KOREAN PERFORMING ARTS INSTITUTE OF CHICAGO

EIN: 463414899 501(c)(3) Arts, Culture & Humanities

CHICAGO, IL

Total Revenue
$483,721
Total Expenses
$467,369
Total Assets
$201,013
Net Assets
$20,013
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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
2013
Legal Domicile
IL
Principal Officer
BYOUNG SUG KIM
Phone
3123750358
Tax Period
2024-01-01 to 2024-12-31

KOREAN PERFORMING ARTS INSTITUTE OF CHICAGO, founded in 2013, is a small nonprofit in the Arts, Culture & Humanities sector that reported $484K in total revenue in fiscal year 2024. Expenses of $467K left a modest 3% surplus.

Mission

KOREAN PERFORMING ARTS INSTITUTE OF CHICAGO IS A COMMUNTY-BASED CULTURAL AND EDUCATIONAL ORGANIZATION DEDICATED TO DEVELOPING AND PROMOTING TRADITIONAL KOREAN CULTURAL AND PERFORMING ARTS AND TO NURTURING YOUTH LEADERSHIP THROUGH PARTICIPATION IN THESE ARTS, ESPECIALLY IN THE KOREAN PERCUSSION ART FORM KNOWN AS PUNGMUL. GPI PRESENTS THREE PROGRAMS/GROUPS: THE YOUTH PUNGMUL PROGRAM AND ITS ENSEMBLE SORIBEAT, THE ADULT PUNGMUL PROGRAM NORIBEAT, AND THE PROFESSIONAL MUSICIAN GROUP RHYTHM CONNECTIONS.

Program Service Accomplishments

Program 1
Expenses: $238,853 Revenue: $130,779

PERFORMANCE PROJECT : TO DEVELOP TRADITIONAL KOREAN CULTURAL AND PERFORMING ARTS IN FURTHERANCE OF CROSS-CULTURAL UNDERSTANDING, AND COLLABORATION AMONG VARIED COMMUNITES.

Program 2
Expenses: $193,788 Revenue: $106,105

EDUCATIONAL SERVICE : TO TEACH AND PROMOTE KOREAN CULTURAL HERITAGE THROUGH TRADITIONAL KOREAN CULTURAL AND PERFORMING ARTS. TO NURTURE LEADERSHIP SKILLS AMONG YOUTH AND TO REACH OUT TO OTHER...

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EDUCATIONAL SERVICE : TO TEACH AND PROMOTE KOREAN CULTURAL HERITAGE THROUGH TRADITIONAL KOREAN CULTURAL AND PERFORMING ARTS. TO NURTURE LEADERSHIP SKILLS AMONG YOUTH AND TO REACH OUT TO OTHER COMMUNITES FOR MUTUAL EDUCATION ABOUT EACH OTHERS TRADITIONAL CULTURAL AND PERFORMING ARTS.

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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 $246,837
Program Service Revenue $236,884
Investment Income $0
Other Revenue $0
TOTAL REVENUE $483,721

Expense Breakdown

Grants Paid $2,005
Salaries & Benefits $278,074
Fundraising Expenses $0
Program Expenses $432,641
Other Expenses $187,290
TOTAL EXPENSES $467,369

Year-over-Year Comparison

2024 2023 Change
Revenue $483,721 $476,278 +0.0%
Expenses $467,369 $474,589 0.0%
Net Income $16,352 $1,689 +8.7%
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

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Financial Distress Indicator

Liquidity & Cash Position

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Governance

Voting Members
7
Independent Members
7
Employees
7
Volunteers
9

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
3
$0
Total Directors
15
$150,375
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
JANE PARK PRESIDENT 5.00
Officer Director
$0 $0 $0
YOUNG SEOK LEE SECRETARY 3.00
Officer Director
$0 $0 $0
JAE HA TREASURER 3.00
Officer Director
$0 $0 $0
ELIZABETH YI DIRECTOR 3.00
Director
$0 $0 $0
JINHWA SUH DIRECTOR 3.00
Director
$0 $0 $0
KI SEOK KIM DIRECTOR 3.00
Director
$0 $0 $0
JI-YEON YUH DIRECTOR 3.00
Director
$0 $0 $0
BYOUNG SUG KIM EDUCATION DIRECTOR 25.00
Director
$0 $0 $0
DEOKHWAN KIM EDUCATION DIRECTOR 40.00
Director
$36,375 $0 $36,375
SUWAN CHOI EDUCATION DIRECTOR 35.00
Director
$22,000 $0 $22,000
CHANSOO LEE EDUCATION DIRECTOR 40.00
Director
$24,000 $0 $24,000
YUN SIL JANG EDUCATION DIRECTOR 20.00
Director
$16,000 $0 $16,000
HYUNCHAE KIM EDUCATION DIRECTOR 35.00
Director
$22,000 $0 $22,000
CHEONGRA HA EDUCATION DIRECTOR 15.00
Director
$10,000 $0 $10,000
HOJIN CHOI EDUCATION DIRECTOR 30.00
Director
$20,000 $0 $20,000
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 No data No data No data No data
2024 $483,721 $467,369 $201,013 $16,352
2023 $476,278 $474,589 $184,661 $1,689
2022 $391,689 $391,671 $179,873 $18
2021 $345,155 $308,861 $218,356 $36,294
2020 $224,367 $192,209 $182,060 $32,158
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