Koreatown Youth and Community Center

“Form 990, part vi, section b, line 11: a draft of form 990 was provided to the organization's board of directors prior to filing. In compliance with the california nonprofit integrity act of 2004 (sb 1262), the audit committee conferred with the independent auditors to satisfy members of the financial affairs of the organization. The audit committee determined to accept the audit and submitted its opinion to accept the audited financials to a full vote of the board of directors. The board of directors accepted the audit. The audited financial statements were the basis for completing the form 990. Prior to filing, the form 990 was distributed to the full board along with an executive summary provided by the chief operating officer. A period for questions and clarifications about the form 990 was provided to the board and any items of concern were addressed prior to filing.”

“Form 990, part vi, section b, line 12c: the organization's conflict of interest policy covers all board members and staff members. Board members are introduced to the policy during their initial orientation and are expected to disclose potential conflicts with the executive director and/or a member of the executive committee. On an annual basis, the board of directors reviews the policy (during the june meeting or, if cancelled, the first board of directors meeting thereafter). The executive committee has the authority to review any claims of conflict of interest. If conflicts of interest exist, members are prohibited from participating in the governing body's deliberations and decisions in any matter in which they may have such conflict of interest. Staff is introduced to the policy during their new hire orientation. The management team is responsible for reporting any potential conflicts of interest to the executive director. If the executive director finds merit in the report, a report is forwarded to the executive committee of the board of directors.”

“In 2023, the executive committee recommended an adjustment to the executive director's compensation to the current level, and it accepted an adjustment recommendation made by the executive director to the chief operating officer's compensation to the current level. There was a review by members of the executive committee and approval from the full board. Modifications to compensation, including benefits, of the executive director and chief operating/financial officer are reviewed and approved by the board of directors, if such modifications are not substantially shared by all employees. Comparable data, compensation surveys, and other means are used to determine that the compensation is 'just and reasonable'.”

“Financial statements for the most current year are available on the kycc website and in person, upon request. Conflict of interest policy is available upon request. The governing documents are not generally made available but consideration would be made to a written request.”

“Payroll service: program service expenses 10,886. Management and general expenses 63,373. Fundraising expenses 0. Total expenses 74,259. Subcontract & client support: program service expenses 2,740,670. Management and general expenses 4,874. Fundraising expenses 80,796. Total expenses 2,826,340. Consulting: program service expenses 97,715. Management and general expenses 77,337. Fundraising expenses 60,500. Total expenses 235,552. Other purchased services: program service expenses 139,851. Management and general expenses 151,552. Fundraising expenses 4,433. Total expenses 295,836. Professional services: program service expenses 112,038. Management and general expenses 2,214. Fundraising expenses 5,500. Total expenses 119,752. Tax and liceses: program service expenses 14,109. Management and general expenses 982. Fundraising expenses 661. Total expenses 15,752.”

“There is no change from the prior year on kycc's oversight on financial statements. Audit committee appoints the independent auditors each year, and the independent auditors report the audited financial statements to the audit committee, which in turn reports to the full board when it accepts the audited financial statements.”