Seoul Texas

Nonprofit profile at a glance

EIN
900085610
IRS 990 coverage
2013–2014
Forms available
Form 990 2014
Location
Monument, CO, USA
Phone
7194814408
Rating
77
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Performing Arts Organizations
Affiliation
Christianity

Official website

Reported finances

Revenue
$1,185,549
Expenses
$1,278,077
Assets
$0
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2014. Amounts in USD.

Leadership & pay

7 people listed

Executive titles in this filing

  • Eric Foley (CEO)
  • Hyun Sook Foley (President/Part Year)

Highest reported compensation

  • Eric Foley (CEO): $103,146 total reported compensation
  • Hyun Sook Foley (President/Part Year): $12,239 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2014. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

See Schedule O

What it reported doing in 2014

North Korean Defector Assistance Program: Seoul Texas provided assistance to North Korean defectors, North Korean underground Christians, and North Korean workers through Seoul USA, a South Korean NGO. Assistance included the operations of two training schools for North Korean defectors: Underground Technology, a personal discipleship training school and Underground University, a missionary training college. - Continued on Schedule O

Operating model

Revenue model
Donor-supported. 96% of the money available for current operations came from contributions and gifts.
Distribution model
Grant intermediary. The nonprofit sent 60% of its reported program spending out as grants.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. The filing reports few safeguards for money sent abroad and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 90
  • Transparency & Controls: 76
  • Accountability: 90
  • Sustainability: 13
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 95.4%; rating input score 95
  • Program expense ratio: 88.5%; rating input score 88
  • Fundraising efficiency: $36.6 raised per $1 spent on fundraising; rating input score 75; 75th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 90.9%; rating input score 91; 6th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: 2 of 8 controls in place; rating input score 25
    • Claims monitoring procedures: Pass
    • Requires narrative reports: Fail
    • Conducts field audits: Fail
    • May suspend future funding: Fail
    • Requires financial reports: Pass
    • Conducts site visits: Fail
    • Requires grant agreements: Fail
    • May require repayment: Fail
  • Grant itemization coverage: 99.3%; rating input score 99; 44th 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; 64th 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: Pass
    • 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: Fail

Sustainability

  • Operating margin: -7.8%; rating input score 17; 17th percentile among comparable filings
  • Total-asset coverage ratio: 0; rating input score 0; 0th percentile among comparable filings
  • Liabilities to assets ratio: Limited
  • Officer compensation ratio: 9%; rating input score 39; 39th percentile among comparable filings

Growth

  • Program expense growth: -12.1% per year; rating input score 0; 15th percentile among comparable filings
  • Revenue growth: -23.6% per year; rating input score 0; 3rd percentile among comparable filings
  • Asset growth: -200% per year; rating input score 0; 0th percentile among comparable filings

Details

  • Where the money goes: 95.4% of revenue deployed · 88.5% of spending went to programs
  • Governance: 5 of 5 board members independent · 6 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $1.1M in reported program spending
  • Leadership: top reported pay $103K · 7 people listed
  • Consistency: 24 of 25 current checks pass · 1 finding to review
  • Schedules: 5 filed schedules · includes major donors and foreign activity
  • Filing history: 2 filing years from 2013 to 2014
  • 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.

Grant-readiness screening is separate from the live rating, not a measure of program quality. Review the source records before making a grant decision.

  • High — Transparency & Controls: Foreign activity oversight: 6 of 8 not reported.
  • High — Sustainability: Operating margin scored 17/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 0/100.
  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.
  • High — Growth: Asset growth scored 0/100.
  • Review — Transparency & Controls: Foreign grant itemization did not reconcile in the filed values.
  • Moderate — Sustainability: Officer compensation ratio scored 39/100.
  • High — Grant Readiness: Automatic revocation: this organization had its federal tax-exempt status automatically revoked.