2025-08-15T19:03:23-05:00 2024-09-30 202227407 CKP LLP 3435 WILSHIRE BLVD SUITE 2240 LOS ANGELES CA 90010 990 2023-10-01 832513160 KOREAN AMERICAN FOUNDATION KORE 2137922301 3600 WILSHIRE BLVD 722 LOS ANGELES CA 90010 KAE HONG KO INTERIM EXECUTIVE DIRECTOR 2138927700 2025-08-15 1 0 Kiho Choi P00545677 2134809100 2023 2025-03-06 01:10:19Z KEVIN KANG 3600 WILSHIRE BLVD 722 LOS ANGELES CA 90010 1049886 0 X https://koreanamericanfoundation.org/ X 2018 CA Our mission is to help strengthen communities, with a particular focus on the Korean American community, and build a brighter future for all residents of Southern California (the "Community"), by (i) seeking to improve life for all residents, especially those who are most vulnerable; (ii) promoting philanthropy and acting as an effective steward of charitable funds; and (iii) collaborating with community based organizations to build their capacity to increase their effectiveness and ensure their sustainability. 5 5 0 0 133008 0 1107325 916878 0 0 65512 132975 5 33 1172842 1049886 460000 330492 0 0 74514 15366 0 0 0 15628 105726 550142 451584 622700 598302 2737739 4375160 73520 3482 2664219 4371678 X None 0 0 KAF fulfills its mission and vision by raising and stewarding funds in order to strategically give back to the community through the administration of grants to nonprofits whose work address the most pressing needs of our community. KAF provides fundholder services, assisting with gift administration and providing expertise based on the donor's philanthropic interests. 5000 5000 Activity Classification: Charitable GrantGrantee Name: PAVA WorldGrantee Address: 3470 Wilshire Blvd. #612, Los Angeles, CA 90010Grantee Relationship: NoneProperty Description: CashDate of Gift: 10/13/2023 5000 5000 Activity Classification: Charitable GrantGrantee Name: Turbo Charitable FoundationGrantee Address: 12 Upper Blackwater Canyon Rd. Rolling Hills, CA 90274Grantee Relationship: NoneProperty Description: CashDate of Gift: 11/04/2023 100000 100000 Activity Classification: Charitable GrantGrantee Name: Korean American Special Education CenterGrantee Address: 1233 S. Western Ave. Los Angeles, CA 90006Grantee Relationship: NoneProperty Description: CashDate of Gift: 11/20/2023 10000 10000 Activity Classification: Charitable GrantGrantee Name: Koreatown Youth and Community CenterGrantee Address: 3727 W. 6th St., Suite 300, Los Angeles, CA 90020Grantee Relationship: NoneProperty Description: CashDate of Gift: 12/01/2023 50000 50000 Activity Classification: Charitable GrantGrantee Name: Korea Town Senior and Community CenterGrantee Address: 965 Normandie Ave STE 200, Los Angeles, CA 90006Grantee Relationship: NoneProperty Description: CashDate of Gift: 12/01/2023 10000 10000 Activity Classification: Charitable GrantGrantee Name: Korea Town Senior and Community CenterGrantee Address: 965 Normandie Ave STE 200, Los Angeles, CA 90006Grantee Relationship: NoneProperty Description: CashDate of Gift: 12/01/2023 10492 10492 Activity Classification: Charitable GrantGrantee Name: Korea Town Senior and Community CenterGrantee Address: 965 Normandie Ave STE 200, Los Angeles, CA 90006Grantee Relationship: NoneProperty Description: CashDate of Gift: 09/18/2024 5000 5000 Activity Classification: Charitable GrantGrantee Name: Seesaw Communities IncGrantee Address: 5681 Beach Blvd #100 Buena Park, CA 90621Grantee Relationship: NoneProperty Description: CashDate of Gift: 12/19/2023 5000 5000 Activity Classification: Charitable GrantGrantee Name: Vision Care Service WestGrantee Address: P. O. Box 743219 Los Angeles, CA 90004Grantee Relationship: NoneProperty Description: CashDate of Gift: 12/19/2023 20000 20000 Activity Classification: Charitable GrantGrantee Name: Korean American Story IncGrantee Address: 4 Cherry Lane, Scarsdale, NY 10583Grantee Relationship: NoneProperty Description: CashDate of Gift: 12/19/2023 20000 20000 Activity Classification: Charitable GrantGrantee Name: Anderson Munger Family YMCAGrantee Address: 4301 W 3rd St, Los Angeles, CA 90020Grantee Relationship: NoneProperty Description: CashDate of Gift: 12/19/2023 20000 20000 Activity Classification: Charitable GrantGrantee Name: Korean American CoalitionGrantee Address: 3727 West 6th Street Suite 305, Los Angeles, CA 90020Grantee Relationship: NoneProperty Description: CashDate of Gift: 12/19/2023 20000 20000 Activity Classification: Charitable GrantGrantee Name: Korean American Family ServicesGrantee Address: 3727 W 6th Street Suite 320, Los Angeles, CA 90020Grantee Relationship: NoneProperty Description: CashDate of Gift: 12/19/2023 5000 5000 Activity Classification: Charitable GrantGrantee Name: Faith and Community EmpowermentGrantee Address: 3435 Wilshire Boulevard, Suite 350, Los Angeles, CA 90010Grantee Relationship: NoneProperty Description: CashDate of Gift: 12/19/2023 20000 20000 Activity Classification: Charitable GrantGrantee Name: Zion Mountain FoundationGrantee Address: 685 N. 13th Ave. STE 1 Upland, CA 91786Grantee Relationship: NoneProperty Description: CashDate of Gift: 03/15/2024 5000 5000 Activity Classification: Charitable GrantGrantee Name:Korean American Chamber of CommerceGrantee Address: 3435 Wilshire Blvd # 2450, Los Angeles, CA 90010Grantee Relationship: NoneProperty Description: CashDate of Gift: 03/15/2024 10000 10000 Activity Classification: Charitable GrantGrantee Name: Koreatown Senior & Community CenterGrantee Address: 981 S. Western Ave, Suite 100, Los Angeles, CA 90006Grantee Relationship: NoneProperty Description: CashDate of Gift: 12/01/2023 10000 10000 Activity Classification: Charitable GrantGrantee Name: Koreatown Youth and Community CenterGrantee Address: 3727 W. 6th St., Suite 300, Los Angeles, CA 90020Grantee Relationship: NoneProperty Description: CashDate of Gift: 12/19/2023 330492 330492 330492 1 1 0 0 0 1 0 0 0 0 0 1 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 5 5 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CA X X KOREAN AMERICAN FOUNDATION 2137922301 3600 WILSHIRE BLVD 722 LOS ANGELES CA 90005 X JOHN LIM SECRETARY 0.00 X X 0 0 0 KEVIN KANG CHIEF EXECUTIVE OFFICER/CHAIRMAN 0.00 X X 0 0 0 DAVID LEE BOARD MEMBER 0.00 X 0 0 0 ROBIN KIM BOARD MEMBER 0.00 X 0 0 0 THOMAS HAN BOARD MEMBER 0.00 X 0 0 0 JERRY KANG BOARD MEMBER 0.00 X 0 0 0 ALBERT JANG CHIEF FINANCIAL OFFICER/TREASURER 0.00 X X 0 0 0 KAE H KO BOARD MEMBER/ INTERIM EXECUTIVE DIRECTOR 0.00 X 0 0 0 JOANNE KIM BOARD MEMBER 0.00 X 0 0 0 TERRI MOSQUEDA BOARD MEMBER 0.00 X 0 0 0 0 0 0 0 0 0 0 0 147300 769578 49892 916878 132975 132975 0 147300 0 0 Other income 900099 33 33 33 1049886 0 133008 0 330492 330492 13767 13767 1599 1599 1557 1557 4527 4527 Fundraising expense 51881 51881 Outside contract servic 20000 20000 Accounting expense 13300 13300 Meeting and conference 9870 9870 4591 4591 451584 330492 121092 0 2516790 3007567 849686 22180 89 198769 517818 2737739 4375160 69000 0 4520 3482 73520 3482 X 1019219 2064181 1645000 2307497 2664219 4371678 2737739 4375160 X 598302 40497 1068660 0 X 0 0 0 X 150066 169926 2350578 1107325 1145300 4923195 150066 169926 2350578 1107325 1145300 4923195 4923195 7703 65512 132975 206190 5 33 38 5129423 0.95980 0.98140 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1 1 49892 342116 175702 1 1 0 Donor advice fund-in custody of CCF - Robin 232116 F Marketable securities- in custody of CCF 175702 F Donor advice fund-in custody of CCF 110000 C 517818 Payroll Liabilities 2818 Credit Card Payable 664 3482 1049886 0 1049886 0 1049886 451584 0 451584 0 451584 0 Anderson Munger Family YMCA 4301 W 3rd St Los Angeles CA 90020 951644052 20000 0 2023 Grantee Korean American Story Inc 4 Cherry Lane Scarsdale NY 10583 272032949 20000 0 2023 Grantee Koreatown Youth & Community Center 3727 W 6th St Ste 300 Los Angeles CA 90020 953779389 10000 0 2023 Grantee Korean American Coalition 3727 West 6th Street Suite 305 Los Angeles CA 90020 953823437 20000 0 2023 Grantee Korean American Family Services 3727 W 6th St Ste 320 Los Angeles CA 90020 953899329 20000 0 2023 Grantee The Korean American Federation of Los Angeles 981 S Western Ave 100 Los Angeles CA 90006 953842560 10000 0 End of Year Fundraiser Koreatown Youth & Community Center 3727 W 6th St Ste 300 Los Angeles CA 90020 953779389 10000 0 End of Year Fundraiser Koreatown Senior & Community Center 965 Normandie Ave Ste 200 Los Angeles CA 90006 202761167 10492 0 Grant from Hanmi Bank Koreatown Senior & Community Center 965 Normandie Ave STE 200 Los Angeles CA 90006 202761167 10000 0 2023 Grantee Koreatown Senior & Community Center 965 Normandie Ave Ste 200 Los Angeles CA 90006 202761167 50000 0 Grant from Robin Kim Zion Mountain Foundation 685 N 13th Ave STE 1 Upland CA 91786 326108095 20000 0 Grant from Young Kim at IRIS Korean American Special Education Center 1233 S Western Ave Los Angeles CA 90006 201635852 100000 0 Matching grant from Scott & Christina Yang Foundation X 400 49892 0 0 0 Form 990, Part VI, Section B, line 11b THE TAX RETURN IS PRESENTED TO GOVERNING BODY OF THE ORGANIZATION BEFORE THE FILING FOR APPROVAL. Form 990, Part VI, Section B, line 12c THE ORGANIZATION HAS A WRITTEN CONFLICT OF INTEREST POLICY WHICH REQUIRES OFFICERS, DIRECTORS AND KEY EMPLOYEES TO DISCLOSE ANY SITUATION WHERE AN ACTUAL OR POTENTIAL CONFLICT MAY EXIST. Form 990, Part VI, Section B, line 15 COMPENSATION PROCESS FOR OFFICERS THE BOARD DETERMINES AND APPROVES THE COMPENSATION PACKAGE OF OTHER OFFICERS AND KEY EMPLOYEES. Form 990, Part VI, Section C, line 19 THE ORGANIZATION MAINTAINS BOARD OF DIRECTORS MEETING MINUTES AS WELL THE SIGNATURE OF ALL BOARD MEMBERS. THE ORGANIZATION MAKES ITS FINANCIAL STATEMENTS AVAILABLE FOR PUBLIC INSPECTION UPON REQUEST. THE ORGANIZATION HAS A WRITTEN CONFLICT OF INTEREST POLICY. Form 990, Part XI, Line 8 During the current year, KAF identified and corrected errors related to the prior year's financial statements. The corrections have been recorded as a prior-period adjustment to beginning net assets as of October 1, 2023. Revenue earned in the prior year was not recorded due to the omission of the related accounts receivable. This error resulted in an understatement of both revenue and accounts receivable in the prior year. As part of the adjustments, accounts receivable increased by $850,000 in total, with $645,000 attributed to activities without donor restrictions and $205,000 to those with donor restrictions. Additionally, a prior year expenditure that should have been capitalized as a capital asset was incorrectly recorded as an expense. This error resulted in an overstatement of expenses and an understatement of assets in the prior year. As part of the adjustments, a decrease of $200,000 in prior year expenses was recognized under activities with donor restrictions. An increase in capital assets of $18,660 was also recorded under activities without donor restrictions. Overall, these adjustments resulted in a total increase of $1,068,660, comprising $663,660 under activities without donor restrictions and $405,000 under activities with donor restrictions.