KOREAN CULTURAL CENTER OF CHICAGO

EIN: 202534366 501(c)(3) Arts, Culture & Humanities

WHEELING, IL

Total Revenue
$1,827,115
Total Expenses
$952,205
Total Assets
$7,337,245
Net Assets
$7,045,622
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Financial Trends

Organization Details

Formation Year
2005
Legal Domicile
IL
Principal Officer
YOON TAE KIM
Phone
8479474460
Tax Period
2024-01-01 to 2024-12-31

KOREAN CULTURAL CENTER OF CHICAGO, founded in 2005, is a community nonprofit in the Arts, Culture & Humanities sector that reported $1.8M in total revenue in fiscal year 2024. Revenue decreased 9% compared to the prior year. The organization ran a surplus of $875K, a strong 48% operating margin.

Mission

THE PURPOSES SHALL BE: (1) TO DISCOVER, PRESERVE, AND DEVELOP KOREAN IMMIGRANTS' HISTORY AND KOREAN CULTURAL LEGACIES IN THE US, (2) TO ENHANCE THE UNDERSTANDING OF THE KOREAN CULTURE'S UNIQUENESS BY PROPAGATING AND EDUCATING KOREAN CULTURE TO KOREAN DESCENDANTS AND OTHER PEOPLE, (3) TO SERVE AS THE CENTER FOR COOPERATION AMONG ALL KOREAN-AMERICANS AND THEIR ORGANIZATIONS, AND (4) TO SUPPORT THE CULTURAL EXCHANGE AND NETWORKING BETWEEN KOREA AND THE US AND FACILITATE ANY OTHER CULTURAL ACTIVITIES.

Program Service Accomplishments

Program 1
Expenses: $5,448

MAINTAIN THE CENTER AS COMMUNITY SPACES FOR SEVERAL CLASSES, CULTURAL EXHIBITION, AND COMMUNITY MEETINGS.

Program 2
Expenses: $6,445

SUPPORT COMMUNITY EVENTS AND HOLD KOREAN CULTURAL EVENTS.

Program 3
Expenses: $5,069

PROMOTE UNDERSTANDING OF KOREAN CULTURE, IDEAS AND TRADITIONS AND TO DISSEMINATE THE INFORMATION TO ALL INTERESTED PARTIES.

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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%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $1,741,661
Program Service Revenue $40,196
Investment Income $45,258
Other Revenue $0
TOTAL REVENUE $1,827,115

Expense Breakdown

Grants Paid $0
Salaries & Benefits $234,150
Fundraising Expenses $35,337
Program Expenses $155,454
Other Expenses $718,055
TOTAL EXPENSES $952,205

Year-over-Year Comparison

2024 2023 Change
Revenue $1,827,115 $2,015,448 -0.1%
Expenses $952,205 $657,105 +0.4%
Net Income $874,910 $1,358,343 -0.4%
Key Indicators
✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required
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Liquidity & Cash Position

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Governance

Voting Members
23
Independent Members
23
Employees
2
Volunteers
75

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
5
$78,795
Total Directors
1
$78,795
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
KAY KIHWA RHO EXECUTIVE DI 40.00
Officer Director
$78,795 $0 $78,795
POONGJA LEE CHO VICE PRESIDE 10.00
Officer
$0 $0 $0
MIRA IM SECRETARY 3.00
Officer
$0 $0 $0
MIKYUNG KIM TREASURER 10.00
Officer
$0 $0 $0
YOON TAE KIM PRESIDENT 20.00
Officer
$0 $0 $0
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
2024 $1,827,115 $952,205 $7,337,245 $874,910
2023 $2,015,448 $657,105 $6,378,586 $1,358,343
2022 $1,270,080 $623,558 $4,637,669 $646,522
2022 $1,570,080 $623,558 $4,937,669 $946,522
2021 $1,518,960 $522,983 $3,989,847 $995,977
2020 $530,799 $450,413 $2,998,171 $80,386
2019 $861,536 $492,430 $2,789,485 $369,106
2018 $435,356 $424,093 $2,420,379 $11,263
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