Financial Performance and Community Concerns

The Toronto Korean Association, led by Chairman Kim Jung-hee, recently held its annual general meeting, revealing a budget surplus of approximately $35,000 for the past year. While a surplus might seem positive, it has sparked debate within the community regarding the allocation of funds and the association’s priorities.

According to the financial report, the association’s total revenue reached $53,647 against expenditures of $44,117. After accounting for depreciation, the net surplus amounted to $34,965, closely mirroring the $33,581 surplus recorded in 2023. This consistent surplus raises questions about whether the association is effectively utilizing its resources to serve the needs of the Korean community in Toronto.

It is not good to see the Korean American association, a non -profit charity group, to record the surplus. For the disadvantaged Koreans, it should have been right for the poor.

Member of the Toronto Korean Association

Some members have voiced concerns that a non-profit organization consistently accumulating surpluses should instead be directing those funds towards supporting vulnerable members of the Korean community. This sentiment echoes a broader understanding that non-profits should strive to utilize their budgets fully to maximize their impact.

Donations Decline and the Absence of the Annual Gala

A important factor contributing to the surplus appears to be a sharp decline in donations. In the past year, donations totaled $16,136, a stark contrast to the $52,265 received in 2023. The association attributes this decrease to the absence of the annual gala, a major fundraising event.

The Korean Association plans to alternate hosting the gala, holding it in odd-numbered years. The next gala is scheduled for December 6th of this year. Some community members question whether the substantial net profit generated by the 2023 gala should prompt the association to explore additional fundraising avenues in years when the gala is not held.

New Initiatives: A YouTube Channel and a History Museum

Looking ahead, the Korean Association has outlined an enterprising budget of nearly $700,000, with projected income of $692,000 and expenditures of $611,000. A significant portion of this budget is allocated to new initiatives, including the launch of a YouTube channel and the construction of a history museum.

Investing in Digital Outreach: The YouTube Channel

Advertising and promotion costs have seen a substantial increase, jumping from $2,000 last year to $36,000 this year. A considerable $30,000 of this allocation is earmarked for the creation of a YouTube channel. The association states that the channel aims to promote Korean-American activities and does not intend to provide financial support to individual journalists.

However, the decision to invest heavily in a YouTube channel has raised eyebrows within the community. Concerns have been voiced regarding the lack of transparency surrounding the project, including the absence of a detailed plan outlining the channel’s objectives, target audience, content strategy, and responsible personnel. The association has not publicly addressed these concerns.

Preserving History: The Korean History Museum

Another significant expenditure is the $40,000 allocated for the construction of a history museum. this project involves the removal of 17 portraits of patriots previously displayed in the hall’s lobby. While the museum project has been a topic of discussion, the association has not provided a thorough explanation of its vision, scope, and timeline during the General Assembly.

Transparency and Community Engagement

The lack of detailed information and community consultation surrounding the YouTube channel and history museum projects has fueled criticism from some members of the Korean community. Some former members have expressed frustration over the association’s perceived lack of transparency and its failure to seek input from the community on these significant initiatives.

I don’t know why the Korean American Association promotes this significant thing and does not collect the opinions of the citizens and asks for favor.

Former Member of the Toronto Korean Association

These concerns highlight the importance of open communication and community engagement in the decision-making processes of non-profit organizations. As the Toronto Korean Association moves forward with its new initiatives, addressing these concerns and fostering greater transparency will be crucial for maintaining the trust and support of the community it serves.