Kaesong Foundation: FY2023 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

61 cents of each dollar spent went to programs.

61%

37%

Program services 61% · $34K Management & general 37% · $21K Fundraising 2% · $994

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

Mark Lee

President

$0Pt VII · Sec A

Sungsook Lee

Vice President

$0Pt VII · Sec A

Diana Lee

Treasurer

$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 · $34K · in their own filed words · FY2023

01

The nonprofit made donations to various churches and provided small group meals for one church. The nonprofit 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 FY2023 990, line by line.

Download 990

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1The main four

Money inPt VIII

$71K

Ln 12

Gifts and grantsLn 1h$48K

Investment incomeLn 3$24K

Money outPt IX

$56K

Ln 25

Programscol B$34K

Managementcol C$21K

Fundraisingcol D$994

Owns and owesPt X

$480K

net assets · Ln 32

Cash and savingsLn 1–2$336K

Total assetsLn 16$480K

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$48K

Investment incomeLn 3$24K

Gains on assetsLn 7$0

Total revenueLn 12$71K

Assets in detailPt X, end of year

CashLn 1$3K

SavingsLn 2$333K

Cash and savings togetherLn 1–2$336K

InvestmentsLn 11–13$144K

Total assetsLn 16$480K

LiabilitiesLn 26$0

Net assetsLn 32$480K

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 FY23	End FY23
Cash and savingsLn 1–2	$330K	$336K
InvestmentsLn 11–13	$122K	$144K
Total assetsLn 16	$452K	$480K
LiabilitiesLn 26	$0	$0
Net assetsLn 32	$452K	$480K

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Grants to domestic organizationsLn 1	$30K	$30K
Legal feesLn 11b	$645		$645
Accounting feesLn 11c	$2K		$2K
Office expensesLn 13	$80	$28	$52
Information technologyLn 14	$6K	$852	$5K	$284
Conferences, conventions and meetingsLn 19	$10K	$1K	$8K	$480
Other expenses (24a–d)Ln 24	$7K	$2K	$5K	$230
Total functional expensesLn 25	$56K	$34K	$21K	$994

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2024 Latest	$50K	$47K	$3K	$518K	990 PDF
FY2023 Viewing	$71K	$56K	$15K	$480K	990 PDF
FY2022	$116K	$57K	$58K	$452K	990 PDF
FY2021	$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 FY2023 990 (6 parts)

Part I · Summary $71,289 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $100,000$47,500

I-9 Program service revenuePrior year $0$0

I-10 Investment incomePrior year $15,726$23,789

I-11 Other revenuePrior year $0$0

I-12 Total revenuePrior year $115,726$71,289

I-13 Grants and similar amounts paidPrior year $34,000$30,000

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 $23,426$25,815

I-18 Total expensesPrior year $57,426$55,815

I-19 Revenue less expensesPrior year $58,300$15,474

Part VI · Governance 3 of 3 board members independent, 1 to look at

VI-1a Voting members of the governing body3

VI-1b Independent voting members3

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 $71,289 across 5 lines filed

VIII-1f All other contributions, gifts and grants$47,500

VIII-1h Total contributions, gifts and grants$47,500

VIII-3 Investment incomeExcluded from tax $23,789$23,789

VIII-7 Net gain or loss on sales of assets$0

VIII-12 Total revenueRelated to mission $0 · Unrelated business $0 · Excluded from tax $23,789$71,289

Part IX · Statement of functional expenses $55,815 across 7 lines filed

IX-1 Grants to domestic organizationsPrograms $30,000$30,000

IX-11b Legal feesManagement $645$645

IX-11c Accounting feesManagement $2,425$2,425

IX-13 Office expensesPrograms $28 · Management $52$80

IX-14 Information technologyPrograms $852 · Management $4,542 · Fundraising $284$5,678

IX-19 Conferences, conventions and meetingsPrograms $1,440 · Management $7,680 · Fundraising $480$9,600

IX-24 Other expenses (24a–d)Programs $1,823 · Management $5,334 · Fundraising $230$7,387

IX-25 Total functional expensesPrograms $34,143 · Management $20,678 · Fundraising $994$55,815

Part X · Balance sheet $479,820 assets, 7 lines filed

X-1 Cash, non-interest-bearingStart of year $102,582$2,642

X-2 Savings and temporary cash investmentsStart of year $227,297$333,373

X-11 Publicly traded securitiesStart of year $122,327$143,805

X-16 Total assetsStart of year $452,206$479,820

X-26 Total liabilitiesStart of year $0$0

X-32 Total net assets or fund balancesStart of year $452,206$479,820

X-33 Total liabilities and net assetsStart of year $452,206$479,820

Part XI · Reconciliation of net assets $479,820 net assets at year end

XI-1 Total revenue$71,289

XI-2 Total expenses$55,815

XI-3 Revenue less expenses$15,474

XI-4 Net assets at start of year$452,206

XI-5 Net unrealized gains (losses) on investments$12,140

XI-9 Other changes in net assets$0

XI-10 Net assets at end of year$479,820

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

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Kaesong Foundation FY2023 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