence
- Moderate
- Sector
- Arts, Cultural Organizations - Multipurpose
Reported finances
- Revenue
- $171,505
- Expenses
- $180,269
- Assets
- $1,236
- Liabilities
- $10,000
Source: IRS Form 990-EZ. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
3 people listed
Executive titles in this filing
- MARGARETTE LEE (PRESIDENT)
People named in this filing
- MARGARETTE LEE (PRESIDENT)
- IK-JOONG KANG (SECRETARY)
- KEHOO KANG (TREASURER)
Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.
Source: IRS Form 990-EZ. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
The foundation's mission is to promote the cultural understanding and cultural exchange through artistic endeavors, with a focus on creating bridges between the global arts community and the korean people in south korea and abroad.
What it reported doing in 2024
A projcet in cairo, egypt to be known as the hangeul temple and will beinstalled in front of the pyramids of giza in the fall of 2024. The outer walls of these prisms will beinscribed with the lyrics of the korean folk song arirang in hangeul, english, arabic, and hieroglyphics. The interior will be adorned with over 5,000 mural drawings of dreams created by children from around the world. Ik joong kang believes that the "pyramids symbolize the past, 'arirang' the present, and the children the future. This work embodies the belief that the world can coexist peacefully through exchangedespite the divisions and conflicts on earth. It creates a connection between the past, present, and future."embedded within the framework of a nonprofit cultural endeavor, this project aspires not only to amplifyawareness of korea's rich cultural heritage but also to foster profound global community engagement.
Operating model
- Revenue model
- Donor-supported. 100% of the money available for current operations came from contributions and gifts.
- Distribution model
- Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.
The verdict
STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Expenses are high relative to revenue and total assets are small relative to annual expenses; liquid coverage is unknown.
Rating breakdown
- Financial Efficiency: 100
- Transparency & Controls: 100
- Sustainability: 19
- Growth: NotEnoughData
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 100%; rating input score 100
- Program expense ratio: 100%; rating input score 100
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 52nd percentile among comparable filings
- Major donor itemization: Yes; rating input score 100
Sustainability
- Operating margin: -5.1%; rating input score 22; 22nd percentile among comparable filings
- Total-asset coverage ratio: 0.01; rating input score 3; 3rd percentile among comparable filings
- Liabilities to assets ratio: 8.09; rating input score 1; 1st percentile among comparable filings
- Officer compensation ratio: 0%; rating input score 63; 63rd percentile among comparable filings
Growth
- Program expense growth: Limited
- Revenue growth: Limited
- Asset growth: Limited
Details
- Where the money goes: 100% of revenue deployed · 100% of spending went to programs
- Governance: Filed governance answers
- Accomplishments: 2 filed program accomplishments · $180K in reported program spending
- Leadership: top reported pay $0 · 3 people listed
- Consistency: 8 of 8 current checks pass
- Schedules: 4 filed schedules
- Contacts: How to reach this organization
- Money network: 1 filed money-flow record
- Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
- People: Everyone the filings name, and which of them the filings identify by more than a name.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
- High — Sustainability: Operating margin scored 22/100.
- High — Sustainability: Total-asset coverage ratio scored 3/100.
- High — Sustainability: Liabilities to assets ratio scored 1/100.