THE KOREA SOCIETY

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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

THOMAS BYRNE

Phone

2127597525

Tax Period

2023-01-01 to 2023-12-31

THE KOREA SOCIETY, founded in 1990, is a community nonprofit in the International Affairs sector that reported $3.5M in total revenue in fiscal year 2023. Revenue fell 35% from the prior year — a significant decline worth monitoring. Net assets of $25.3M represent 86 months of operating reserves.

Mission

THE KOREA SOCIETY (THE "SOCIETY") IS A NONPROFIT, NONPARTISAN, 501(C)(3) ORGANIZATION WITH INDIVIDUAL AND CORPORATE MEMBERS THAT IS DEDICATED SOLELY TO THE PROMOTION OF GREATER AWARENESS, UNDERSTANDING AND COOPERATION BETWEEN THE PEOPLE OF THE UNITED STATES AND KOREA. IN PURSUIT OF ITS MISSION, THE SOCIETY ARRANGES PROGRAMS THAT FACILITATE DISCUSSION, EXCHANGES AND RESEARCH ON TOPICS OF VITAL INTEREST TO BOTH COUNTRIES IN THE AREAS OF PUBLIC POLICY, BUSINESS, EDUCATION, INTERCULTURAL RELATIONS AND THE ARTS. FUNDING FOR THESE PROGRAMS IS DERIVED FROM CONTRIBUTIONS, ENDOWMENTS, GRANTS, MEMBERSHIP DUES AND PROGRAM FEES. FROM ITS BASE IN NEW YORK CITY, THE SOCIETY SERVES AUDIENCES ACROSS THE COUNTRY THROUGH ITS OWN OUTREACH EFFORTS AND BY FORGING STRATEGIC ALLIANCES WITH COUNTERPART ORGANIZATIONS IN OTHER CITIES THROUGHOUT THE UNITED STATES AS WELL AS IN KOREA.

Program Service Accomplishments

Program 1

Expenses: $621,235

MEDIA: SEE SCHEDULE O.

Program 2

Expenses: $596,447 Revenue: $487,773

EDUCATION: SEE SCHEDULE O.

Program 3

Expenses: $437,288

POLICY: SEE SCHEDULE O.

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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 $2,347,670

Program Service Revenue $491,326

Investment Income $794,123

Other Revenue $-92,292

TOTAL REVENUE $3,540,827

Expense Breakdown

Grants Paid $246,086

Salaries & Benefits $1,700,758

Fundraising Expenses $637,431

Program Expenses $2,618,557

Other Expenses $1,808,740

TOTAL EXPENSES $3,755,584

Year-over-Year Comparison

	2023	2022	Change
Revenue	$3,540,827	$5,439,144	-0.3%
Expenses	$3,755,584	$3,476,977	+0.1%
Net Income	$-214,757	$1,962,167	-1.1%

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

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

$319,490

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
KATHLEEN STEPHENS	CHAIR	2.00	Officer Director	$0	$0	$0
CARTER BOOTH	SECRETARY	2.00	Officer Director	$0	$0	$0
YOUNG CHOI	TREASURER	2.00	Officer Director	$0	$0	$0
BYEONG CHAN BAI	DIRECTOR	2.00	Director	$0	$0	$0
NICHOLAS BRATT	DIRECTOR	2.00	Director	$0	$0	$0
MICHAEL BURKE	DIRECTOR	2.00	Director	$0	$0	$0
VICTOR CHA	DIRECTOR	2.00	Director	$0	$0	$0
JUN CHOI	DIRECTOR	2.00	Director	$0	$0	$0
KYOUNGSIK CHOI	DIRECTOR	2.00	Director	$0	$0	$0
HENRY DO	DIRECTOR	2.00	Director	$0	$0	$0
SUSAN GREENWELL	DIRECTOR	2.00	Director	$0	$0	$0
JI HOON HONG	DIRECTOR	2.00	Director	$0	$0	$0
THOMAS C HUBBARD	DIRECTOR	2.00	Director	$0	$0	$0
OWEN YOUNG JOE	DIRECTOR	2.00	Director	$0	$0	$0
PIOUS JUNG	DIRECTOR	2.00	Director	$0	$0	$0
SONG K JUNG	DIRECTOR	2.00	Director	$0	$0	$0
ABRAHAM KIM	DIRECTOR	2.00	Director	$0	$0	$0
ANTHONY KIM	DIRECTOR	2.00	Director	$0	$0	$0
HAE-YOUNG KIM	DIRECTOR	2.00	Director	$0	$0	$0
MEE KIM	DIRECTOR	2.00	Director	$0	$0	$0
KEVIN LEE	DIRECTOR	2.00	Director	$0	$0	$0
JUN BONG LEE	DIRECTOR	2.00	Director	$0	$0	$0
MARK LIPPERT	DIRECTOR	2.00	Director	$0	$0	$0
TAMI OVERBY	DIRECTOR	2.00	Director	$0	$0	$0
CHONG-YUN PARK	DIRECTOR	2.00	Director	$0	$0	$0
WILLIAM R RHODES	DIRECTOR	2.00	Director	$0	$0	$0
WALTER SHARP	DIRECTOR	2.00	Director	$0	$0	$0
PHILIP D SHERMAN	DIRECTOR	2.00	Director	$0	$0	$0
YONG SOHN	DIRECTOR	2.00	Director	$0	$0	$0
MICHAEL WOODS	DIRECTOR	2.00	Director	$0	$0	$0
GENE YOON	DIRECTOR	2.00	Director	$0	$0	$0
TAE-BONG YOON	DIRECTOR	2.00	Director	$0	$0	$0
THOMAS J BYRNE	PRESIDENT AND CEO	40.00	Officer	$301,406	$18,084	$319,490
JIYOUNG SUH	SENIOR DIRECTOR OF DEVELOPMENT	40.00	Highest	$129,167	$27,596	$156,763
HYUN CHO	FINANCIAL CONTROLLER	40.00	Highest	$106,443	$6,140	$112,583

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	$3,540,827	$3,755,584	$28,678,396	$-214,757
2022	$5,439,144	$3,476,977	$27,540,832	$1,962,167
2021	$3,688,770	$2,989,793	$30,574,587	$698,977
2020	$3,566,882	$2,928,001	$27,780,256	$638,881
2019	$3,599,558	$2,906,161	$26,318,183	$693,397
2018	$2,514,618	$2,825,740	$23,988,934	$-311,122