New Jersey Korean American Mutual Aid Association Inc

Nonprofit profile at a glance

EIN
813970919
IRS 990 coverage
2016–2024
Forms available
Form 990 2024
Location
Palisades Park, NJ, USA
Phone
2019452411
Rating
85
Verdict
STRONG
Rating confidence
Moderate
Sector
Human Service Organizations

Reported finances

Revenue
$1,359,561
Expenses
$1,411,792
Assets
$994,936
Liabilities
$51,615

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

Leadership & pay

11 people listed

Executive titles in this filing

  • HONG KYU YOON (PRESIDENT /)

People named in this filing

  • SUNG OONG YIM (VP/DIRECTOR)
  • MU RIM LEE (DIRECTOR)
  • BONG TEAK KIM (DIRECTOR)

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

Our mission is to help ondividuals who have suffered financial difficulties. Specifically, in fulfillment of our charitable purposes, we provide financial support to the family members of an individual who has passed away; provide funding for funeral service for individuals who were impoverished and living without family at the time of their death; promote charitable activities between our membership and the community.

What it reported doing in 2024

Encouraged our members to remain actively involved in the community, often focusing on activities that benefit seniors; provided financial assistance to members'families in economic distress at the time of the member's or family member's death.

Operating model

Revenue model
Donor-supported. 92% of the money available for current operations came from contributions and gifts.
Distribution model
Grant intermediary. The nonprofit sent 78% of its reported program spending out as grants.

The verdict

STRONG - 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 expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 88
  • Transparency & Controls: 93
  • Accountability: 76
  • Sustainability: 37
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 97.6%; rating input score 98
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 76th percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 3 of 7 controls in place; rating input score 43
    • Conflict-of-interest policy: Pass
    • 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: Pass

Sustainability

  • Operating margin: -3.8%; rating input score 26; 26th percentile among comparable filings
  • Total-asset coverage ratio: 0.7; rating input score 32; 32nd percentile among comparable filings
  • Liabilities to assets ratio: 0.05; rating input score 52; 52nd percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 81; 81st percentile among comparable filings

Growth

  • Program expense growth: 18.7% per year; rating input score 100; 81st percentile among comparable filings
  • Revenue growth: 15.5% per year; rating input score 100; 79th percentile among comparable filings
  • Asset growth: 17.9% per year; rating input score 100; 78th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 97.6% of spending went to programs
  • Governance: 14 of 14 board members independent · 3 of 7 filing controls reported
  • Programs: 2 filed program accomplishments · $1.4M in reported program spending
  • Leadership: top reported pay $0 · 11 people listed
  • Consistency: 27 of 27 current checks pass
  • Schedules: 4 filed schedules · includes grants
  • Filing history: 9 filing years from 2016 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 — Accountability: Governance controls: 3 of 6 not reported.
  • High — Sustainability: Operating margin scored 26/100.
  • Moderate — Sustainability: Total-asset coverage ratio scored 32/100.
  • Review — Sustainability: Liabilities to assets ratio scored 52/100.