Civic Intelligence

The Korea Society

EIN 52-1714111 • 501(c)3 • New York, NY

Profile

Strengthening the bonds of awareness, understanding & cooperation between the us & korea.

350 Madison Avenue 24th FloorNew York, NY 10017

www.koreasociety.org

Siviq Scores

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

Liabilities / Assets

34th percentile

0.09x

Higher debt load relative to assets than 34% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Source year 2024

Liabilities / Revenue

72nd percentile

0.72x

Higher debt load relative to revenue than 72% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Source year 2024

Net Margin

17th percentile

-10%

Higher net margin than 17% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Source year 2024

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

37th percentile

2.1%

Faster asset growth than 37% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Annualized from 2023 to 2024

Revenue Growth

37th percentile

2.0%

Faster revenue growth than 37% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Annualized from 2023 to 2024

Assets

Up

$29,283,362

Up $604,966 (+2.1%) from 2023

Liabilities

Down

$2,604,977

Down $778,303 (-23%) from 2023

Net Assets

Up

$26,678,385

Up $1,383,269 (+5.5%) from 2023

Revenue

Up

$3,612,162

Up $71,335 (+2.0%) from 2023

Expenses

Up

$3,984,029

Up $228,445 (+6.1%) from 2023

Net Income

Down

-$371,867

Down $157,110 (-73%) from 2023

Trend Graphs

Balance Sheet Trend

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

$40M$30M$20M$10M$0Assets 2011: $14,429,741Liabilities 2011: $97,212Net Assets 2011: $14,332,5292011Assets 2012: $15,740,323Liabilities 2012: $99,717Net Assets 2012: $15,640,6062012Assets 2013: $17,110,636Liabilities 2013: $181,345Net Assets 2013: $16,929,2912013Assets 2014: $18,335,396Liabilities 2014: $226,019Net Assets 2014: $18,109,3772014Assets 2015: $17,111,883Liabilities 2015: $46,974Net Assets 2015: $17,064,9092015Assets 2016: $18,675,090Liabilities 2016: $194,438Net Assets 2016: $18,480,6522016Assets 2017: $26,267,134Liabilities 2017: $7,015,105Net Assets 2017: $19,252,0292017Assets 2018: $23,988,934Liabilities 2018: $6,423,533Net Assets 2018: $17,565,4012018Assets 2019: $26,318,183Liabilities 2019: $5,852,684Net Assets 2019: $20,465,4992019Assets 2020: $27,780,256Liabilities 2020: $5,265,790Net Assets 2020: $22,514,4662020Assets 2021: $30,574,587Liabilities 2021: $4,736,629Net Assets 2021: $25,837,9582021Assets 2022: $27,540,832Liabilities 2022: $4,062,367Net Assets 2022: $23,478,4652022Assets 2023: $28,678,396Liabilities 2023: $3,383,280Net Assets 2023: $25,295,1162023Assets 2024: $29,283,362Liabilities 2024: $2,604,977Net Assets 2024: $26,678,3852024

Highlighted filing

2024

Assets$29,283,362
Liabilities$2,604,977
Net Assets$26,678,385

Operations Trend

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

$10M$5.0M$0-$5.0MRevenue 2011: $3,205,092Expenses 2011: $3,486,191Net Income 2011: -$281,0992011Revenue 2012: $3,393,692Expenses 2012: $3,175,634Net Income 2012: $218,0582012Revenue 2013: $0Expenses 2013: $3,060,364Net Income 2013: -$3,060,3642013Revenue 2014: $4,396,364Expenses 2014: $2,832,110Net Income 2014: $1,564,2542014Revenue 2015: $2,165,610Expenses 2015: $2,638,419Net Income 2015: -$472,8092015Revenue 2016: $3,434,063Expenses 2016: $2,705,840Net Income 2016: $728,2232016Revenue 2017: $2,507,995Expenses 2017: $2,630,017Net Income 2017: -$122,0222017Revenue 2018: $2,514,618Expenses 2018: $2,825,740Net Income 2018: -$311,1222018Revenue 2019: $3,599,558Expenses 2019: $2,906,161Net Income 2019: $693,3972019Revenue 2020: $3,566,882Expenses 2020: $2,928,001Net Income 2020: $638,8812020Revenue 2021: $3,688,770Expenses 2021: $2,989,793Net Income 2021: $698,9772021Revenue 2022: $5,439,144Expenses 2022: $3,476,977Net Income 2022: $1,962,1672022Revenue 2023: $3,540,827Expenses 2023: $3,755,584Net Income 2023: -$214,7572023Revenue 2024: $3,612,162Expenses 2024: $3,984,029Net Income 2024: -$371,8672024

Highlighted filing

2024

Revenue$3,612,162
Expenses$3,984,029
Net Income-$371,867

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$29.3$2.60$26.7$3.61$3.98$0.37
2023Detailed filing. Detailed filing data is available for this year.$28.7$3.38$25.3$3.54$3.76$0.21
2022Detailed filing. Detailed filing data is available for this year.$27.5$4.06$23.5$5.44$3.48$1.96
2021Detailed filing. Detailed filing data is available for this year.$30.6$4.74$25.8$3.69$2.99$0.70
2020Detailed filing. Detailed filing data is available for this year.$27.8$5.27$22.5$3.57$2.93$0.64
2019Detailed filing. Detailed filing data is available for this year.$26.3$5.85$20.5$3.60$2.91$0.69
2018Detailed filing. Detailed filing data is available for this year.$24.0$6.42$17.6$2.51$2.83$0.31
2017Summary only. Only limited summary data is available for this year.$26.3$7.02$19.3$2.51$2.63$0.12
2016Summary only. Only limited summary data is available for this year.$18.7$0.19$18.5$3.43$2.71$0.73
2015Summary only. Only limited summary data is available for this year.$17.1$0.05$17.1$2.17$2.64$0.47
2014Summary only. Only limited summary data is available for this year.$18.3$0.23$18.1$4.40$2.83$1.56
2013Summary only. Only limited summary data is available for this year.$17.1$0.18$16.9$0.00$3.06$3.06
2012Summary only. Only limited summary data is available for this year.$15.7$0.10$15.6$3.39$3.18$0.22
2011Summary only. Only limited summary data is available for this year.$14.4$0.10$14.3$3.21$3.49$0.28
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Sep 30, 2025
Return Version
2024v5.2
Gross Receipts
$4,717,880
Mission and Program Overview

Mission

Strengthening the bonds of awareness, understanding & cooperation between the us & korea.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$21,844,725$23,531,636▲ $1,686,911
Savings and Temporary Cash Investments$2,259,465$2,161,800▼ $97,665
Land, Buildings, and Equipment, Net$771,490$659,797▼ $111,693
Cash and Non-Interest-Bearing Accounts$340,035$510,019▲ $169,984
Pledges and Grants Receivable$325,234$50,000▼ $275,234
Prepaid Expenses and Deferred Charges$22,914$29,273▲ $6,359
Accounts Receivable$106,278$26,031▼ $80,247
Total Assets$28,678,396$29,283,362▲ $604,966
Other Assets Total$3,008,255$2,314,806▼ $693,449
Liabilities
Other Liabilities$3,258,506$2,502,494▼ $756,012
Accounts Payable and Accrued Expenses$124,774$102,483▼ $22,291
Total Liabilities$3,383,280$2,604,977▼ $778,303
Net Assets / Fund Balance
Net Assets With Donor Restrictions$12,748,387$14,081,087▲ $1,332,700
Net Assets Without Donor Restrictions$12,546,729$12,597,298▲ $50,569
Total Net Assets Fund Balance$25,295,116$26,678,385▲ $1,383,269
Total Liabilities and Net Assets / Fund Balance$28,678,396$29,283,362▲ $604,966

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$354,028$826,072$1,180,100
Equipment$130,509$160,535$291,044
Other Land Buildings$175,260-$175,260
Other Assets Org$2,314,806--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2024$15,314,860-▲ $2,744,769$832,705$17,226,924
2023$12,888,186-▲ $2,799,446$372,772$15,314,860
2022$15,545,155-▼ $2,351,346$305,623$12,888,186
2021$12,411,266$42,877▲ $3,096,924$5,912$15,545,155
2020$18,846,492$45,064▲ $360,753$6,841,043$12,411,266
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Thomas J ByrnePresident and CEOFT$303,066$18,234$321,300
Hyun ChoFinancial ControllerFT$122,702$7,117$129,819

Board Members and Trustees

NameTitle
Kathleen StephensChair
Abraham KimDirector
Anthony KimDirector
Harry HarrisDirector
Hy HetheringtonDirector
Jun Bong LeeDirector
Jun ChoiDirector
Kevin LeeDirector
Kyoungsik ChoiDirector
Mark LippertDirector
Mee KimDirector
Michael BurkeDirector
Michael WoodsDirector
Nicholas BrattDirector
Owen JoeDirector
Pious JungDirector
Song K JungDirector
Susan GreenwellDirector
Tami OverbyDirector
Victor ChaDirector
Walter SharpDirector
William R RhodesDirector
Carter BoothSecretary
Young ChoiTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$2,324,032
Program Service Revenue
$419,581
Investment Income
$1,015,160
Other Revenue
$-146,611
All Other Contributions
$1,400,320
Change in Net Assets
$-371,867

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
No
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Other Non Cash Contri Table91$119,000Fair Market Value (FMV)
Total Noncash Contributions91$119,000-

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,612,162
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$1,755,136
Total Revenue per Audited Statements
$5,367,298
Total Revenue per Form 990
$3,612,162
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$2,053,404
Salaries, Compensation, and Employee Benefits$1,912,625
Total Fundraising Expense$743,968
Grants and Similar Amounts Paid$18,000
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$708,211$222,021$242,811$1,173,043
Occupancy$573,611$129,429$165,240$868,280
Current Officers, Directors, Trustees, and Key Employees$193,981$60,812$66,507$321,300
Other Employee Benefits$152,138$47,695$52,161$251,994
Depreciation Depletion$100,770$22,792$29,152$152,714
Payroll Taxes$64,043$20,077$21,957$106,077
Pension Plan Contributions$36,352$11,396$12,463$60,211
Travel$32,957$7,560$6,966$47,483
Office Expenses$22,297$5,011$6,142$33,450
Fees for Services Accounting-$27,150-$27,150
Insurance$13,041$2,514$2,979$18,534
Grants to Domestic Individuals$18,000--$18,000
Fees for Services Other-$12,875-$12,875
Other Expenses$7,941$1,791$2,325$12,057
Total Functional Expenses$2,661,754$578,307$743,968$3,984,029

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$3,984,029
Total Expenses per Audited Statements$3,984,029
Total Expenses per Form 990$3,984,029
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$351,101
Fundraising Gross Income$204,490
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Golf Tournament$145,670$104,590$37,968$66,622
Annual Dinner$771,261$99,900$58,972$40,928
Total Events$916,931$204,490$351,101$-146,611
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 Liability$2,502,494
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
Yes
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
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 4

During the november 2024 board meeting, organization's board of directors approved the change to by-law allowing the current chairperson and newly created position of vice chairperson one more term as a board member in addition to the three-term limit.

Form 990, Part VI, Section A, Line 6

The korea society, inc. Was incorporated as a membership organization.

Form 990, Part VI, Section A, Line 7A

There shall be a nominating committee consisting of 5 to 7 directors. Any director may nominate any director to serve on the nominating committee. The members of the nominating committee shall be elected by the board of directors, by a majority vote of directors present, to hold office until the next annual meeting or until their successors are elected and qualified. Vacancies on the nominating committee may be filled by the board of directors at any meeting.

Form 990, Part VI, Section A, Line 7B

All decisions made by the executive committee must be approved by the entire governing body.

Form 990, Part VI, Section B, Line 11B

The form 990 is prepared by an independent professional accountant and reviewed by the audit committee. After the audit committee members' questions are answered by the independent professional accountant, a complete copy of the form 990 is provided to all members of the board of directors before filing with the irs.

Form 990, Part VI, Section B, Line 12C

At the first meeting of the year, directors and key employees are required to disclose any conflict of interest, if any, with the society.

Form 990, Part VI, Section B, Line 15A

The nominating committee will consist of an independent board member review and approval of the compensation of the society's top management officials before the chairman signs the employment contract with them.

Form 990, Part VI, Section C, Line 19

The society does not make its governing documents and conflict of interest policy available to the public.

Filing and Contact Details

Filer

Filer Name
The Korea Society
EIN
52-1714111
Phone
2127597525
Address
350 MADISON AVENUE 24TH FLOOR, NEW YORK, NY 10017

Signing Officer

Name
Thomas Byrne
Title
President
Phone
2127597525
Signed
2025-09-30
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Thomas Byrne
Formed
1990
Legal Domicile
Dc
Voting Board Members
24
Independent Board Members
24
Employees
20
Volunteers
42

Preparer

Firm
CONDON O'MEARA MCGINTY & DONNELLY LLP
Address
ONE BATTERY PARK PLAZA 7TH FL, NEW YORK, NY 10004
Preparer
Alexander Lazzaruolo
Phone
2126617777
Supplemental Narrative

Additional Explanations

Part III, Line 1

The korea society (the "society") is a nonprofit, nonpartisan, 501(c)(3) organization with individual and corporate members that is dedicated solely to the promotion of greater awareness, understanding and cooperation between the people of the united states and korea. In pursuit of its mission, the society arranges programs that facilitate discussion, exchanges and research on topics of vital interest to both countries in the areas of public policy, business, education, intercultural relations and the arts. Funding for these programs is derived from contributions, endowments, grants, membership dues and program fees. From its base in new york city, the society serves audiences across the country through its own outreach efforts and by forging strategic alliances with counterpart organizations in other cities throughout the united states as well as in korea.

Part III, Line 4A

Media: see schedule o. Media: in 2024, the korea society continued to make significant strides in the realms of web and print. Web: created a number of visual and security updates to our website. Generating average of 13k clicks and 700k impressions on a monthly basis. Print: the korea society's annual report garnered international acclaim once again, clinching both the gold vision award and the bronze arc award for the best annual report in the non-profits category. Notably, the kim koo professional series booklet maintained its production momentum through collaboration with the kim koo foundation as well as quarterly digital program calendars, special events and gallery exhibition print materials. The korea society furthered its presence in both print and digital media in 2024. The total number of media hits from january to december 1st of this year was 686; a 30.7% increase from 2023. Media hits included coverage on society programs from all areas and special events such as the annual dinner. Quotes and commentary from society leadership, staff, and board members were also featured prominently in the media. In march, president tom byrne was interviewed by korea economic daily in response to concerns among korean companies about policy risks related to the u.s. Presidential election. In november, president byrne was interviewed by chosun ilbo for his thoughts on the potential impacts of president-elect trump's second term on u.s.-korea relations. President byrne's appearance at the opening of the republic of korea jeollanam-do garden in manhattan and the korea society's companion program with jeollanam-do governor kim young-rok in october received heavy coverage by korean media including outlets such as yonhap and maeil business newspaper. These appearances in widely publicized media reflect the korea society's standing as a prominent and respected source for analysis and commentary. The korea society engages an active global audience through its online presence. From january 1 to december 18, 2024, the society's website received 438,964 visitors, a 21.8% increase from last year. Podcast downloads reached a new height of 376,615. Youtube subscribers jumped from 15,925 in 2023 to 19,374 in 2024 12% higher increase than from 2022 to 2023. Youtube views on our programs totaled 238,502, a 36.9% increase from the year prior. The society's social media accounts show high audience engagement and interest across program areas. The society's linkedin page continues to grow rapidly, attracting 5,746 followers, a 29.9% increase from 2023. Our twitter accounts have maintained over 33,300 followers, and the society's instagram account has amassed over 9,734 followers as of december 31, 2024.

Part III, Line 4B

Education: in 2024, the society's educational programs offered a variety of opportunities and resources for individuals, educators, and students focused on advancing knowledge and understanding of korea in the us and promoting mutual understanding among the peoples of both countries. The society's educational programs in 2024 included the following. The society's korean language program, which offers an eight (8) level program over four terms a ten-week winter, spring and fall term and an eight week summer term, continued to have another very strong year, attracting nearly 1,300 students, matching the previous year's record-breaking numbers of students hailed from 40 states and the district of columbia and 13 countries. Our project bridge youth ambassador program, the education department's longest-running program, is an academic year-long program for high school students that aims to advance participants' understanding of korea while developing their leadership skills. Over the course of nine (9) months it provides bi-monthly workshops, a ten-day study tour to korea and community presentations which attracted many alumni, teachers and family members. Our general korean studies programming included in-person high school group workshops where in 2024 again our reach expanded significantly. We offered thirteen (13) workshops, more than doubling the number offered in 2023. We reached 443 students and educators, a 35% increase from 2023 (325) and more than quintupled the numbers since 2022 (75) which was when we first returned to offering workshops after covid. The department continued to administer the society's prestigious rising star award, the sherman family korea emerging scholar lecture award, geared to phd students, young lecturers, researchers, and others in the field which includes travel and lodging to new york to offer the lecture and a $2,500 honorarium. In 2024, the education department fully implemented the undergraduate korea study abroad travel grant competition that was piloted in fall 2023. As part of our commitment to promoting greater awareness, understanding and cooperation between the people of the u.s. And korea, we created this program for underfinanced students needing additional monies to cover transportation costs. This 'topping off' grant of $2,000 was offered to ten students. In 2024 the department hosted a number of new groups/collaborations at the society including the kyung-uh scholarship association's 14th annual teens speak speech competition, the korea america school conference (kasc-17) group, students and faculty from jeonbuk national university, and returned peace corps volunteers. And we continued to enhance our online resources for educators. Total number of korean language students: 1,274 total number of high school workshop: 13 in-person participants: 443 total number of education collaborations: 4 total number of korean studies resources landing page hits: 4,200

Part III, Line 4C

Policy: in 2024, korea society policy programs educated the society's membership on matters related to the u.s.-republic of korea (rok) relationship, our common values, and korea's regional relations. A highlight for 2024 was a conference held at the mayflower hotel in washington dc to provide insights on the fast evolving threats and opportunities impacting the dynamic u.s.-rok relationship, including a panel on security, a panel on diplomacy, and a keynote address. Throughout the year, the policy team offered a range of public policy events to serve as a forum for exchange featuring experienced and knowledgeable speakers, attracting an in-person audience in new york and a global audience online. A roundtable dialogue series called the kim koo professional series at the korea society brought together new york professionals from business, media and international organizations for a timely discussion of events on the korean peninsula and in east asia. The society honored u.s. Veterans with an annual armistice day salute to american and korean american veterans of the korean war. Total number of programs: 27 registrants for all programs: 6,352 youtube views for all programs: 24,955 podcast downloads for all programs: 16,747

Financial Statement Notes

PART III, LINE 4:

The artwork supports the society's mission to promote greater awareness and understanding between americans and koreans by organizing traveling exhibitions of korean art to american universities/galleries and other facilities.

PART V, LINE 4:

Temporarily restricted endowments are the earnings from the permanent endowment funds to support the program expenses that have not yet satisfied the donors' stipulations. The board designated endowment is the funds set aside by the korea society's board for long-term operating purposes.

Raw XML AppendixShowing 400 of 722 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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