Kaesong Foundation: FY2022 Nonprofit Profile & Form 990 (EIN 85-0795572)

Revenue by fiscal year
FY2020	$368K
FY2021	$116K
FY2022	$116K
FY2023	$71K
FY2024	$50K

Expenses by fiscal year
FY2020	$27K
FY2021	$39K
FY2022	$57K
FY2023	$56K
FY2024	$47K

Net assets by fiscal year
FY2020	$341K
FY2021	$422K
FY2022	$452K
FY2023	$480K
FY2024	$518K

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

59 cents of each dollar spent went to programs.

59%

41%

Program services 59% · $34K Management & general 41% · $23K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

Something off? Claim to add context

Who runs it and what they're paid

4 people listed on the 990.

Part VII, Section A · reportable compensation

Mark Lee

President

$0Pt VII · Sec A

Sungsook Lee

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 →

On this list? Claim this org

Something off? Claim to add context

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.

Questions for Kaesong Foundation

Tap to ask. Kaesong Foundation sees how many people are interested.

Your first name shows with your question. Kaesong Foundation answers here, for everyone.

Provided by the organization

Know this org? Add your story

1 program · $34K · in their own filed words · FY2022

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.

$34Kprogram 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 FY2022 990, line by line.

Download 990

from philanthropy.org

1The main four

Money inPt VIII

$116K

Ln 12

Gifts and grantsLn 1h$100K

Investment incomeLn 3$16K

Money outPt IX

$57K

Ln 25

Programscol B$34K

Managementcol C$23K

Owns and owesPt X

$452K

net assets · Ln 32

Cash and savingsLn 1–2$330K

Total assetsLn 16$452K

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$100K

Investment incomeLn 3$16K

Total revenueLn 12$116K

Assets in detailPt X, end of year

CashLn 1$103K

SavingsLn 2$227K

Cash and savings togetherLn 1–2$330K

InvestmentsLn 11–13$122K

Total assetsLn 16$452K

LiabilitiesLn 26$0

Net assetsLn 32$452K

OperationsPt I, VI

EmployeesI 50

VolunteersI 63

Fiscal year endsHeaderDecember

Conflict-of-interest policyVI 12aYes

Whistleblower policyVI 13Yes

Records policyVI 14Yes

3Year over year

Balance sheet, start vs end of yearPt X · col A, B

Line	Start FY22	End FY22
Cash and savingsLn 1–2	$272K	$330K
InvestmentsLn 11–13	$151K	$122K
Total assetsLn 16	$422K	$452K
LiabilitiesLn 26	$0	$0
Net assetsLn 32	$422K	$452K

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Grants to domestic organizationsLn 1	$34K	$34K
Legal feesLn 11b	$420		$420
Accounting feesLn 11c	$2K		$2K
Office expensesLn 13	$2K		$2K
Information technologyLn 14	$960		$960
TravelLn 17	$113		$113
Conferences, conventions and meetingsLn 19	$13K		$13K
Other expenses (24a–d)Ln 24	$6K		$6K
Total functional expensesLn 25	$57K	$34K	$23K	$0

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2024 Latest	$50K	$47K	$3K	$518K	990 PDF
FY2023	$71K	$56K	$15K	$480K	990 PDF
FY2022 Viewing	$116K	$57K	$58K	$452K	990 PDF
FY2021	$116K	$39K	$76K	$422K	990 PDF
FY2020	$368K	$27K	$341K	$341K	990 PDF

More to add? Claim this org

Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations

See the full FY2022 990 (6 parts)

Part I · Summary $115,726 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $101,995$100,000

I-9 Program service revenuePrior year $0$0

I-10 Investment incomePrior year $13,560$15,726

I-11 Other revenuePrior year $0$0

I-12 Total revenuePrior year $115,555$115,726

I-13 Grants and similar amounts paidPrior year $24,000$34,000

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 $15,130$23,426

I-18 Total expensesPrior year $39,130$57,426

I-19 Revenue less expensesPrior year $76,425$58,300

Part VI · Governance 4 of 4 board members independent, 1 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-12a Written conflict of interest policyYes

VI-13 Written whistleblower policyYes

VI-14 Document retention and destruction policyYes

VI-15a Process for setting top official's payYes

Part VIII · Statement of revenue $115,726 across 4 lines filed

VIII-1f All other contributions, gifts and grants$100,000

VIII-1h Total contributions, gifts and grants$100,000

VIII-3 Investment incomeExcluded from tax $15,726$15,726

VIII-12 Total revenueRelated to mission $0 · Unrelated business $0 · Excluded from tax $15,726$115,726

Part IX · Statement of functional expenses $57,426 across 8 lines filed

IX-1 Grants to domestic organizationsPrograms $34,000$34,000

IX-11b Legal feesManagement $420$420

IX-11c Accounting feesManagement $1,600$1,600

IX-13 Office expensesManagement $1,959$1,959

IX-14 Information technologyManagement $960$960

IX-17 TravelManagement $113$113

IX-19 Conferences, conventions and meetingsManagement $12,557$12,557

IX-24 Other expenses (24a–d)Management $5,817$5,817

IX-25 Total functional expensesPrograms $34,000 · Management $23,426 · Fundraising $0$57,426

Part X · Balance sheet $452,206 assets, 7 lines filed

X-1 Cash, non-interest-bearingStart of year $2,000$102,582

X-2 Savings and temporary cash investmentsStart of year $269,579$227,297

X-11 Publicly traded securitiesStart of year $150,899$122,327

X-16 Total assetsStart of year $422,478$452,206

X-26 Total liabilitiesStart of year $0$0

X-32 Total net assets or fund balancesStart of year $422,478$452,206

X-33 Total liabilities and net assetsStart of year $422,478$452,206

Part XI · Reconciliation of net assets $452,206 net assets at year end

XI-1 Total revenue$115,726

XI-2 Total expenses$57,426

XI-3 Revenue less expenses$58,300

XI-4 Net assets at start of year$422,478

XI-5 Net unrealized gains (losses) on investments−$28,572

XI-9 Other changes in net assets$0

XI-10 Net assets at end of year$452,206

Form 990 e-file (XML) FY2022 from the IRS · Classification, formation year and address from the IRS Business Master File

Names, privacy, and removal requests More

The names, titles, and compensation shown on this page are reproduced from IRS Form 990 filings, which are public records.

Philanthropy.org does not alter the content of those filings. All information appears exactly as reported by the filing organization for the tax year shown.

We publish only information contained in the public IRS filing — and less than the filing contains. Our profile pages do not display street addresses, telephone numbers, personal email addresses, or other personal contact information, even where the filing includes them.

Many people share the same name. A name shown on this page reflects only what one organization reported in one IRS filing for one tax year. It should not be interpreted as identifying any other individual with the same or a similar name.

If you are no longer affiliated with the organization, your name will generally stop appearing in future IRS filings once the organization no longer reports you. Pages for tax years in which you were reported remain published because those filings remain part of the public record.

Philanthropy.org does not alter or remove IRS filing records. Removing a page from this website would not remove the underlying IRS filing, which remains publicly available from the IRS and other publishers of the same information.

If you believe the IRS filing itself is inaccurate, corrections must be made by the filing organization or the IRS directly.

Your org? Add context

Made it to the end? Claim this org

Kaesong Foundation FY2022 filing

Before you give

Is it real?

Where the money goes

Who runs it and what they're paid

Questions the 990 asks

Programs and updates

Questions for Kaesong Foundation

Funders

Grants

By the numbers

Filing history

Schedules filed Part IV