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Nae Il Foundation Ltd FY2022 filing

Hamilton HmUnknown exempt organization EIN 98-1525203Revenue $709K in FY2022

On file with the IRSnaeilfoundation.orgClarendon House 2 Church Street · Hamilton Hm

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Naeil Foundation mission is to advance social justice and democratic values in the korean-american community by advocating for policies and civic engagement that places educational access, preservation of cultural heritage, cross-cultural coalition building, and community prosperity at the forefront. Additionally the Foundation promotes equitable treatment of and outcomes for similarly situated underrepresented and socioeconomically disadvantaged communities across the united states and its territories where the Foundation is a major stakeholder in the community.

91¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Programs: Part IX

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FY2022 · Form 990Independent: from IRS data, not the org
Download 990
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
4 of 5
filings with a surplus
Average surplus $10.3M a year · 96% of revenue · last 5 filings
Fine: a surplus in 4 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
91%
of spending
Looks good: 91% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
335 mo
of spending, in cash
Plus $26.0M in investments, Pt X · Ln 11–13
Looks good: 334.7 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
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
$709K
-94% vs prior year
Spent
$430K
To programs
91%
Net assets
$38.0M
By yearFY2020–FY2024
Revenue
$709K
FY2022▼ -94%
Tap a bar for its year
Revenue by fiscal year
FY2020$40.2M
FY2021$11.6M
FY2022$709K
FY2023$1.6M
FY2024−$168K
Expenses
$430K
FY2022▲ +1%
Tap a bar for its year
Expenses by fiscal year
FY2020$667K
FY2021$426K
FY2022$430K
FY2023$468K
FY2024$420K
Net assets
$38.0M
FY2022▼ -25%
Tap a bar for its year
Net assets by fiscal year
FY2020$39.6M
FY2021$50.8M
FY2022$38.0M
FY2023$39.0M
FY2024$46.0M

From the FY2022 Form 990 · see the original

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You’re viewing the FY2022 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 Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

91 cents of each dollar spent went to programs.

Program services 91% · $391K Management & general 9% · $39K

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
William Moon
Director, Treasurer
$0Pt VII · Sec A
Michael Lee
Director
$0Pt VII · Sec A
So Young Kim
Director, Secretary
$0Pt VII · Sec A
See Nae Il Foundation Ltd 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

Advocates for Korean-American social justice, education, and cultural heritage, promoting equitable treatment for all disadvantaged communities.

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Provided by the organization

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3 programs · $391K · in their own filed words · FY2022
01

(june 25, 1950

July 27, 1953) and its impact on the korean identity and diaspora, the foundation funded the creation of a website dedicated to honoring korean war veterans around the world and in the united states while educating the public about the korean war. The website will continue to promote global awareness of the veterans' sacrifices.

$141Kprogram expense
02

Sponsorship of the korean american day celebration gala. The gala brought together diverse segments from the korean american community and the community at large to work towards the common goal of fighting against these challenges. Gala and film sponsorships to raise awareness of korean american issues and minorities in media.

$140Kprogram expense
03

Stop asian hate campaign

$110Kprogram expense

Funders

Who pays for it.

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

Grants

Schedule I · this organization's grantmaking
Grants paid · 20 grants · $1.6M · 2020–2024
The Korean-American Family Service Center INCNY · FY2024$175,000
Korean American Family Services INCCA · FY2024$100,000
Korean American CoalitionCA · FY2024$50,000
The Hana CenterIL · FY2024$45,000
The Korean-American Family Service Center INCNY · FY2023$300,000
Korean-American Community Foundation INCNY · FY2023$50,000
Korean American Association of Greater New York INCNY · FY2023$25,000
Korean American Association of Greater New York INCNY · FY2022$125,000
Korean American CoalitionCA · FY2022$110,000
Family Touch INCNJ · FY2022$60,000
Madison Square Park Conservancy INCNY · FY2022$50,000
The Korean-American Family Service Center INCNY · FY2022$40,000
Koreanamericanstoryorg INCNY · FY2022$6,000
Korean American Association of Greater New York INCNY · FY2021$110,000
Korean War Memorial FoundationCA · FY2021$81,050
Multicultural Media & Correspondents AssociationDC · FY2021$50,000
Gold House Foundation INCCA · FY2021$50,000
Korean American CoalitionCA · FY2021$10,000
See all 20 grants →

By the numbers

The FY2022 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$709K
Ln 12
Investment incomeLn 3$709K
Money outPt IX
$430K
Ln 25
Programscol B$391K
Managementcol C$39K
Owns and owesPt X
$38.0M
net assets · Ln 32
Cash and savingsLn 1–2$12.0M
Total assetsLn 16$38.0M
LiabilitiesLn 26$0
PeoplePt VI, VII
3
listed · VII A
PaidVII A0
Voting boardVI 1a3
IndependentVI 1b3
2In more detail
Revenue in detailPt VIII
Investment incomeLn 3$709K
Total revenueLn 12$709K
Assets in detailPt X, end of year
CashLn 1$1.3M
SavingsLn 2$10.7M
Cash and savings togetherLn 1–2$12.0M
InvestmentsLn 11–13$26.0M
Other assetsLn 15$0
Total assetsLn 16$38.0M
LiabilitiesLn 26$0
Net assetsLn 32$38.0M
OperationsPt I, VI
EmployeesI 50
VolunteersI 63
Fiscal year endsHeaderDecember
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 FY22End FY22
Cash and savingsLn 1–2$11.2M$12.0M
InvestmentsLn 11–13$39.1M$26.0M
Total assetsLn 16$50.8M$38.0M
LiabilitiesLn 26$0$0
Net assetsLn 32$50.8M$38.0M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$391K$391K
Legal feesLn 11b$23K$23K
Accounting feesLn 11c$5K$5K
Office expensesLn 13$857$857
Information technologyLn 14$7K$7K
TravelLn 17$794$794
Other expenses (24a–d)Ln 24$3K$3K
Total functional expensesLn 25$430K$391K$39K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest −$168K$420K−$588K$46.0M 990 PDF
FY2023 $1.6M$468K$1.1M$39.0M 990 PDF
FY2022 Viewing $709K$430K$279K$38.0M 990 PDF
FY2021 $11.6M$426K$11.2M$50.8M 990 PDF
FY2020 $40.2M$667K$39.6M$39.6M 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 FY2022 990 (6 parts)
Part I · Summary $709,096 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $0$0
I-10 Investment incomePrior year $11,626,205$709,096
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $11,626,205$709,096
I-13 Grants and similar amounts paidPrior year $301,050$391,000
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 $124,763$39,202
I-18 Total expensesPrior year $425,813$430,202
I-19 Revenue less expensesPrior year $11,200,392$278,894
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 $709,096 across 2 lines filed
VIII-3 Investment incomeUnrelated business $4,628 · Excluded from tax $704,468$709,096
VIII-12 Total revenueRelated to mission $0 · Unrelated business $4,628 · Excluded from tax $704,468$709,096
Part IX · Statement of functional expenses $430,202 across 7 lines filed
IX-1 Grants to domestic organizationsPrograms $391,000$391,000
IX-11b Legal feesManagement $23,343$23,343
IX-11c Accounting feesManagement $4,625$4,625
IX-13 Office expensesManagement $857$857
IX-14 Information technologyManagement $6,608$6,608
IX-17 TravelManagement $794$794
IX-24 Other expenses (24a–d)Management $2,975$2,975
IX-25 Total functional expensesPrograms $391,000 · Management $39,202 · Fundraising $0$430,202
Part X · Balance sheet $38,028,994 assets, 9 lines filed
X-1 Cash, non-interest-bearingStart of year $9,855,358$1,335,810
X-2 Savings and temporary cash investmentsStart of year $1,364,230$10,662,672
X-12 Other securitiesStart of year $39,056,813$26,030,512
X-15 Other assetsStart of year $500,000$0
X-16 Total assetsStart of year $50,776,401$38,028,994
X-26 Total liabilitiesStart of year $0$0
X-27 Net assets without donor restrictionsStart of year $50,776,401$38,028,994
X-32 Total net assets or fund balancesStart of year $50,776,401$38,028,994
X-33 Total liabilities and net assetsStart of year $50,776,401$38,028,994
Part XI · Reconciliation of net assets $38,028,994 net assets at year end
XI-1 Total revenue$709,096
XI-2 Total expenses$430,202
XI-3 Revenue less expenses$278,894
XI-4 Net assets at start of year$50,776,401
XI-5 Net unrealized gains (losses) on investments−$13,026,301
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$38,028,994

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

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