GREATER SEATTLE KOREAN ASSOCIATION

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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

2007

Legal Domicile

Phone

2532223320

Tax Period

2023-01-01 to 2023-12-31

GREATER SEATTLE KOREAN ASSOCIATION, founded in 2007, is a community nonprofit in the Arts, Culture & Humanities sector that reported $1.1M in total revenue in fiscal year 2023. Revenue surged 481% from the prior year, signaling strong growth momentum. The organization ran a surplus of $367K, a strong 32% operating margin.

Mission

TO PROMOTE AND PERFORM CULTURAL, EDUCATIONAL AND CHARITABLE ACTIVITIES OF KOREAN COMMUNITIES IN THE STATE OF WASHINGTON.

Program Service Accomplishments

Program 1

Expenses: $646,611

GREATER SEATTLE KOREAN ASSOCATION RECEIVED 1,000,000 WA STATE DEPT OF COMMERCE GRANT AND HELPED TO BOOST SMALL, MINORITY, WOMEN, AND VETERAN-OWNED BUSINESSES WITH GRANT FUNDS DISTRIBUTING THEM...

GREATER SEATTLE KOREAN ASSOCATION RECEIVED 1,000,000 WA STATE DEPT OF COMMERCE GRANT AND HELPED TO BOOST SMALL, MINORITY, WOMEN, AND VETERAN-OWNED BUSINESSES WITH GRANT FUNDS DISTRIBUTING THEM. 328,515 OF 1,000,000 WA DEPT OF COMMERCE GRANT WAS USED FOR OFFICE RENOVATION TO START BUSINESS INCUBATOR PROGRAM.

Program 2

Expenses: $18,761 Revenue: $38,480

ARIRANG TRADITION KOREAN CULTURAL ACTIVITIES

Program 3

Expenses: $9,759 Revenue: $12,900

SEAFAIR PARADE FOR KOREAN CULTURE PROMOTION IN AMERICAN CULTURE

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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 (2023)

Revenue Breakdown

Contributions & Grants $1,081,851

Program Service Revenue $59,232

Investment Income $0

Other Revenue $-2,887

TOTAL REVENUE $1,138,196

Expense Breakdown

Grants Paid $556,440

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $756,117

Other Expenses $145,410

TOTAL EXPENSES $770,850

Year-over-Year Comparison

	2023	2022	Change
Revenue	$1,138,196	$195,950	+4.8%
Expenses	$770,850	$125,779	+5.1%
Net Income	$367,346	$70,171	+4.2%

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

N/A

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

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
WONJUN KIM	PRESIDENT	N/A	Officer Director	$0	$0	$0
ALISA NA	CHAIRMAN	N/A	Officer Director	$0	$0	$0
STACEY YUN	SECRETARY &	N/A	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	No data	No data	No data	No data
2023	$1,138,196	$770,850	$1,046,692	$367,346
2022	$195,950	$125,779	$615,456	$70,171
2021	$75,348	$78,763	$623,576	$-3,415
2020	$63,650	$37,340	$605,110	$26,310
2019	$91,844	$88,101	$579,059	$3,743
2018	$65,422	$98,646	$588,372	$-33,224