Korean American Foundation

Nonprofit profile at a glance

EIN
832513160
IRS 990 coverage
2021–2023
Forms available
Form 990 2023, Form 990-EZ 2020
Location
Los Angeles, CA, USA
Phone
2137922301
Rating
71
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Community Foundations

Official website

Reported finances

Revenue
$1,049,886
Expenses
$451,584
Assets
$4,375,160
Liabilities
$3,482

Source: IRS Form 990. Selected filing: tax year 2023. Amounts in USD.

Leadership & pay

10 people listed

Executive titles in this filing

  • KEVIN KANG (CHIEF EXECUTIVE OFFICER/CHAIRMAN)
  • KAE H KO (BOARD MEMBER/ INTERIM EXECUTIVE DIRECTOR)

People named in this filing

  • JOHN LIM (SECRETARY)
  • KEVIN KANG (CHIEF EXECUTIVE OFFICER/CHAIRMAN)
  • DAVID LEE (BOARD MEMBER)

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 2023. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Our mission is to help strengthen communities, with a particular focus on the Korean American community, and build a brighter future for all residents of Southern California (the "Community"), by (i) seeking to improve life for all residents, especially those who are most vulnerable; (ii) promoting philanthropy and acting as an effective steward of charitable funds; and (iii) collaborating with community based organizations to build their capacity to increase their effectiveness and ensure their sustainability.

What it reported doing in 2023

Activity Classification: Charitable GrantGrantee Name: Faith and Community EmpowermentGrantee Address: 3435 Wilshire Boulevard, Suite 350, Los Angeles, CA 90010Grantee Relationship: NoneProperty Description: CashDate of Gift: 12/19/2023

Operating model

Revenue model
Donor-supported. 87% of the money available for current operations came from contributions and gifts.
Distribution model
Grant intermediary. The nonprofit sent 100% of its reported program spending out as grants.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

SUPPORTED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and program spending has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 47
  • Transparency & Controls: 85
  • Accountability: 94
  • Sustainability: 90
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 40.2%; rating input score 40
  • Program expense ratio: 73.2%; rating input score 73
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 87.5%; rating input score 88; 3rd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 90.9%; rating input score 91; 39th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 6 of 7 controls in place; rating input score 86
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 57%; rating input score 94; 94th percentile among comparable filings
  • Total-asset coverage ratio: 9.69; rating input score 92; 92nd percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 82; 82nd percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 81; 81st percentile among comparable filings

Growth

  • Program expense growth: -19.7% per year; rating input score 0; 3rd percentile among comparable filings
  • Revenue growth: 34.5% per year; rating input score 100; 93rd percentile among comparable filings
  • Asset growth: 54.9% per year; rating input score 100; 97th percentile among comparable filings

Details

  • Where the money goes: 40.2% of revenue deployed · 73.2% of spending went to programs
  • Governance: 5 of 5 board members independent · 6 of 7 filing controls reported
  • Programs: 20 filed program accomplishments · $330K in reported program spending
  • Leadership: top reported pay $0 · 10 people listed
  • Consistency: 22 of 24 current checks pass · 2 findings to review
  • Schedules: 6 filed schedules · includes major donors and grants
  • Filing history: 3 filing years from 2021 to 2023
  • Contacts: How to reach this organization
  • Money network: 12 filed money-flow records
  • Related organizations: 12 filed related-organization links
  • 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 40/100.
  • High — Growth: Program expense 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.