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Nykbi INC

IRS exemption revoked

New York, NYUnknown exempt organization EIN 84-3183960Revenue $228K in FY2021

On file with the IRS149 W 24th Street · New York, NY

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The organization provides next generation youths and women who do not have information , knowledge and experience about new business managment with consultation and programs so that they may start up various businesses without difficulty.

40¢ of each $1 spent went to programs.
Run by 2 volunteers.
Mission: Form 990 Part I, line 1 · Programs: Part IX · People: Part I, lines 5–6

Before you give

FY2021 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
Revoked
IRS exemption revoked
Concern: the IRS revoked its tax exemption.
IRS Auto-Revocation List
Latest return
FY2021
latest Form 990
Concern: the latest return is for FY2021, 5 tax years back; more than 4 tax years.
IRS e-file · Filing history
Spent on programs
40%
of spending
Concern: 40% of spending went to programs; under 50%.
Pt IX · Ln 25 · col B
Cash reserves
3 mo
of spending, in cash
Looks good: 3.1 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $12K
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
3
of 3 voting members
Looks good: 3 of 3 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$228K
+75% vs prior year
Spent
$228K
To programs
40%
Net assets
$58K
By yearFY2020–FY2021
Revenue
$228K
FY2021▲ +75%
Tap a bar for its year
Revenue by fiscal year
FY2020$130K
FY2021$228K
Net assets
$58K
FY2021+0.3%
Tap a bar for its year
Net assets by fiscal year
FY2020$58K
FY2021$58K

From the FY2021 Form 990 (year ending August 2021) · see the original

990 PDF Claim
IRS revoked this organization's tax-exempt status on January 15, 2025

Is it real?

No. The IRS revoked its tax exemption. Latest filing on record: FY2021.

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

Where the money goes

40 cents of each dollar spent went to programs.

Program services 40% · $92K Management & general 53% · $120K Fundraising 7% · $15K

Form 990 Part IX, line 25, columns B–D. 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 · most recent filed roster (FY2020); the FY2021 filing did not itemize Part VII
Dae Soo Hong
President
$0Pt VII · Sec A
Mee Hyun Kim
Treasurer
$0Pt VII · Sec A
$0Pt VII · Sec A
See Nykbi INC 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

Empowers young people and women with business knowledge and programs to start new ventures easily.

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Provided by the organization

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1 program · $92K · in their own filed words · FY2020
01

World OKTA has been nurturing 20,000 trade manpower by hosting the 'Next Generation Trade School' for the next generation of overseas young talents for the past 18 years to nurture the next generation of future businessmen.

$92Kprogram expense

Funders

Who pays for it.

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

Grants

Schedule I · funders on record
Grants received · FY2024
Family Office Foundation IncorporatedFY2024$12K
Total grants receivedfrom 1 funder$12K

By the numbers

The FY2021 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$228K
Ln 12
Gifts and grantsLn 1h$228K
Money outPt IX
$228K
Ln 25
Programscol B$92K
Managementcol C$120K
Fundraisingcol D$15K
Owns and owesPt X
$58K
net assets · Ln 32
Cash and savingsLn 1–2$58K
Total assetsLn 16$58K
LiabilitiesLn 26$0
PeoplePt VI, VII
3
listed · VII A
PaidVII A0
Voting boardVI 1a3
IndependentVI 1b3
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$228K
Fundraising eventsLn 1c$30K
Total revenueLn 12$228K
Assets in detailPt X, end of year
CashLn 1$58K
Cash and savings togetherLn 1–2$58K
Total assetsLn 16$58K
LiabilitiesLn 26$0
Net assetsLn 32$58K
OperationsPt I, VI
EmployeesI 50
VolunteersI 62
Fiscal year endsHeaderAugust
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY21End FY21
Cash and savingsLn 1–2$58K$58K
Total assetsLn 16$58K$58K
LiabilitiesLn 26$0$0
Net assetsLn 32$58K$58K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Advertising and promotionLn 12$5K$5K$0$0
OccupancyLn 16$19K$0$19K$0
Conferences, conventions and meetingsLn 19$10K$0$10K$0
Other expenses (24a–d)Ln 24$28K$0$28K$0
All other expensesLn 24e$167K$87K$65K$15K
Total functional expensesLn 25$228K$92K$120K$15K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2021 Latest Viewing $228K$228K$181$58K 990 PDF
FY2020 $130K$58K 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants O · Explanations
See the full FY2021 990 (6 parts)
Part I · Summary $227,712 revenue, 12 lines filed
I-8 Contributions and grants$227,712
I-9 Program service revenue$0
I-10 Investment income$0
I-11 Other revenue$0
I-12 Total revenue$227,712
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefits$0
I-16a Professional fundraising fees$0
I-17 Other expenses$227,531
I-18 Total expenses$227,531
I-19 Revenue less expenses$181
Part VI · Governance 3 of 3 board members independent, 4 to look at
VI-1a Voting members of the governing body3
VI-1b Independent voting members3
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
Part VIII · Statement of revenue $227,712 across 5 lines filed
VIII-1b Membership dues$125,646
VIII-1c Fundraising events$29,890
VIII-1f All other contributions, gifts and grants$72,176
VIII-1h Total contributions, gifts and grants$227,712
VIII-12 Total revenueRelated to mission $0 · Unrelated business $0 · Excluded from tax $0$227,712
Part IX · Statement of functional expenses $227,531 across 5 lines filed
IX-12 Advertising and promotionPrograms $4,876 · Management $0 · Fundraising $0$4,876
IX-16 OccupancyPrograms $0 · Management $18,601 · Fundraising $0$18,601
IX-19 Conferences, conventions and meetingsPrograms $0 · Management $9,768 · Fundraising $0$9,768
IX-24 Other expenses (24a–d)Programs $0 · Management $27,523 · Fundraising $0$27,523
IX-24e All other expensesPrograms $86,818 · Management $64,531 · Fundraising $15,414$166,763
IX-25 Total functional expensesPrograms $91,694 · Management $120,423 · Fundraising $15,414$227,531
Part X · Balance sheet $57,865 assets, 6 lines filed
X-1 Cash, non-interest-bearingStart of year $57,684$57,865
X-16 Total assetsStart of year $57,684$57,865
X-26 Total liabilitiesStart of year $0$0
X-27 Net assets without donor restrictionsStart of year $57,684$57,865
X-32 Total net assets or fund balancesStart of year $57,684$57,865
X-33 Total liabilities and net assetsStart of year $57,684$57,865
Part XI · Reconciliation of net assets $57,865 net assets at year end
XI-1 Total revenue$227,712
XI-2 Total expenses$227,531
XI-3 Revenue less expenses$181
XI-4 Net assets at start of year$57,684
XI-10 Net assets at end of year$57,865

Form 990 e-file (XML) FY2021 from the IRS · Classification, formation year and address from the IRS Business Master File

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