NEW JERSEY KOREAN AMERICAN MUTUAL AID ASSOCIATION INC

EIN: 813970919 501(c)(3) Human Services

PALISADES PARK, NJ

Total Revenue
$1,359,561
Total Expenses
$1,411,792
Total Assets
$994,936
Net Assets
$943,321
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
2016
Legal Domicile
NJ
Principal Officer
HONG KYU YOON
Phone
2019452411
Tax Period
2024-01-01 to 2024-12-31

NEW JERSEY KOREAN AMERICAN MUTUAL AID ASSOCIATION INC, founded in 2016, is a community nonprofit in the Human Services sector that reported $1.4M in total revenue in fiscal year 2024. Revenue decreased 12% compared to the prior year.

Mission

OUR MISSION IS TO HELP ONDIVIDUALS WHO HAVE SUFFERED FINANCIAL DIFFICULTIES. SPECIFICALLY, IN FULFILLMENT OF OUR CHARITABLE PURPOSES, WE PROVIDE FINANCIAL SUPPORT TO THE FAMILY MEMBERS OF AN INDIVIDUAL WHO HAS PASSED AWAY; PROVIDE FUNDING FOR FUNERAL SERVICE FOR INDIVIDUALS WHO WERE IMPOVERISHED AND LIVING WITHOUT FAMILY AT THE TIME OF THEIR DEATH; PROMOTE CHARITABLE ACTIVITIES BETWEEN OUR MEMBERSHIP AND THE COMMUNITY.

Program Service Accomplishments

Program 1
Expenses: $1,378,392

ENCOURAGED OUR MEMBERS TO REMAIN ACTIVELY INVOLVED IN THE COMMUNITY, OFTEN FOCUSING ON ACTIVITIES THAT BENEFIT SENIORS; PROVIDED FINANCIAL ASSISTANCE TO MEMBERS'FAMILIES IN ECONOMIC DISTRESS AT THE...

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ENCOURAGED OUR MEMBERS TO REMAIN ACTIVELY INVOLVED IN THE COMMUNITY, OFTEN FOCUSING ON ACTIVITIES THAT BENEFIT SENIORS; PROVIDED FINANCIAL ASSISTANCE TO MEMBERS'FAMILIES IN ECONOMIC DISTRESS AT THE TIME OF THE MEMBER'S OR FAMILY MEMBER'S DEATH.

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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 $1,359,561
Program Service Revenue $0
Investment Income $0
Other Revenue $0
TOTAL REVENUE $1,359,561

Expense Breakdown

Grants Paid $1,072,548
Salaries & Benefits $72,507
Fundraising Expenses $0
Program Expenses $1,378,392
Other Expenses $266,737
TOTAL EXPENSES $1,411,792

Year-over-Year Comparison

2024 2023 Change
Revenue $1,359,561 $1,549,125 -0.1%
Expenses $1,411,792 $1,473,445 0.0%
Net Income $-52,231 $75,680 -1.7%
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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Liquidity & Cash Position

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Governance

Voting Members
14
Independent Members
14
Employees
6
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
2
$0
Total Directors
10
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
SUNG OONG YIM VP/DIRECTOR N/A
Officer
$0 $0 $0
MU RIM LEE DIRECTOR N/A
Director
$0 $0 $0
BONG TEAK KIM DIRECTOR N/A
Director
$0 $0 $0
JONG TAK CHOE DIRECTOR N/A
Director
$0 $0 $0
KAP SUN BANG DIRECTOR N/A
Director
$0 $0 $0
THOMAS KANG DIRECTOR N/A
Director
$0 $0 $0
SANG KI KIM DIRECTOR N/A
Director
$0 $0 $0
SHIN WOOK KANG DIRECTOR N/A
Director
$0 $0 $0
HONG KYU YOON PRESIDENT / N/A
Officer Director
$0 $0 $0
LISA LEE PARK DIRECTOR N/A
Director
$0 $0 $0
JOONG HYUP LEE DIRECTOR N/A
Director
$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 $1,359,561 $1,411,792 $994,936 $-52,231
2023 $1,549,125 $1,473,445 $998,345 $75,680
2022 $1,734,246 $1,606,704 $1,060,503 $127,542
2021 $1,432,533 $1,372,540 $908,811 $59,993
2021 $1,432,533 $1,372,540 $908,811 $59,993
2020 $2,346,506 $1,427,927 $1,052,003 $918,579
2019 $486,142 $760,777 $49,855 $-274,635
2018 $452,401 $564,451 $236,881 $-112,050
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