Korean American Association of Greater Philadelphia

Nonprofit profile at a glance

EIN
510325643
IRS 990 coverage
2019–2024
Forms available
Form 990 2024
Location
Elkins Park, PA, USA
Phone
2154505128
Rating
56
Verdict
MIXED
Rating confidence
Moderate
Sector
Ethnic, Immigrant Centers

Reported finances

Revenue
$89,564
Expenses
$46,560
Assets
$299,084
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

15 people listed

Executive titles in this filing

  • James Kim (President)

People named in this filing

  • James Kim (President)
  • Kyong Yi (Chairperson)
  • Namsoo Cho (Senior VP)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

See Schedule O attached

What it reported doing in 2024

The association sponsors various events to promote mutual friendship among Koreans and presents Korean culture to the community,

Operating model

Revenue model
Donor-supported. 79% of the money available for current operations came from contributions and gifts.
Distribution model
Hybrid. The nonprofit split its reported program spending across 47% for direct work, and 53% for grants.

The verdict

MIXED - Most voting board members are independent and revenue comfortably covers expenses. A relatively small share of available resources goes toward mission work and the filing does not identify recipients for some grant dollars.

Rating breakdown

  • Financial Efficiency: 58
  • Transparency & Controls: 56
  • Accountability: 64
  • Sustainability: 72
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 48.3%; rating input score 48
  • Program expense ratio: 93%; rating input score 93
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 76.9%; rating input score 77; 1st percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 22.7%; rating input score 23; 42nd percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 64th percentile among comparable filings
  • Governance controls: 1 of 7 controls in place; rating input score 14
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 48%; rating input score 87; 87th percentile among comparable filings
  • Total-asset coverage ratio: 6.42; rating input score 54; 54th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 69; 69th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 60; 60th percentile among comparable filings

Growth

  • Program expense growth: -13.1% per year; rating input score 0; 24th percentile among comparable filings
  • Revenue growth: -7.2% per year; rating input score 0; 37th percentile among comparable filings
  • Asset growth: -1.6% per year; rating input score 0; 32nd percentile among comparable filings

Details

  • Where the money goes: 48.3% of revenue deployed · 93% of spending went to programs
  • Governance: 15 of 15 board members independent · 1 of 7 filing controls reported
  • Programs: 3 filed program accomplishments · $43K in reported program spending
  • Leadership: top reported pay $0 · 15 people listed
  • Consistency: 18 of 21 current checks pass · 3 findings to review
  • Schedules: 4 filed schedules · includes grants
  • Filing history: 6 filing years from 2019 to 2024
  • Contacts: How to reach this organization
  • 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.

  • Moderate — Financial Efficiency: Mission deployment rate scored 48/100.
  • High — Transparency & Controls: Grant itemization coverage scored 23/100.
  • High — Accountability: Governance controls: 5 of 6 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Growth: Asset growth scored 0/100.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • Review — Transparency & Controls: Foreign grants require schedule f did not reconcile in the filed values.
  • Review — Sustainability: Total-asset coverage ratio scored 54/100.