Korean American Center

Nonprofit profile at a glance

EIN
475175147
IRS 990 coverage
2023–2024
Forms available
Form 990 2024, Form 990-EZ 2022
Location
Irvine, CA, USA
Phone
9495353355
Rating
66
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Cultural, Ethnic Awareness

Reported finances

Revenue
$506,498
Expenses
$564,022
Assets
$233,573
Liabilities
$107,468

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

Leadership & pay

3 people listed

Executive titles in this filing

  • Tammy Kim (CEO)

Highest reported compensation

  • Tammy Kim (CEO): $67,500 total reported compensation

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

Overview

Mission

Dedicated to building connections between intergenerational korean-americans and the greater community by promoting opportunities for appreciation of korea's rich cultural heritage. We aim to integrate others of various backgrounds that have a common interest in korea and its culture.

What it reported doing in 2024

Promote korean language learning opportunities in the greater orange county/southern California area by providing a high quality korean language program for adults.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
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

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. A relatively small share of voting board members are independent and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 89
  • Transparency & Controls: 81
  • Accountability: 0
  • Sustainability: 18
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 100%; rating input score 100
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 90%; rating input score 90; 5th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 0%; rating input score 0; 5th percentile among comparable filings
  • Governance controls: 0 of 8 controls in place; rating input score 0
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Fail
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Fail
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -11.4%; rating input score 15; 15th percentile among comparable filings
  • Total-asset coverage ratio: 0.41; rating input score 19; 19th percentile among comparable filings
  • Liabilities to assets ratio: 0.46; rating input score 17; 17th percentile among comparable filings
  • Officer compensation ratio: 12%; rating input score 31; 31st percentile among comparable filings

Growth

  • Program expense growth: 2.1% per year; rating input score 100; 27th percentile among comparable filings
  • Revenue growth: 26.1% per year; rating input score 100; 90th percentile among comparable filings
  • Asset growth: 48.5% per year; rating input score 100; 96th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 100% of spending went to programs
  • Governance: 0 of 3 board members independent · 0 of 8 filing controls reported
  • Programs: 3 filed program accomplishments · $564K in reported program spending
  • Leadership: top reported pay $68K · 3 people listed
  • Consistency: 23 of 24 current checks pass · 1 finding to review
  • Schedules: 2 filed schedules
  • Filing history: 2 filing years from 2023 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.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Accountability: Independent voting board scored 0/100.
  • High — Accountability: Governance controls: 7 of 7 not reported.
  • High — Sustainability: Operating margin scored 15/100.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.
  • High — Sustainability: Total-asset coverage ratio scored 19/100.
  • High — Sustainability: Liabilities to assets ratio scored 17/100.
  • Moderate — Sustainability: Officer compensation ratio scored 31/100.