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WILLIAM AND MARGARET KANG FOUNDATION: Form 990PF, tax year 2023

View the entire original 990 at ProPublica ↗

Organization
WILLIAM AND MARGARET KANG FOUNDATION (EIN 82-4304512)
Tax period
2023-01-01 to 2023-12-31
Filed
2024-11-12
IRS object ID
202403179349100640
Schema version
2023v5.0
Source
Download XML · Original 990 at ProPublica

Every field in the e-filed return. Faint text is the IRS element name, for citing.

Return header ReturnHeader

FieldValueIRS element (for citing)
Return2024-11-12T10:33:15-05:00ReturnTs
Tax Period End2023-12-31TaxPeriodEndDt

Preparer Firm PreparerFirmGrp

FieldValueIRS element (for citing)
Preparer Firm EIN331080220PreparerFirmEIN

Preparer Firm Name PreparerFirmName

FieldValueIRS element (for citing)
Business Name Line1STEVEN LEE & ASSOCIATES PSBusinessNameLine1Txt

Preparer US Address PreparerUSAddress

FieldValueIRS element (for citing)
Address Line111410 NE 19TH STREETAddressLine1Txt
CityBELLEVUECityNm
State AbbreviationWAStateAbbreviationCd
ZIP980043030ZIPCd
FieldValueIRS element (for citing)
Return Type990PFReturnTypeCd
Tax Period Begin2023-01-01TaxPeriodBeginDt

Filer Filer

FieldValueIRS element (for citing)
EIN824304512EIN

Business Name BusinessName

FieldValueIRS element (for citing)
Business Name Line1WILLIAM & MARGARET KANG FOUNDATIONBusinessNameLine1Txt
FieldValueIRS element (for citing)
Business Name ControlWILLBusinessNameControlTxt
Phone4257752020PhoneNum

US Address USAddress

FieldValueIRS element (for citing)
Address Line14215 198TH ST SW STE 104AddressLine1Txt
CityLYNNWOODCityNm
State AbbreviationWAStateAbbreviationCd
ZIP98036ZIPCd

Business Officer BusinessOfficerGrp

FieldValueIRS element (for citing)
PersonWILLIAM KANGPersonNm
Person TitleOFFICERPersonTitleTxt
Phone4257752020PhoneNum
Signature2024-11-12SignatureDt
Discuss With Paid PreparerYes (true)DiscussWithPaidPreparerInd
FieldValueIRS element (for citing)
IRS Responsible Prty Info CurrfalseIRSResponsiblePrtyInfoCurrInd

Preparer Person PreparerPersonGrp

FieldValueIRS element (for citing)
Preparer PersonSTEVEN LEE CPAPreparerPersonNm
PTINP00287695PTIN
Phone4256981348PhoneNum
Preparation2024-11-12PreparationDt
FieldValueIRS element (for citing)
Tax2023TaxYr
Build TS2024-10-15 13:58:12ZBuildTS

Form 990-PF IRS990PF

FieldValueIRS element (for citing)
Organization501c3 Exempt PFYes (X)Organization501c3ExemptPFInd
FMV Assets EOY$700,701FMVAssetsEOYAmt
Method Of Accounting CashYes (X)MethodOfAccountingCashInd

Analysis Of Revenue And Expenses AnalysisOfRevenueAndExpenses

FieldValueIRS element (for citing)
Schedule B Not RequiredYes (X)ScheduleBNotRequiredInd
Interest On Sav Rev And Expnss$365InterestOnSavRevAndExpnssAmt
Dividends Rev And Expnss$16,294DividendsRevAndExpnssAmt
Net Gain Sale Ast Rev And Expnss$2,662NetGainSaleAstRevAndExpnssAmt
Gross Sales Price$2,662GrossSalesPriceAmt
Cap Gain Net Incm Net Invst Incm$2,662CapGainNetIncmNetInvstIncmAmt
Total Rev And Expnss$19,321TotalRevAndExpnssAmt
Total Net Invst Incm$2,662TotalNetInvstIncmAmt
Accounting Fees Rev And Expnss$2,000AccountingFeesRevAndExpnssAmt
Taxes Rev And Expnss$9TaxesRevAndExpnssAmt
Other Expenses Rev And Expnss$7,205OtherExpensesRevAndExpnssAmt
Tot Opr Expenses Rev And Expnss$9,214TotOprExpensesRevAndExpnssAmt
Tot Opr Expenses Net Invst Incm$0TotOprExpensesNetInvstIncmAmt
Tot Opr Expenses Dsbrs Chrtbl$0TotOprExpensesDsbrsChrtblAmt
Contri Paid Rev And Expnss$54,250ContriPaidRevAndExpnssAmt
Contri Paid Dsbrs Chrtbl$54,250ContriPaidDsbrsChrtblAmt
Total Expenses Rev And Expnss$63,464TotalExpensesRevAndExpnssAmt
Total Expenses Net Invst Incm$0TotalExpensesNetInvstIncmAmt
Total Expenses Dsbrs Chrtbl$54,250TotalExpensesDsbrsChrtblAmt
Excess Revenue Over Expenses-$44,143ExcessRevenueOverExpensesAmt
Net Investment Income$2,662NetInvestmentIncomeAmt

Form990 PF Balance Sheets Form990PFBalanceSheetsGrp

FieldValueIRS element (for citing)
Cash BOY$130,223CashBOYAmt
Cash EOY$79,764CashEOYAmt
Cash EOYFMV$79,764CashEOYFMVAmt
Corporate Stock BOY$614,621CorporateStockBOYAmt
Corporate Stock EOY$620,937CorporateStockEOYAmt
Corporate Stock EOYFMV$620,937CorporateStockEOYFMVAmt
Total Assets BOY$744,844TotalAssetsBOYAmt
Total Assets EOY$700,701TotalAssetsEOYAmt
Total Assets EOYFMV$700,701TotalAssetsEOYFMVAmt
Total Liabilities EOY$0TotalLiabilitiesEOYAmt
Organization Follows FASB117Yes (X)OrganizationFollowsFASB117Ind
No Donor Rstr Net Assests BOY$744,844NoDonorRstrNetAssestsBOYAmt
No Donor Rstr Net Assests EOY$700,701NoDonorRstrNetAssestsEOYAmt
Tot Net Ast Or Fund Balances BOY$744,844TotNetAstOrFundBalancesBOYAmt
Tot Net Ast Or Fund Balances EOY$700,701TotNetAstOrFundBalancesEOYAmt
Total Liabilities Net Ast BOY$744,844TotalLiabilitiesNetAstBOYAmt
Total Liabilities Net Ast EOY$700,701TotalLiabilitiesNetAstEOYAmt

Chg In Net Assets Fund Balances ChgInNetAssetsFundBalancesGrp

FieldValueIRS element (for citing)
Tot Net Ast Or Fund Balances BOY$744,844TotNetAstOrFundBalancesBOYAmt
Excess Revenue Over Expenses-$44,143ExcessRevenueOverExpensesAmt
Subtotal$700,701SubtotalAmt
Tot Net Ast Or Fund Balances EOY$700,701TotNetAstOrFundBalancesEOYAmt

Cap Gains Loss Tx Invst Incm Detail CapGainsLossTxInvstIncmDetail

FieldValueIRS element (for citing)
Capital Gain Net Income$2,662CapitalGainNetIncomeAmt

Excise Tax Based On Invst Incm ExciseTaxBasedOnInvstIncmGrp

FieldValueIRS element (for citing)
Investment Income Excise Tax$37InvestmentIncomeExciseTaxAmt
Subtotal$37SubtotalAmt
Tax Based On Investment Income$37TaxBasedOnInvestmentIncomeAmt
Tax Due$37TaxDueAmt

Statements Regarding Acty StatementsRegardingActyGrp

FieldValueIRS element (for citing)
Legislative Political ActyfalseLegislativePoliticalActyInd
More Than100 SpentfalseMoreThan100SpentInd
Form1120 POL FiledfalseForm1120POLFiledInd
Activities Not Previously RptfalseActivitiesNotPreviouslyRptInd
Changes To Articles Or BylawsfalseChangesToArticlesOrBylawsInd
Unrelated Bus Incm Over LimitfalseUnrelatedBusIncmOverLimitInd
Organization Dissolved EtcfalseOrganizationDissolvedEtcInd
Section508e Rqr SatisfiedYes (true)Section508eRqrSatisfiedInd
At Least5000 In AssetsYes (true)AtLeast5000InAssetsInd
Org Report Or Register StateWAOrgReportOrRegisterStateCd
Form990 PF Filed With Atty GenYes (true)Form990PFFiledWithAttyGenInd
Private Operating FoundationfalsePrivateOperatingFoundationInd
New Substantial ContributorsfalseNewSubstantialContributorsInd
Donor Advised FundfalseDonorAdvisedFundInd
Comply With Public Insp RqrYes (true)ComplyWithPublicInspRqrInd
Website AddressN/AWebsiteAddressTxt
Individual With BooksWILLIAM KANGIndividualWithBooksNm
Phone4257752020PhoneNum

Location Of Books US Address LocationOfBooksUSAddress

FieldValueIRS element (for citing)
Address Line14215 198TH ST SW STE 104AddressLine1Txt
CityLYNNWOODCityNm
State AbbreviationWAStateAbbreviationCd
ZIP98036ZIPCd
FieldValueIRS element (for citing)
Foreign Accounts QuestionfalseForeignAccountsQuestionInd

Statements Regarding Acty4720 StatementsRegardingActy4720Grp

FieldValueIRS element (for citing)
Sale Or Exch Disqualified PrsnfalseSaleOrExchDisqualifiedPrsnInd
Brrw Or Lend Disqualified PrsnfalseBrrwOrLendDisqualifiedPrsnInd
Furn Goods Disqualified PrsnfalseFurnGoodsDisqualifiedPrsnInd
Pay Comp Disqualified PrsnfalsePayCompDisqualifiedPrsnInd
Transfer Ast Disqualified PrsnfalseTransferAstDisqualifiedPrsnInd
Payment To Government OfficialfalsePaymentToGovernmentOfficialInd
Undistributed Income PYfalseUndistributedIncomePYInd
Business HoldingsfalseBusinessHoldingsInd
Jeopardy InvestmentsfalseJeopardyInvestmentsInd
Uncorrected PY Jeopardy InvstfalseUncorrectedPYJeopardyInvstInd
Influence LegislationfalseInfluenceLegislationInd
Influence ElectionfalseInfluenceElectionInd
Grants To IndividualsfalseGrantsToIndividualsInd
Grants To OrganizationsfalseGrantsToOrganizationsInd
Noncharitable PurposefalseNoncharitablePurposeInd
Rcv Fnds To Pay Prsnl Bnft CntrctfalseRcvFndsToPayPrsnlBnftCntrctInd
Pay Premiums Prsnl Bnft CntrctfalsePayPremiumsPrsnlBnftCntrctInd
Prohibited Tax Shelter TransfalseProhibitedTaxShelterTransInd
Subj To Tax Rmnrtn Ex Prcht PymtfalseSubjToTaxRmnrtnExPrchtPymtInd

Officer Dir Trst Key Empl Info OfficerDirTrstKeyEmplInfoGrp

Officer Dir Trst Key Empl OfficerDirTrstKeyEmplGrp (2 entries)

Address Line1USAddress/AddressLine1TxtCityUSAddress/CityNmState AbbreviationUSAddress/StateAbbreviationCdZIPUSAddress/ZIPCdTitleTitleTxtAverage Hrs Per Wk Devoted To PosAverageHrsPerWkDevotedToPosRtCompensationCompensationAmtEmployee Benefit ProgramEmployeeBenefitProgramAmtExpense Account Other AllwncExpenseAccountOtherAllwncAmt
WILLIAM KANG
17910 VISTA DEL MAR DRIVEEDMONDSWA98026OFFICER000.00$0$0$0
MARGARET KANG
17910 VISTA DEL MAR DRIVEEDMONDSWA98026OFFICER000.00$0$0$0
FieldValueIRS element (for citing)
Comp Of Hghst Pd Empl Or NONENONECompOfHghstPdEmplOrNONETxt
Comp Of Hghst Pd Cntrct Or NONENONECompOfHghstPdCntrctOrNONETxt

Summary Of Direct Chrtbl Acty SummaryOfDirectChrtblActyGrp

FieldValueIRS element (for citing)
Description1KYUNG-SUK CHUNG: MISSION PROJECTS IN CUBA/ VENEZUELA & ITS BIOGRAPHYDescription1Txt
Expenses1$10,000Expenses1Amt
Description2CHARITABLE CONTRIBUTION TO CHURCH (UNITED PRESBYTERIAN CHURCH OF SEATTLE)Description2Txt
Expenses2$5,700Expenses2Amt
Description3DONATION TO NON-PROFIT ORG: WE ARE FAMILYDescription3Txt
Expenses3$5,000Expenses3Amt
Description4DONATION TO NON-PROFIT: WA KOREAN-AMERICAN EDUCATION & CULTURE FOUNDATIONDescription4Txt
Expenses4$5,000Expenses4Amt

Sum Of Program Related Invst SumOfProgramRelatedInvstGrp

FieldValueIRS element (for citing)
Description1HYUNSUNG JUNG - MYANMAR EDUCATION PROJECTDescription1Txt
Expenses1$6,000Expenses1Amt
Description2YOUNG SOON CHOI - RESEARCH FOR GRAPESDescription2Txt
Expenses2$5,000Expenses2Amt
All Other Program Rltd Invst Tot$10,000AllOtherProgramRltdInvstTotAmt
Total$21,000TotalAmt

Minimum Investment Return MinimumInvestmentReturnGrp

FieldValueIRS element (for citing)
Average Monthly FMV Of Sec$782,842AverageMonthlyFMVOfSecAmt
Average Monthly Cash Balances$104,993AverageMonthlyCashBalancesAmt
FMV All Other Noncharitable Ast$0FMVAllOtherNoncharitableAstAmt
Total FMV Of Unused Assets$887,835TotalFMVOfUnusedAssetsAmt
Adjusted Total FMV Of Unused Ast$887,835AdjustedTotalFMVOfUnusedAstAmt
Cash Deemed Charitable$13,318CashDeemedCharitableAmt
Net Vl Noncharitable Assets$874,517NetVlNoncharitableAssetsAmt
Minimum Investment Return$43,726MinimumInvestmentReturnAmt

Distributable Amount DistributableAmountGrp

FieldValueIRS element (for citing)
Minimum Investment Return$43,726MinimumInvestmentReturnAmt
Tax Based On Investment Income$37TaxBasedOnInvestmentIncomeAmt
Total Tax$37TotalTaxAmt
Distributable Before Adj$43,689DistributableBeforeAdjAmt
Distributable Before Ded$43,689DistributableBeforeDedAmt
Distributable As Adjusted$43,689DistributableAsAdjustedAmt

PF Qualifying Distributions PFQualifyingDistributionsGrp

FieldValueIRS element (for citing)
Expenses And Contributions$54,250ExpensesAndContributionsAmt
Program Related Invst Total$21,000ProgramRelatedInvstTotalAmt
Qualifying Distributions$75,250QualifyingDistributionsAmt

Undistributed Income UndistributedIncomeGrp

FieldValueIRS element (for citing)
Distributable As Adjusted$43,689DistributableAsAdjustedAmt
Excess Distribution Cyov Yr3$3,999ExcessDistributionCyovYr3Amt
Total Excess Distribution Cyov$3,999TotalExcessDistributionCyovAmt
Qualifying Distributions$75,250QualifyingDistributionsAmt
Applied To Current Year$43,689AppliedToCurrentYearAmt
Remaining Distri From Corpus$31,561RemainingDistriFromCorpusAmt
Total Corpus$35,560TotalCorpusAmt
Undistributed Income CY$0UndistributedIncomeCYAmt
Excess Distri Cyov To Next Yr$35,560ExcessDistriCyovToNextYrAmt
Excess From Year3$3,999ExcessFromYear3Amt
Excess From Current Year$31,561ExcessFromCurrentYearAmt

Supplementary Information SupplementaryInformationGrp

FieldValueIRS element (for citing)
Only Contri To PreselectedYes (X)OnlyContriToPreselectedInd

Grant Or Contribution Pd Dur Yr GrantOrContributionPdDurYrGrp (17 entries)

Address Line1RecipientUSAddress/AddressLine1TxtCityRecipientUSAddress/CityNmState AbbreviationRecipientUSAddress/StateAbbreviationCdZIPRecipientUSAddress/ZIPCdRecipient RelationshipRecipientRelationshipTxtRecipient Foundation StatusRecipientFoundationStatusTxtGrant Or Contribution PurposeGrantOrContributionPurposeTxtAmtAmt
ALL GOOD LIVING FOUNDATION
2332 ALAMEDA AVEALAMEDACA94501UNRELATEDNON-PROFITDONATION$750
COLUMBIA UNIVERSITY
3030 BROADWAY MCNEW YORKNY10027UNRELATEDNON-PROFITDONATION$3,000
UNITED PRESBYTERIAN CHURCH OF SEATT
8506 238TH ST SWEDMONDSWA98026UNRELATEDCHURCHDONATION$5,700
WE ARE FAMILY FOUNDATION
163 AMSTERDAM AVE 1417NEW YORKNY10023UNRELATEDNON-PROFITDONATION$5,000
YOUNG SOON CHOI
4215 198TH ST SW STE 104LYNNWOODWA98036UNRELATEDNON-PROFITRESEARCH GRANT$5,000
DONG KEUN LEE
3425 202ND PL SWLYNNWOODWA98036UNRELATEDNON-PROFITDONATION$2,000
HYUNSUNG JUNG
2985 S 800 ESALT LAKE CITYUT84106UNRELATEDNON-PROFITDONATION$6,000
HYUN-MIN PARK
15907 ASH WAY A305LYNNWOODWA98037UNRELATEDNON-PROFITSCHOLARSHIP GRANT$1,000
KYUNG-SUK CHANG
4215 198TH ST SW STE 104LYNNWOODWA98036UNRELATEDMISSIONARYSCHOLARSHIP GRANT$10,000
JI-HAN CHUNG
3143 BARBARA STSAN PEDROCA90731UNRELATEDMISSIONARYDONATION$5,000
WA KOREAN AMERICAN EDUCATION & CULT
5619 W MERCER WAYMERCER ISLANDWA98040UNRELATEDNON-PROFITDONATION$5,000
WHITMAN COLLEGE
345 BOYER AVEWALLA WALLAWA99362UNRELATEDNON-PROFITDONATION$2,000
ALAMEDA FOOD BANK
650 W RANGER AVE SUITE DALAMEDACA94501UNRELATEDNON-PROFITDONATION$550
WING LUKE ART & HISTORY MUSEUM
719 S KING STSEATTLEWA98104UNRELATEDNON-PROFITDONATION$500
ASIAN AMERICAN ARTS ALLIANCE
29 W 38TH ST 9TH FLOORNEW YORKNY10018UNRELATEDNON-PROFITDONATION$500
JERUSALEM UNIVERSITY COLLEGE
1185 WESLEY AVENUEXENIAOH45385UNRELATEDNON-PROFITDONATION$250
WATCH TOWER BIBLE AND TRACT SOCIETY
900 RED MILLS ROADWALLKILLNY12589UNRELATEDNON-PROFITDONATION$2,000
FieldValueIRS element (for citing)
Total Grant Or Contri Pd Dur Yr$54,250TotalGrantOrContriPdDurYrAmt

Analysis Income Producing Acty AnalysisIncomeProducingActyGrp

Int On Sav And Temp Cash Invst IntOnSavAndTempCashInvstGrp

FieldValueIRS element (for citing)
Related Or Exempt Function Incm$365RelatedOrExemptFunctionIncmAmt

Dividends And Interest From Sec Dtl DividendsAndInterestFromSecDtl

FieldValueIRS element (for citing)
Related Or Exempt Function Incm$16,294RelatedOrExemptFunctionIncmAmt

Gain Sales Ast Oth Than Invntry GainSalesAstOthThanInvntryGrp

FieldValueIRS element (for citing)
Related Or Exempt Function Incm$2,662RelatedOrExemptFunctionIncmAmt

Subtotals Incm Producing Acty SubtotalsIncmProducingActyGrp

FieldValueIRS element (for citing)
Related Or Exempt Function Incm$19,321RelatedOrExemptFunctionIncmAmt
FieldValueIRS element (for citing)
Total Income Producing Acty$19,321TotalIncomeProducingActyAmt

Trnsfr Trans Rln Nonchrtbl EO TrnsfrTransRlnNonchrtblEOGrp

FieldValueIRS element (for citing)
Trnsfr Of Cash To Nonchrtbl EOfalseTrnsfrOfCashToNonchrtblEOInd
Trnsfr Other Asset Nonchrtbl EOfalseTrnsfrOtherAssetNonchrtblEOInd
Sales Or Exchanges Of AssetsfalseSalesOrExchangesOfAssetsInd
Purchase Of Assets Nonchrtbl EOfalsePurchaseOfAssetsNonchrtblEOInd
Rental Of Facilities Oth AssetsfalseRentalOfFacilitiesOthAssetsInd
Reimbursement ArrangementsfalseReimbursementArrangementsInd
Loans Or Loan GuaranteesfalseLoansOrLoanGuaranteesInd
Performance Of Services EtcfalsePerformanceOfServicesEtcInd
Sharing Of Facilities EtcfalseSharingOfFacilitiesEtcInd
Relationships Nonchrtbl EOfalseRelationshipsNonchrtblEOInd

Accounting Fees Schedule AccountingFeesSchedule

Accounting Fees Detail AccountingFeesDetail

FieldValueIRS element (for citing)
Amt$2,000Amt

All Oth Prog Rltd Investments Sch AllOthProgRltdInvestmentsSch

All Other Program Related Invst AllOtherProgramRelatedInvstGrp

FieldValueIRS element (for citing)
DescJI-HAN CHUNG - ENGLISH VERSION OF BIOGRAPHYDesc
Amt$5,000Amt

All Oth Prog Rltd Investments Sch AllOthProgRltdInvestmentsSch

All Other Program Related Invst AllOtherProgramRelatedInvstGrp

FieldValueIRS element (for citing)
DescDONG KEUN LEE - KOREAN IMMIGRATION HISTORYDesc
Amt$2,000Amt

All Oth Prog Rltd Investments Sch AllOthProgRltdInvestmentsSch

All Other Program Related Invst AllOtherProgramRelatedInvstGrp

FieldValueIRS element (for citing)
DescWATCH TOWER - BIBLE EDUCATON WORKDesc
Amt$2,000Amt

All Oth Prog Rltd Investments Sch AllOthProgRltdInvestmentsSch

All Other Program Related Invst AllOtherProgramRelatedInvstGrp

FieldValueIRS element (for citing)
DescHYUN-MIN PARK - WORLD BADMINTON COMPETITION SCHOLARSHIPDesc
Amt$1,000Amt

Investments Corp Stock Schedule InvestmentsCorpStockSchedule

Investments Corporate Stock InvestmentsCorporateStockGrp

FieldValueIRS element (for citing)
StockWELLS FARGO BANK SECURITIESStockNm
EOY Book Value$620,937EOYBookValueAmt
EOYFMV$620,937EOYFMVAmt

Other Expenses Schedule OtherExpensesSchedule

Other Expenses Schedule OtherExpensesScheduleGrp (2 entries)

DescDescRevenue And Expenses Per BooksRevenueAndExpensesPerBooksAmt
EXPENSES
INVESTMENT ADVISORY FEE$7,205

Taxes Schedule TaxesSchedule

Taxes Detail TaxesDetail

FieldValueIRS element (for citing)
Amt$9Amt

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