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Kaesong Foundation FY2021 filing

Tax-deductible

Raleigh, NC501(c)(3)Religion EIN 85-0795572Revenue $116K in FY2021

On file with the IRS8909 Old Creedmoor Rd, 27613-6528 · Raleigh, NCTax-exempt since Jul 2020Publicly supported charity — 170(b)(1)(A)(vi)

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Spread god's love, promises and grace by delivering humanitarian aid and relief to the poor.

501(c)(3) charity; gifts are tax-deductible.
61¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2021 · 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
5 of 5
filings with a surplus
Average surplus $99K a year · 69% of revenue · last 5 filings
Looks good: a surplus in 5 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
61%
of spending
Worth a look: 61% of spending went to programs; under 65%.
Pt IX · Ln 25 · col B
Cash reserves
83 mo
of spending, in cash
Looks good: 83.3 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $32K
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
4
of 4 voting members
Looks good: 4 of 4 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$116K
-69% vs prior year
Spent
$39K
To programs
61%
Net assets
$422K
By yearFY2020–FY2024
Revenue
$116K
FY2021▼ -69%
Tap a bar for its year
Revenue by fiscal year
FY2020$368K
FY2021$116K
FY2022$116K
FY2023$71K
FY2024$50K
Expenses
$39K
FY2021▲ +45%
Tap a bar for its year
Expenses by fiscal year
FY2020$27K
FY2021$39K
FY2022$57K
FY2023$56K
FY2024$47K
Net assets
$422K
FY2021▲ +24%
Tap a bar for its year
Net assets by fiscal year
FY2020$341K
FY2021$422K
FY2022$452K
FY2023$480K
FY2024$518K

From the FY2021 Form 990 · see the original

990 PDF Claim
You’re viewing the FY2021 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 Jul 2020.

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

Where the money goes

61 cents of each dollar spent went to programs.

Program services 61% · $24K Management & general 39% · $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

4 people listed on the 990.

Part VII, Section A · reportable compensation
Mark Lee
Director & President
$0Pt VII · Sec A
Sungsook Lee
Director & Vice-President
$0Pt VII · Sec A
Diana Lee
Treasurer
$0Pt VII · Sec A
Marcus Lee
Secretary
$0Pt VII · Sec A
See Kaesong 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 2Yes
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Delivers humanitarian aid and relief to the poor, spreading God's love and promises.

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Provided by the organization

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1 program · $24K · in their own filed words · FY2021
01

The nonprofit made donations to other churches or is researching into funding christian mission trips that provide education, subsistence, and supplies for undeveloped communities.

$24Kprogram expense

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 · FY2024
Vanguard Charitable Endowment ProgramFY2024$32K
Total grants receivedfrom 1 funder$32K
Grants paid · 8 grants · $110K · 2020–2024
Individual RecipientFY2024$10,000
Christ Love Church INCMD · FY2024$6,000
Individual RecipientFY2023$10,000
First Korean Baptist ChurchFY2023$9,000
Christ Love Church MDFY2023$6,000
First Korean Baptist ChurchFY2022$25,000
First Korean Baptist ChurchFY2021$24,000
First Korean Baptist ChurchFY2020$20,000

By the numbers

The FY2021 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$116K
Ln 12
Gifts and grantsLn 1h$102K
Investment incomeLn 3$14K
Money outPt IX
$39K
Ln 25
Programscol B$24K
Managementcol C$15K
Owns and owesPt X
$422K
net assets · Ln 32
Cash and savingsLn 1–2$272K
Total assetsLn 16$422K
LiabilitiesLn 26$0
PeoplePt VI, VII
4
listed · VII A
PaidVII A0
Voting boardVI 1a4
IndependentVI 1b4
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$102K
Noncash giftsLn 1g$2K
Investment incomeLn 3$14K
Total revenueLn 12$116K
Assets in detailPt X, end of year
CashLn 1$2K
SavingsLn 2$270K
Cash and savings togetherLn 1–2$272K
InvestmentsLn 11–13$151K
Total assetsLn 16$422K
LiabilitiesLn 26$0
Net assetsLn 32$422K
OperationsPt I, VI
EmployeesI 50
VolunteersI 63
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
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$341K$272K
InvestmentsLn 11–13$151K
Total assetsLn 16$341K$422K
LiabilitiesLn 26$0$0
Net assetsLn 32$341K$422K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$24K$24K
Legal feesLn 11b$420$420
Other fees for servicesLn 11g$135$135
Office expensesLn 13$965$965
TravelLn 17$1K$1K
Conferences, conventions and meetingsLn 19$10K$10K
Other expenses (24a–d)Ln 24$3K$3K
Total functional expensesLn 25$39K$24K$15K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $50K$47K$3K$518K 990 PDF
FY2023 $71K$56K$15K$480K 990 PDF
FY2022 $116K$57K$58K$452K 990 PDF
FY2021 Viewing $116K$39K$76K$422K 990 PDF
FY2020 $368K$27K$341K$341K 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2021 990 (6 parts)
Part I · Summary $115,555 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $368,060$101,995
I-9 Program service revenuePrior year $0$0
I-10 Investment incomePrior year $0$13,560
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $368,060$115,555
I-13 Grants and similar amounts paidPrior year $22,000$24,000
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $0$0
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $5,074$15,130
I-18 Total expensesPrior year $27,074$39,130
I-19 Revenue less expensesPrior year $340,986$76,425
Part VI · Governance 4 of 4 board members independent, 3 to look at
VI-1a Voting members of the governing body4
VI-1b Independent voting members4
VI-2 Family or business relationship among officers or directorsYes
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-12a Written conflict of interest policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $115,555 across 5 lines filed
VIII-1f All other contributions, gifts and grants$101,995
VIII-1g Noncash contributions (included above)$1,995
VIII-1h Total contributions, gifts and grants$101,995
VIII-3 Investment incomeRelated to mission $13,560$13,560
VIII-12 Total revenueRelated to mission $13,560 · Unrelated business $0 · Excluded from tax $0$115,555
Part IX · Statement of functional expenses $39,130 across 7 lines filed
IX-1 Grants to domestic organizationsPrograms $24,000$24,000
IX-11b Legal feesManagement $420$420
IX-11g Other fees for servicesManagement $135$135
IX-13 Office expensesManagement $965$965
IX-17 TravelManagement $1,020$1,020
IX-19 Conferences, conventions and meetingsManagement $9,600$9,600
IX-24 Other expenses (24a–d)Management $2,990$2,990
IX-25 Total functional expensesPrograms $24,000 · Management $15,130 · Fundraising $0$39,130
Part X · Balance sheet $422,478 assets, 7 lines filed
X-1 Cash, non-interest-bearingStart of year $340,986$2,000
X-2 Savings and temporary cash investments$269,579
X-11 Publicly traded securities$150,899
X-16 Total assetsStart of year $340,986$422,478
X-26 Total liabilitiesStart of year $0$0
X-32 Total net assets or fund balancesStart of year $340,986$422,478
X-33 Total liabilities and net assetsStart of year $340,986$422,478
Part XI · Reconciliation of net assets $422,478 net assets at year end
XI-1 Total revenue$115,555
XI-2 Total expenses$39,130
XI-3 Revenue less expenses$76,425
XI-4 Net assets at start of year$340,986
XI-5 Net unrealized gains (losses) on investments$5,067
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$422,478

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

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