InWave
Nonprofit profile at a glance
- EIN
- 842044877
- IRS 990-EZ coverage
- 2022–2024
- Forms available
- Form 990-EZ 2024, Form 990-N 2021
- Location
- Clayton, NC, USA
- Phone
- 9192102845
- Rating
- 84
- Verdict
- STRONG
- Rating confidence
- Moderate
- Sector
- Arts, Cultural Organizations - Multipurpose
Reported finances
- Revenue
- $143,801
- Expenses
- $145,821
- Assets
- $1,598
- Liabilities
- $0
Source: IRS Form 990-EZ. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
3 people listed
Executive titles in this filing
- Heoak Lee (Executive Director)
People named in this filing
- Audreyanne Covarrubias (Board Member)
- Heoak Lee (Executive Director)
- Emmeline Osuyah (Senior Intern)
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
To promote and share the Korean culture by hosting KoreaFest and other smaller events.
What it reported doing in 2024
KoreaFest 2025 This is our signature one day event which drew attendees, vendors, contest participants and performers from all across the US and internationally. We brought in total of 3,000 attendees. The programming for the event included 4 categories of contest where the contestants went through a submission process for a chance to win cash prizes. Total cash prizes given away was $7,800. The winners were determined by professional judges locally and from across US and Korea. There were over 70 vendors including food, merchandise and informational booths.
Operating model
- Revenue model
- Earned-program. 86% of the money available for current operations came from fees and other program revenue.
- 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. Program spending has declined or grown slowly and revenue has declined or grown slowly.
Rating breakdown
- Financial Efficiency: 100
- Transparency & Controls: 82
- Sustainability: 31
- Growth: 0
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: Limited
Sustainability
- Operating margin: -1.4%; rating input score 29; 29th percentile among comparable filings
- Total-asset coverage ratio: 0.01; rating input score 4; 4th percentile among comparable filings
- Liabilities to assets ratio: 0; rating input score 76; 76th percentile among comparable filings
- Officer compensation ratio: 0%; rating input score 63; 63rd percentile among comparable filings
Growth
- Program expense growth: -13.6% per year; rating input score 0; 12th percentile among comparable filings
- Revenue growth: -10.8% per year; rating input score 0; 4th percentile among comparable filings
- Asset growth: -53.7% per year; rating input score 0; 2nd percentile among comparable filings
Details
- Where the money goes: 100% of revenue deployed · 100% of spending went to programs
- Governance: Filed governance answers
- Accomplishments: 2 filed program accomplishments · $146K in reported program spending
- Leadership: top reported pay $0 · 3 people listed
- Consistency: 9 of 9 current checks pass
- Schedules: 2 filed schedules
- Filing history: 3 filing years from 2022 to 2024
- Contacts: How to reach this organization
- Money network: 1 filed money-flow record
- Related organizations: Filed and resolved organization relationships.
- 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 — Growth: Program expense growth scored 0/100.
- High — Growth: Revenue growth scored 0/100.
- High — Sustainability: Operating margin scored 29/100.
- High — Sustainability: Total-asset coverage ratio scored 4/100.
- High — Growth: Asset growth scored 0/100.