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WILLIAM AND MARGARET KANG FOUNDATION: Form 990PF, tax year 2022

View the entire original 990 at ProPublica ↗

Organization
WILLIAM AND MARGARET KANG FOUNDATION (EIN 82-4304512)
Tax period
2022-01-01 to 2022-12-31
Filed
2023-10-20
IRS object ID
202312939349101006
Schema version
2022v5.0
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)
Return2023-10-20T21:52:55-04:00ReturnTs
Tax Period End2022-12-31TaxPeriodEndDt

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 Begin2022-01-01TaxPeriodBeginDt

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
Signature2023-10-20SignatureDt
Discuss With Paid PreparerYes (true)DiscussWithPaidPreparerInd

Signing Officer SigningOfficerGrp

Person Full Name PersonFullName

FieldValueIRS element (for citing)
Person FirstWILLIAMPersonFirstNm
Person LastKANGPersonLastNm
FieldValueIRS element (for citing)
SSNXXX-XX-XXXXSSN
FieldValueIRS element (for citing)
IRS Responsible Prty Info CurrfalseIRSResponsiblePrtyInfoCurrInd

Preparer Person PreparerPersonGrp

FieldValueIRS element (for citing)
Preparer PersonSTEVEN LEE CPAPreparerPersonNm
PTINP00287695PTIN
Phone4256981348PhoneNum
Preparation2023-10-20PreparationDt
FieldValueIRS element (for citing)
Tax2022TaxYr
Build TS2023-04-26 12:10:37ZBuildTS

Form 990-PF IRS990PF

FieldValueIRS element (for citing)
Organization501c3 Exempt PFYes (X)Organization501c3ExemptPFInd
FMV Assets EOY$744,844FMVAssetsEOYAmt
Method Of Accounting CashYes (X)MethodOfAccountingCashInd

Analysis Of Revenue And Expenses AnalysisOfRevenueAndExpenses

FieldValueIRS element (for citing)
Schedule B Not RequiredYes (X)ScheduleBNotRequiredInd
Dividends Rev And Expnss$13,498DividendsRevAndExpnssAmt
Net Gain Sale Ast Rev And Expnss$22,743NetGainSaleAstRevAndExpnssAmt
Gross Sales Price$67,954GrossSalesPriceAmt
Cap Gain Net Incm Net Invst Incm$669CapGainNetIncmNetInvstIncmAmt
Total Rev And Expnss$36,241TotalRevAndExpnssAmt
Total Net Invst Incm$669TotalNetInvstIncmAmt
Accounting Fees Rev And Expnss$2,000AccountingFeesRevAndExpnssAmt
Taxes Rev And Expnss$60TaxesRevAndExpnssAmt
Tot Opr Expenses Rev And Expnss$2,060TotOprExpensesRevAndExpnssAmt
Tot Opr Expenses Net Invst Incm$0TotOprExpensesNetInvstIncmAmt
Tot Opr Expenses Dsbrs Chrtbl$0TotOprExpensesDsbrsChrtblAmt
Contri Paid Rev And Expnss$25,345ContriPaidRevAndExpnssAmt
Contri Paid Dsbrs Chrtbl$25,345ContriPaidDsbrsChrtblAmt
Total Expenses Rev And Expnss$27,405TotalExpensesRevAndExpnssAmt
Total Expenses Net Invst Incm$0TotalExpensesNetInvstIncmAmt
Total Expenses Dsbrs Chrtbl$25,345TotalExpensesDsbrsChrtblAmt
Excess Revenue Over Expenses$8,836ExcessRevenueOverExpensesAmt
Net Investment Income$669NetInvestmentIncomeAmt

Form990 PF Balance Sheets Form990PFBalanceSheetsGrp

FieldValueIRS element (for citing)
Cash BOY$160,888CashBOYAmt
Cash EOY$130,223CashEOYAmt
Cash EOYFMV$130,223CashEOYFMVAmt
Corporate Stock BOY$575,120CorporateStockBOYAmt
Corporate Stock EOY$614,621CorporateStockEOYAmt
Corporate Stock EOYFMV$614,621CorporateStockEOYFMVAmt
Total Assets BOY$736,008TotalAssetsBOYAmt
Total Assets EOY$744,844TotalAssetsEOYAmt
Total Assets EOYFMV$744,844TotalAssetsEOYFMVAmt
Total Liabilities EOY$0TotalLiabilitiesEOYAmt
Organization Follows FASB117Yes (X)OrganizationFollowsFASB117Ind
No Donor Rstr Net Assests BOY$736,008NoDonorRstrNetAssestsBOYAmt
No Donor Rstr Net Assests EOY$744,844NoDonorRstrNetAssestsEOYAmt
Tot Net Ast Or Fund Balances BOY$736,008TotNetAstOrFundBalancesBOYAmt
Tot Net Ast Or Fund Balances EOY$744,844TotNetAstOrFundBalancesEOYAmt
Total Liabilities Net Ast BOY$736,008TotalLiabilitiesNetAstBOYAmt
Total Liabilities Net Ast EOY$744,844TotalLiabilitiesNetAstEOYAmt

Chg In Net Assets Fund Balances ChgInNetAssetsFundBalancesGrp

FieldValueIRS element (for citing)
Tot Net Ast Or Fund Balances BOY$736,008TotNetAstOrFundBalancesBOYAmt
Excess Revenue Over Expenses$8,836ExcessRevenueOverExpensesAmt
Subtotal$744,844SubtotalAmt
Tot Net Ast Or Fund Balances EOY$744,844TotNetAstOrFundBalancesEOYAmt

Cap Gains Loss Tx Invst Incm Detail CapGainsLossTxInvstIncmDetail

FieldValueIRS element (for citing)
Capital Gain Net Income$669CapitalGainNetIncomeAmt

Excise Tax Based On Invst Incm ExciseTaxBasedOnInvstIncmGrp

FieldValueIRS element (for citing)
Investment Income Excise Tax$9InvestmentIncomeExciseTaxAmt
Subtotal$9SubtotalAmt
Tax Based On Investment Income$9TaxBasedOnInvestmentIncomeAmt
Tax Due$9TaxDueAmt

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)
Description1SCHOLARSHIP GRANTDescription1Txt
Expenses1$10,000Expenses1Amt
Description2CHARITABLE CONTRIBUTION TO CHURCHDescription2Txt
Expenses2$3,350Expenses2Amt
Description3DONATION TO NON-PROFITDescription3Txt
Expenses3$2,500Expenses3Amt
Description4DONATION TO NON-PROFITDescription4Txt
Expenses4$2,495Expenses4Amt

Sum Of Program Related Invst SumOfProgramRelatedInvstGrp

FieldValueIRS element (for citing)
Description1N/ADescription1Txt

Minimum Investment Return MinimumInvestmentReturnGrp

FieldValueIRS element (for citing)
Average Monthly FMV Of Sec$684,099AverageMonthlyFMVOfSecAmt
Average Monthly Cash Balances$145,555AverageMonthlyCashBalancesAmt
FMV All Other Noncharitable Ast$0FMVAllOtherNoncharitableAstAmt
Total FMV Of Unused Assets$829,654TotalFMVOfUnusedAssetsAmt
Adjusted Total FMV Of Unused Ast$829,654AdjustedTotalFMVOfUnusedAstAmt
Cash Deemed Charitable$12,445CashDeemedCharitableAmt
Net Vl Noncharitable Assets$817,209NetVlNoncharitableAssetsAmt
Minimum Investment Return$40,860MinimumInvestmentReturnAmt

Distributable Amount DistributableAmountGrp

FieldValueIRS element (for citing)
Minimum Investment Return$40,860MinimumInvestmentReturnAmt
Tax Based On Investment Income$9TaxBasedOnInvestmentIncomeAmt
Total Tax$9TotalTaxAmt
Distributable Before Adj$40,851DistributableBeforeAdjAmt
Distributable Before Ded$40,851DistributableBeforeDedAmt
Distributable As Adjusted$40,851DistributableAsAdjustedAmt

PF Qualifying Distributions PFQualifyingDistributionsGrp

FieldValueIRS element (for citing)
Expenses And Contributions$25,345ExpensesAndContributionsAmt
Qualifying Distributions$25,345QualifyingDistributionsAmt

Undistributed Income UndistributedIncomeGrp

FieldValueIRS element (for citing)
Distributable As Adjusted$40,851DistributableAsAdjustedAmt
Excess Distribution Cyov Yr4$6,070ExcessDistributionCyovYr4Amt
Excess Distribution Cyov Yr3$8,186ExcessDistributionCyovYr3Amt
Excess Distribution Cyov Yr2$5,249ExcessDistributionCyovYr2Amt
Total Excess Distribution Cyov$19,505TotalExcessDistributionCyovAmt
Qualifying Distributions$25,345QualifyingDistributionsAmt
Applied To Current Year$25,345AppliedToCurrentYearAmt
Excess Distri Cyov App CY Corpus$15,506ExcessDistriCyovAppCYCorpusAmt
Excess Distribution Cyov App CY$15,506ExcessDistributionCyovAppCYAmt
Total Corpus$3,999TotalCorpusAmt
Undistributed Income CY$0UndistributedIncomeCYAmt
Excess Distri Cyov To Next Yr$3,999ExcessDistriCyovToNextYrAmt
Excess From Year2$3,999ExcessFromYear2Amt

Supplementary Information SupplementaryInformationGrp

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

Grant Or Contribution Pd Dur Yr GrantOrContributionPdDurYrGrp (11 entries)

Address Line1RecipientUSAddress/AddressLine1TxtCityRecipientUSAddress/CityNmState AbbreviationRecipientUSAddress/StateAbbreviationCdZIPRecipientUSAddress/ZIPCdRecipient RelationshipRecipientRelationshipTxtRecipient Foundation StatusRecipientFoundationStatusTxtGrant Or Contribution PurposeGrantOrContributionPurposeTxtAmtAmt
ALL GOOD LIVING FOUNDATION
2332 ALAMEDA AVEALAMEDACA94501UNRELATEDNON-PROFITDONATION$1,000
COLUMBIA UNIVERSITY
3030 BROADWAY MCNEW YORKNY10027UNRELATEDNON-PROFITDONATION$1,000
FOR THE MANY
29 N HAMILTON ST L05POUGHKEEPSIENY12601UNRELATEDNON-PROFITDONATION$1,000
BRIAN HWANG
P O BOX 60730PHOENIXAZ85082UNRELATEDNON-PROFITSCHOLARSHIP GRANT$5,000
HYUNSUNG JEONG
4125 198TH ST SW STE 104LYNNWOODWA98036UNRELATEDMISSIONARYSCHOLARSHIP GRANT$5,000
SAINT ANN'S SCHOOL
129 PIERREPONT STBROOKLYNNY11201UNRELATEDNON-PROFITDONATION$1,000
TOYS FOR TOTS
17106 SE 47TH COURTBELLEVUEWA98006UNRELATEDNON-PROFITDONATION$1,000
UNITED PRESBYTERIAN CHURCH OF SEATT
8506 238TH ST SWEDMONDSWA98026UNRELATEDCHURCHDONATION$3,350
UNITED SEATTLE-BELLEVUE KOR SCHOOL
P O BOX 1406BELLEVUEWA980091406UNLEATEDNON-PROFITDONATION$2,000
VOLUNTEER DEPT OF APPALACHIA SERVIC
4523 BRISTOL HIGHWAYJOHNSON CITYTN37601UNRELATEDNON-PROFITDONATION$2,495
WE ARE FAMILY FOUNDATION
163 AMSTERDAM AVE 1417NEW YORKNY10023UNRELATEDNON-PROFITDONATION$2,500
FieldValueIRS element (for citing)
Total Grant Or Contri Pd Dur Yr$25,345TotalGrantOrContriPdDurYrAmt

Analysis Income Producing Acty AnalysisIncomeProducingActyGrp

Dividends And Interest From Sec Dtl DividendsAndInterestFromSecDtl

FieldValueIRS element (for citing)
Related Or Exempt Function Incm$13,498RelatedOrExemptFunctionIncmAmt

Gain Sales Ast Oth Than Invntry GainSalesAstOthThanInvntryGrp

FieldValueIRS element (for citing)
Related Or Exempt Function Incm$22,743RelatedOrExemptFunctionIncmAmt

Subtotals Incm Producing Acty SubtotalsIncmProducingActyGrp

FieldValueIRS element (for citing)
Related Or Exempt Function Incm$36,241RelatedOrExemptFunctionIncmAmt
FieldValueIRS element (for citing)
Total Income Producing Acty$36,241TotalIncomeProducingActyAmt

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)
CategoryINDIRECT ACCOUNTING FEESCategoryTxt
Amt$2,000Amt

Gain Loss Sale Other Assets Sch GainLossSaleOtherAssetsSch

Gain Loss Sale Other Asset GainLossSaleOtherAssetGrp (4 entries)

AssetAssetDescAcquiredAcquiredDtHow AcquiredHowAcquiredTxtSoldSoldDtGross Sales PriceGrossSalesPriceAmtBasisBasisAmtTotal NetTotalNetAmt
CONCEPT TR NOTH SHORE ETF2021-08PURCHASE2022-04$13,577$7,824$5,753
TR ROUNDHILL BALL ETF2021-08PURCHASE2022-04$6,783$9,678-$2,895
OCCIDENTAL PETE CORP2020-12PURCHASE2022-04$29,218$9,434$19,784
VANGUARD SHORT-TERM ETF2019-11PURCHASE2022-04$17,707$18,275-$568

Investments Corp Stock Schedule InvestmentsCorpStockSchedule

Investments Corporate Stock InvestmentsCorporateStockGrp

FieldValueIRS element (for citing)
StockWELLS FARGO BANK SECURITIESStockNm
EOY Book Value$614,621EOYBookValueAmt
EOYFMV$614,621EOYFMVAmt

Taxes Schedule TaxesSchedule

Taxes Detail TaxesDetail

FieldValueIRS element (for citing)
CategoryINDIRECT TAXES/LICENSESCategoryTxt
Amt$60Amt

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