Korean Festival Foundation Inc
Nonprofit profile at a glance
- EIN
- 992901127
- IRS 990 coverage
- 2024–2025
- Forms available
- Form 990 2025
- Location
- Duluth, GA, USA
- Rating
- 78
- Verdict
- SUPPORTED
- Rating confidence
- Moderate
- Sector
- Cultural, Ethnic Awareness
Reported finances
- Revenue
- $432,815
- Expenses
- $406,310
- Assets
- $58,610
- Liabilities
- $0
Source: IRS Form 990. Selected filing: tax year 2025. Amounts in USD.
Leadership & pay
1 person listed
People named in this filing
- SHIN P KANG (OFFICER)
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 2025. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
To promote the culture and history of korea to the local american community and second-generation korean americans. The foundation seeks to contribute to the development of the korean-american community in the united states through cultural preservation, education, and community engagement, while remaining neutral in political and religious matters.
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. Some filing-based governance responses are negative or unanswered and total assets are small relative to annual expenses; liquid coverage is unknown.
Rating breakdown
- Financial Efficiency: 82
- Transparency & Controls: 84
- Accountability: 64
- Sustainability: 43
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 89.7%; rating input score 90
- Program expense ratio: 95.6%; rating input score 96
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 80%; rating input score 80; 1st percentile among comparable filings
- Pay-setting controls: Limited
- Foreign activity oversight: Limited
- Grant itemization coverage: Limited
- Major donor itemization: Yes; rating input score 100
- 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: 6.1%; rating input score 49; 49th percentile among comparable filings
- Total-asset coverage ratio: 0.14; rating input score 9; 9th percentile among comparable filings
- Liabilities to assets ratio: 0; rating input score 77; 77th percentile among comparable filings
- Officer compensation ratio: 0%; rating input score 67; 67th percentile among comparable filings
Growth
- Program expense growth: 19.6% per year; rating input score 100; 83rd percentile among comparable filings
- Revenue growth: 16.2% per year; rating input score 100; 82nd percentile among comparable filings
- Asset growth: 58.4% per year; rating input score 100; 96th percentile among comparable filings
Details
- Where the money goes: 89.7% of revenue deployed · 95.6% of spending went to programs
- Governance: 21 of 21 board members independent · 1 of 7 filing controls reported
- Programs: 1 filed program accomplishment · $388K in reported program spending
- Leadership: top reported pay $0 · 1 people listed
- Consistency: 24 of 29 current checks pass · 5 findings to review
- Schedules: 3 filed schedules · includes major donors
- Filing history: 2 filing years from 2024 to 2025
- 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.
- High — Accountability: Governance controls: 5 of 6 not reported.
- High — Sustainability: Total-asset coverage ratio scored 9/100.
- Moderate — Sustainability: Operating margin scored 49/100.
- Moderate — Transparency & Controls: Part IX FeesForServicesAccounting column sum did not reconcile in the filed values.
- Moderate — Transparency & Controls: Part IX GrantsToDomesticOrgs column sum did not reconcile in the filed values.
- Moderate — Transparency & Controls: Part IX OfficeExpenses column sum did not reconcile in the filed values.
- Moderate — Transparency & Controls: Part IX Royalties column sum did not reconcile in the filed values.
- Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.