Overview
What is New Jersey Korean American Mutual Aid Association Inc?
New Jersey Korean American Mutual Aid Association Inc is a nonprofit organization situated in Palisades Park, New Jersey. Their primary mission is to offer assistance to individuals experiencing financial hardships. In line with their charitable objectives, they provide financial aid to the families of their members upon their or their family members' demise. Additionally, they cover funeral expenses for impoverished individuals without a family at the time of their passing. Moreover, the association encourages its members to engage in community activities, often focusing on initiatives that benefit the elderly. With a dedicated team of three employees, this organization plays a significant role in supporting its community during times of financial distress.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 86%, Three-Star out of Four Star Rating
The New Jersey Korean American Mutual Aid Association Inc has received an 86% score, translating to a Three-Star rating, which highlights a strong focus on accountability and financial management. The organization excels in various areas, including having a fully independent board and no material diversion of assets, which contributes to its positive financial standing.
Strengths include an impressive program expense ratio of 88.25%, indicating that a significant portion of its budget is allocated to its programs and services. The organization also scores well in financial oversight, with a fully functional audit and oversight committee, and it effectively documents board meeting minutes, showcasing transparency in its operations.
Despite the strong rating, the evaluation is solely based on the Accountability & Finance beacon, leaving out other potential aspects of organizational effectiveness or impact. Users and stakeholders may want to look deeper into the programmatic outcomes and community impact to gain a fuller understanding of the organization's overall effectiveness.
This AI summary has been generated from information found on Charity Navigator.
Is New Jersey Korean American Mutual Aid Association Inc legitimate?
New Jersey Korean American Mutual Aid Association Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. New Jersey Korean American Mutual Aid Association Inc 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:
Executive Compensation: $56,884
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
What is the mission statement of New Jersey Korean American Mutual Aid Association Inc?
The New Jersey Korean American Mutual Aid Association Inc's mission is centered around assisting individuals who have experienced financial hardships. As part of their charitable objectives, they offer financial support to the family members of deceased members. Additionally, they provide funding for funeral services for those who were impoverished and lacked family at the time of their passing. The organization also encourages and facilitates charitable activities within their membership and the wider community.
Who is the CEO of New Jersey Korean American Mutual Aid Association Inc?
Keun H Suh is the President/ D of New Jersey Korean American Mutual Aid Association Inc.
What is the revenue of New Jersey Korean American Mutual Aid Association Inc?
New Jersey Korean American Mutual Aid Association Inc's revenue in 2022 was $1,734,246.
Who are the executives of New Jersey Korean American Mutual Aid Association Inc and what are their salaries?
The average compensation at New Jersey Korean American Mutual Aid Association Inc during 2022 was $18,961. There are 3 employees and 14 volunteers at New Jersey Korean American Mutual Aid Association Inc.
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Where can I find the form 990 for New Jersey Korean American Mutual Aid Association Inc?
New Jersey Korean American Mutual Aid Association Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of New Jersey Korean American Mutual Aid Association Inc
The New Jersey Korean American Mutual Aid Association Inc is committed to assisting individuals who have experienced financial hardships. As part of their charitable purposes, this organization provides financial support to the family members of an individual who has passed away. Furthermore, they offer funding for funeral services for individuals who were impoverished and lacked a family at the time of their death. Beyond offering financial aid, New Jersey Korean American Mutual Aid Association Inc also engages in promotional activities aimed at fostering charitable acts within their membership and the wider community.
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Impact
July, 2024
New Jersey Korean American Mutual Aid Association Inc has a significant impact on the community by providing vital support to individuals facing financial difficulties. They offer financial assistance to families dealing with economic distress following the passing of a member and also provide funding for funeral services for those in need. Additionally, they actively engage their members in charitable activities that benefit seniors and promote community welfare. Their focus on human services underscores their commitment to helping those in need and fostering a sense of solidarity within their community.
This information is meant to be a general summary of New Jersey Korean American Mutual Aid Association Inc. 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: $1,734,246
Assets and Liabilities:
- Total Assets: $1,060,503
- Total Liabilities: $140,631
- Net Assets: $919,872
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Organization Details
Founding Year
2016
Phone
(201) 945-2411Principal Officer
Keun H Suh
Main Address
438 BROAD AVENUE UNIT 3, PALISADES PARK, NJ, 07650
NTEE Category
Code: P20 - Human services
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