The Korean American Foundation (KAF), the first Korean-American community foundation in Southern California, has awarded grants to 26 Korean-American nonprofit organizations.
The ceremony was held at the EK Art Gallery in Los Angeles Koreatown on November 22 and was attended by major figures in the Korean-American community, including Jerry Kang (Professor of UCLA School of Law), Brian Jeung (Executive Vice President of Hub City Insurance), Young Shin Shin (Chair of Koreatown Senior and Community Center), and Thomas Han (Doctor of Dental Surgery).
Since its establishment in 2018, KAF has donated a total of $1.16 million in funding. This year, $475,492 was given to 26 organizations, an increase of about $120,000 from last year’s $355,000.
The number of organizations receiving support has increased by 10 from last year (16). The scope of the organizations receiving support has also expanded beyond LA to Orange County, with the Torrance-South Bay YMCA and the Orange County Korean American Senior Association also included on the list.
KAF selected the organizations of seven categories, including housing support, mental health, senior welfare, community growth, and next generation.
Applications for this year’s grant began in September and were reviewed for a month. The number of organizations that applied for the fund was 48, more than three times the number of organizations that applied last year.
Kevin Kang, the Chairman of KAF, said, “Word of mouth among non-profit organizations and the expansion of board members led to an increase in applications.”
The Donor Advised Fund (DAF) played an important role in supporting this year’s funding. The Founders Circle is a group of supporters who have donated more than $100,000. Among them, Scott Yang has pledged to support the Korean American Special Education Center (KASEC) with $100,000 a year for five years since last year. Yang, who developed the Koreatown Plaza mall, promised to donate $100,000 annually for five years. He said, “I am happy to help a program with a good cause.”
Another member of the Founders Circle, who requested anonymity, donated $100,000 to AbilityFirst, a nonprofit organization that supports people with disabilities.
KAF aims to not only provide funding but also to increase the political power of the Korean-American community.
Kang said, “The minority communities increase their political influence through their own foundations,” and emphasized, “KAF will contribute to the Korean-American community’s sustainable development and political power.”
According to KAF, John Lim, the managing partner of LimNexus, has been appointed as the next chairman of the board. KAF was established in 2018 under the leadership of the late Chairman Myung Ki Hong (M&L Hong Foundation) and Chairman David Lee (Jamison Group). To date, the organization has secured $7.6 million in funding, and 53 members have joined the Founders Circle. KAF works with the California Community Foundation (CCF), the largest non-profit foundation in the state, to transparently manage donations.
BY YOONJAE JUNG, HANKIL KANG, HOONSIK WOO [woo.hoonsik@koreadaily.com]
