Civic Intelligence

Korean War Veterans National Museum & Library

EIN 37-1369481 • 501(c)3 • Chicago, IL

Profile

The mission of the kwnm is to establish a museum and library to preserve a record of the united states participation in the korean war, to educate and disseminate information to the general public about the korean war era and to promote friendship among veterans of the conflict.

47 West Division Street 1950Chicago, IL 60610

www.kwnm.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

98th percentile

2.10x

Higher debt load relative to assets than 98% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Source year 2015

Liabilities / Revenue

91st percentile

0.83x

Higher debt load relative to revenue than 91% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Source year 2015

Net Margin

24th percentile

-9.5%

Higher net margin than 24% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Source year 2015

Top Officer Pay

81st percentile

$82,805

Higher top officer pay than 81% of similar nonprofits.

Top officer pay equals 10.8% of source-year revenue.

501(c)3 • $500k-$1M nonprofits • Source year 2015

Asset Growth

49th percentile

2.9%

Faster asset growth than 49% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Annualized from 2014 to 2015

Revenue Growth

21st percentile

-16%

Faster revenue growth than 21% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Annualized from 2014 to 2015

Balance Sheet
Liabilities / Assets98th percentile

Assets

Up

$301,223

Up $8,509 (+2.9%) from 2014

Liabilities

Down

$633,597

Down $75,804 (-11%) from 2014

Net Assets

Up

-$332,374

Up $84,313 (+20%) from 2014

Operations
Liabilities / Revenue91st percentileNet Margin24th percentile

Revenue

Down

$767,968

Down $143,564 (-16%) from 2014

Expenses

Down

$841,140

Down $338,614 (-29%) from 2014

Net Income

Up

-$73,172

Up $195,050 (+73%) from 2014

Trend Graphs

Balance Sheet Trend

Asset Growth49th percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$1.0M$500K$0-$500KAssets 2010: $651,490Liabilities 2010: $853,766Net Assets 2010: -$202,2762010Assets 2011: $643,836Liabilities 2011: $608,092Net Assets 2011: $35,7442011Assets 2012: $488,238Liabilities 2012: $477,289Net Assets 2012: $10,9492012Assets 2013: $397,193Liabilities 2013: $545,658Net Assets 2013: -$148,4652013Assets 2014: $292,714Liabilities 2014: $709,401Net Assets 2014: -$416,6872014Assets 2015: $301,223Liabilities 2015: $633,597Net Assets 2015: -$332,3742015

Highlighted filing

2015

Assets$301,223
Liabilities$633,597
Net Assets-$332,374
Open 2015 Filing

Operations Trend

Revenue Growth21st percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$2.0M$1.5M$1.0M$500K$0-$500KExpenses 2010: $1,561,0972010Expenses 2011: $1,438,3782011Expenses 2012: $1,326,8512012Revenue 2013: $1,332,203Expenses 2013: $1,491,617Net Income 2013: -$159,4142013Revenue 2014: $911,532Expenses 2014: $1,179,754Net Income 2014: -$268,2222014Revenue 2015: $767,968Expenses 2015: $841,140Net Income 2015: -$73,1722015

Highlighted filing

2015

Revenue$767,968
Expenses$841,140
Net Income-$73,172
Open 2015 Filing

Filings

Most recent year

2015 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$301,223
Liabilities
$633,597
Net assets
-$332,374
Revenue
$767,968
Expenses
$841,140
Net income
-$73,172
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2015Detailed filing. Detailed filing data is available for this year.$0.30$0.63$0.33$0.77$0.84$0.07
2014Detailed filing. Detailed filing data is available for this year.$0.29$0.71$0.42$0.91$1.18$0.27
2013Detailed filing. Detailed filing data is available for this year.$0.40$0.55$0.15$1.33$1.49$0.16
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.49$0.48$0.01$1.33
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.64$0.61$0.04$1.44
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.65$0.85$0.20$1.56
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2015 to Dec 31, 2015
Signed
Nov 11, 2016
Return Version
2015v2.1
Gross Receipts
$767,968
Mission and Program Overview

Mission

The mission of the kwnm is to establish a museum and library to preserve a record of the united states participation in the korean war, to educate and disseminate information to the general public about the korean war era and to promote friendship among veterans of the conflict.

The mission of the Korean War National Museum (KWNM) seeks to honor the veterans of the Korean War by educating citizens and future generations, preserving the legacy and history, and celebrating "the forgotten victory".

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$222,474$196,347▼ $26,127
Savings and Temporary Cash Investments$29,736$74,763▲ $45,027
Accounts Receivable$26,022$18,200▼ $7,822
Prepaid Expenses and Deferred Charges$8,137$6,068▼ $2,069
Intangible Assets$245$245→ $0
Cash and Non-Interest-Bearing Accounts$150$150→ $0
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities$0--
Investments Program Related$0--
Total Assets$292,714$301,223▲ $8,509
Other Assets Total$5,950$5,450▼ $500
Liabilities
Accounts Payable and Accrued Expenses$409,145$333,341▼ $75,804
Mortgage Notes Payable Secured by Investment Property$300,256$300,256→ $0
Other Liabilities$0$0→ $0
Total Liabilities$709,401$633,597▼ $75,804
Net Assets / Fund Balance
Unrestricted Net Assets$-416,687$-332,374▲ $84,313
Total Net Assets Fund Balance$-416,687$-332,374▲ $84,313
Total Liabilities and Net Assets / Fund Balance$292,714$301,223▲ $8,509

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$174,450$139,608$314,058
Leasehold Improvements$1,897$21,854$23,751
Land$20,000-$20,000
Compensation and Service Providers
Top Officer Pay81st percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
-President and CEO (6/15)FT$73,400$9,405$82,805
-Interim Executive DirectorFT$57,500$12,425$69,925

Board Members and Trustees

NameTitle
-Chairman
-Immediate Past President
-Second Vice Chairman
-Director
-Treasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$767,968
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$0
All Other Contributions
$767,968
Change in Net Assets
$-73,172

Audited Revenue Reconciliation

Revenue per Audited Statements
$767,968
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$77,514
Other Revenue Adjustments
$0
Total Revenue per Audited Statements
$845,482
Total Revenue per Form 990
$767,968
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$564,966
Total Fundraising Expense$377,975
Salaries, Compensation, and Employee Benefits$204,516
Professional Fundraising Fees$71,658
Grants and Similar Amounts Paid$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Occupancy$94,503--$94,503
Other Salaries and Wages$58,851$4,265$22,176$85,292
Current Officers, Directors, Trustees, and Key Employees$24,728$16,485$41,212$82,425
Fees for Services Other$20,405$0$61,214$81,619
Fees for Services Professional Fundraising--$71,658$71,658
Fees for Services Accounting$21,413$17,130$4,283$42,826
Depreciation Depletion$23,489--$23,489
Other Employee Benefits$14,953$1,084$5,634$21,671
Office Expenses$3,924$5,886$9,810$19,620
Insurance$10,430$5,214$1,738$17,382
Travel$4,197-$12,592$16,789
Information Technology$13,635$1,515-$15,150
Payroll Taxes$9,855$804$4,469$15,128
Fees for Services Legal$6,960--$6,960
Interest$6,129--$6,129
Other Expenses$2,638$17,620$12,586$2,638
Total Functional Expenses$371,395$91,770$377,975$841,140

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$918,654
Expenses per Audited Statements$841,140
Total Expenses per Form 990$841,140
Expenses Not Reported on Form 990$77,514
Expenses Not Reported on Financial Statements$0
Other Expense Adjustments$0
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
Yes

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$71,658
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
No
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 15B COMPENSATION OF OTHER OFFICERS

“The organization does not have any other officers or key employees, therefore, this line is not applicable and has been marked no.”

Form 990, Part VI, Line 15A COMPENSATION OF TOP MANAGEMENT OFFICIAL

“The executive committee with the board's chairman reviewed and approved the compensation of the president and ceo in april of 2011. The president and ceo did not receive a compensation increase in 2015 prior to his departure in july 2015.”

Form 990, Part VI, Line 11B Review of form 990 by governing body

“Prior to filing the return with the IRS, a draft of the completed Form 990 was reviewed by the organization's outside independent tax advisors along with the organization's management. The final Form 990 was submitted to the Board after filing with the IRS.”

Form 990, Part VI, Line 12C Conflict of interest policy

“Interested persons must disclose any conflicts of interest when they become affiliated with the organization. If an actual conflict is determined to exist, the interested person involved shall not participate in any action on that matter, and shall refrain from discussing or speaking of the substance of the issue with other interested persons. Throughout the year, if an interested person becomes aware of a potential or actual conflict, the interested person shall declare his or her conflict to the Board.”

Form 990, Part VI, Line 19 Required documents available to the public

“Financial statements, governing documents, and conflict of interest policies are not required disclosures pursuant to Internal Revenue Code (IRC) Section 6104; therefore, these documents are not available to the public at this time.”

Filing and Contact Details

Filer

Filer Name
Korean War Veterans National Museum & Library
EIN
37-1369481
Phone
8884195053
Address
47 West Division Street 1950, Chicago, IL 60610
Doing Business As
Korean War National Museum

Signing Officer

Name
Denis J Healy
Title
Chairman
Signed
2016-11-11
Discuss with paid preparer
Yes

Organization Details

Formed
1997
Legal Domicile
Il
Voting Board Members
10
Independent Board Members
10
Employees
5
Volunteers
10

Preparer

Firm
Crowe Horwath Llp
Address
225 West Wacker Drive, Suite 2600, Chicago, IL 60606-1224
Preparer
john woodhull
Phone
3128997000
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9 Other changes in net assets or fund balances

“Forgiveness of Debt - 157485;”

Financial Statement Notes

Schedule D, Part III, Line 1A Collections of art - financial statement footnote

“KWNM has collections of valuable papers and other memorabilia that were donated. These historical artifacts are displayed in the KWNM museum, or curated and maintained for potential future use and research. Consistent with accounting standards generally accepted in the United States of America, these contributed collections are not included in the financial statements.”

Schedule D, Part III, Line 4 Collections of art - description of collections

“The KWNM's collection is located at the Denis J. Healy Freedom Center in Springfield, Illinois. This growing collection of uniforms, artifacts, weapons, equipment, documents, photographs and audio-visual materials constitutes the core of materials for public exhibition, scholarly research, preservation for future generations, and for loan or exchange programs with other institutions. The collection is primarily used for the exhibits in the Freedom Center to help visitors better understand the cause, effects and outcome of the Korean War.”

Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote

“KWNM has received a letter from the Internal Revenue Service indicating that KWNM is exempt, except for unrelated business income, from taxes under Internal Revenue Code 501(c)(3). There was no unrelated business income for 2015 and 2014. KWNM follows guidance issued by the FASB with respect to accounting for uncertainty in income taxes. A tax position is recognized as a benefit only if it is "more likely than not" that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the "more likely than not" test, no tax benefit is recorded.”

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IRS990/Desc0THE MUSEUM REOPENED ITS DOORS IN 2009 AT THE DENIS J. HEALY FREEDOM CENTER IN SPRINGFIELD, IL. This 10,000-square-foot facility has an interactive and professionally developed exhibit of items, artifacts, weapons, art, photographs and materials. The Freedom Center is open with published hours and free admission. Visitors are encouraged to ask questions and support the operations with monetary donations. THE MUSEUM PRESERVES A RECORD OF THE UNITED STATES PARTICIPATION IN THE KOREAN WAR, EDUCATES AND DISSEMINATES INFORMATION TO THE GENERAL PUBLIC ABOUT THE KOREAN WAR ERA, AND PROMOTES FRIENDSHIP AMONG VETERANS OF THAT CONFLICT. IN ADDITION, THE MUSEUM AIDS VETERANS, THEIR FAMILIES, AND SCHOLARS WITH RESEARCH ABOUT THE KOREAN WAR. THE MUSEUM'S SPEAKER SERIES FEATURES VETERANS, SCHOLARS and OTHER EXPERTS WHO SHARE STORIES, INSIGHTS AND PERSPECTIVES ABOUT THE WAR THROUGHOUT THE YEAR. Korean War National Museum, Library and Cultural Center intends to be a world-class museum located in New York City. When completed, the mission will be to honor the Korean War Veterans from the 22 participating United Nations member countries, educate future generations, preserve the history and celebrate the success of the post-war Republic of Korea. It aims to not only tell the story of the war itself, but to become a center for education, cultural exchange and discussion.
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IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt9Joy Kim
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IRS990/Form990PartVIISectionAGrp/TitleTxt0Chairman
IRS990/Form990PartVIISectionAGrp/TitleTxt1Second Vice Chairman
IRS990/Form990PartVIISectionAGrp/TitleTxt2Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt3Immediate Past President
IRS990/Form990PartVIISectionAGrp/TitleTxt4Director
IRS990/Form990PartVIISectionAGrp/TitleTxt5Director
IRS990/Form990PartVIISectionAGrp/TitleTxt6Director
IRS990/Form990PartVIISectionAGrp/TitleTxt7Director
IRS990/Form990PartVIISectionAGrp/TitleTxt8Director
IRS990/Form990PartVIISectionAGrp/TitleTxt9Director
IRS990/Form990PartVIISectionAGrp/TitleTxt10President and CEO (6/15)
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IRS990/MissionDesc0The mission of the KWNM is to establish a museum and library to preserve a record of the United States participation in the Korean War, to educate and disseminate information to the general public about the Korean War era and to promote friendship among veterans of the conflict.
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IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0DESCRIPTION - SPECIAL EVENT REVENUE, COLUMN A - 2569.0, COLUMN B - 0.0, COLUMN C - 0.0, COLUMN D - 0.0, COLUMN E - 0.0, COLUMN F - 2569.0; DESCRIPTION - OTHER INCOME, COLUMN A - 42966.0, COLUMN B - 0.0, COLUMN C - 0.0, COLUMN D - 0.0, COLUMN E - 0.0, COLUMN F - 42966.0;
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0KWNM has collections of valuable papers and other memorabilia that were donated. These historical artifacts are displayed in the KWNM museum, or curated and maintained for potential future use and research. Consistent with accounting standards generally accepted in the United States of America, these contributed collections are not included in the financial statements.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1The KWNM's collection is located at the Denis J. Healy Freedom Center in Springfield, Illinois. This growing collection of uniforms, artifacts, weapons, equipment, documents, photographs and audio-visual materials constitutes the core of materials for public exhibition, scholarly research, preservation for future generations, and for loan or exchange programs with other institutions. The collection is primarily used for the exhibits in the Freedom Center to help visitors better understand the cause, effects and outcome of the Korean War.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt2KWNM has received a letter from the Internal Revenue Service indicating that KWNM is exempt, except for unrelated business income, from taxes under Internal Revenue Code 501(c)(3). There was no unrelated business income for 2015 and 2014. KWNM follows guidance issued by the FASB with respect to accounting for uncertainty in income taxes. A tax position is recognized as a benefit only if it is "more likely than not" that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the "more likely than not" test, no tax benefit is recorded.

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