Civic Intelligence

Mason Korea LLC

990 • Fiscal year 2015 • EIN 46-0603585

Jan 01, 2015 to Dec 31, 2015 • Filed on Aug 09, 2016

Organization ProfileMASONKOREA.GMU.EDU
4400 University Drive MS 4b2Fairfax, VA 22030-4444

(703) 993-2483

Siviq Scores

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

Liabilities / Assets

99th percentile

2.36x

Higher debt load relative to assets than 99% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2015

Liabilities / Revenue

73rd percentile

0.38x

Higher debt load relative to revenue than 73% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2015

Net Margin

17th percentile

-14%

Higher net margin than 17% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2015

Top Officer Pay

98th percentile

$490,297

Higher top officer pay than 98% of similar nonprofits.

Top officer pay equals 11.6% of source-year revenue.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2015

Asset Growth

20th percentile

-5.8%

Faster asset growth than 20% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2014 to 2015

Revenue Growth

90th percentile

61%

Faster revenue growth than 90% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2014 to 2015

Balance Sheet
Liabilities / Assets99th percentile

Assets

Down

$685,142

Down $42,085 (-5.8%) from 2014

Net Assets

Down

-$933,803

Down $570,234 (-157%) from 2014

Liabilities

Up

$1,618,945

Up $528,149 (+48%) from 2014

Revenue And Expenses
Liabilities / Revenue73rd percentileNet Margin17th percentile

Revenue

Up

$4,237,484

Up $1,606,022 (+61%) from 2014

Expenses

Up

$4,843,416

Up $1,890,774 (+64%) from 2014

Net Income

Down

-$605,932

Down $284,752 (-89%) from 2014

Historical Trend

Balance Sheet Trend

Asset Growth20th percentile

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

$15M$10M$5.0M$0-$5.0MAssets 2013: $1,026,063Liabilities 2013: $1,025,717Net Assets 2013: $3462013Assets 2014: $727,227Liabilities 2014: $1,090,796Net Assets 2014: -$363,5692014Assets 2015: $685,142Liabilities 2015: $1,618,945Net Assets 2015: -$933,8032015Assets 2016: $1,895,972Liabilities 2016: $1,407,632Net Assets 2016: $488,3402016Assets 2017: $3,128,381Liabilities 2017: $1,097,982Net Assets 2017: $2,030,3992017Assets 2018: $2,551,382Liabilities 2018: $901,253Net Assets 2018: $1,650,1292018Assets 2019: $3,959,656Liabilities 2019: $1,004,333Net Assets 2019: $2,955,3232019Assets 2020: $5,973,567Liabilities 2020: $448,921Net Assets 2020: $5,524,6462020Assets 2021: $8,225,008Liabilities 2021: $417,965Net Assets 2021: $7,807,0432021Assets 2022: $8,939,738Liabilities 2022: $591,472Net Assets 2022: $8,348,2662022Assets 2023: $10,746,824Liabilities 2023: $533,339Net Assets 2023: $10,213,4852023Assets 2024: $11,353,610Liabilities 2024: $545,132Net Assets 2024: $10,808,4782024

Highlighted filing

2015

Assets$685,142
Liabilities$1,618,945
Net Assets-$933,803
Open 2015 Filing

Operations Trend

Revenue Growth90th percentile

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

$20M$15M$10M$5.0M$0-$5.0MRevenue 2013: $307,263Expenses 2013: $307,916Net Income 2013: -$6532013Revenue 2014: $2,631,462Expenses 2014: $2,952,642Net Income 2014: -$321,1802014Revenue 2015: $4,237,484Expenses 2015: $4,843,416Net Income 2015: -$605,9322015Revenue 2016: $6,426,047Expenses 2016: $4,907,428Net Income 2016: $1,518,6192016Revenue 2017: $7,910,591Expenses 2017: $6,299,739Net Income 2017: $1,610,8522017Revenue 2018: $7,114,594Expenses 2018: $7,461,468Net Income 2018: -$346,8742018Revenue 2019: $8,665,276Expenses 2019: $7,368,377Net Income 2019: $1,296,8992019Revenue 2020: $10,577,033Expenses 2020: $8,544,662Net Income 2020: $2,032,3712020Revenue 2021: $12,324,735Expenses 2021: $9,486,077Net Income 2021: $2,838,6582021Revenue 2022: $11,788,194Expenses 2022: $10,890,563Net Income 2022: $897,6312022Revenue 2023: $13,917,472Expenses 2023: $11,971,610Net Income 2023: $1,945,8622023Revenue 2024: $15,707,964Expenses 2024: $13,376,351Net Income 2024: $2,331,6132024

Highlighted filing

2015

Revenue$4,237,484
Expenses$4,843,416
Net Income-$605,932
Open 2015 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2015 to Dec 31, 2015
Signed
Aug 9, 2016
Return Version
2015v2.1
Gross Receipts
$4,237,484
Mission and Program Overview

Mission

Mason korea, llc is a not-for-profit corporation established to operate a branch campus of george mason university in the republic of korea

Operate a branch campus of george mason university in the republic of korea

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$710,813$645,109▼ $65,704
Land, Buildings, and Equipment, Net$0$22,474▲ $22,474
Prepaid Expenses and Deferred Charges$16,259$15,466▼ $793
Pd in Cap Srpls Land Bldg Eqp Fund$1,000$1,000→ $0
Savings and Temporary Cash Investments$0$0→ $0
Accounts Receivable$0$0→ $0
Other Notes and Loans Receivable, Net$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Investments in Publicly Traded Securities$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Rtn Earn Endowment Incm Other Fnds$-364,569$-934,803▼ $570,234
Total Assets$727,227$685,142▼ $42,085
Other Assets Total$155$2,093▲ $1,938
Liabilities
Unsecured Notes Loans Payable$485,928$638,477▲ $152,549
Other Liabilities$259,757$493,176▲ $233,419
Deferred Revenue$283,829$361,365▲ $77,536
Accounts Payable and Accrued Expenses$61,282$125,927▲ $64,645
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$1,090,796$1,618,945▲ $528,149
Net Assets / Fund Balance
Total Net Assets Fund Balance$-363,569$-933,803▼ $570,234
Total Liabilities and Net Assets / Fund Balance$727,227$685,142▼ $42,085

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$22,474-$22,474
Compensation and Service Providers
Top Officer Pay98th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Steven LeePresidentFT$122,866-$122,866
Elizabeth BrockBoard MemberPT-$67,355$67,355
Kunmo ChungBoard Member-$33,346-$33,346

Board Members and Trustees

NameTitle
Peter StearnsChairman
Solon SimmonsChairman
Joy HughesPresident
David WuBoard Member
Deborah Boehm-DavisBoard Member
Frank NevilleBoard Member
Sarah NutterBoard Member
Gbemisola DisuChief Operating Officer
Lisa PawloskiDean
Lisa Kemptreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$972,298
Program Service Revenue
$3,279,400
Investment Income
$54
Other Revenue
$-14,268
All Other Contributions
$2,933
Change in Net Assets
$-605,932

Audited Revenue Reconciliation

Revenue per Audited Statements
$4,034,270
Revenue Not Reported on Financial Statements
$203,214
Revenue Not Reported on Form 990
$84,645
Other Revenue Adjustments
$203,214
Total Revenue per Audited Statements
$4,118,915
Total Revenue per Form 990
$4,237,484
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$3,494,075
Salaries, Compensation, and Employee Benefits$1,146,127
Grants and Similar Amounts Paid$203,214
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Payments to Affiliates-$2,252,848-$2,252,848
Other Salaries and Wages$276,128$602,169-$878,297
Advertising$385,373--$385,373
Foreign Grants$203,214--$203,214
Fees for Services Legal-$182,605-$182,605
Travel-$152,814-$152,814
Current Officers, Directors, Trustees, and Key Employees-$122,866$0$122,866
Other Employee Benefits$37,174$81,067-$118,241
Office Expenses-$91,865-$91,865
Insurance-$77,288-$77,288
Fees for Services Accounting-$60,419-$60,419
All Other Expenses-$52,582-$52,582
Fees for Services Other$49,344$3,140-$52,484
Fees for Services Management-$41,846-$41,846
Pension Plan Contributions$8,401$18,322-$26,723
Occupancy-$20,802-$20,802
Other Expenses$40,119$11,167-$11,167
Conferences and Meetings$8,803--$8,803
Information Technology$2,473--$2,473
Total Functional Expenses$1,057,766$3,785,650$0$4,843,416

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$4,843,416
Total Expenses per Audited Statements$4,724,847
Expenses per Audited Statements$4,640,202
Expenses Not Reported on Financial Statements$203,214
Other Expense Adjustments$203,214
Expenses Not Reported on Form 990$84,645
International Activity

International Summary

Offices
1
Employees
65
Spending
$2,590,568

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
East Asia and the PacificProgram Serviceseducation165$2,590,568
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
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Due to George Mason University$406,368
Employee Retirement Liability$86,808
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
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 12C

“Mason korea's conflict of interest policy states that each board member annually signs and submits conflict of interest statements.”

Form 990, Part VI, Line 15A

“The chairman of the board, along with george mason university's human resource department, approves the interim president's compensation in advance. This is done in accordance with the budget.”

Form 990, Part VI, Line 15B

“The interim president approves all other compensation in accordance with the budget.”

Form 990, Part VI, Line 19

“The governing documents and financial statements can be distributed to the public upon request from mason korea, llc.”

Filing and Contact Details

Filer

Filer Name
Mason Korea LLC
EIN
46-0603585
In Care Of
% LISA KEMP
Phone
7039932483
Address
4400 UNIVERSITY DRIVE MS 4B2, FAIRFAX, VA 22030-4444

Signing Officer

Name
Ms Lisa Kemp
Title
Treasurer
Phone
7039932483
Signed
2016-08-09
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Ms Lisa Kemp
Formed
2012
Legal Domicile
Va
Voting Board Members
7
Independent Board Members
1
Employees
0
Volunteers
7

Preparer

Firm
Bdo USA Llp
Address
1100 Peachtree Street Suite 700, ATLANTA, GA 30309-4516
Preparer
Sandra L Feinsmith
Phone
4046886841
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Lines 7-9

“Salary and employee benefits are only for korean nationals working in korea.”

Form 990, Part XI, Line 9

“Other changes in net assets or fund balances include currency translation adjustments and the closing fund balance.”

Financial Statement Notes

Part XI and XII Line 4B

“Scholarship awards totaling $203,214 are shown as a deduction from revenue in the audited financial statements.”

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IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt015466
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Document Assets

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Filings

Displayed year

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

Open filing
Assets
$685,142
Liabilities
$1,618,945
Net assets
-$933,803
Revenue
$4,237,484
Expenses
$4,843,416
Net income
-$605,932
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$11.4$0.55$10.8$15.7$13.4$2.33
2023Detailed filing. Detailed filing data is available for this year.$10.7$0.53$10.2$13.9$12.0$1.95
2022Detailed filing. Detailed filing data is available for this year.$8.94$0.59$8.35$11.8$10.9$0.90
2021Detailed filing. Detailed filing data is available for this year.$8.23$0.42$7.81$12.3$9.49$2.84
2020Detailed filing. Detailed filing data is available for this year.$5.97$0.45$5.52$10.6$8.54$2.03
2019Detailed filing. Detailed filing data is available for this year.$3.96$1.00$2.96$8.67$7.37$1.30
2018Detailed filing. Detailed filing data is available for this year.$2.55$0.90$1.65$7.11$7.46$0.35
2017Detailed filing. Detailed filing data is available for this year.$3.13$1.10$2.03$7.91$6.30$1.61
2016Detailed filing. Detailed filing data is available for this year.$1.90$1.41$0.49$6.43$4.91$1.52
2015Detailed filing. Detailed filing data is available for this year.$0.69$1.62$0.93$4.24$4.84$0.61
2014Detailed filing. Detailed filing data is available for this year.$0.73$1.09$0.36$2.63$2.95$0.32
2013Summary only. Only limited summary data is available for this year.$1.03$1.03$0.00$0.31$0.31$0.00