KOREAN REGISTER OF SHIPPING INC

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1990

Legal Domicile

Principal Officer

KILCHEON SEO

Phone

2017848886

Tax Period

2025-01-01 to 2025-12-31

KOREAN REGISTER OF SHIPPING INC, founded in 1990, is a small nonprofit in the Public Safety sector that reported $206K in total revenue in fiscal year 2025. Revenue fell 22% from the prior year — a significant decline worth monitoring.

Mission

TO PROMOTE THE SAFETY OF LIFE AND PROPERTY AT SEA BY SETTING STANDARDS OF SAFETY. IMPROVING EXISTING STANDARDS AND ORGANIZING THEM ON A GLOBAL BASIS

Program Service Accomplishments

Program 1

Expenses: $75,157

TRAVELLED TO ENGAGE IN A WIDE RANGE OF INSPECTION AND TESTS ON THE SHIP'S ARTICLE, EQUIPMENT FOR MARINE POLLUTION PREVENTION AND CONTAINER OF DANGEROUS GOODS, ETC. TO MAINTAIN THEIR HIGHEST QUALITY

Program 2

Expenses: $60,000

SALERIES PAID TO CERTIFIED INSPECTORS TO CARRY OUT STATUTORY SERVICES

Program 3

Expenses: $50,100

RENTAL EXPENSE FOR THE OFFICE

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2025)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $0

Investment Income $0

Other Revenue $206,207

TOTAL REVENUE $206,207

Expense Breakdown

Grants Paid $0

Salaries & Benefits $60,810

Fundraising Expenses $0

Program Expenses $219,897

Other Expenses $159,087

TOTAL EXPENSES $219,897

Year-over-Year Comparison

	2025	2024	Change
Revenue	$206,207	$264,064	-0.2%
Expenses	$219,897	$220,003	0.0%
Net Income	$-13,690	$44,061	-1.3%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

N/A

Governance Policies

✗ Conflict of Interest Policy

✗ Whistleblower Policy

✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$60,000

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
KILCHEON SEO	PRESIDENT	40.00	Officer	$60,000	$0	$60,000

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2025	$206,207	$219,897	$91,633	$-13,690
2024	No data	No data	No data	No data
2023	$341,283	$336,682	$65,636	$4,601
2022	$361,000	$360,481	$61,524	$519
2021	$400,915	$402,178	$61,005	$-1,263
2020	$406,944	$397,334	$61,210	$9,610
2019	$435,000	$409,055	$51,600	$25,945
2018	$420,000	$410,694	$25,926	$9,306