BETA

KAIST U S FOUNDATION INC: Form 990, tax year 2024

View the entire original 990 at ProPublica ↗

Organization
KAIST U S FOUNDATION INC (EIN 26-0385131)
Tax period
2024-01-01 to 2024-12-31
Filed
2025-07-21
IRS object ID
202502029349301950
Schema version
2024v5.2
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)
Return2025-07-21T17:31:50-05:00ReturnTs
Tax Period End2024-12-31TaxPeriodEndDt

Preparer Firm PreparerFirmGrp

FieldValueIRS element (for citing)
Preparer Firm EIN202227407PreparerFirmEIN

Preparer Firm Name PreparerFirmName

FieldValueIRS element (for citing)
Business Name Line1CKP LLPBusinessNameLine1Txt

Preparer US Address PreparerUSAddress

FieldValueIRS element (for citing)
Address Line13435 WILSHIRE BL STE 2240AddressLine1Txt
CityLOS ANGELESCityNm
State AbbreviationCAStateAbbreviationCd
ZIP90010ZIPCd
FieldValueIRS element (for citing)
Return Type990ReturnTypeCd
Tax Period Begin2024-01-01TaxPeriodBeginDt

Filer Filer

FieldValueIRS element (for citing)
EIN260385131EIN

Business Name BusinessName

FieldValueIRS element (for citing)
Business Name Line1KAIST US FOUNDATION INCBusinessNameLine1Txt
FieldValueIRS element (for citing)
Business Name ControlKAISBusinessNameControlTxt
Phone2134809100PhoneNum

US Address USAddress

FieldValueIRS element (for citing)
Address Line1CO CKP 3435 WILSHIRE BLVD 2240AddressLine1Txt
CityLOS ANGELESCityNm
State AbbreviationCAStateAbbreviationCd
ZIP90010ZIPCd

Business Officer BusinessOfficerGrp

FieldValueIRS element (for citing)
PersonSO YOUNG KIMPersonNm
Person TitlePRESIDENTPersonTitleTxt
Phone2134809100PhoneNum
Signature2025-07-21SignatureDt
Discuss With Paid PreparerYes (1)DiscussWithPaidPreparerInd
FieldValueIRS element (for citing)
IRS Responsible Prty Info Curr0IRSResponsiblePrtyInfoCurrInd

Preparer Person PreparerPersonGrp

FieldValueIRS element (for citing)
Preparer PersonKEVIN CHUNPreparerPersonNm
PTINP01371820PTIN
Phone2134809100PhoneNum
FieldValueIRS element (for citing)
Tax2024TaxYr
Build TS2025-03-06 01:10:19ZBuildTS

Form 990 IRS990

FieldValueIRS element (for citing)
Principal OfficerSO YOUNG KIMPrincipalOfficerNm

US Address USAddress

FieldValueIRS element (for citing)
Address Line13003 N 1ST STAddressLine1Txt
CitySAN JOSECityNm
State AbbreviationCAStateAbbreviationCd
ZIP95134ZIPCd
FieldValueIRS element (for citing)
Gross Receipts$339,327GrossReceiptsAmt
Group Return For Affiliates0GroupReturnForAffiliatesInd
Organization501c3Yes (X)Organization501c3Ind
Website AddressN/AWebsiteAddressTxt
Type Of Organization CorpYes (X)TypeOfOrganizationCorpInd
Formation2007FormationYr
Legal Domicile StateMALegalDomicileStateCd
Activity Or MissionTHE FOUNDATION IS ORGANIZED AND OPERATED EXCLUSIVELY FOR CHARITABLE, EDUCATIONAL, AND SCIENTIFIC PURPOSES, TO THE BENEFIT, TO PERFORM FUNCTIONS, OR TO CARRY OUT THE CHARITABLE PURPOSES OF THE KOREA ADVANCED INSTITUTE OF SCIENCE AND TECHNOLOGY (KAIST) AND ANY OTHER EUDUCATIONAL INSTITUTIONS.ActivityOrMissionDesc
Voting Members Governing Body5VotingMembersGoverningBodyCnt
Voting Members Independent5VotingMembersIndependentCnt
Total Employee0TotalEmployeeCnt
Total Volunteers0TotalVolunteersCnt
Total Gross UBI$0TotalGrossUBIAmt
Net Unrelated Bus Txbl Incm$0NetUnrelatedBusTxblIncmAmt
PY Contributions Grants$51,300PYContributionsGrantsAmt
CY Contributions Grants$220,500CYContributionsGrantsAmt
PY Program Service Revenue$0PYProgramServiceRevenueAmt
CY Program Service Revenue$0CYProgramServiceRevenueAmt
PY Investment Income$0PYInvestmentIncomeAmt
CY Investment Income$0CYInvestmentIncomeAmt
PY Other Revenue$115,366PYOtherRevenueAmt
CY Other Revenue$118,827CYOtherRevenueAmt
PY Total Revenue$166,666PYTotalRevenueAmt
CY Total Revenue$339,327CYTotalRevenueAmt
PY Grants And Similar Paid$20,000PYGrantsAndSimilarPaidAmt
CY Grants And Similar Paid$8,000CYGrantsAndSimilarPaidAmt
PY Benefits Paid To Members$0PYBenefitsPaidToMembersAmt
CY Benefits Paid To Members$0CYBenefitsPaidToMembersAmt
PY Salaries Comp Emp Bnft Paid$0PYSalariesCompEmpBnftPaidAmt
CY Salaries Comp Emp Bnft Paid$0CYSalariesCompEmpBnftPaidAmt
PY Total Prof Fndrsng Expns$0PYTotalProfFndrsngExpnsAmt
CY Total Prof Fndrsng Expns$0CYTotalProfFndrsngExpnsAmt
CY Total Fundraising Expense$0CYTotalFundraisingExpenseAmt
PY Other Expenses$119,760PYOtherExpensesAmt
CY Other Expenses$133,330CYOtherExpensesAmt
PY Total Expenses$139,760PYTotalExpensesAmt
CY Total Expenses$141,330CYTotalExpensesAmt
PY Revenues Less Expenses$26,906PYRevenuesLessExpensesAmt
CY Revenues Less Expenses$197,997CYRevenuesLessExpensesAmt
Total Assets BOY$1,713,265TotalAssetsBOYAmt
Total Assets EOY$1,911,812TotalAssetsEOYAmt
Total Liabilities BOY$28,186TotalLiabilitiesBOYAmt
Total Liabilities EOY$28,736TotalLiabilitiesEOYAmt
Net Assets Or Fund Balances BOY$1,685,079NetAssetsOrFundBalancesBOYAmt
Net Assets Or Fund Balances EOY$1,883,076NetAssetsOrFundBalancesEOYAmt
Info In Schedule O Part IIIYes (X)InfoInScheduleOPartIIIInd
MissionTHE FOUNDATION IS ORGANIZED AND OPERATED EXCLUSIVELY FOR CHARITABLE, EDUCATIONAL, AND SCIENTIFIC PURPOSES, TO THE BENEFIT, TO PERFORM FUNCTIONS, OR TO CARRY OUT THE CHARITABLE PURPOSES OF THE KOREA ADVANCED INSTITUTE OF SCIENCE AND TECHNOLOGY (KAIST) AND ANY OTHER EUDUCATIONAL INSTITUTIONS.MissionDesc
Significant New Program Srvc0SignificantNewProgramSrvcInd
Significant Change0SignificantChangeInd
Expense$5,000ExpenseAmt
Grant$5,000GrantAmt
DescTHE FOUNDATION DONATED TO FOOTHILL-DE ANZA FOUNDATION TO SUPPORT THE "LET'S PLAY AI + TECH" PROGRAM, A COMMUNITY-BASED WORKSHOP IN PARTNERSHIP WITH KAIST.Desc

Prog Srvc Accom Acty2 ProgSrvcAccomActy2Grp

FieldValueIRS element (for citing)
Expense$3,000ExpenseAmt
Grant$3,000GrantAmt
DescTHE FOUNDATION PROVIDED SCHOLARSHIPS THROUGH DONATIONS TO AN INDIVIDUAL RECIPIENT FOR THE KSF SCHOLARSHIP PROGRAM.Desc

Prog Srvc Accom Acty3 ProgSrvcAccomActy3Grp

FieldValueIRS element (for citing)
DescTHE FOUNDATION DONATED TO KAIST DEVELOPMENT FOUNDATION FOR THE PURPOSE OF WORKSHOP. NO DONATION WAS MADE IN 2024.Desc
FieldValueIRS element (for citing)
Total Program Service Expenses$8,000TotalProgramServiceExpensesAmt
Described In Section501c3Yes (1)DescribedInSection501c3Ind
Schedule B RequiredYes (1)ScheduleBRequiredInd
Political Campaign Acty0PoliticalCampaignActyInd
Lobbying Activities0LobbyingActivitiesInd
Subject To Proxy Tax0SubjectToProxyTaxInd
Donor Advised Fund0DonorAdvisedFundInd
Conservation Easements0ConservationEasementsInd
Collections Of Art0CollectionsOfArtInd
Credit Counseling0CreditCounselingInd
Donor Rstr Or Quasi Endowments0DonorRstrOrQuasiEndowmentsInd
Report Land Building EquipmentYes (1)ReportLandBuildingEquipmentInd
Report Investments Other Sec0ReportInvestmentsOtherSecInd
Report Program Related Invst0ReportProgramRelatedInvstInd
Report Other Assets0ReportOtherAssetsInd
Report Other Liabilities0ReportOtherLiabilitiesInd
Include FIN48 Footnote0IncludeFIN48FootnoteInd
Independent Audit Fincl Stmt0IndependentAuditFinclStmtInd
Consolidated Audit Fincl Stmt0ConsolidatedAuditFinclStmtInd
School Operating0SchoolOperatingInd
Foreign Office0ForeignOfficeInd
Foreign Activities0ForeignActivitiesInd
More Than5000 K To Org0MoreThan5000KToOrgInd
More Than5000 K To Individuals0MoreThan5000KToIndividualsInd
Professional Fundraising0ProfessionalFundraisingInd
Fundraising Activities0FundraisingActivitiesInd
Gaming Activities0GamingActivitiesInd
Operate Hospital0OperateHospitalInd
Grants To Organizations0GrantsToOrganizationsInd
Grants To Individuals0GrantsToIndividualsInd
Schedule J Required0ScheduleJRequiredInd
Tax Exempt Bonds0TaxExemptBondsInd
Engaged In Excess Benefit Trans0EngagedInExcessBenefitTransInd
PY Excess Benefit Trans0PYExcessBenefitTransInd
Loan Outstanding0LoanOutstandingInd
Grant To Related Person0GrantToRelatedPersonInd
Business Rln With Org Mem0BusinessRlnWithOrgMemInd
Business Rln With Fam Mem0BusinessRlnWithFamMemInd
Business Rln With35 Ctrl Ent0BusinessRlnWith35CtrlEntInd
Deductible Non Cash Contri0DeductibleNonCashContriInd
Deductible Art Contribution0DeductibleArtContributionInd
Terminate Operations0TerminateOperationsInd
Partial Liquidation0PartialLiquidationInd
Disregarded Entity0DisregardedEntityInd
Related Entity0RelatedEntityInd
Related Organization Ctrl Ent0RelatedOrganizationCtrlEntInd
Trnsfr Exmpt Non Chrtbl Rltd Org0TrnsfrExmptNonChrtblRltdOrgInd
Activities Conducted Prtshp0ActivitiesConductedPrtshpInd
Schedule O RequiredYes (1)ScheduleORequiredInd
IRP Document0IRPDocumentCnt
IRP Document W2 G0IRPDocumentW2GCnt
Employee0EmployeeCnt
Unrelated Bus Incm Over Limit0UnrelatedBusIncmOverLimitInd
Foreign Financial Account0ForeignFinancialAccountInd
Prohibited Tax Shelter Trans0ProhibitedTaxShelterTransInd
Taxable Party Notification0TaxablePartyNotificationInd
Nondeductible Contributions0NondeductibleContributionsInd
Quid Pro Quo Contributions0QuidProQuoContributionsInd
Form8282 Property Disposed Of0Form8282PropertyDisposedOfInd
Indoor Tanning Services0IndoorTanningServicesInd
Subj To Tax Rmnrtn Ex Prcht Pymt0SubjToTaxRmnrtnExPrchtPymtInd
Subject To Excs Tax Net Invst Inc0SubjectToExcsTaxNetInvstIncInd
Info In Schedule O Part VIYes (X)InfoInScheduleOPartVIInd
Governing Body Voting Members5GoverningBodyVotingMembersCnt
Independent Voting Member5IndependentVotingMemberCnt
Family Or Business Rln0FamilyOrBusinessRlnInd
Delegation Of Mgmt Duties0DelegationOfMgmtDutiesInd
Change To Org Documents0ChangeToOrgDocumentsInd
Material Diversion Or Misuse0MaterialDiversionOrMisuseInd
Members Or Stockholders0MembersOrStockholdersInd
Election Of Board Members0ElectionOfBoardMembersInd
Decisions Subject To Approva0DecisionsSubjectToApprovaInd
Minutes Of Governing BodyYes (1)MinutesOfGoverningBodyInd
Minutes Of CommitteesYes (1)MinutesOfCommitteesInd
Officer Mailing Address0OfficerMailingAddressInd
Local Chapters0LocalChaptersInd
Form990 Provided To Gvrn Body0Form990ProvidedToGvrnBodyInd
Conflict Of Interest PolicyYes (1)ConflictOfInterestPolicyInd
Annual Disclosure Covered PrsnYes (1)AnnualDisclosureCoveredPrsnInd
Regular Monitoring EnfrcYes (1)RegularMonitoringEnfrcInd
Whistleblower Policy0WhistleblowerPolicyInd
Document Retention Policy0DocumentRetentionPolicyInd
Compensation Process CEO0CompensationProcessCEOInd
Compensation Process Other0CompensationProcessOtherInd
Investment In Joint Venture0InvestmentInJointVentureInd
States Where Copy Of Return Is FldMAStatesWhereCopyOfReturnIsFldCd
States Where Copy Of Return Is FldCAStatesWhereCopyOfReturnIsFldCd
Upon RequestYes (X)UponRequestInd

Books In Care Of Detail BooksInCareOfDetail

Business Name BusinessName

FieldValueIRS element (for citing)
Business Name Line1KEVIN CHUNBusinessNameLine1Txt
FieldValueIRS element (for citing)
Phone2134809100PhoneNum

US Address USAddress

FieldValueIRS element (for citing)
Address Line13435 WILSHIRE BLVD STE 2240AddressLine1Txt
CityLOS ANGELESCityNm
State AbbreviationCAStateAbbreviationCd
ZIP90010ZIPCd
FieldValueIRS element (for citing)
No Listed Persons CompensatedYes (X)NoListedPersonsCompensatedInd

Form990 Part VII Section A Form990PartVIISectionAGrp (5 entries)

TitleTitleTxtAverage Hours Per WeekAverageHoursPerWeekRtIndividual Trustee Or DirectorIndividualTrusteeOrDirectorIndOfficerOfficerIndReportable Comp From OrgReportableCompFromOrgAmtReportable Comp From Rltd OrgReportableCompFromRltdOrgAmtOther CompensationOtherCompensationAmt
SO YOUNG KIM
PRESIDENT/SECRETARY5.00Yes (X)Yes (X)$0$0$0
JEWOO KIM
TREASURER/DIRECTOR5.00Yes (X)Yes (X)$0$0$0
YOUNGSUK CHI
CHAIRMAN5.00Yes (X)$0$0$0
KWANG HYUNG LEE
DIRECTOR5.00Yes (X)$0$0$0
TERRI KIM
DIRECTOR5.00Yes (X)$0$0$0
FieldValueIRS element (for citing)
Total Reportable Comp From Org$0TotalReportableCompFromOrgAmt
Tot Reportable Comp Rltd Org$0TotReportableCompRltdOrgAmt
Total Other Compensation$0TotalOtherCompensationAmt
Indiv Rcvd Greater Than100 K0IndivRcvdGreaterThan100KCnt
Former Ofcr Employees Listed0FormerOfcrEmployeesListedInd
Total Comp Greater Than150 K0TotalCompGreaterThan150KInd
Compensation From Other Srcs0CompensationFromOtherSrcsInd
Cntrct Rcvd Greater Than100 K0CntrctRcvdGreaterThan100KCnt
All Other Contributions$220,500AllOtherContributionsAmt
Total Contributions$220,500TotalContributionsAmt

Gross Rents GrossRentsGrp

FieldValueIRS element (for citing)
Real$118,827RealAmt

Less Rental Expenses LessRentalExpensesGrp

FieldValueIRS element (for citing)
Real$0RealAmt

Rental Income Or Loss RentalIncomeOrLossGrp

FieldValueIRS element (for citing)
Real$118,827RealAmt

Net Rental Income Or Loss NetRentalIncomeOrLossGrp

FieldValueIRS element (for citing)
Total Revenue Column$118,827TotalRevenueColumnAmt
Related Or Exempt Func Income$118,827RelatedOrExemptFuncIncomeAmt

Total Revenue TotalRevenueGrp

FieldValueIRS element (for citing)
Total Revenue Column$339,327TotalRevenueColumnAmt
Related Or Exempt Func Income$118,827RelatedOrExemptFuncIncomeAmt
Unrelated Business Revenue$0UnrelatedBusinessRevenueAmt
Exclusion$0ExclusionAmt

Grants To Domestic Orgs GrantsToDomesticOrgsGrp

FieldValueIRS element (for citing)
Total$5,000TotalAmt
Program Services$5,000ProgramServicesAmt

Grants To Domestic Individuals GrantsToDomesticIndividualsGrp

FieldValueIRS element (for citing)
Total$3,000TotalAmt
Program Services$3,000ProgramServicesAmt

Fees For Services Legal FeesForServicesLegalGrp

FieldValueIRS element (for citing)
Total$244TotalAmt
Management And General$244ManagementAndGeneralAmt

Fees For Services Accounting FeesForServicesAccountingGrp

FieldValueIRS element (for citing)
Total$11,400TotalAmt
Management And General$11,400ManagementAndGeneralAmt

Depreciation Depletion DepreciationDepletionGrp

FieldValueIRS element (for citing)
Total$50,375TotalAmt
Management And General$50,375ManagementAndGeneralAmt

Insurance InsuranceGrp

FieldValueIRS element (for citing)
Total$7,743TotalAmt
Management And General$7,743ManagementAndGeneralAmt

Other Expenses OtherExpensesGrp (3 entries)

DescDescTotalTotalAmtManagement And GeneralManagementAndGeneralAmt
LICENSES AND TAXES$33,021$33,021
FACILITY MANAGEMENT SER$30,318$30,318
BANK CHARGE$229$229

Total Functional Expenses TotalFunctionalExpensesGrp

FieldValueIRS element (for citing)
Total$141,330TotalAmt
Program Services$8,000ProgramServicesAmt
Management And General$133,330ManagementAndGeneralAmt
Fundraising$0FundraisingAmt

Cash Non Interest Bearing CashNonInterestBearingGrp

FieldValueIRS element (for citing)
BOY$220,321BOYAmt
EOY$469,243EOYAmt
FieldValueIRS element (for citing)
Land Bldg Equip Cost Or Other Bss$1,935,000LandBldgEquipCostOrOtherBssAmt
Land Bldg Equip Accum Deprec$509,125LandBldgEquipAccumDeprecAmt

Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp

FieldValueIRS element (for citing)
BOY$1,476,250BOYAmt
EOY$1,425,875EOYAmt

Other Assets Total OtherAssetsTotalGrp

FieldValueIRS element (for citing)
BOY$16,694BOYAmt
EOY$16,694EOYAmt

Total Assets TotalAssetsGrp

FieldValueIRS element (for citing)
BOY$1,713,265BOYAmt
EOY$1,911,812EOYAmt

Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp

FieldValueIRS element (for citing)
BOY$10,850BOYAmt
EOY$11,400EOYAmt

Mortg Notes Pybl Scrd Invst Prop MortgNotesPyblScrdInvstPropGrp

FieldValueIRS element (for citing)
BOY$17,336BOYAmt
EOY$17,336EOYAmt

Total Liabilities TotalLiabilitiesGrp

FieldValueIRS element (for citing)
BOY$28,186BOYAmt
EOY$28,736EOYAmt
FieldValueIRS element (for citing)
Organization Follows FASB117Yes (X)OrganizationFollowsFASB117Ind

No Donor Restriction Net Assets NoDonorRestrictionNetAssetsGrp

FieldValueIRS element (for citing)
BOY$1,685,079BOYAmt
EOY$1,883,076EOYAmt

Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp

FieldValueIRS element (for citing)
BOY$1,685,079BOYAmt
EOY$1,883,076EOYAmt

Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp

FieldValueIRS element (for citing)
BOY$1,713,265BOYAmt
EOY$1,911,812EOYAmt
FieldValueIRS element (for citing)
Reconcilation Revenue Expnss$197,997ReconcilationRevenueExpnssAmt
Other Changes In Net Assets$0OtherChangesInNetAssetsAmt
Method Of Accounting AccrualYes (X)MethodOfAccountingAccrualInd
Accountant Compile Or Review0AccountantCompileOrReviewInd
FS Audited0FSAuditedInd
Federal Grant Audit Required0FederalGrantAuditRequiredInd

Schedule A IRS990ScheduleA

FieldValueIRS element (for citing)
Supporting Organization509a3Yes (X)SupportingOrganization509a3Ind
Supporting Org Type1Yes (X)SupportingOrgType1Ind
IRS Written DeterminationYes (X)IRSWrittenDeterminationInd
Supported Organizations1SupportedOrganizationsCnt

Supported Org Information SupportedOrgInformationGrp

Supported Organization Name SupportedOrganizationName

FieldValueIRS element (for citing)
Business Name Line1KOREA ADVANCED INSTITUTE OF SCIENCE AND TECHNOLOGYBusinessNameLine1Txt
FieldValueIRS element (for citing)
EIN000000000EIN
Organization Type2OrganizationTypeCd
Governing Document ListedYes (1)GoverningDocumentListedInd
Support$8,000SupportAmt
Other Support$0OtherSupportAmt
FieldValueIRS element (for citing)
Supported Organizations Total1SupportedOrganizationsTotalCnt
Support Sum$8,000SupportSumAmt
Other Support Sum$0OtherSupportSumAmt

Form990 Sch A Supporting Org Form990SchASupportingOrgGrp

FieldValueIRS element (for citing)
Listed By Name Governing Doc0ListedByNameGoverningDocInd
Suprt Org No IRS DeterminationYes (1)SuprtOrgNoIRSDeterminationInd
Supported Org Section C4560SupportedOrgSectionC456Ind
Supported Org Not Organized USYes (1)SupportedOrgNotOrganizedUSInd
Control Deciding Grnt Frgn OrgYes (1)ControlDecidingGrntFrgnOrgInd
Support Foreign Org No DetermYes (1)SupportForeignOrgNoDetermInd
Organization Change Suprt Org0OrganizationChangeSuprtOrgInd
Support Non Supported Org0SupportNonSupportedOrgInd
Payment Substantial Contribtr0PaymentSubstantialContribtrInd
Loan Disqualified Person0LoanDisqualifiedPersonInd
Controlled Disqualified Prsn0ControlledDisqualifiedPrsnInd
Disqualified Prsn Controll Int0DisqualifiedPrsnControllIntInd
Disqualified Prsn Ownr Int0DisqualifiedPrsnOwnrIntInd
Excess Business Holdings Rules0ExcessBusinessHoldingsRulesInd
Contribution Controller0ContributionControllerInd
Contribution Family0ContributionFamilyInd
Contribution35 Controlled0Contribution35ControlledInd

Form990 Sch A Type1 Suprt Org Form990SchAType1SuprtOrgGrp

FieldValueIRS element (for citing)
Power Appoint Majority Dir Trst0PowerAppointMajorityDirTrstInd
Operate Benefit Non Suprt Org0OperateBenefitNonSuprtOrgInd

Form990 Schedule A Part VI Form990ScheduleAPartVIGrp (5 entries)

Form And Line ReferenceFormAndLineReferenceDescExplanationExplanationTxt
SCHEDULE A, PART IV, SECTION A, LINE 1SCHEDULE A, PART IV, SECTION A, LINE 1 WAS ANSWERED "NO" BECAUSE THE ORGANIZATION IS ORGANIZED AND OPERATED AS A TYPE I SUPPORTING ORGANIZATION UNDER IRC SECTION 509(A)(3), SUPPORTING THE KOREA ADVANCED INSTITUTE OF SCIENCE AND TECHNOLOGY (KAIST). IN ACCORDANCE WITH THE FOUNDATION'S BYLAWS (ARTICLE THIRD, SECTION 3.1), ALL MEMBERS OF THE FOUNDATION'S BOARD OF DIRECTORS ARE APPOINTED BY THE PRESIDENT OF KAIST, THEREBY SATISFYING THE "OPERATED, SUPERVISED, OR CONTROLLED BY" REQUIREMENT FOR TYPE I ORGANIZATIONS UNDER TREASURY REGULATION 1.509(A)-4(G)(1)(I). ALTHOUGH AT LEAST HALF OF THE BOARD MUST BE U.S. CITIZENS UNAFFILIATED WITH KAIST TO MEET U.S. GOVERNANCE REQUIREMENTS, THIS DOES NOT LIMIT KAIST'S APPOINTMENT AUTHORITY. THE FOUNDATION PROVIDES FINANCIAL AND PROGRAMMATIC SUPPORT EXCLUSIVELY TO KAIST. ALL SUPPORT IS ALIGNED WITH KAIST'S EDUCATIONAL AND SCIENTIFIC MISSION AND IS MADE AT THE SOLE DISCRETION OF THE FOUNDATION'S BOARD OF DIRECTORS.
SCHEDULE A, PART IV, SECTION B, LINE 1SCHEDULE A, PART IV, SECTION B, LINE 1 WAS ANSWERED "NO" BECAUSE THE ORGANIZATION IS NOT OPERATED IN CONNECTION WITH THE SUPPORTED ORGANIZATION IN THE MANNER REQUIRED FOR A TYPE II SUPPORTING ORGANIZATION. THE SUPPORTED ORGANIZATION DOES NOT HAVE COMMON CONTROL OR SUPERVISION OVER THE SUPPORTING ORGANIZATION, AND THERE IS NO OVERLAPPING GOVERNANCE STRUCTURE. THE ORGANIZATION QUALIFIES AS A TYPE I SUPPORTING ORGANIZATION.
SCHEDULE A, PART IV, SECTION A, LINE 2SCHEDULE A, PART IV, SECTION A, LINE 2 WAS ANSWERED "YES" BECAUSE KAIST IS A NATIONAL UNIVERSITY ESTABLISHED AND FUNDED BY THE GOVERNMENT OF THE REPUBLIC OF KOREA. IT IS A FOREIGN PUBLIC INSTITUTION OF HIGHER EDUCATION ORGANIZED AND OPERATED EXCLUSIVELY FOR SCIENTIFIC, EDUCATIONAL, AND CHARITABLE PURPOSES. WHILE KAIST DOES NOT POSSESS AN IRS DETERMINATION LETTER UNDER SECTION 501(C)(3), IT IS TREATED AS A FOREIGN EQUIVALENT OF A U.S. PUBLIC CHARITY DESCRIBED IN SECTION 509(A)(1).
SCHEDULE A, PART IV, SECTION A, LINE 4BSCHEDULE A, PART IV, SECTION A, LINE 4B WAS ANSWERED "YES" BECAUSE THE FOUNDATION'S PRIMARY SUPPORT IS DIRECTED EXCLUSIVELY TO KAIST AS ITS SOLE SUPPORTED ORGANIZATION. HOWEVER, IN ALIGNMENT WITH ITS SUPPORT OF KAIST'S MISSION, THE FOUNDATION HAS FUNDED KAIST-LED PROGRAMS THAT ARE IMPLEMENTED IN THE UNITED STATES. THESE INCLUDE SUPPORT FOR A VOLUNTEER OUTREACH PROGRAM AT FOOTHILL COLLEGE ("LET'S PLAY AI+TECH") AND SCHOLARSHIP AWARDS GRANTED BY KAIST TO ITS U.S.-BASED ALUMNI. THESE ACTIVITIES ARE INITIATED AND OVERSEEN BY KAIST, AND THE FOUNDATION MAINTAINS FULL DISCRETION AND CONTROL OVER THE GRANT PROCESS AND USE OF FUNDS. THE SUPPORTED ORGANIZATION DOES NOT HAVE ANY RIGHT TO COMPEL PAYMENTS, AND ALL GRANT DECISIONS ARE MADE BY THE FOUNDATION'S BOARD OF DIRECTORS PURSUANT TO ITS INDEPENDENT GOVERNANCE STRUCTURE.
SCHEDULE A, PART IV, SECTION A, LINE 4CSCHEDULE A, PART IV, SECTION A, LINE 4C WAS ANSWERED "YES" BECAUSE THE SUPPORTED ORGANIZATION DOES NOT HAVE AN IRS DETERMINATION LETTER, BUT THE FOUNDATION OPERATES UNDER GOVERNING DOCUMENTS THAT RESTRICT ALL SUPPORT EXCLUSIVELY TO PURPOSES THAT COMPLY WITH SECTION 170(C)(2)(B). THE FOUNDATION ENSURES THAT GRANTS ARE USED EXCLUSIVELY FOR CHARITABLE, EDUCATIONAL, OR SCIENTIFIC PURPOSES BY REQUIRING WRITTEN GRANT AGREEMENTS AND FOLLOW-UP REPORTING ON THE USE OF FUNDS. THE ORGANIZATION HAS NO DISCRETIONARY GRANTMAKING OUTSIDE OF THESE PURPOSES. THE FOUNDATION DOES NOT SUPPORT ANY DISQUALIFIED PERSONS, NOR DOES IT ENGAGE IN TRANSACTIONS WITH INTERESTED PERSONS, MAINTAIN OWNERSHIP INTERESTS, OR PROVIDE GRANTS OUTSIDE THE SCOPE OF ITS EXEMPT PURPOSE.

Schedule B IRS990ScheduleB

Contributor Information ContributorInformationGrp

FieldValueIRS element (for citing)
ContributorRESTRICTEDContributorNum

Contributor Business Name ContributorBusinessName

FieldValueIRS element (for citing)
Business Name Line1RESTRICTEDBusinessNameLine1

Contributor US Address ContributorUSAddress

FieldValueIRS element (for citing)
Address Line1RESTRICTEDAddressLine1
Address Line2RESTRICTEDAddressLine2
CityRESTRICTEDCity
StateRESTRICTEDState
ZIP CodeRESTRICTEDZIPCode
FieldValueIRS element (for citing)
Total ContributionsRESTRICTEDTotalContributionsAmt

Schedule D IRS990ScheduleD

Land LandGrp

FieldValueIRS element (for citing)
Investment Cost Or Other Basis$423,765InvestmentCostOrOtherBasisAmt
Book Value$423,765BookValueAmt

Buildings BuildingsGrp

FieldValueIRS element (for citing)
Investment Cost Or Other Basis$1,511,235InvestmentCostOrOtherBasisAmt
Depreciation$509,125DepreciationAmt
Book Value$1,002,110BookValueAmt
FieldValueIRS element (for citing)
Total Book Value Land Buildings$1,425,875TotalBookValueLandBuildingsAmt

Supplemental Information Detail SupplementalInformationDetail

FieldValueIRS element (for citing)
Form And Line ReferenceSCHEDULE D, PART XIIIFormAndLineReferenceDesc
ExplanationFIN 48 FOOTNOTE: ON JANUARY 1, 2009, THE FOUNDATION ADOPTED THE RECOGNITION REQUIREMENTS FOR UNCERTAIN INCOME TAX PROVISIONS AS REQUIRED BY GENERALLY ACCEPTED ACCOUNTING PRINCIPLES, WITH NO CUMULATIVE EFFECT ADJUSTMENT REQUIRED. INCOME TAX BENEFITS ARE RECOGNIZED FOR INCOME TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN, ONLY WHEN IT IS DETERMINED THAT THE INCOME TAX POSITION WILL MORE-LIKELY-THAN-NOT BE SUSTAINED UPON EXAMINATION BY TAXING AUTHORITIES. THE FOUNDATION HAS ANALYZED THE TAX POSITIONS TAKEN IN ITS FILINGS WITH THE IRS AND STATE JURISDICTIONS WHERE IT OPERATES. THE FOUNDATION BELIEVES THAT ITS INCOME TAX FILING POSITIONS WILL BE SUSTAINED UPON EXAMINATION AND DOES NOT ANTICIPATE ANY ADJUSTMENTS THAT WOULD RESULT IN A MATERIAL ADVERSE AFFECT ON THE FOUNDATION'S FINANCIAL CONDITION, RESULTS OF OPERATIONS OR CASH FLOWS. ACCORDINGLY, THE FOUNDATION HAS NOT RECORDED ANY RESERVES, OR RELATED ACCRUALS FOR INTEREST AND PENALTIES FOR UNCERTAIN INCOME TAX POSITIONS AT DECEMBER 31, 2024.ExplanationTxt

Schedule O IRS990ScheduleO

Supplemental Information Detail SupplementalInformationDetail (3 entries)

Form And Line ReferenceFormAndLineReferenceDescExplanationExplanationTxt
FORM 990, PART VI, SECTION B, LINE 11BTHE TAX RETURN IS PRESENTED TO GOVERNING BODY OF THE ORGANIZATION BEFORE FILING FOR APPROVAL.
FORM 990, PART VI, SECTION B, LINE 12CTHE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS/CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE UPON REQUEST. THE GOVERNING BOARD REQUIRES ALL BOARD MEMBERS TO FILE AN ANNUAL STATEMENT OF COMPLIANCE WITH THE ORGANIZATION'S POLICIES. ADDITIONALY, THE ORGANIZATION MONITORS THE STATUS OF BOARD OF DIRECTOR MEMBERS FOR ANY CONFLICT OF INTEREST EXISTS.
FORM 990, PART VI, SECTION C, LINE 19THE ORGANIZATION MAINTAINS BOARD OF DIRECTORS MEETING MINUTES AS WELL THE SIGNATURE OF ALL BOARD MEMBERS. THE ORGANIZATION MAKES ITS FINANCIAL STATEMENTS AVAILABLE FOR PUBLIC INSPECTION UPON REQUEST. THE ORGANIZATION HAS A WRITTEN CONFLICT OF INTEREST POLICY.

Reasonable Cause Explanation ReasonableCauseExplanation

FieldValueIRS element (for citing)
ExplanationTHIS RETURN IS BEING FILED AFTER THE DUE DATE BECAUSE THE TAXPAYER RELIED IN GOOD FAITH ON ITS TAX PREPARER TO FILE A FORM 990 EXTENSION. ALTHOUGH THE EXTENSION WAS PREPARED AND SAVED, IT WAS NOT TRANSMITTED DUE TO A MISSED FINAL REVIEW STEP IN THE PREPARER'S INTERNAL PROCESS. THIS OVERSIGHT WAS NOT IDENTIFIED UNTIL AFTER THE DEADLINE. THE TAXPAYER HAS TIMELY FILED FORM 990 EVERY YEAR SINCE 2017. THIS IS THE FIRST INSTANCE OF A LATE FILING. WE RESPECTFULLY REQUEST PENALTY ABATEMENT UNDER THE IRS FIRST-TIME ABATEMENT POLICY AND REASONABLE CAUSE, AS THE TAXPAYER ACTED WITH ORDINARY BUSINESS CARE BY ENGAGING A QUALIFIED PREPARER AND RELYING ON THEIR PROCESS IN GOOD FAITH. THE TAXPAYER IS TAKING STEPS TO IMPROVE PROCEDURES AND PREVENT RECURRENCE. THANK YOU FOR YOUR UNDERSTANDING.ExplanationTxt

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