The Korean First Presbyterian Church of Charlotte

EIN: 561582356 501(c)(3)

Charlotte, NC

Total Revenue
$665,368
Total Expenses
$644,831
Total Assets
$895,799
Net Assets
$873,312
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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
1987
Legal Domicile
NC
Principal Officer
Dae Eog Sul
Phone
7045312552
Tax Period
2023-01-01 to 2023-12-31

The Korean First Presbyterian Church of Charlotte, founded in 1987, is a small nonprofit that reported $665K in total revenue in fiscal year 2023. Expenses of $645K left a modest 3% surplus.

Mission

Evangelizing Christianity

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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 $665,368
Program Service Revenue $0
Investment Income $0
Other Revenue $0
TOTAL REVENUE $665,368

Expense Breakdown

Grants Paid $0
Salaries & Benefits $221,420
Fundraising Expenses $0
Program Expenses $403,850
Other Expenses $423,411
TOTAL EXPENSES $644,831

Year-over-Year Comparison

2023 2022 Change
Revenue $665,368 $673,737 0.0%
Expenses $644,831 $573,729 +0.1%
Net Income $20,537 $100,008 -0.8%
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

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Governance

Voting Members
6
Independent Members
6
Employees
8
Volunteers
28

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
1
$41,406
Total Directors
0
$0
Key Employees
4
$109,921
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
Dae Eog Sul Sr. Pastor 40.00
Officer
$41,406 $0 $41,406
Jin Hee Lee Pastor 40.00
Key Emp
$20,208 $0 $20,208
Taehee Kim Pastor 40.00
Key Emp
$44,000 $0 $44,000
Elizabeth Son Pastor 40.00
Key Emp
$39,713 $0 $39,713
Yeong Chan Lee Pastor 20.00
Key Emp
$6,000 $0 $6,000
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
2024 No data No data No data No data
2023 $665,368 $644,831 $895,799 $20,537
2022 $673,737 $573,729 $864,058 $100,008
2021 $616,315 $511,977 $766,469 $104,338
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