Korean Cultural Center Of Chicago
Korean Cultural Center Of Chicago shows strong asset growth and no reported officer compensation.
EIN: 202534366 · Wheeling, IL · NTEE: A20 · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $1.8M |
| Total Expenses | $657K |
| Program Spending | 85% |
| Net Assets | $6.2M |
| Transparency Score | 92/100 |
Is Korean Cultural Center Of Chicago Legit?
Appears Legitimate
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Korean Cultural Center Of Chicago directs 85% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Korean Cultural Center Of Chicago
Korean Cultural Center Of Chicago (EIN: 202534366) is a nonprofit organization based in Wheeling, IL, classified under NTEE code A20. The organization reported total revenue of $1.8M and total assets of $7.3M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Korean Cultural Center Of Chicago's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Korean Cultural Center Of Chicago is a mid-size nonprofit that has been operating for 21 years, with 13 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of 13.8%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $2.0M |
| Total Expenses | $657K |
| Surplus / Deficit | +$1.4M |
| Total Assets | $6.4M |
| Total Liabilities | $208K |
| Net Assets | $6.2M |
| Operating Margin | 67.4% |
| Debt-to-Asset Ratio | 3.3% |
| Months of Reserves | 116.5 months |
Financial Health Grade: A
In 2023, Korean Cultural Center Of Chicago reported a surplus of $1.4M with revenue exceeding expenses, holds 116.5 months of operating reserves (strong position), has a debt-to-asset ratio of 3.3% (very low leverage).
Financial Trends
Over 13 years of filings (2011–2023), Korean Cultural Center Of Chicago's revenue has grown at a compound annual growth rate (CAGR) of 13.8%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +58.7% | +5.4% | +37.5% |
| 2022 | -16.4% | +19.2% | +16.2% |
| 2021 | +186.2% | +16.1% | +33.1% |
| 2020 | -38.4% | -8.5% | +7.5% |
| 2019 | +97.9% | +16.1% | +15.2% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1200 |
| IRS Ruling Date | 2005 |
Classification data from ProPublica Nonprofit Explorer. Additional BMF data may be available after enrichment.
AI Transparency Report
Mission Effectiveness Score
NonprofitSpending's AI analysis rates Korean Cultural Center Of Chicago with a Mission Score of 92 out of 100 (Excellent). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Spending Breakdown
- admin: 10%
- programs: 85%
- fundraising: 5%
According to IRS 990 filings, Korean Cultural Center Of Chicago allocates its expenses as follows: admin: 10%, programs: 85%, fundraising: 5%. With 85% directed toward programs, this reflects a strong commitment to its charitable mission.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
- The organization reported a surplus of $1.4M, with revenue exceeding expenses.
- Debt-to-asset ratio: 3.3%.
Executive Compensation Analysis
Executive compensation is reported as 0% across all available filings, indicating that the organization's officers are not compensated, which is a strong positive for directing funds to programs.
Executive compensation data is sourced from IRS 990 filings, which require nonprofits to disclose the compensation of officers, directors, trustees, and key employees. NonprofitSpending analyzes this data relative to the organization's total revenue and sector benchmarks to assess whether executive pay is reasonable.
Strengths
The following positive indicators were identified for Korean Cultural Center Of Chicago:
- 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.
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 legitimate. Mission Score: 92/100. 0 red flags identified, 5 strengths noted.
How does Korean Cultural Center Of Chicago spend its money?
Korean Cultural Center Of Chicago directs 85% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Korean Cultural Center Of Chicago tax-deductible?
Korean Cultural Center Of Chicago is registered as a tax-exempt nonprofit (EIN: 202534366). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
What percentage of Korean Cultural Center Of Chicago's spending goes to programs?
Korean Cultural Center Of Chicago directs 85% to programs, 5% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
How does Korean Cultural Center Of Chicago compare to similar nonprofits?
With a transparency score of 92/100 (Excellent), Korean Cultural Center Of Chicago is above average for NTEE category A20 nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Korean Cultural Center Of Chicago located?
Korean Cultural Center Of Chicago is headquartered in Wheeling, Illinois and files with the IRS under EIN 202534366. It is classified under NTEE code A20.
How many years of IRS 990 filings does Korean Cultural Center Of Chicago have?
Korean Cultural Center Of Chicago has 13 years of IRS 990 filings on record at NonprofitSpending. This extensive filing history provides a strong basis for evaluating long-term financial trends. The most recent filing shows $1.8M in total revenue.
Is the Korean Cultural Center Of Chicago financially stable?
Yes, the organization is financially stable, evidenced by consistent asset growth from $2,359,205 in 2015 to $6,378,586 in 2023, and low liabilities relative to assets.
How has the organization's revenue changed over time?
The organization has experienced significant revenue growth, particularly in recent years, increasing from $328,975 in 2015 to $2,015,448 in 2023.
Does the organization pay its officers?
No, the IRS 990 filings consistently report 0% officer compensation, indicating that officers are not paid.
Filing History
IRS 990 filing history for Korean Cultural Center Of Chicago showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), Korean Cultural Center Of Chicago's revenue has grown by 371.3%, moving from $428K to $2.0M. Total assets increased by 173.6% over the same period, from $2.3M to $6.4M. Total functional expenses rose by 31%, from $501K to $657K. In its most recent filing year (2023), Korean Cultural Center Of Chicago reported a surplus of $1.4M, with revenue exceeding expenses. The organization holds $208K in liabilities against $6.4M in assets (debt-to-asset ratio: 3.3%), resulting in net assets of $6.2M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $2.0M | $657K | $6.4M | $208K | — | — |
| 2022 | $1.3M | $624K | $4.6M | $125K | — | View 990 |
| 2021 | $1.5M | $523K | $4.0M | $124K | — | View 990 |
| 2020 | $531K | $450K | $3.0M | $128K | — | — |
| 2019 | $862K | $492K | $2.8M | $0 | — | View 990 |
| 2018 | $435K | $424K | $2.4M | $0 | — | View 990 |
| 2017 | $450K | $440K | $2.4M | $0 | — | View 990 |
| 2016 | $404K | $363K | $2.4M | $0 | — | View 990 |
| 2015 | $329K | $390K | $2.4M | $0 | — | View 990 |
| 2014 | $324K | $392K | $2.4M | $0 | — | View 990 |
| 2013 | $534K | $368K | $2.5M | $0 | — | View 990 |
| 2012 | $376K | $373K | $2.3M | $17K | — | View 990 |
| 2011 | $428K | $501K | $2.3M | $11K | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $2.0M, expenses of $657K, and assets of $6.4M (revenue +58.7% year-over-year).
- 2022: Revenue of $1.3M, expenses of $624K, and assets of $4.6M (revenue -16.4% year-over-year).
- 2021: Revenue of $1.5M, expenses of $523K, and assets of $4.0M (revenue +186.2% year-over-year).
- 2020: Revenue of $531K, expenses of $450K, and assets of $3.0M (revenue -38.4% year-over-year).
- 2019: Revenue of $862K, expenses of $492K, and assets of $2.8M (revenue +97.9% year-over-year).
- 2018: Revenue of $435K, expenses of $424K, and assets of $2.4M (revenue -3.2% year-over-year).
- 2017: Revenue of $450K, expenses of $440K, and assets of $2.4M (revenue +11.4% year-over-year).
- 2016: Revenue of $404K, expenses of $363K, and assets of $2.4M (revenue +22.7% year-over-year).
- 2015: Revenue of $329K, expenses of $390K, and assets of $2.4M (revenue +1.5% year-over-year).
- 2014: Revenue of $324K, expenses of $392K, and assets of $2.4M (revenue -39.3% year-over-year).
- 2013: Revenue of $534K, expenses of $368K, and assets of $2.5M (revenue +42.1% year-over-year).
- 2012: Revenue of $376K, expenses of $373K, and assets of $2.3M (revenue -12.1% year-over-year).
- 2011: Revenue of $428K, expenses of $501K, and assets of $2.3M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Korean Cultural Center Of Chicago:
Data Sources and Methodology
This transparency report for Korean Cultural Center Of Chicago is generated by NonprofitSpending's AI analysis engine. The data is sourced from publicly available IRS 990 filings accessed through the ProPublica Nonprofit Explorer API and IRS electronic filing records. The Mission Score, spending breakdown, and other analytical insights are produced by artificial intelligence and should be used as one of multiple factors when evaluating a nonprofit organization.
IRS 990 forms are annual information returns that most tax-exempt organizations must file with the IRS. These forms provide detailed financial information including revenue, expenses, assets, liabilities, and compensation of officers. NonprofitSpending processes this data to provide accessible transparency reports for donors, researchers, and the general public.
Disclaimer
AI-generated analysis based on IRS public records. Not financial or legal advice. Verify information directly with the organization.