Overview
What is Federal Way Korean American Association?
The Federal Way Korean American Association is a nonprofit organization situated in the Federal Way area, with a mission to foster the growth of the Korean community and promote understanding between different racial and ethnic groups in the United States. They strive to preserve Korean culture, articulate shared values among Korean Americans, and encourage collaboration. Their programs primarily focus on educating the public about Korean cultural events. The association may also support other organizations that meet the criteria for tax-exempt status under Section 501(c)(3) of the Internal Revenue Code.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 1 Star (53%)
The Federal Way Korean American Association has received a low rating of 53%, which translates to a One-Star out of Four Star rating. This rating is solely based on the organization's Accountability & Finance score, indicating significant areas for improvement. The lack of independent board members and missing essential policies, such as conflict of interest and whistleblower policies, are noteworthy concerns.
Despite the shortcomings in governance and transparency, the organization demonstrates a commendable program expense ratio of 90.56%, meaning that a significant portion of its funding is directed towards its programs. Additionally, the organization has shown no material diversion of assets, which reflects positively on its financial integrity. However, the absence of a publicly accessible website and tax documents poses questions about its accountability and outreach.
The overall evaluation highlights the need for the Federal Way Korean American Association to strengthen its governance practices and improve transparency to enhance its rating in the future. By addressing these issues, the organization could foster greater trust and support from the community it serves.
This AI summary has been generated from information found on Charity Navigator.
Is Federal Way Korean American Association legitimate?
Federal Way Korean American Association is a legitimate nonprofit organization registered as a 501(c)(3) entity. Federal Way Korean American Association submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
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Professional Fundraising Fees: $0
Other Salaries and Wages: $0
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What is the mission statement of Federal Way Korean American Association?
The Federal Way Korean American Association aims to foster the growth of Korean communities in its surrounding areas. One of its objectives is to preserve and cultivate Korean American culture. Moreover, the association seeks to advocate for shared values within the Korean American community and promote understanding with other racial and ethnic groups in the United States. To accomplish these goals, the association makes donations to organizations that qualify as tax-exempt under Section 501(C)(3) of the Internal Revenue Code or any future federal tax code. In essence, the Federal Way Korean American Association strives to bridge the gap between the Korean American community and other racial and ethnic groups, fostering cooperation and mutual respect.
Who is the CEO of Federal Way Korean American Association?
Daniel Kim is the Director of Federal Way Korean American Association.
What is the revenue of Federal Way Korean American Association?
Federal Way Korean American Association's revenue in 2022 was $203,067.
Who are the executives of Federal Way Korean American Association and what are their salaries?
Here are 5 key members and their salaries:
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Where can I find the form 990 for Federal Way Korean American Association?
Federal Way Korean American Association's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Federal Way Korean American Association
The Federal Way Korean American Association, as a nonprofit organization, aims to foster the growth of Korean communities in its surrounding areas. One of its primary objectives is to nurture and preserve Korean American culture, while simultaneously advocating for shared values within the Korean American community. The association also strives to build bridges of understanding and cooperation between the Korean American community and other racial and ethnic groups in the United States. To accomplish these goals, the organization may provide financial assistance to eligible nonprofits, as per Section 501(C)(3) of the Internal Revenue Code or its future counterpart.
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Impact
October, 2024
The Federal Way Korean American Association significantly enhances the Korean communities in Federal Way and surrounding areas by focusing on cultural development and community cohesion. Through various programs, it fosters appreciation for Korean American culture and helps articulate the shared values of this community, creating a sense of identity and belonging among its members.
By promoting cooperation and better understanding between the Korean American community and other racial and ethnic groups, the association serves as a bridge that cultivates mutual respect and collaboration. This outreach not only strengthens community ties but also enriches the multicultural fabric of the broader Federal Way area.
Additionally, the association plays an educational role by organizing events centered around Korean cultural traditions, which helps to raise awareness and appreciation for these customs among diverse audiences. Overall, its impact reverberates through enhanced community engagement, cultural exchange, and the promotion of inclusivity within the broader society.
This information is meant to be a general summary of Federal Way Korean American Association. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Gross Receipts: $203,067
Assets and Liabilities:
- Total Assets: $201,298
- Total Liabilities: $13,593
- Net Assets: $187,705
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Organization Details
Founding Year
2009
Phone
(206) 335-8949Principal Officer
Daniel Kim
Main Address
PO BOX 3093, FEDERAL WAY, WA, 98063
NTEE Category
Code: W99 - Public benefit
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