THE KOREA SOCIETY

EIN: 521714111 501(c)(3) International Affairs

NEW YORK, NY

Total Revenue
$3,540,827
Total Expenses
$3,755,584
Total Assets
$28,678,396
Net Assets
$25,295,116
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1990
Legal Domicile
DC
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

STRENGTHENING THE BONDS OF AWARENESS, UNDERSTANDING & COOPERATION BETWEEN THE US & KOREA.

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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 (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 Distress Indicator

Liquidity & Cash Position

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Governance

Voting Members
32
Independent Members
32
Employees
22
Volunteers
56

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
4
$319,490
Total Directors
32
$0
Key Employees
0
$0
Highest Compensated
2
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
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