Quick charity verification for Korean Cultural Center Of Chicago (EIN: 202534366)
Verdict: Korean Cultural Center Of Chicago appears trustworthy
92/100Mission Score
$1.8MRevenue
$7.3MAssets
0Red Flags
5Strengths
No red flags identified.
Strengths
Strong and consistent asset growth, from $2,359,205 in 2015 to $6,378,586 in 2023.
Significant revenue growth, especially in recent years, reaching $2,015,448 in 2023.
0% officer compensation reported across all filings, indicating high transparency and dedication of funds to mission.
Expenses are significantly lower than revenue, allowing for substantial reinvestment and asset accumulation.
Low liabilities relative to assets, suggesting strong financial health and low risk.
Spending Breakdown
How Korean Cultural Center Of Chicago allocates its funds across programs, administration, and fundraising.
85%
Program Spending
Healthy — majority goes to mission
10%
Admin Costs
Reasonable — admin costs in check
5%
Fundraising
Within typical range
How to read this: Well-run charities typically spend 75% or more on programs, keep admin under 25%, and fundraising under 15%. A high program ratio means more of every dollar goes directly to the mission.
How to Interpret This Report
What Red Flags Mean
Red flags are potential warning signs identified by AI analysis of IRS 990 filings. They may indicate issues like declining revenue, high executive pay relative to program spending, lack of transparency, or governance concerns. A single red flag does not necessarily mean an organization is untrustworthy, but multiple flags warrant further investigation before donating.
What Mission Score Measures
The Mission Score (0-100) evaluates how effectively a nonprofit fulfills its stated purpose. It combines multiple factors: program spending efficiency (how much goes to programs vs. overhead), financial health and sustainability, governance quality, transparency in reporting, and consistency of operations over time. A score of 70+ indicates strong alignment with the organization’s mission.
Using This Data for Donation Decisions
Use this report as one input in your decision. Look at the overall Mission Score for a quick assessment, review red flags and strengths for specific concerns, check the spending breakdown to see where money goes, and compare executive compensation to the organization’s size. Consider viewing the full transparency report for deeper analysis, and always verify tax-exempt status with the IRS before making large donations.
Frequently Asked Questions about Korean Cultural Center Of Chicago
Is Korean Cultural Center Of Chicago a legitimate charity?
Based on AI analysis of IRS 990 filings, Korean Cultural Center Of Chicago (EIN: 202534366) appears trustworthy. Mission Score: 92/100. 0 red flags identified, 5 strengths noted.
Is Korean Cultural Center Of Chicago a good charity to donate to?
Korean Cultural Center Of Chicago has a Mission Score of 92/100. Revenue: $1.8M. Assets: $7.3M. Review the full transparency report for detailed spending breakdown and executive compensation analysis.
What is the EIN for Korean Cultural Center Of Chicago?
The Employer Identification Number (EIN) for Korean Cultural Center Of Chicago is 202534366. This is the unique tax ID assigned by the IRS.
What is a Mission Score?
The Mission Score is a 0-100 rating that measures how effectively a nonprofit fulfills its stated mission. It factors in program spending efficiency, financial transparency, governance practices, and outcome reporting. Scores above 70 indicate strong mission alignment, 40-69 suggest mixed performance, and below 40 signals potential concerns.
How does Korean Cultural Center Of Chicago spend its money?
Korean Cultural Center Of Chicago allocates 85% to programs, 10% to administration, and 5% to fundraising. Healthy nonprofits typically spend 75%+ on programs.
How can I verify Korean Cultural Center Of Chicago's tax-exempt status?
You can verify Korean Cultural Center Of Chicago's tax-exempt status using EIN 202534366 on the IRS Tax Exempt Organization Search (TEOS) at apps.irs.gov/app/eos. You can also request copies of their Form 990 directly from the organization, as they are required by law to provide them upon request.
AI Transparency Report
The Korean Cultural Center Of Chicago demonstrates a strong financial position with consistently growing assets, reaching $6,378,586 in 2023. The organization has shown significant revenue growth, particularly in 2023 with $2,015,448, while maintaining relatively stable expenses. This indicates efficient management of resources and a healthy surplus generation. Their liabilities are minimal compared to their assets, suggesting good financial stability and low risk.
The organization's spending efficiency appears robust, with expenses in 2023 ($657,105) being significantly lower than revenue ($2,015,448), allowing for substantial asset accumulation. The consistent reporting of 0% officer compensation across all available filings is a notable indicator of transparency and a commitment to directing funds towards the mission rather than executive salaries. This practice enhances public trust and suggests a volunteer-driven leadership structure.
Overall, the Korean Cultural Center Of Chicago exhibits strong financial health, efficient spending practices, and a high degree of transparency regarding executive compensation. Their consistent asset growth and prudent expense management position them well for sustained program delivery and community impact.