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WILLIAM AND MARGARET KANG FOUNDATION: Form 990PF, tax year 2020

View the entire original 990 at ProPublica ↗

Organization
WILLIAM AND MARGARET KANG FOUNDATION (EIN 82-4304512)
Tax period
2020-01-01 to 2020-12-31
Filed
2021-11-12
IRS object ID
202123169349104242
Schema version
2020v4.0
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)
Return2021-11-12T16:37:37-06:00ReturnTs
Tax Period End2020-12-31TaxPeriodEndDt

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 Line11239 120TH AVE NE STE EAddressLine1Txt
CityBELLEVUECityNm
State AbbreviationWAStateAbbreviationCd
ZIP980052133ZIPCd
FieldValueIRS element (for citing)
Return Type990PFReturnTypeCd
Tax Period Begin2020-01-01TaxPeriodBeginDt

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
Signature2021-11-11SignatureDt
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

Preparer Person PreparerPersonGrp

FieldValueIRS element (for citing)
Preparer PersonSTEVEN LEE CPAPreparerPersonNm
PTINP00287695PTIN
Phone4256981348PhoneNum
Preparation2021-11-11PreparationDt
FieldValueIRS element (for citing)
Tax2020TaxYr
Build TS2022-09-23 18:48:47ZBuildTS

Form 990-PF IRS990PF

FieldValueIRS element (for citing)
Organization501c3 Exempt PFYes (X)Organization501c3ExemptPFInd
FMV Assets EOY$560,081FMVAssetsEOYAmt
Method Of Accounting CashYes (X)MethodOfAccountingCashInd

Analysis Of Revenue And Expenses AnalysisOfRevenueAndExpenses

FieldValueIRS element (for citing)
Contri Rcvd Rev And Expnss$200,000ContriRcvdRevAndExpnssAmt
Interest On Sav Rev And Expnss$6InterestOnSavRevAndExpnssAmt
Dividends Rev And Expnss$7,604DividendsRevAndExpnssAmt
Net Gain Sale Ast Rev And Expnss$1,623NetGainSaleAstRevAndExpnssAmt
Gross Sales Price$77,364GrossSalesPriceAmt
Cap Gain Net Incm Net Invst Incm$1,700CapGainNetIncmNetInvstIncmAmt
Total Rev And Expnss$209,233TotalRevAndExpnssAmt
Total Net Invst Incm$1,700TotalNetInvstIncmAmt
Accounting Fees Rev And Expnss$2,000AccountingFeesRevAndExpnssAmt
Taxes Rev And Expnss$16TaxesRevAndExpnssAmt
Tot Opr Expenses Rev And Expnss$2,016TotOprExpensesRevAndExpnssAmt
Tot Opr Expenses Net Invst Incm$0TotOprExpensesNetInvstIncmAmt
Tot Opr Expenses Dsbrs Chrtbl$0TotOprExpensesDsbrsChrtblAmt
Contri Paid Rev And Expnss$29,850ContriPaidRevAndExpnssAmt
Contri Paid Dsbrs Chrtbl$29,850ContriPaidDsbrsChrtblAmt
Total Expenses Rev And Expnss$31,866TotalExpensesRevAndExpnssAmt
Total Expenses Net Invst Incm$0TotalExpensesNetInvstIncmAmt
Total Expenses Dsbrs Chrtbl$29,850TotalExpensesDsbrsChrtblAmt
Excess Revenue Over Expenses$177,367ExcessRevenueOverExpensesAmt
Net Investment Income$1,700NetInvestmentIncomeAmt

Form990 PF Balance Sheets Form990PFBalanceSheetsGrp

FieldValueIRS element (for citing)
Cash BOY$394,153CashBOYAmt
Cash EOY$105,562CashEOYAmt
Cash EOYFMV$105,562CashEOYFMVAmt
Corporate Stock EOY$454,519CorporateStockEOYAmt
Corporate Stock EOYFMV$454,519CorporateStockEOYFMVAmt
Other Investments BOY$625OtherInvestmentsBOYAmt
Total Assets BOY$394,778TotalAssetsBOYAmt
Total Assets EOY$560,081TotalAssetsEOYAmt
Total Assets EOYFMV$560,081TotalAssetsEOYFMVAmt
Grants Payable BOY$12,064GrantsPayableBOYAmt
Total Liabilities BOY$12,064TotalLiabilitiesBOYAmt
Total Liabilities EOY$0TotalLiabilitiesEOYAmt
Organization Follows FASB117Yes (X)OrganizationFollowsFASB117Ind
No Donor Rstr Net Assests BOY$382,714NoDonorRstrNetAssestsBOYAmt
No Donor Rstr Net Assests EOY$560,081NoDonorRstrNetAssestsEOYAmt
Tot Net Ast Or Fund Balances BOY$382,714TotNetAstOrFundBalancesBOYAmt
Tot Net Ast Or Fund Balances EOY$560,081TotNetAstOrFundBalancesEOYAmt
Total Liabilities Net Ast BOY$394,778TotalLiabilitiesNetAstBOYAmt
Total Liabilities Net Ast EOY$560,081TotalLiabilitiesNetAstEOYAmt

Chg In Net Assets Fund Balances ChgInNetAssetsFundBalancesGrp

FieldValueIRS element (for citing)
Tot Net Ast Or Fund Balances BOY$382,714TotNetAstOrFundBalancesBOYAmt
Excess Revenue Over Expenses$177,367ExcessRevenueOverExpensesAmt
Subtotal$560,081SubtotalAmt
Tot Net Ast Or Fund Balances EOY$560,081TotNetAstOrFundBalancesEOYAmt

Cap Gains Loss Tx Invst Incm Detail CapGainsLossTxInvstIncmDetail

FieldValueIRS element (for citing)
Capital Gain Net Income$1,700CapitalGainNetIncomeAmt

Excise Tax Based On Invst Incm ExciseTaxBasedOnInvstIncmGrp

FieldValueIRS element (for citing)
Investment Income Excise Tax$24InvestmentIncomeExciseTaxAmt
Subtotal$24SubtotalAmt
Tax Based On Investment Income$24TaxBasedOnInvestmentIncomeAmt
Tax Due$24TaxDueAmt

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
Own Controlled EntityfalseOwnControlledEntityInd
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 GRANTSDescription1Txt

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$400,000AverageMonthlyFMVOfSecAmt
Average Monthly Cash Balances$100,000AverageMonthlyCashBalancesAmt
FMV All Other Noncharitable Ast$0FMVAllOtherNoncharitableAstAmt
Total FMV Of Unused Assets$500,000TotalFMVOfUnusedAssetsAmt
Adjusted Total FMV Of Unused Ast$500,000AdjustedTotalFMVOfUnusedAstAmt
Cash Deemed Charitable$7,500CashDeemedCharitableAmt
Net Vl Noncharitable Assets$492,500NetVlNoncharitableAssetsAmt
Minimum Investment Return$24,625MinimumInvestmentReturnAmt

Distributable Amount DistributableAmountGrp

FieldValueIRS element (for citing)
Minimum Investment Return$24,625MinimumInvestmentReturnAmt
Tax Based On Investment Income$24TaxBasedOnInvestmentIncomeAmt
Total Tax$24TotalTaxAmt
Distributable Before Adj$24,601DistributableBeforeAdjAmt
Distributable Before Ded$24,601DistributableBeforeDedAmt
Distributable As Adjusted$24,601DistributableAsAdjustedAmt

Qualifying Distri Part XII QualifyingDistriPartXIIGrp

FieldValueIRS element (for citing)
Expenses And Contributions$29,850ExpensesAndContributionsAmt
Qualifying Distributions$29,850QualifyingDistributionsAmt
Adjusted Qualifying Distri$29,850AdjustedQualifyingDistriAmt

Undistributed Income UndistributedIncomeGrp

FieldValueIRS element (for citing)
Distributable As Adjusted$24,601DistributableAsAdjustedAmt
Excess Distribution Cyov Yr2$12,750ExcessDistributionCyovYr2Amt
Excess Distribution Cyov Yr1$8,186ExcessDistributionCyovYr1Amt
Total Excess Distribution Cyov$20,936TotalExcessDistributionCyovAmt
Qualifying Distributions$29,850QualifyingDistributionsAmt
Applied To Current Year$24,601AppliedToCurrentYearAmt
Remaining Distri From Corpus$5,249RemainingDistriFromCorpusAmt
Total Corpus$26,185TotalCorpusAmt
Undistributed Income CY$0UndistributedIncomeCYAmt
Excess Distri Cyov To Next Yr$26,185ExcessDistriCyovToNextYrAmt
Excess From Year2$12,750ExcessFromYear2Amt
Excess From Year1$8,186ExcessFromYear1Amt
Excess From Current Year$5,249ExcessFromCurrentYearAmt

Supplementary Information SupplementaryInformationGrp

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

Grant Or Contribution Pd Dur Yr GrantOrContributionPdDurYrGrp (19 entries)

Address Line1RecipientUSAddress/AddressLine1TxtCityRecipientUSAddress/CityNmState AbbreviationRecipientUSAddress/StateAbbreviationCdZIPRecipientUSAddress/ZIPCdRecipient RelationshipRecipientRelationshipTxtRecipient Foundation StatusRecipientFoundationStatusTxtGrant Or Contribution PurposeGrantOrContributionPurposeTxtAmtAmt
UNITED SEATTLE-BELLEVUE KOR SCHOOL
P O BOX 1406BELLEVUEWA980091406UNLEATEDNON-PROFITDONATION$2,000
CARIBBEAN EVANGELICAL MISSION
3040 WINLOCK WAYGRANITE BAYCA95746UNLEATEDNON-PROFITMISSION SUPPORT$2,000
SIDWELL FRIENDS SCHOOL
3825 WISCONSIN AVE NWWASHINGONDC20016UNRELATEDNON-PROFITDONATION$250
JERUSALEM UNIVERSITY COLLEGE
185 WESLEY AVEXENIAOH45385UNRELATEDUNIVERSITYDONATION$250
TIDES ADVOCACY
1014 TORNEY AVESAN FRANCISCOCA94129UNRELATED501(C)(4)DONATION$250
HUH JAE-MAN
4215 198TH ST SW STE 104LYNNWOODWA98036UNRELATEDMISSIONARYDONATION$2,000
UNITED PRESBYTERIAN CHURCH OF SEATT
8506 238TH ST SWEDMONDSWA98026UNRELATEDCHURCHDONATION$10,000
FRONTIERS USA
P O BOX 60730PHOENIXAZ85082UNRELATEDNON-PROFITDONATION$3,000
WE ARE FAMILY FOUNDATION
163 AMSTERDAM AVE 1417NEW YORKNY10023UNRELATEDNON-PROFITDONATION$1,000
KOREAN AMERICAN STORYORG
4 CHERRY LNSCARSDALENY10583UNRELATEDNON-PROFITDONATION$200
MARTHA'S TABLE
2375 ELVANS RD SEWASHINGTONDC20020UNRELATEDNON-PROFITDONATION$800
NOBODY LEAVES MID-HUDSON
29 N HAMILTON ST L05POUGHKEEPSIENY12601UNRELATEDNON-PROFITDONATION$1,000
EQUILITY NOW INC
P O BOX 7160NEW YORKNY10008UNRELATEDNON-PROFITDONATION$1,000
ALL GOOD LIVING FOUNDATION
2332 ALAMEDA AVEALAMEDACA94501UNRELATEDNON-PROFITDONATION$1,000
ALAMEDA MEALS ON WHEELS
516 WILLOW STALAMEDACA94501UNRELATEDNON-PROFITDONATION$1,000
UNITED PRESBYTERIAN CHURCH OF SEAT
8506 238TH ST SWEDMONDSWA98026UNRELATEDNON-PROFITDONATION$100
WATCHTOWER
900 RED MILLS ROADWALLKILLNY12589UNRELATEDNON-PROFITDONATION$2,000
HOLLABACK
30 3RD QVE 800BBROOKLYNNY11217UNRELATEDNON-PROFITDONATION$1,000
LA MAS
2806 CLEARWATER STLOS ANEGELESCA90039UNRELATEDNON-PROFITDONATION$1,000
FieldValueIRS element (for citing)
Total Grant Or Contri Pd Dur Yr$29,850TotalGrantOrContriPdDurYrAmt

Analysis Income Producing Acty AnalysisIncomeProducingActyGrp

Int On Sav And Temp Cash Invst IntOnSavAndTempCashInvstGrp

FieldValueIRS element (for citing)
Related Or Exempt Function Incm$6RelatedOrExemptFunctionIncmAmt

Div And Int From Sec Part VII DivAndIntFromSecPartVIIGrp

FieldValueIRS element (for citing)
Related Or Exempt Function Incm$7,604RelatedOrExemptFunctionIncmAmt

Gain Sales Ast Oth Than Invntry GainSalesAstOthThanInvntryGrp

FieldValueIRS element (for citing)
Related Or Exempt Function Incm$1,623RelatedOrExemptFunctionIncmAmt

Subtotals Incm Producing Acty SubtotalsIncmProducingActyGrp

FieldValueIRS element (for citing)
Related Or Exempt Function Incm$9,233RelatedOrExemptFunctionIncmAmt
FieldValueIRS element (for citing)
Total Income Producing Acty$9,233TotalIncomeProducingActyAmt

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

Schedule B IRS990ScheduleB

FieldValueIRS element (for citing)
Organization501c3 Exempt PFYes (X)Organization501c3ExemptPFInd
General RuleYes (X)GeneralRuleInd

Contributor Information ContributorInformationGrp (2 entries)

ContributorContributorNumAddress Line1ContributorUSAddress/AddressLine1TxtCityContributorUSAddress/CityNmState AbbreviationContributorUSAddress/StateAbbreviationCdZIPContributorUSAddress/ZIPCdTotal ContributionsTotalContributionsAmtPerson ContributionPersonContributionInd
WILLIAM KANG
117910 VISTA DEL MAR DRIVEEDMONDSWA98026$100,000Yes (X)
MARGARET KANG
217910 VISTA DEL MAR DRIVEEDMONDSWA98026$100,000Yes (X)

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

FieldValueIRS element (for citing)
Asset250 SH INVESTCO QQQ ETFAssetDesc
How AcquiredPURCHASEHowAcquiredTxt
Sold2020-12SoldDt
Gross Sales Price$75,664GrossSalesPriceAmt
Basis$75,741BasisAmt
Total Net-$77TotalNetAmt

Investments Corp Stock Schedule InvestmentsCorpStockSchedule

Investments Corporate Stock InvestmentsCorporateStockGrp

FieldValueIRS element (for citing)
EOY Book Value$454,519EOYBookValueAmt
EOYFMV$454,519EOYFMVAmt

Investments Other Schedule2 InvestmentsOtherSchedule2

Investments Other InvestmentsOtherGrp

FieldValueIRS element (for citing)
Category Or ItemUNKNOWN DIFFERENCECategoryOrItemTxt

Taxes Schedule TaxesSchedule

Taxes Detail TaxesDetail

FieldValueIRS element (for citing)
CategoryINDIRECT TAXES/LICENSESCategoryTxt
Amt$16Amt

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