Civic Intelligence

Mason Korea LLC

990 • Fiscal year 2017 • EIN 46-0603585

Jan 01, 2017 to Dec 31, 2017 • Filed on May 15, 2018

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

67th percentile

0.35x

Higher debt load relative to assets than 67% of similar nonprofits.

2017 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2017

Liabilities / Revenue

45th percentile

0.14x

Higher debt load relative to revenue than 45% of similar nonprofits.

2017 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2017

Net Margin

78th percentile

20%

Higher net margin than 78% of similar nonprofits.

2017 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2017

Top Officer Pay

94th percentile

$465,383

Higher top officer pay than 94% of similar nonprofits.

Top officer pay equals 5.9% of source-year revenue.

2017 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2017

Asset Growth

94th percentile

65%

Faster asset growth than 94% of similar nonprofits.

2017 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2016 to 2017

Revenue Growth

77th percentile

23%

Faster revenue growth than 77% of similar nonprofits.

2017 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2016 to 2017

Balance Sheet
Liabilities / Assets67th percentile

Assets

Up

$3,128,381

Up $1,232,409 (+65%) from 2016

Net Assets

Up

$2,030,399

Up $1,542,059 (+316%) from 2016

Liabilities

Down

$1,097,982

Down $309,650 (-22%) from 2016

Revenue And Expenses
Liabilities / Revenue45th percentileNet Margin78th percentile

Revenue

Up

$7,910,591

Up $1,484,544 (+23%) from 2016

Expenses

Up

$6,299,739

Up $1,392,311 (+28%) from 2016

Net Income

Up

$1,610,852

Up $92,233 (+6.1%) from 2016

Historical Trend

Balance Sheet Trend

Asset Growth94th 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

2017

Assets$3,128,381
Liabilities$1,097,982
Net Assets$2,030,399
Open 2017 Filing

Operations Trend

Revenue Growth77th 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

2017

Revenue$7,910,591
Expenses$6,299,739
Net Income$1,610,852
Open 2017 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2017 to Dec 31, 2017
Signed
May 15, 2018
Return Version
2017v2.3
Gross Receipts
$7,910,591
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$1,761,719$3,032,864▲ $1,271,145
Rtn Earn Endowment Incm Other Fnds$487,340$2,029,399▲ $1,542,059
Accounts Receivable$94,256$65,438▼ $28,818
Prepaid Expenses and Deferred Charges$22,249$28,367▲ $6,118
Land, Buildings, and Equipment, Net$17,525$0▼ $17,525
Pd in Cap Srpls Land Bldg Eqp Fund$1,000$1,000→ $0
Savings and Temporary Cash Investments$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
Total Assets$1,895,972$3,128,381▲ $1,232,409
Other Assets Total$223$1,712▲ $1,489
Liabilities
Unsecured Notes Loans Payable$622,350$562,852▼ $59,498
Other Liabilities$499,483$465,294▼ $34,189
Deferred Revenue$273,917$52,999▼ $220,918
Accounts Payable and Accrued Expenses$11,882$16,837▲ $4,955
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$1,407,632$1,097,982▼ $309,650
Net Assets / Fund Balance
Total Net Assets Fund Balance$488,340$2,030,399▲ $1,542,059
Total Liabilities and Net Assets / Fund Balance$1,895,972$3,128,381▲ $1,232,409
Compensation and Service Providers
Top Officer Pay94th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Steven LeePresidentFT$333,364$333,364
John T CristDean of Academic AffairsFT$170,980$170,980
Minkyung ParkDean of AdministrationFT$167,843$167,843
Jenny LeeAssociate ProfessorFT$167,802$167,802
Lyvers Aaron KennethCFO & ControllerFT$164,113$164,113
Kunmo ChungBoard Member-$50,000$50,000

Board Members and Trustees

NameTitle
Frank NevilleChairman
Peter StearnsChairman
Solon SimmonsChairman
Joy HughesPresident
Anne MagroBoard Member
David WuBoard Member
Deborah Boehm-DavisBoard Member
Michelle MarksBoard Member
Robert MatzBoard Member
Lisa KempTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$1,260,535
Program Service Revenue
$6,631,758
Investment Income
$0
Other Revenue
$18,298
All Other Contributions
$3,579
Change in Net Assets
$1,610,852

Audited Revenue Reconciliation

Revenue per Audited Statements
$7,392,116
Revenue Not Reported on Financial Statements
$518,475
Revenue Not Reported on Form 990
$201,864
Other Revenue Adjustments
$518,475
Total Revenue per Audited Statements
$7,593,980
Total Revenue per Form 990
$7,910,591
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$3,785,425
Other Expenses$1,995,839
Grants and Similar Amounts Paid$518,475
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,207,144$1,103,327-$2,310,471
Current Officers, Directors, Trustees, and Key Employees-$1,054,102-$1,054,102
Payments to Affiliates-$728,472-$728,472
Foreign Grants$518,475--$518,475
Other Employee Benefits$217,965$130,402-$348,367
Advertising$272,312--$272,312
Fees for Services Other$211,198--$211,198
Office Expenses-$187,487-$187,487
Travel-$154,938-$154,938
Insurance-$119,009-$119,009
Pension Plan Contributions$40,832$31,653-$72,485
Fees for Services Accounting-$21,175-$21,175
Depreciation Depletion-$18,662-$18,662
Other Expenses$15,512$38,743-$15,512
Conferences and Meetings$15,372--$15,372
All Other Expenses-$11,943-$11,943
Fees for Services Legal-$1,545-$1,545
Total Functional Expenses$2,698,281$3,601,458$0$6,299,739

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$6,299,739
Total Expenses per Audited Statements$6,227,316
Expenses per Audited Statements$5,781,264
Expenses Not Reported on Financial Statements$518,475
Other Expense Adjustments$518,475
Expenses Not Reported on Form 990$446,052
International Activity

International Summary

Offices
1
Employees
101
Spending
$5,724,733

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 Serviceseducation1101$5,724,733
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$0
Fundraising Gross Income$0
Gaming Direct Expenses$0
Gaming Gross Income$0
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
Employee Retirement Liability$427,267
Due to George Mason University$38,027
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 president's compensation in advance. This is done in accordance with the budget.”

Form 990, Part VI, Line 15B

“The 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
% MS LISA KEMP
Phone
7039932483
Address
4400 UNIVERSITY DRIVE MS 4B2, FAIRFAX, VA 22030-4444

Signing Officer

Name
Steven Lee
Title
President
Phone
7039932483
Signed
2018-05-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Steven Lee
Formed
2012
Legal Domicile
Va
Voting Board Members
7
Independent Board Members
1
Employees
0
Volunteers
0

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 $518,475 are shown as a deduction from revenue in the audited financial statements.”

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IRS990/Form990PartVIISectionAGrp/TitleTxt4Board Member
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IRS990/Form990PartVIISectionAGrp/TitleTxt6Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt7Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt8Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt9President
IRS990/Form990PartVIISectionAGrp/TitleTxt10CFO & Controller
IRS990/Form990PartVIISectionAGrp/TitleTxt11Dean of Academic Affairs
IRS990/Form990PartVIISectionAGrp/TitleTxt12Dean of Administration
IRS990/Form990PartVIISectionAGrp/TitleTxt13Associate Professor
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IRS990/Form990PartVIISectionAGrp/TitleTxt15President
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IRS990/MinutesOfCommitteesInd0true
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IRS990/MissionDesc0MASON KOREA, LLC IS A NOT-FOR-PROFIT CORPORATION ESTABLISHED TO OPERATE A BRANCH CAMPUS OF GEORGE MASON UNIVERSITY IN THE REPUBLIC OF KOREA
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IRS990/OperateHospitalInd0false
IRS990/Organization501c3Ind0X
IRS990/OrgDoesNotFollowSFAS117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt0223
IRS990/OtherAssetsTotalGrp/EOYAmt01712
IRS990/OtherChangesInNetAssetsAmt0-68793
IRS990/OtherEmployeeBenefitsGrp/ManagementAndGeneralAmt0130402
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt0217965
IRS990/OtherEmployeeBenefitsGrp/TotalAmt0348367
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IRS990/OtherExpensesGrp/Desc1STUDENT AFFAIRS
IRS990/OtherExpensesGrp/Desc2EQUIPMENT
IRS990/OtherExpensesGrp/Desc3RESEARCH SUPPORT
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IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt11072
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IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt06426047
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IRS990/RevenueAmt06631758
IRS990/RoyaltiesGrp/TotalAmt00

Document Assets

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Filings

Displayed year

2017 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$3,128,381
Liabilities
$1,097,982
Net assets
$2,030,399
Revenue
$7,910,591
Expenses
$6,299,739
Net income
$1,610,852
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