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Lakff Corp

Korean Festival Foundation

Organization summary

Type of Nonprofit

Designated as a Civic leagues, social welfare organizations and local associations of employees, created to promote community welfare for charitable, educational or recreational purposes.

Category: Recreation, Sports, Leisure, Athletics / Fairs, County and Other (NTEE)

Donations to this organization are not tax deductible.

Summary charts: organization finances over time

Revenue
$1.36M (2023)

Expenses
$1.3M (2023)

Total Assets
$98.7k (2023)

Total Liabilities
$52 (2023)

Source: Form 990 tax filings from 2011 to 2023

Tax Filings by Year

Form 990 is an information return that most organizations claiming federal tax-exempt status must file yearly with the IRS. Nonprofit Explorer has IRS digitized Form 990 data for filings processed in 2012 and later. If this organization filed an amended return, it may not be reflected below. Duplicate download links may indicate a resubmission or amendment to this organization's original return. Form 990 data is from the IRS.

Fiscal Year Ending Dec.
2023

Extracted Financial Data

Extracted Financial Data from Form 990
Revenue
$1,361,136
Expenses
$1,301,991
Net Income
$59,145
Net Assets
$98,668
Notable Sources of Revenue Percent of Total Revenue
Contributions $30,000
2.2%
Program Services $1,331,136
97.8%
Investment Income $0
Bond Proceeds $0
Royalties $0
Rental Property Income $0
Net Fundraising $0
Sales of Assets $0
Net Inventory Sales $0
Other Revenue $0
Notable Expenses Percent of Total Expenses
Executive Compensation $0
Professional Fundraising Fees $0
Other Salaries and Wages $91,500
7.0%
Assets/Debt
Total Assets $98,720
Total Liabilities $52
Net Assets $98,668
Compensation
Key Employees and Officers Compensation Related Other
Moo Han Bae (Board Member) $0 $0 $0
Alex M Cha (Ceo) $0 $0 $0
Young Nae Lee (Secretary) $0 $0 $0
Benedict J Pak (Cfo) $0 $0 $0

Document Links

Fiscal Year Ending Dec.
2022

Extracted Financial Data

Extracted Financial Data from Form 990
Revenue
$1,054,561
Expenses
$1,027,020
Net Income
$27,541
Net Assets
$19,390
Notable Sources of Revenue Percent of Total Revenue
Contributions $356,364
33.8%
Program Services $698,197
66.2%
Investment Income $0
Bond Proceeds $0
Royalties $0
Rental Property Income $0
Net Fundraising $0
Sales of Assets $0
Net Inventory Sales $0
Other Revenue $0
Notable Expenses Percent of Total Expenses
Executive Compensation $0
Professional Fundraising Fees $0
Other Salaries and Wages $54,928
5.3%
Assets/Debt
Total Assets $19,440
Total Liabilities $50
Net Assets $19,390
Compensation
Key Employees and Officers Compensation Related Other
Al Choe (Secretary) $0 $0 $0
Moo Han Bae (Chief Executive Officer) $0 $0 $0

Document Links

Fiscal Year Ending Dec.
2021

Extracted Financial Data

Extracted Financial Data from Form 990
Revenue
$139,799
Expenses
$144,538
Net Income
-$4,739
Net Assets
-$8,151
Notable Sources of Revenue Percent of Total Revenue
Contributions $119,280
85.3%
Program Services $20,519
14.7%
Investment Income $0
Bond Proceeds $0
Royalties $0
Rental Property Income $0
Net Fundraising $0
Sales of Assets $0
Net Inventory Sales $0
Other Revenue $0
Notable Expenses Percent of Total Expenses
Executive Compensation $0
Professional Fundraising Fees $0
Other Salaries and Wages $13,440
9.3%
Assets/Debt
Total Assets $17,697
Total Liabilities $25,848
Net Assets -$8,151
Compensation
Key Employees and Officers Compensation Related Other
Chester P Kim (Director) $0 $0 $0
Howard Park (Director) $0 $0 $0
Moon Han Bae (Director) $0 $0 $0
Al I Choe (Secretary) $0 $0 $0

Document Links

Fiscal Year Ending Dec.
2020

Extracted Financial Data

Extracted Financial Data from Form 990
Revenue
$41,168
Expenses
$146,964
Net Income
-$105,796
Net Assets
-$3,412
Notable Sources of Revenue Percent of Total Revenue
Contributions $0
Program Services $24,868
60.4%
Investment Income $0
Bond Proceeds $0
Royalties $0
Rental Property Income $0
Net Fundraising $0
Sales of Assets $0
Net Inventory Sales $0
Other Revenue $16,300
39.6%
Notable Expenses Percent of Total Expenses
Executive Compensation $0
Professional Fundraising Fees $0
Other Salaries and Wages $53,409
36.3%
Assets/Debt
Total Assets $21,588
Total Liabilities $25,000
Net Assets -$3,412
Compensation
Key Employees and Officers Compensation Related Other
Gab J Cho (President) $0 $0 $0
Al I Choe (Secretary) $0 $0 $0
Moon Han Bae (Director) $0 $0 $0

Document Links

Fiscal Year Ending Dec.
2019

Extracted Financial Data

Extracted Financial Data from Form 990
Revenue
$849,279
Expenses
$730,531
Net Income
$118,748
Net Assets
$108,641
Notable Sources of Revenue Percent of Total Revenue
Contributions $0
Program Services $778,200
91.6%
Investment Income $0
Bond Proceeds $0
Royalties $0
Rental Property Income $0
Net Fundraising $0
Sales of Assets $0
Net Inventory Sales $0
Other Revenue $71,079
8.4%
Notable Expenses Percent of Total Expenses
Executive Compensation $0
Professional Fundraising Fees $0
Other Salaries and Wages $63,887
8.7%
Assets/Debt
Total Assets $110,315
Total Liabilities $1,674
Net Assets $108,641
Compensation
Key Employees and Officers Compensation Related Other
Gab Jae Cho (President) $0 $0 $0

Document Links

Fiscal Year Ending Dec.
2018

Extracted Financial Data

Extracted Financial Data from Form 990
Revenue
$1,088,140
Expenses
$1,229,651
Net Income
-$141,511
Net Assets
-$50,640
Notable Sources of Revenue Percent of Total Revenue
Contributions $156,098
14.3%
Program Services $841,728
77.4%
Investment Income $0
Bond Proceeds $0
Royalties $0
Rental Property Income $0
Net Fundraising $0
Sales of Assets $0
Net Inventory Sales $0
Other Revenue $90,314
8.3%
Notable Expenses Percent of Total Expenses
Executive Compensation $0
Professional Fundraising Fees $0
Other Salaries and Wages $66,129
5.4%
Assets/Debt
Total Assets $130,630
Total Liabilities $181,270
Net Assets -$50,640
Compensation
Key Employees and Officers Compensation Related Other
Gab Jae Cho (President) $0 $0 $0

Document Links

Fiscal Year Ending Dec.
2017

Extracted Financial Data

Extracted Financial Data from Form 990
Revenue
$1,066,073
Expenses
$913,703
Net Income
$152,370
Net Assets
$90,871
Notable Sources of Revenue Percent of Total Revenue
Contributions $109,315
10.3%
Program Services $956,758
89.7%
Investment Income $0
Bond Proceeds $0
Royalties $0
Rental Property Income $0
Net Fundraising $0
Sales of Assets $0
Net Inventory Sales $0
Other Revenue $0
Notable Expenses Percent of Total Expenses
Executive Compensation $0
Professional Fundraising Fees $0
Other Salaries and Wages $59,242
6.5%
Assets/Debt
Total Assets $107,181
Total Liabilities $16,310
Net Assets $90,871
Compensation
Key Employees and Officers Compensation Related Other
Jimmy Lee (President) $0 $0 $0
Gab Jae Cho (Chairman) $0 $0 $0
Moo Han Bae (Vice Preside) $0 $0 $0
Al I Choe (Vice Preside) $0 $0 $0
Chester P Kim (Auditor Dire) $0 $0 $0

Document Links

Fiscal Year Ending Dec.
2016

Extracted Financial Data

Extracted Financial Data from Form 990
Revenue
$917,513
Expenses
$1,033,855
Net Income
-$116,342
Net Assets
-$66,613
Notable Sources of Revenue Percent of Total Revenue
Contributions $81,240
8.9%
Program Services $836,273
91.1%
Investment Income $0
Bond Proceeds $0
Royalties $0
Rental Property Income $0
Net Fundraising $0
Sales of Assets $0
Net Inventory Sales $0
Other Revenue $0
Notable Expenses Percent of Total Expenses
Executive Compensation $0
Professional Fundraising Fees $0
Other Salaries and Wages $77,310
7.5%
Assets/Debt
Total Assets $95,838
Total Liabilities $162,451
Net Assets -$66,613
Compensation
Key Employees and Officers Compensation Related Other
Jimmy Lee (President) $0 $0 $0
Gab Jae Cho (Chairman) $0 $0 $0
Moo Han Bae (Vice Preside) $0 $0 $0
Al I Choe (Vice Preside) $0 $0 $0
Chester P Kim (Auditor Dire) $0 $0 $0

Document Links

Fiscal Year Ending Dec.
2015

Extracted Financial Data

Extracted Financial Data from Form 990
Revenue
$931,581
Expenses
$961,463
Net Income
-$29,882
Net Assets
$76,056
Notable Sources of Revenue Percent of Total Revenue
Contributions $53,480
5.7%
Program Services $845,444
90.8%
Investment Income $0
Bond Proceeds $0
Royalties $0
Rental Property Income $0
Net Fundraising $0
Sales of Assets $0
Net Inventory Sales $0
Other Revenue $32,657
3.5%
Notable Expenses Percent of Total Expenses
Executive Compensation $0
Professional Fundraising Fees $0
Other Salaries and Wages $79,751
8.3%
Assets/Debt
Total Assets $87,045
Total Liabilities $10,989
Net Assets $76,056

Document Links

Fiscal Year Ending Dec.
2014

Extracted Financial Data

Extracted Financial Data from Form 990
Revenue
$841,532
Expenses
$783,583
Net Income
$57,949
Net Assets
$51,259
Notable Sources of Revenue Percent of Total Revenue
Contributions $25,025
3.0%
Program Services $816,507
97.0%
Investment Income $0
Bond Proceeds $0
Royalties $0
Rental Property Income $0
Net Fundraising $0
Sales of Assets $0
Net Inventory Sales $0
Other Revenue $0
Notable Expenses Percent of Total Expenses
Executive Compensation $0
Professional Fundraising Fees $0
Other Salaries and Wages $94,560
12.1%
Assets/Debt
Total Assets $59,360
Total Liabilities $8,101
Net Assets $51,259

Document Links

Fiscal Year Ending Dec.
2013

Extracted Financial Data

Extracted Financial Data from Form 990
Revenue
$898,822
Expenses
$828,318
Net Income
$70,504
Net Assets
$89,915
Notable Sources of Revenue Percent of Total Revenue
Contributions $24,800
2.8%
Program Services $874,022
97.2%
Investment Income $0
Bond Proceeds $0
Royalties $0
Rental Property Income $0
Net Fundraising $0
Sales of Assets $0
Net Inventory Sales $0
Other Revenue $0
Notable Expenses Percent of Total Expenses
Executive Compensation $0
Professional Fundraising Fees $0
Other Salaries and Wages $94,228
11.4%
Assets/Debt
Total Assets $149,561
Total Liabilities $59,646
Net Assets $89,915

Document Links

Fiscal Year Ending Dec.
2012

Extracted Financial Data

Extracted Financial Data from Form 990
Revenue
$881,253
Expenses
$813,297
Net Income
$67,956
Net Assets
$19,412
Notable Sources of Revenue Percent of Total Revenue
Contributions $56,716
6.4%
Program Services $824,537
93.6%
Investment Income $0
Bond Proceeds $0
Royalties $0
Rental Property Income $0
Net Fundraising $0
Sales of Assets $0
Net Inventory Sales $0
Other Revenue $0
Notable Expenses Percent of Total Expenses
Executive Compensation $0
Professional Fundraising Fees $0
Other Salaries and Wages $37,117
4.6%
Assets/Debt
Total Assets $118,142
Total Liabilities $98,730
Net Assets $19,412

Document Links

Fiscal Year Ending Dec.
2011

Extracted Financial Data

Extracted Financial Data from Form 990
Revenue
$746,702
Expenses
$690,487
Net Income
$56,215
Net Assets
-$48,544
Notable Sources of Revenue Percent of Total Revenue
Contributions $0
Program Services $746,702
100%
Investment Income $0
Bond Proceeds $0
Royalties $0
Rental Property Income $0
Net Fundraising $0
Sales of Assets $0
Net Inventory Sales $0
Other Revenue $0
Notable Expenses Percent of Total Expenses
Executive Compensation $0
Professional Fundraising Fees $0
Other Salaries and Wages $7,542
1.1%
Assets/Debt
Total Assets $101,519
Total Liabilities $150,063
Net Assets -$48,544

Document Links

Fiscal Year Ending Dec.
2010

No Extracted Financial Data

Extracted financial data is not available for the forms filed in this tax period, but Form 990 documents are available for download.

Document Links

Fiscal Year Ending Dec.
2009

No Extracted Financial Data

Extracted financial data is not available for the forms filed in this tax period, but Form 990 documents are available for download.

Document Links

Fiscal Year Ending Dec.
2008

No Extracted Financial Data

Extracted financial data is not available for the forms filed in this tax period, but Form 990 documents are available for download.

Document Links

Fiscal Year Ending Dec.
2007

No Extracted Financial Data

Extracted financial data is not available for the forms filed in this tax period, but Form 990 documents are available for download.

Document Links

Fiscal Year Ending Dec.
2006

No Extracted Financial Data

Extracted financial data is not available for the forms filed in this tax period, but Form 990 documents are available for download.

Document Links

Fiscal Year Ending Dec.
2005

No Extracted Financial Data

Extracted financial data is not available for the forms filed in this tax period, but Form 990 documents are available for download.

Document Links

Fiscal Year Ending Dec.
2004

No Extracted Financial Data

Extracted financial data is not available for the forms filed in this tax period, but Form 990 documents are available for download.

Document Links

About This Data

Nonprofit Explorer includes summary data for nonprofit tax returns and full Form 990 documents, in both PDF and digital formats.

The summary data contains information processed by the IRS during the 2012-2019 calendar years; this generally consists of filings for the 2011-2018 fiscal years, but may include older records. This data release includes only a subset of what can be found in the full Form 990s.

In addition to the raw summary data, we link to PDFs and digital copies of full Form 990 documents wherever possible. This consists of separate releases by the IRS of Form 990 documents processed by the agency, which we update regularly.

We also link to copies of audits nonprofit organizations that spent $750,000 or more in Federal grant money in a single fiscal year since 2016. These audits are copied from the Federal Audit Clearinghouse.

Which Organizations Are Here?

Every organization that has been recognized as tax exempt by the IRS has to file Form 990 every year, unless they make less than $200,000 in revenue and have less than $500,000 in assets, in which case they have to file form 990-EZ. Organizations making less than $50,000 don’t have to file either form but do have to let the IRS they’re still in business via a Form 990N "e-Postcard."

Nonprofit Explorer has organizations claiming tax exemption in each of the 27 subsections of the 501(c) section of the tax code, and which have filed a Form 990, Form 990EZ or Form 990PF. Taxable trusts and private foundations that are required to file a form 990PF are also included. Small organizations filing a Form 990N "e-Postcard" are not included in this data.

Types of Nonprofits

There are 27 nonprofit designations based on the numbered subsections of section 501(c) of the tax code. See the list »

Get the Data

For those interested in acquiring the original data from the source, here’s where our data comes from:

  • Raw filing data. Includes EINs and summary financials as structured data.
  • Exempt Organization profiles. Includes organization names, addresses, etc. You can merge this with the raw filing data using EIN numbers.
  • Form 990 documents. Prior to 2017, these documents were obtained and processed by Public.Resource.org and ProPublica. Bulk PDF downloads since 2017 are available from the IRS.
  • Form 990 documents as XML files. Includes complete filing data (financial details, names of officers, tax schedules, etc.) in machine-readable format. Only available for electronically filed documents. Electronic data released prior to October 2021 is also available through Amazon Web Services.
  • Audits. PDFs of single or program-specific audits for nonprofit organizations that spent $750,000 or more in Federal grant money in a single fiscal year. Available for fiscal year 2015 and later.

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