Lifecare Foundation Inc

Quick Stats

• Annual Giving: ~$2.1 million (2024 filing)
• Success Rate: Not publicly available
• Decision Time: Not publicly available (no open application process)
• Grant Range: $2,000 - $10,000 (institutional grants); scholarships to Princeton-area students
• Geographic Focus: Princeton, NJ area (primary); broader US educational institutions

Contact Details

• Address: 4242 Route One, Monmouth Junction, NJ 08852
• Phone: 732-274-1000
• Website: No public website identified
• EIN: 22-3625576

Overview

Lifecare Foundation Inc is a private family foundation established in 1999 (tax-exempt status granted May 2000), based in Monmouth Junction, New Jersey. It is the philanthropic vehicle of the Kang family, founders of Princeton Biomeditech Corporation, a rapid point-of-care diagnostics company located at the same address. The foundation holds substantial assets — approximately $56.4 million as of its most recent 2024 filing — with annual revenues of around $12.3 million, largely from contributions by the founding family. Annual charitable disbursements have grown from under $1 million in earlier years to approximately $2.1 million in the most recently filed period.

The foundation's stated purpose is scholarship awards to graduating students of the Princeton, NJ school system, though it has also made institutional grants to universities and cultural organizations. It operates entirely under family leadership, with no paid staff. The foundation is classified by the IRS and charity databases (including Candid and Cause IQ) under the NTEE category of Philanthropy, Voluntarism and Grantmaking Foundations / Private Independent Foundations.

Funding Priorities

Grant Programs

The foundation funds in two broad areas based on available 990-PF data:

• Student Scholarships: Awards to graduating students of the Princeton, NJ school system. This is the foundation's primary stated purpose per its Candid profile.
• Institutional Grants: Direct grants to universities and non-profit educational/cultural organizations. Documented recent examples include:
  • Korean American Institute of Princeton: $10,000
  • University of Pittsburgh: $2,500
  • Rutgers University Foundation: $2,000

The foundation reportedly made 9 grants in its most recently available filing year. Total charitable disbursements for the year ending 2024 were approximately $2.1 million. The significant gap between the individual documented institutional grants (which are modest) and the total disbursements suggests a substantial scholarship or programmatic component not fully described in publicly accessible summaries.

Priority Areas

• Educational scholarships for Princeton, NJ area students
• Higher education institutions (particularly those with connections to the Kang family's interests)
• Korean American cultural and community organizations
• General charitable initiatives within the Kang family's networks

What They Don't Fund

Based on the foundation's profile as a private family foundation with no public application process, the following likely apply:

• No evidence of funding for general operating support to outside non-profit organizations beyond the family's specific areas of interest
• No evidence of funding for organizations outside the foundation's geographic or thematic focus
• No evidence of international grantmaking
• Not accepting unsolicited grant applications from the general public

Governance and Leadership

Lifecare Foundation Inc is governed entirely by the Kang family. All directors serve without compensation:

• Jemo Kang - Director; President and CEO of Princeton Biomeditech Corporation. Dr. Kang is the founder and principal figure of both the commercial enterprise and the foundation.
• Monica Kang - Director; spouse of Jemo Kang.
• Walter Kang - Director; son of Jemo and Monica Kang; Director of Finance at Princeton Biomeditech Corp.
• Roger Kang - Director; son of Jemo and Monica Kang; educated at UC Berkeley (Economics, class of 1998).

The foundation has no full-time employees. All grant decisions are made at the discretion of the family board. There are no public statements from foundation leadership about funding priorities or application criteria.

Application Process & Timeline

How to Apply

This funder does not have a public application process. Lifecare Foundation Inc operates as a private family foundation with no publicly accessible website, no open grant portal, and no documented process for receiving unsolicited applications. Grants are awarded entirely at the discretion of the Kang family board of directors.

The foundation does not appear to advertise scholarship opportunities through public channels. Scholarships to Princeton-area students may be administered through local schools or the foundation's own networks; no external application portal has been identified.

Organizations seeking to understand the foundation's approach should review its IRS Form 990-PF filings, which are publicly available via ProPublica's Nonprofit Explorer.

Decision Timeline

Not applicable - no public application process exists.

Success Rates

Not publicly available. The foundation reported 9 grants in the most recently available filing year.

Reapplication Policy

Not applicable - no open application process.

Application Success Factors

Given that Lifecare Foundation Inc is a private family foundation with no public application process, there are no documented application criteria or publicly stated success factors. However, the following observations are drawn from the foundation's 990-PF filings and public records:

• Family ties and personal connections are almost certainly the primary driver of grant decisions, given the foundation's entirely family-governed structure.
• Princeton, NJ area focus: The foundation's primary stated purpose is scholarships to Princeton school system graduates, suggesting deep local geographic ties. Organizations embedded in the Princeton/Central NJ community may have greater visibility.
• Korean American community: The Korean American Institute of Princeton has been a documented recipient, suggesting interest in Korean American cultural and community organizations.
• Higher education: Grants to University of Pittsburgh and Rutgers University Foundation suggest the Kang family has alumni or personal connections to these institutions.
• Biomedical or scientific work: Given the family's background in rapid diagnostics, organizations working in related fields may have alignment with the funders' interests, though this is not documented explicitly.
• Small institutional grants (sub-$10,000) appear to be the norm for the documented institutional grant category; the larger disbursements are more likely related to the scholarship program.

Key Takeaways for Grant Writers

• Lifecare Foundation Inc is a private family foundation with no public application process - cold applications are very unlikely to be accepted.
• The foundation is funded and governed entirely by the Kang family, founders of Princeton Biomeditech Corporation in Monmouth Junction, NJ.
• Despite significant assets ($56 million) and annual disbursements (~$2.1 million), there is no website, no grants portal, and no public communications from this foundation.
• Documented institutional grants are modest ($2,000-$10,000), with the bulk of disbursements likely going to the Princeton-area scholarship program for graduating high school students.
• The foundation has documented interests in Korean American organizations, local Princeton-area causes, and higher education institutions with personal connections to the Kang family.
• Grant writers seeking access to this funder should look for personal or professional connections to the Kang family or Princeton Biomeditech Corporation, rather than pursuing a formal application approach.
• Organizations in the Princeton, NJ educational or Korean American community space are most likely to have natural alignment with this funder's demonstrated giving patterns.

References

• ProPublica Nonprofit Explorer - Lifecare Foundation Inc (EIN: 22-3625576) URL: https://projects.propublica.org/nonprofits/organizations/223625576 Accessed: February 2026 Source for: financial data (assets, revenue, expenses, charitable disbursements), leadership names, filing history

• Cause IQ - Lifecare Foundation (EIN: 22-3625576) URL: https://www.causeiq.com/organizations/lifecare-foundation,223625576/ Accessed: February 2026 Source for: grant recipients (Korean American Institute of Princeton $10,000; University of Pittsburgh $2,500; Rutgers University Foundation $2,000), number of grants (9), corporate foundation connection to Princeton Biomeditech Corporation, financial overview

• Candid Foundation Directory - Lifecare Foundation Inc URL: https://fconline.foundationcenter.org/fdo-grantmaker-profile/?key=LIFE064 Accessed: February 2026 Source for: mission statement ("Scholarship awards to graduating students of the Princeton, NJ, school system"), address (4242 Route One, Monmouth Junction, NJ 08852), phone (732-274-1000), established date (1999), classification as family foundation

• SEC EDGAR Filing - Princeton BioMeditech Corporation (Schedule 13D) URL: https://www.sec.gov/Archives/edgar/data/1159544/000089256902000150/a78508sc13d.txt Accessed: February 2026 Source for: Jemo Kang as President and CEO of Princeton BioMeditech Corporation; family relationships (Jemo Kang as husband of Monica Kang and father of Walter and Roger Kang); company address matching foundation address

• CorporationWiki - Walter Kang URL: https://www.corporationwiki.com/New-Jersey/Princeton/walter-kang/116658710.aspx Accessed: February 2026 Source for: Walter Kang's role as Director of Finance at Princeton Biomeditech Corp