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Nae Il Foundation Ltd FY2023 filing

Hamilton HmUnknown exempt organization EIN 98-1525203Revenue $1.6M in FY2023

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.

80¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Programs: Part IX

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FY2023 · 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
80%
of spending
Looks good: 80% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
43 mo
of spending, in cash
Plus $37.4M in investments, Pt X · Ln 11–13
Looks good: 42.8 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
$1.6M
+123% vs prior year
Spent
$468K
To programs
80%
Net assets
$39.0M
By yearFY2020–FY2024
Revenue
$1.6M
FY2023▲ +123%
Tap a bar for its year
Revenue by fiscal year
FY2020$40.2M
FY2021$11.6M
FY2022$709K
FY2023$1.6M
FY2024−$168K
Expenses
$468K
FY2023▲ +9%
Tap a bar for its year
Expenses by fiscal year
FY2020$667K
FY2021$426K
FY2022$430K
FY2023$468K
FY2024$420K
Net assets
$39.0M
FY2023▲ +3%
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 FY2023 Form 990 · see the original

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You’re viewing the FY2023 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

80 cents of each dollar spent went to programs.

Program services 80% · $375K Management & general 20% · $93K

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
So Young Kim
Director
$0Pt VII · Sec A
William Moon
Director, Treasurer
$0Pt VII · Sec A
Michael Lee
Director
$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 · $375K · in their own filed words · FY2023
01

Support for the korean american family support center which is helping adults, youth, and children to lead safe and healthy lives based on dignity, compassion, and mutual respect. The center is committed to prevent and end domestic violence, sexual assault, and relationship abuse, overall to create a violence-free society.

$300Kprogram expense
02

Support for the korean american community foundation (kacf) which provides grants and organizational development support to nonprofit groups working to address the most pressing needs in the korean american community and beyond.

$50Kprogram expense
03

Support for the korean american association of greater new york (kaagny) which works to advance the interests, rights, and welfare of korean americans, and enhancing the friendship and understanding between the korean american community and the wider public.

$25Kprogram 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 FY2023 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$1.6M
Ln 12
Investment incomeLn 3$1.6M
Money outPt IX
$468K
Ln 25
Programscol B$375K
Managementcol C$93K
Owns and owesPt X
$39.0M
net assets · Ln 32
Cash and savingsLn 1–2$1.7M
Total assetsLn 16$39.0M
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$1.6M
Total revenueLn 12$1.6M
Assets in detailPt X, end of year
CashLn 1$1.3M
SavingsLn 2$354K
Cash and savings togetherLn 1–2$1.7M
InvestmentsLn 11–13$37.4M
Total assetsLn 16$39.0M
LiabilitiesLn 26$0
Net assetsLn 32$39.0M
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 FY23End FY23
Cash and savingsLn 1–2$12.0M$1.7M
InvestmentsLn 11–13$26.0M$37.4M
Total assetsLn 16$38.0M$39.0M
LiabilitiesLn 26$0$0
Net assetsLn 32$38.0M$39.0M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$375K$375K
Legal feesLn 11b$62K$62K
Accounting feesLn 11c$29K$29K
Office expensesLn 13$1K$1K
TravelLn 17$1K$1K
Other expenses (24a–d)Ln 24$341$341
Total functional expensesLn 25$468K$375K$93K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest −$168K$420K−$588K$46.0M 990 PDF
FY2023 Viewing $1.6M$468K$1.1M$39.0M 990 PDF
FY2022 $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 FY2023 990 (6 parts)
Part I · Summary $1,581,308 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 $709,096$1,581,308
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $709,096$1,581,308
I-13 Grants and similar amounts paidPrior year $391,000$375,000
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 $39,202$93,456
I-18 Total expensesPrior year $430,202$468,456
I-19 Revenue less expensesPrior year $278,894$1,112,852
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 $1,581,308 across 2 lines filed
VIII-3 Investment incomeUnrelated business $13,489 · Excluded from tax $1,567,819$1,581,308
VIII-12 Total revenueRelated to mission $0 · Unrelated business $13,489 · Excluded from tax $1,567,819$1,581,308
Part IX · Statement of functional expenses $468,456 across 6 lines filed
IX-1 Grants to domestic organizationsPrograms $375,000$375,000
IX-11b Legal feesManagement $61,583$61,583
IX-11c Accounting feesManagement $29,180$29,180
IX-13 Office expensesManagement $1,154$1,154
IX-17 TravelManagement $1,198$1,198
IX-24 Other expenses (24a–d)Management $341$341
IX-25 Total functional expensesPrograms $375,000 · Management $93,456 · Fundraising $0$468,456
Part X · Balance sheet $39,029,721 assets, 9 lines filed
X-1 Cash, non-interest-bearingStart of year $1,335,810$1,315,534
X-2 Savings and temporary cash investmentsStart of year $10,662,672$354,447
X-11 Publicly traded securities$11,329,228
X-12 Other securitiesStart of year $26,030,512$26,030,512
X-16 Total assetsStart of year $38,028,994$39,029,721
X-26 Total liabilitiesStart of year $0$0
X-27 Net assets without donor restrictionsStart of year $38,028,994$39,029,721
X-32 Total net assets or fund balancesStart of year $38,028,994$39,029,721
X-33 Total liabilities and net assetsStart of year $38,028,994$39,029,721
Part XI · Reconciliation of net assets $39,029,721 net assets at year end
XI-1 Total revenue$1,581,308
XI-2 Total expenses$468,456
XI-3 Revenue less expenses$1,112,852
XI-4 Net assets at start of year$38,028,994
XI-5 Net unrealized gains (losses) on investments−$112,125
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$39,029,721

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

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