2025-07-21T17:31:50-05:00 2024-12-31 202227407 CKP LLP 3435 WILSHIRE BL STE 2240 LOS ANGELES CA 90010 990 2024-01-01 260385131 KAIST US FOUNDATION INC KAIS 2134809100 CO CKP 3435 WILSHIRE BLVD 2240 LOS ANGELES CA 90010 SO YOUNG KIM PRESIDENT 2134809100 2025-07-21 1 0 KEVIN CHUN P01371820 2134809100 2024 2025-03-06 01:10:19Z SO YOUNG KIM 3003 N 1ST ST SAN JOSE CA 95134 339327 0 X N/A X 2007 MA THE 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. 5 5 0 0 0 0 51300 220500 0 0 0 0 115366 118827 166666 339327 20000 8000 0 0 0 0 0 0 0 119760 133330 139760 141330 26906 197997 1713265 1911812 28186 28736 1685079 1883076 X THE 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. 0 0 5000 5000 THE FOUNDATION DONATED TO FOOTHILL-DE ANZA FOUNDATION TO SUPPORT THE "LET'S PLAY AI + TECH" PROGRAM, A COMMUNITY-BASED WORKSHOP IN PARTNERSHIP WITH KAIST. 3000 3000 THE FOUNDATION PROVIDED SCHOLARSHIPS THROUGH DONATIONS TO AN INDIVIDUAL RECIPIENT FOR THE KSF SCHOLARSHIP PROGRAM. THE FOUNDATION DONATED TO KAIST DEVELOPMENT FOUNDATION FOR THE PURPOSE OF WORKSHOP. NO DONATION WAS MADE IN 2024. 8000 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 5 5 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 0 0 0 0 0 MA CA X KEVIN CHUN 2134809100 3435 WILSHIRE BLVD STE 2240 LOS ANGELES CA 90010 X SO YOUNG KIM PRESIDENT/SECRETARY 5.00 X X 0 0 0 JEWOO KIM TREASURER/DIRECTOR 5.00 X X 0 0 0 YOUNGSUK CHI CHAIRMAN 5.00 X 0 0 0 KWANG HYUNG LEE DIRECTOR 5.00 X 0 0 0 TERRI KIM DIRECTOR 5.00 X 0 0 0 0 0 0 0 0 0 0 0 220500 220500 118827 0 118827 118827 118827 339327 118827 0 0 5000 5000 3000 3000 244 244 11400 11400 50375 50375 7743 7743 LICENSES AND TAXES 33021 33021 FACILITY MANAGEMENT SER 30318 30318 BANK CHARGE 229 229 141330 8000 133330 0 220321 469243 1935000 509125 1476250 1425875 16694 16694 1713265 1911812 10850 11400 17336 17336 28186 28736 X 1685079 1883076 1685079 1883076 1713265 1911812 197997 0 X 0 0 0 X X X 1 KOREA ADVANCED INSTITUTE OF SCIENCE AND TECHNOLOGY 000000000 2 1 8000 0 1 8000 0 0 1 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 SCHEDULE A, PART IV, SECTION A, LINE 1 SCHEDULE 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 1 SCHEDULE 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 2 SCHEDULE 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 4B SCHEDULE 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 4C SCHEDULE 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. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 423765 423765 1511235 509125 1002110 1425875 SCHEDULE D, PART XIII FIN 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. FORM 990, PART VI, SECTION B, LINE 11B THE TAX RETURN IS PRESENTED TO GOVERNING BODY OF THE ORGANIZATION BEFORE FILING FOR APPROVAL. FORM 990, PART VI, SECTION B, LINE 12C THE 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 19 THE 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. THIS 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.