KOREAN RESOURCE CENTER INC

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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

1983

Legal Domicile

Principal Officer

ZUWHAN KIM

Phone

3239373718

Tax Period

2023-01-01 to 2023-12-31

KOREAN RESOURCE CENTER INC, founded in 1983, is a community nonprofit in the Human Services sector that reported $1.5M in total revenue in fiscal year 2023. Revenue fell 26% from the prior year — a significant decline worth monitoring.

Mission

TO PROMOTE KOREAN HISTORY AND CULTURAL APPRECIATION, ENHANCE KOREAN HERITAGE IN THE KOREAN AMERICAN COMMUNITY, PROVIDE SOCIAL SERVICES TO THE KOREAN COMMUNITY, EMPOWER THE KOREAN AMERICAN COMMUNITY THROUGH CIVIC EDUCATION AND CIVIC PARTICIPATION, ENSURE COMMUNITY ECONOMIC DEVELOPMENT AND SAFE SANITARY, AND AFFORDABLE HOUSING FOR PRIMARILY LOW INCOME PERSONS IN THE CITY OF LOS ANGELES, PARTICULARLY KOREATOWN, WEST LOS ANGELES, MID-WILSHIRE AND SOUTH LOS ANGELES.

Program Service Accomplishments

Program 1

Expenses: $556,442 Revenue: $12,277

VIETNAMESE ORGANIZING PROJECTVIETRISE ADVANCES SOCIAL JUSTICE AND BUILDS POWER WITH WORKING-CLASS VIETNAMESE AND IMMIGRANT COMMUNITIES IN ORANGE COUNTY. WE BUILD LEADERSHIP AND CREATE SYSTEMIC CHANGE THROUGH ORGANIZING, NARRATIVE CHANGE, CULTURAL EMPOWERMENT, AND CIVIC ENGAGEMENT. IN 2023, VIETRISE EDUCATED, TRAINED AND OUTREACHED TO MORE THAN 8,439 COMMUNITY MEMBERS.

Program 2

Expenses: $341,573 Revenue: $17,727

IMMIGRANT LEGAL SERVICESKRC PROVIDES IN-LANGUAGE LEGAL SERVICES AND EDUCATION TO LOW-INCOME IMMIGRANT KOREAN AMERICANS, ASIAN AMERICANS AND PACIFIC ISLANDERS (AAPI), AND OTHER LOW-INCOME COMMUNITIES OF COLOR. RECOGNIZED BY THE DEPARTMENT OF JUSTICE'S BOARD OF IMMIGRATION APPEALS (BIA), ACCREDITED KRC STAFF CONDUCT A VARIETY OF IMMIGRATION LEGAL SERVICES AT LOW TO NO COST PROVIDE LINGUISTICALLY AND CULTURALLY APPROPRIATE LEGAL SERVICES TO OUR COMMUNITY. IN 2023, KRC ASSISTED DIRECTLY AND PROVIDED INFORMATION TO OVER 3,631 COMMUNITY MEMBERS.

Program 3

Expenses: $184,267 Revenue: $3,297

HOUSINGKRC'S HOUSING PROGRAM PROVIDES RENTAL HOUSING COUNSELING AND FINANCIAL MANAGEMENT/ BUDGET COUNSELING TO THE MOST VULNERABLE MEMBERS OF THE KOREAN AMERICAN COMMUNITY OF GREATER LOS ANGELES AND ORANGE COUNTY. WE SEEK TO CREATE SAFER COMMUNITIES AND EMPOWER LOW-INCOME RESIDENTS OF ALL AGES THROUGH LINGUISTICALLY AND CULTURALLY COMPETENT HOUSING COUNSELING INCLUDING AFFORDABLE HOUSING COUNSELING, TENANTS' RIGHT EDUCATION AND RESOLVING FINANCIAL CHALLENGES. IN 2023, KRC ASSISTED DIRECTLY AND PROVIDED INFORMATION TO MORE THAN 2,500 COMMUNITY MEMBERS.

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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 $1,584,167

Program Service Revenue $33,301

Investment Income $6,101

Other Revenue $-79,646

TOTAL REVENUE $1,543,923

Expense Breakdown

Grants Paid $0

Salaries & Benefits $977,131

Fundraising Expenses $57,312

Program Expenses $1,222,336

Other Expenses $531,644

TOTAL EXPENSES $1,508,775

Year-over-Year Comparison

	2023	2022	Change
Revenue	$1,543,923	$2,088,542	-0.3%
Expenses	$1,508,775	$1,351,382	+0.1%
Net Income	$35,148	$737,160	-1.0%

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

$124,442

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
ANGELA OH	DIRECTOR (UNTIL 1/28/23)	1.00	Director	$0	$0	$0
BEA OLVERA STOTZER	DIRECTOR	1.00	Director	$0	$0	$0
JAMES MULLER	DIRECTOR	1.00	Director	$0	$0	$0
SUN HEE CHOI	DIRECTOR (UNTIL 1/28/23)	1.00	Director	$0	$0	$0
JULIE LEE KURUMADA	DIRECTOR	1.00	Director	$0	$0	$0
WONKOO CHANG	BOARD SECRETARY	1.00	Officer Director	$0	$0	$0
ZU KIM	BOARD CHAIR	1.00	Officer Director	$0	$0	$0
HEAJA KIM	DIRECTOR	1.00	Director	$0	$0	$0
PAMILLA LEW	DIRECTOR (UNTIL 1/28/23)	1.00	Director	$0	$0	$0
DONG HYUN AHN	TREASURER	1.00	Officer Director	$0	$0	$0
YEA JA LEE	DIRECTOR	1.00	Director	$0	$0	$0
YEON OK SUH	DIRECTOR	1.00	Director	$0	$0	$0
KWANG JA HONG	DIRECTOR	1.00	Director	$0	$0	$0
BETHANY LEAL	FINANCIAL DIRECTOR	40.00	Officer	$71,875	$6,838	$78,713
ISAAC KIM	EXECUTIVE DIRECTOR	40.00	Officer	$45,729	$0	$45,729

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	$1,543,923	$1,508,775	$4,585,776	$35,148
2022	$2,088,542	$1,351,382	$4,829,872	$737,160
2021	$2,062,273	$2,069,956	$4,114,106	$-7,683
2020	$2,129,776	$1,859,985	$4,249,474	$269,791
2019	$2,836,081	$2,308,728	$4,440,588	$527,353
2018	$2,642,112	$2,396,232	$3,892,962	$245,880