Seo & Hwang Foundation Inc

Nonprofit profile at a glance

EIN
822079005
IRS 990 coverage
2019–2024
Forms available
Form 990 2024, Form 990-EZ 2018, Form 990-N 2017
Location
Ridgefield, NJ, USA
Phone
2013379100
Rating
64
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Scholarships, Student Financial Aid Services, Awards

Reported finances

Revenue
$460,886
Expenses
$98,739
Assets
$2,001,658
Liabilities
$0

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

Leadership & pay

3 people listed

People named in this filing

  • MYUNG SOOK AN (TRUSTEE)
  • JIN UN HWANG (TRUSTEE)
  • KEE JAE HWANG (TRUSTEE)

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

To provide educational support to children from low-income families and communities; to provide resources and financial support to underprivileged children; to aid in the academic success of children who do not have proper learning materials and other issues that arise from economic hardships; to collect and distribute funds for school supplies, computers, textbooks, lunch money, tuitioin, and other educational necessities to children from families experiencing financial hardship; and to work collaboratively with other charitable organizations, not-for-profit affiliations, and government agencies to actively partake in social works.

What it reported doing in 2024

To provide educational support to children from low-income and minority families through school and church scholarship program.

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.

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 some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 51
  • Transparency & Controls: 72
  • Accountability: 64
  • Sustainability: 91
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 31.5%; rating input score 32
  • Program expense ratio: 98.5%; rating input score 99
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 90%; rating input score 90; 9th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: 1 of 8 controls in place; rating input score 12
    • Claims monitoring procedures: Pass
    • Requires narrative reports: Fail
    • Conducts field audits: Fail
    • May suspend future funding: Fail
    • Requires financial reports: Fail
    • Conducts site visits: Fail
    • Requires grant agreements: Fail
    • May require repayment: Fail
  • Grant itemization coverage: 94.6%; rating input score 95; 55th 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: 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: 78.6%; rating input score 97; 97th percentile among comparable filings
  • Total-asset coverage ratio: 20.27; rating input score 95; 95th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 80; 80th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 69; 69th percentile among comparable filings

Growth

  • Program expense growth: 27.4% per year; rating input score 100; 89th percentile among comparable filings
  • Revenue growth: 11.6% per year; rating input score 100; 76th percentile among comparable filings
  • Asset growth: 29.6% per year; rating input score 100; 91st percentile among comparable filings

Details

  • Where the money goes: 31.5% of revenue deployed · 98.5% of spending went to programs
  • Governance: 3 of 3 board members independent · 1 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $97K in reported program spending
  • Leadership: top reported pay $0 · 3 people listed
  • Consistency: 18 of 19 current checks pass · 1 finding to review
  • Schedules: 5 filed schedules · includes major donors, foreign activity, and grants
  • Filing history: 5 filing years from 2019 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 — Financial Efficiency: Mission deployment rate scored 32/100.
  • High — Accountability: Governance controls: 5 of 6 not reported.
  • High — Transparency & Controls: Foreign activity oversight: 7 of 8 not reported.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.