Civic Intelligence

Gfoundation

990 • Fiscal year 2023 • EIN 37-1996506

Jan 01, 2023 to Dec 31, 2023 • Filed on Jun 21, 2024

Organization ProfileGFOUNDATIONUS.ORG
347 5th Ave Suite 807New York, NY 10016

(201) 578-4188

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

92nd percentile

0.64x

Higher debt load relative to assets than 92% of similar nonprofits.

2023 filings • NTEE P60 • <$500k nonprofits • Source year 2023

Liabilities / Revenue

93rd percentile

0.50x

Higher debt load relative to revenue than 93% of similar nonprofits.

2023 filings • NTEE P60 • <$500k nonprofits • Source year 2023

Net Margin

62nd percentile

15%

Higher net margin than 62% of similar nonprofits.

2023 filings • NTEE P60 • <$500k nonprofits • Source year 2023

Top Officer Pay

89th percentile

$0

Higher top officer pay than 89% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2023 filings • NTEE P60 • <$500k nonprofits • Source year 2023

Asset Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2023

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2023

Balance Sheet
Liabilities / Assets92nd percentile

Assets

$194,128

No earlier filing loaded for comparison.

Net Assets

$70,641

No earlier filing loaded for comparison.

Liabilities

$123,487

No earlier filing loaded for comparison.

Revenue And Expenses
Liabilities / Revenue93rd percentileNet Margin62nd percentile

Revenue

$244,901

No earlier filing loaded for comparison.

Expenses

$207,170

No earlier filing loaded for comparison.

Net Income

$37,731

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

Asset GrowthScore unavailable

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$200K$150K$100K$50K$0Assets 2023: $194,128Liabilities 2023: $123,487Net Assets 2023: $70,6412023Assets 2024: $123,982Liabilities 2024: $71,616Net Assets 2024: $52,3662024

Highlighted filing

2023

Assets$194,128
Liabilities$123,487
Net Assets$70,641
Open 2023 Filing

Operations Trend

Revenue GrowthScore unavailable

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$600K$400K$200K$0-$200KRevenue 2023: $244,901Expenses 2023: $207,170Net Income 2023: $37,7312023Revenue 2024: $564,860Expenses 2024: $583,135Net Income 2024: -$18,2752024

Highlighted filing

2023

Revenue$244,901
Expenses$207,170
Net Income$37,731
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Jun 21, 2024
Return Version
2023v5.0
Gross Receipts
$244,901
Mission and Program Overview

Mission

Gfoundation reaches out to neighbors who are vulnerable and overlooked with a vision to create a world where there is no distiction between those who give and those who receive help.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$32,910$54,304▲ $21,394
Total Assets$32,910$194,128▲ $161,218
Other Assets Total-$139,824-
Liabilities
Other Liabilities-$120,838-
Accounts Payable and Accrued Expenses-$2,649-
Total Liabilities$0$123,487▲ $123,487
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$32,910$70,641▲ $37,731
Total Net Assets Fund Balance$32,910$70,641▲ $37,731
Total Liabilities and Net Assets / Fund Balance$32,910$194,128▲ $161,218

Asset Categories

AssetBook ValueDepreciationBasis
Other Assets Org$20,924--
Compensation and Service Providers
Top Officer Pay89th percentile

Board Members and Trustees

NameTitle
Eunhye JeongPresident
Chungkwan ParkDirector
David ShinDirector
Sojin BaeDirector
Sooil ParkDirector
Revenue and Support

Revenue Composition

Contributions and Grants
$244,901
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$0
All Other Contributions
$59,651
Change in Net Assets
$37,731
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$98,409
Salaries, Compensation, and Employee Benefits$56,511
Grants and Similar Amounts Paid$52,250
Total Fundraising Expense$4,914
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Foreign Grants$52,200--$52,200
Other Salaries and Wages$31,385$20,135-$51,520
Depreciation Depletion$36,585$9,146-$45,731
Fees for Services Accounting$8,905$2,609$1,466$12,980
Fees for Services Legal$7,897$2,313$1,300$11,510
Office Expenses$2,985$1,070$1,741$5,796
Payroll Taxes$3,177$1,814-$4,991
Interest$3,385$846-$4,231
Fees for Services Management$3,360$840-$4,200
Insurance$1,717$1,648-$3,365
Occupancy$2,800$350-$3,150
Travel$2,520$610-$3,130
Information Technology$2,730$17-$2,747
Other Expenses$565$508$166$565
Advertising--$241$241
Grants to Domestic Orgs$50--$50
Total Functional Expenses$160,350$41,906$4,914$207,170
International Activity

International Summary

Spending
$52,200

International Compliance

Foreign grant records maintained
Yes
Activity in boycott countries
No
Foreign corporation ownership
No
Foreign partnership interest
No
Interest in foreign trust
No
Passive foreign investment company interest
No
Transfers to foreign corporations
No

International Activities

RegionActivityServicesOfficesEmployeesSpending
TurkeyProgram ServiceHumanitarian Assista--$38,700
MoroccoProgram ServiceHumanitarian Assista--$9,000
LibyaProgram ServiceHumanitarian Assista--$4,500
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Lease Liabilities$120,838
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
Annual disclosure for covered persons
No
Backup withholding compliance
No
Business relationship with 35% controlled entity
No
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
Yes
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, Page 6, Part VI, Line 11B

“A draft of form 990 has been reviewed by top management and board of directors.”

Form 990, Page 6, Part VI, Line 12C

“All of the board of directors are required to disclose in written documents if there is any conflict of interest and the disclosures are reviewed by board of directors annually.”

Form 990, Page 6, Part VI, Line 15A

“Ceo, ed or top management officers' compensaion are reviewed and approved by board of directors.”

Form 990, Page 6, Part VI, Line 19

“The governing documents will be available to the public upon request and through nys office of attorney general.”

Filing and Contact Details

Filer

Filer Name
Gfoundation
EIN
37-1996506
Phone
2015784188
Address
347 5TH AVE SUITE 807, NEW YORK, NY 10016

Signing Officer

Name
Eunhye Jeong
Title
President
Phone
2015784188
Signed
2024-06-21
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Eunhye Jeong
Formed
2021
Legal Domicile
CA
Voting Board Members
4
Independent Board Members
4
Employees
2

Preparer

Firm
Woori Cpas Llp
Address
460 BERGEN BLVD STE 203, PALISADES PARK, NJ 07650-2345
Preparer
John J Yoon CPA
Phone
2015784188
Supplemental Narrative

Additional Explanations

Form 990, Page 2, Part III, Line 4A

“Program: humanitarian assistance program accomplishment: gfoundation works for people in need around the world. By addressing the hygiene, health, and educational concerns in countries around the world, we help them build a better future for themselves. When disasters strike, we are on the ground to help the survivors return to their normal lives. Gfoundation responded to the 2023 earthquakes in turkey and morocco and flooding in libya by providing essential support to survivors. In turkey, gfoundation distributed basic goods, food, medicine, and water purification facilities to those affected, working closely with local ngos and international relief agencies. In morocco, gfoundation focused their efforts on the towns of tubukal, recarga, and amizmiz, collaborating with a local ngo to provide necessary relief to 300 affected families. In libya, gfoundation supported 136 people with international relief agencies. Emergency medical services and hygiene kits were provided for the affected libyans. Through this support, we aimed to address the lack of survival necessities, medical services and medical human resources.”

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IRS990ScheduleF/GrantsToOrgOutsideUSGrp/PurposeOfGrantTxt1HUMANITARIAN ASSISTA
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IRS990ScheduleF/PassiveForeignInvestmestCoInd0false
IRS990ScheduleF/SubtotalSpentAmt052200
IRS990ScheduleF/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION RECEIVED REPORTS ON THE USE OF ITS GRANTS AND FIELD TRIP TO DISASTERED AREAS WHERE ITS GRANTS WERE USED.
IRS990ScheduleF/SupplementalInformationDetail/ExplanationTxt1TURKEY 38,700 0 MOROCCO 9,000 0 LIBYA 4,500 0
IRS990ScheduleF/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE F, PAGE 1, PART I, LINE 2
IRS990ScheduleF/SupplementalInformationDetail/FormAndLineReferenceDesc1SCHEDULE F, PAGE 1, PART I, LINE 3
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IRS990ScheduleF/TotalSpentAmt052200
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IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0PROGRAM: HUMANITARIAN ASSISTANCE PROGRAM ACCOMPLISHMENT: GFOUNDATION WORKS FOR PEOPLE IN NEED AROUND THE WORLD. BY ADDRESSING THE HYGIENE, HEALTH, AND EDUCATIONAL CONCERNS IN COUNTRIES AROUND THE WORLD, WE HELP THEM BUILD A BETTER FUTURE FOR THEMSELVES. WHEN DISASTERS STRIKE, WE ARE ON THE GROUND TO HELP THE SURVIVORS RETURN TO THEIR NORMAL LIVES. GFOUNDATION RESPONDED TO THE 2023 EARTHQUAKES IN TURKEY AND MOROCCO AND FLOODING IN LIBYA BY PROVIDING ESSENTIAL SUPPORT TO SURVIVORS. IN TURKEY, GFOUNDATION DISTRIBUTED BASIC GOODS, FOOD, MEDICINE, AND WATER PURIFICATION FACILITIES TO THOSE AFFECTED, WORKING CLOSELY WITH LOCAL NGOS AND INTERNATIONAL RELIEF AGENCIES. IN MOROCCO, GFOUNDATION FOCUSED THEIR EFFORTS ON THE TOWNS OF TUBUKAL, RECARGA, AND AMIZMIZ, COLLABORATING WITH A LOCAL NGO TO PROVIDE NECESSARY RELIEF TO 300 AFFECTED FAMILIES. IN LIBYA, GFOUNDATION SUPPORTED 136 PEOPLE WITH INTERNATIONAL RELIEF AGENCIES. EMERGENCY MEDICAL SERVICES AND HYGIENE KITS WERE PROVIDED FOR THE AFFECTED LIBYANS. THROUGH THIS SUPPORT, WE AIMED TO ADDRESS THE LACK OF SURVIVAL NECESSITIES, MEDICAL SERVICES AND MEDICAL HUMAN RESOURCES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1A DRAFT OF FORM 990 HAS BEEN REVIEWED BY TOP MANAGEMENT AND BOARD OF DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2ALL OF THE BOARD OF DIRECTORS ARE REQUIRED TO DISCLOSE IN WRITTEN DOCUMENTS IF THERE IS ANY CONFLICT OF INTEREST AND THE DISCLOSURES ARE REVIEWED BY BOARD OF DIRECTORS ANNUALLY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3CEO, ED OR TOP MANAGEMENT OFFICERS' COMPENSAION ARE REVIEWED AND APPROVED BY BOARD OF DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE GOVERNING DOCUMENTS WILL BE AVAILABLE TO THE PUBLIC UPON REQUEST AND THROUGH NYS OFFICE OF ATTORNEY GENERAL.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 2, PART III, LINE 4A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 19
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IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd0false
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt0501C3
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ForeignAddress/AddressLine1Txt030 WORLD CUP BUK-RO 6GIL MAPO-GU
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ForeignAddress/CityNm0SEOUL
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ForeignAddress/CountryCd0KS
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ForeignAddress/ProvinceOrStateNm0KOREA, SOUTH
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileForeignCountryCd0KS
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0CHARITY
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt07
IRS990ScheduleR/LoansOrGuaranteesFromOthOrgInd0false
IRS990ScheduleR/LoansOrGuaranteesToOtherOrgInd0false
IRS990ScheduleR/PaidEmployeesSharingInd0false
IRS990ScheduleR/PerformOfServicesByOtherOrgInd0false
IRS990ScheduleR/PerformOfServicesForOthOrgInd0false
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IRS990ScheduleR/ReimbursementPaidToOtherOrgInd0false
IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd0false
IRS990ScheduleR/RentalOfFcltsFromOthOrgInd0false
IRS990ScheduleR/SharingOfFacilitiesInd0false
IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt0185250
IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt0CASH RECEIVED AS GIFTS
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt0GFOUNDATION SOCIAL COOPERATIVE UNIO
IRS990ScheduleR/TransactionsRelatedOrgGrp/TransactionTypeTxt0C
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IRS990ScheduleR/TransferToOtherOrgInd0false
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/StatesWhereCopyOfReturnIsFldCd0CA
IRS990/StatesWhereCopyOfReturnIsFldCd1NY
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxableDistributionsInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt032910
IRS990/TotalAssetsEOYAmt0194128
IRS990/TotalAssetsGrp/BOYAmt032910
IRS990/TotalAssetsGrp/EOYAmt0194128
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt0244901
IRS990/TotalEmployeeCnt02
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt04914
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt041906
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0160350
IRS990/TotalFunctionalExpensesGrp/TotalAmt0207170
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesEOYAmt0123487
IRS990/TotalLiabilitiesGrp/BOYAmt00
IRS990/TotalLiabilitiesGrp/EOYAmt0123487
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt032910
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt070641
IRS990/TotalProgramServiceExpensesAmt0160350
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0244901
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt032910
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0194128
IRS990/TravelGrp/ManagementAndGeneralAmt0610
IRS990/TravelGrp/ProgramServicesAmt02520
IRS990/TravelGrp/TotalAmt03130
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0347 5TH AVE SUITE 807
IRS990/USAddress/CityNm0NEW YORK
IRS990/USAddress/StateAbbreviationCd0NY
IRS990/USAddress/ZIPCd010016
IRS990/VotingMembersGoverningBodyCnt04
IRS990/VotingMembersIndependentCnt04
IRS990/WebsiteAddressTxt0GFOUNDATIONUS.ORG
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0EUNHYE JEONG
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum02015784188
ReturnHeader/BusinessOfficerGrp/SignatureDt02024-06-21
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0GFOUNDATION
ReturnHeader/Filer/BusinessNameControlTxt0GFOU
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ReturnHeader/Filer/PhoneNum02015784188
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ReturnHeader/Filer/USAddress/StateAbbreviationCd0NY
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ReturnHeader/IRSResponsiblePrtyInfoCurrInd0true
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0831435990
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0WOORI CPAS LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0460 BERGEN BLVD STE 203
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0PALISADES PARK
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0NJ
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0076502345
ReturnHeader/PreparerPersonGrp/PhoneNum02015784188
ReturnHeader/PreparerPersonGrp/PreparationDt02024-06-25
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0JOHN J YOON CPA

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$194,128
Liabilities
$123,487
Net assets
$70,641
Revenue
$244,901
Expenses
$207,170
Net income
$37,731
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$1.24$0.72$0.52$5.65$5.83$0.18
2023Detailed filing. Detailed filing data is available for this year.$1.94$1.23$0.71$2.45$2.07$0.38