Okjoo Foundation FY2023 filing

Tax-deductible

Las Vegas, NV501(c)(3)Foundations & GrantmakersEIN 82-4524665Revenue $90K in FY2023

On file with the IRSokjoofoundation.org3750 Las Vegas Blvd South Unit 260, 89158-4356 · Las Vegas, NVTax-exempt since Jun 2019Private non-operating foundation

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To aid federal exempt organizations that are organized for charitable, religious, scientific, testing for public safety, literary, or educational purposes; for fostering national or international amateur sports competition; or for preventing cruelty to children or animals within the meaning of section 501(c)(3) of the internal revenue code, or the corresponding section of any future federal tax code.

501(c)(3) charity; gifts are tax-deductible.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78

Before you give

FY2023 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
3 of 5
filings with a surplus
Average surplus $429K a year · 67% of revenue · last 5 filings
Worth a look: a surplus in 3 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
0%
of spending
Concern: 0% of spending went to programs; under 50%.
Pt IX · Ln 25 · col B
Cash reserves
49 mo
of spending, in cash
Looks good: 49.1 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $2K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$0
0% of total assets
Looks good: liabilities are 0% of assets; 50% or less.
Pt X · Ln 26
Independent board members
0
of 3 voting members
Concern: none of 3 voting members are independent.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$90K
+154% vs prior year
Spent
$141K
To programs
0%
Net assets
$7.8M
By yearFY2020–FY2024
Revenue
$90K
FY2023▲ +154%
Tap a bar for its year
Revenue by fiscal year
FY2020$394K
FY2021$2.1M
FY2022−$168K
FY2023$90K
FY2024$830K
Expenses
$141K
FY2023▼ -16%
Tap a bar for its year
Expenses by fiscal year
FY2020$25K
FY2021$148K
FY2022$168K
FY2023$141K
FY2024$591K
Net assets
$7.8M
FY2023▲ +0.6%
Tap a bar for its year
Net assets by fiscal year
FY2020$8.5M
FY2021$9.4M
FY2022$7.8M
FY2023$7.8M
FY2024$9.1M

From the FY2023 Form 990 · see the original

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You’re viewing the FY2023 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Jun 2019.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

What each dollar paid for.

Management & general 100% · $141K

Form 990 Part IX, line 25. Every line is in By the numbers.

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Who runs it and what they're paid

3 people listed on the 990.

Part VII, Section A · reportable compensation
President
$0Pt VII · Sec A
Secretary
$0Pt VII · Sec A
$0Pt VII · Sec A
See Okjoo Foundation executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Helps tax-exempt charities, religious groups, and educational institutions navigate federal regulations.

Provided by the organization

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1 program · in their own filed words · FY2023
01

Predominantly focusing on providing grants of funds to other charitable organizations that have been recognized as tax-exempt under internal revenue code section 501(c)(3). The foundation will provide grants of funds to many such recognized internal revenue code section 501(c)(3) charitable organizations, in a variety of charitable…

Pt IX · col B

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · received and paid
Grants received · FY2023
Total grants receivedfrom 1 funder$2K
Grants paid · 3 grants · $436K · 2021–2024
National Philanthropic TrustPA · FY2024$400,000
Individual RecipientFY2024$26,000

By the numbers

The FY2023 990, line by line.

1The main four
Money inPt VIII
$90K
Ln 12
Investment incomeLn 3$213K
Gifts and grantsLn 1h$65K
Money outPt IX
$141K
Ln 25
Managementcol C$141K
Owns and owesPt X
$7.8M
net assets · Ln 32
Cash and savingsLn 1–2$578K
Total assetsLn 16$7.8M
LiabilitiesLn 26$0
PeoplePt VI, VII
3
listed · VII A
PaidVII A0
Voting boardVI 1a3
IndependentVI 1b0
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$65K
Fundraising eventsLn 1c$65K
Investment incomeLn 3$213K
Gains on assetsLn 7−$33K
Total revenueLn 12$90K
Assets in detailPt X, end of year
CashLn 1$578K
SavingsLn 2$0
Cash and savings togetherLn 1–2$578K
InvestmentsLn 11–13$7.3M
Land, buildings, equipmentLn 10c$0
Other assetsLn 15$0
Total assetsLn 16$7.8M
LiabilitiesLn 26$0
Net assetsLn 32$7.8M
OperationsPt I, VI
EmployeesI 50
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY23End FY23
Cash and savingsLn 1–2$488K$578K
InvestmentsLn 11–13$7.3M$7.3M
Land, buildings, equipmentLn 10c$0
Total assetsLn 16$7.8M$7.8M
LiabilitiesLn 26$2K$0
Net assetsLn 32$7.8M$7.8M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$0
Grants to domestic individualsLn 2$0
Grants and assistance to foreign recipientsLn 3$0
Benefits paid to or for membersLn 4$0
Pay of current officers, directors and key staffLn 5$29K$29K
Pay of disqualified personsLn 6$0
Other salaries and wagesLn 7$0
Pension plan contributionsLn 8$0
Other employee benefitsLn 9$0
Payroll taxesLn 10$3K$3K
Management feesLn 11a$0
Legal feesLn 11b$49K$49K
Accounting feesLn 11c$0
Lobbying feesLn 11d$0
Professional fundraising feesLn 11e$0
Investment management feesLn 11f$45K$45K
Other fees for servicesLn 11g$2K$2K
Advertising and promotionLn 12$591$591
Office expensesLn 13$2K$2K
Information technologyLn 14$0
RoyaltiesLn 15$0
OccupancyLn 16$0
TravelLn 17$11K$11K
Travel and entertainment for public officialsLn 18$0
Conferences, conventions and meetingsLn 19$0
InterestLn 20$0
Payments to affiliatesLn 21$0
Depreciation, depletion and amortizationLn 22$0
InsuranceLn 23$0
All other expensesLn 24e$0
Total functional expensesLn 25$141K$0$141K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $830K$591K$239K$9.1M 990 PDF
FY2023 Viewing $90K$141K−$51K$7.8M 990 PDF
FY2022 −$168K$168K−$336K$7.8M 990 PDF
FY2021 $2.1M$148K$1.9M$9.4M 990 PDF
FY2020 $394K$25K$369K$8.5M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2023 990 (6 parts)
Part I · Summary $90,125 revenue, 12 lines filed
I-8 Contributions and grants$65,063
I-9 Program service revenue$0
I-10 Investment incomePrior year −$167,980$212,625
I-11 Other revenue−$187,563
I-12 Total revenuePrior year −$167,980$90,125
I-13 Grants and similar amounts paidPrior year $1,074$0
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $105,323$31,888
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $61,807$109,305
I-18 Total expensesPrior year $168,204$141,193
I-19 Revenue less expensesPrior year −$336,184−$51,068
Part VI · Governance 0 of 3 board members independent, 2 to look at
VI-1a Voting members of the governing body3
VI-1b Independent voting members0
VI-12a Written conflict of interest policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
Part VIII · Statement of revenue $90,125 across 8 lines filed
VIII-1c Fundraising events$65,063
VIII-1h Total contributions, gifts and grants$65,063
VIII-3 Investment incomeExcluded from tax $245,427$245,427
VIII-5 Royalties$0
VIII-6 Net rental income or loss$0
VIII-7 Net gain or loss on sales of assetsExcluded from tax −$32,802−$32,802
VIII-8 Net income from fundraising eventsUnrelated business −$187,563−$187,563
VIII-12 Total revenueUnrelated business −$187,563 · Excluded from tax $212,625$90,125
Part IX · Statement of functional expenses $141,193 across 30 lines filed
IX-1 Grants to domestic organizations$0
IX-2 Grants to domestic individuals$0
IX-3 Grants and assistance to foreign recipients$0
IX-4 Benefits paid to or for members$0
IX-5 Pay of current officers, directors and key staffManagement $29,167$29,167
IX-6 Pay of disqualified persons$0
IX-7 Other salaries and wages$0
IX-8 Pension plan contributions$0
IX-9 Other employee benefits$0
IX-10 Payroll taxesManagement $2,721$2,721
IX-11a Management fees$0
IX-11b Legal feesManagement $48,753$48,753
IX-11c Accounting fees$0
IX-11d Lobbying fees$0
IX-11e Professional fundraising fees$0
IX-11f Investment management feesManagement $44,979$44,979
IX-11g Other fees for servicesManagement $1,806$1,806
IX-12 Advertising and promotionManagement $591$591
IX-13 Office expensesManagement $1,883$1,883
IX-14 Information technology$0
IX-15 Royalties$0
IX-16 Occupancy$0
IX-17 TravelManagement $11,293$11,293
IX-18 Travel and entertainment for public officials$0
IX-19 Conferences, conventions and meetings$0
IX-20 Interest$0
IX-21 Payments to affiliates$0
IX-22 Depreciation, depletion and amortization$0
IX-23 Insurance$0
IX-24e All other expenses$0
IX-25 Total functional expensesPrograms $0 · Management $141,193 · Fundraising $0$141,193
Part X · Balance sheet $7,836,860 assets, 17 lines filed
X-1 Cash, non-interest-bearingStart of year $487,597$577,505
X-2 Savings and temporary cash investments$0
X-3 Pledges and grants receivable$0
X-4 Accounts receivable$0
X-8 Inventories for sale or use$0
X-9 Prepaid expenses and deferred charges$0
X-10c Land, buildings and equipment, net$0
X-11 Publicly traded securitiesStart of year $7,305,827$7,259,355
X-12 Other securities$0
X-13 Program-related investments$0
X-14 Intangible assets$0
X-15 Other assets$0
X-16 Total assetsStart of year $7,793,424$7,836,860
X-26 Total liabilitiesStart of year $2,345$0
X-27 Net assets without donor restrictionsStart of year $7,791,079$7,836,860
X-32 Total net assets or fund balancesStart of year $7,791,079$7,836,860
X-33 Total liabilities and net assetsStart of year $7,793,424$7,836,860
Part XI · Reconciliation of net assets $7,836,860 net assets at year end
XI-1 Total revenue$90,125
XI-2 Total expenses$141,193
XI-3 Revenue less expenses−$51,068
XI-4 Net assets at start of year$7,791,079
XI-5 Net unrealized gains (losses) on investments$96,849
XI-10 Net assets at end of year$7,836,860

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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