Korean War Veterans National Museum & Library

Nonprofit profile at a glance

EIN
371369481
IRS 990 coverage
2010–2015
Forms available
Form 990 2015
Location
Chicago, IL, USA
Phone
8884195053
Rating
58
Verdict
MIXED
Rating confidence
Moderate
Sector
History Museums

Official website

Reported finances

Revenue
$767,968
Expenses
$841,140
Assets
$301,223
Liabilities
$633,597

Source: IRS Form 990. Selected filing: tax year 2015. Amounts in USD.

Leadership & pay

12 people listed

Source: IRS Form 990. Selected filing: tax year 2015. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The mission of the KWNM is to establish a museum and library to preserve a record of the United States participation in the Korean War, to educate and disseminate information to the general public about the Korean War era and to promote friendship among veterans of the conflict.

What it reported doing in 2015

THE MUSEUM REOPENED ITS DOORS IN 2009 AT THE DENIS J. HEALY FREEDOM CENTER IN SPRINGFIELD, IL. This 10,000-square-foot facility has an interactive and professionally developed exhibit of items, artifacts, weapons, art, photographs and materials. The Freedom Center is open with published hours and free admission. Visitors are encouraged to ask questions and support the operations with monetary donations. THE MUSEUM PRESERVES A RECORD OF THE UNITED STATES PARTICIPATION IN THE KOREAN WAR, EDUCATES AND DISSEMINATES INFORMATION TO THE GENERAL PUBLIC ABOUT THE KOREAN WAR ERA, AND PROMOTES FRIENDSHIP AMONG VETERANS OF THAT CONFLICT. IN ADDITION, THE MUSEUM AIDS VETERANS, THEIR FAMILIES, AND SCHOLARS WITH RESEARCH ABOUT THE KOREAN WAR. THE MUSEUM'S SPEAKER SERIES FEATURES VETERANS, SCHOLARS and OTHER EXPERTS WHO SHARE STORIES, INSIGHTS AND PERSPECTIVES ABOUT THE WAR THROUGHOUT THE YEAR. Korean War National Museum, Library and Cultural Center intends to be a world-class museum located in New York City. When completed, the mission will be to honor the Korean War Veterans from the 22 participating United Nations member countries, educate future generations, preserve the history and celebrate the success of the post-war Republic of Korea. It aims to not only tell the story of the war itself, but to become a center for education, cultural exchange and discussion.

Operating model

Revenue model
Donor-supported. 100% of the money available for current operations came from contributions and gifts.
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

MIXED - 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 a relatively small share of total spending goes to programs.

Rating breakdown

  • Financial Efficiency: 42
  • Transparency & Controls: 74
  • Accountability: 90
  • Sustainability: 15
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 48.4%; rating input score 48
  • Program expense ratio: 44.2%; rating input score 44
  • Fundraising efficiency: $2.03 raised per $1 spent on fundraising; rating input score 6; 6th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 2 of 6 controls in place; rating input score 33
    • Compensation committee: Pass
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • 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; 63rd percentile among comparable filings
  • Governance controls: 6 of 8 controls in place; rating input score 75
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Fail
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -9.5%; rating input score 15; 15th percentile among comparable filings
  • Total-asset coverage ratio: 0.36; rating input score 20; 20th percentile among comparable filings
  • Liabilities to assets ratio: 2.1; rating input score 2; 2nd percentile among comparable filings
  • Officer compensation ratio: 18.2%; rating input score 15; 15th percentile among comparable filings

Growth

  • Program expense growth: -19.2% per year; rating input score 0; 6th percentile among comparable filings
  • Revenue growth: -11.3% per year; rating input score 0; 7th percentile among comparable filings
  • Asset growth: -17.9% per year; rating input score 0; 5th percentile among comparable filings

Details

  • Where the money goes: 48.4% of revenue deployed · 44.2% of spending went to programs
  • Governance: 10 of 10 board members independent · 6 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $371K in reported program spending
  • Leadership: top reported pay $83K · 12 people listed · 2 of 6 pay-setting controls reported
  • Consistency: 33 of 33 current checks pass
  • Schedules: 6 filed schedules · includes major donors and executive pay
  • Filing history: 6 filing years from 2010 to 2015
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • 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.
  • Moderate — Financial Efficiency: Program expense ratio scored 44/100.
  • High — Financial Efficiency: Fundraising efficiency scored 6/100.
  • Review — Accountability: Governance controls: 2 of 8 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Operating margin scored 15/100.
  • High — Sustainability: Total-asset coverage ratio scored 20/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 2/100.
  • High — Sustainability: Officer compensation ratio scored 15/100.