Aga Khan Foundation USA

Overview

Mission

The Aga Khan Foundation is a leading global development organization working to tackle the root causes of poverty. Aga Khan Foundation USA supports this mission by mobilizing resources and volunteers in the U.S.

What it reported doing in 2025

In 2025, akf U.S.a. Active grants supported interventions in afghanistan, kenya, kyrgyzstan, pakistan, tajikistan, and tanzania. The diverse program portfolio incorporates multi-sector programs such as tajikistan, and afghanistan area development programs, as well as the sector specific interventions in education, health, rural development, economic development, and civil society strenthning and environment. Akf U.S.a. Actively supports human resource development through scholarship program.

Operating model

Revenue model
Donor-supported. 91% of the money available for current operations came from contributions and gifts.
Distribution model
Grant intermediary. The nonprofit sent 94% of its reported program spending out as grants.
  • Includes noncash contributions: Reported contributions include donated property or goods.

Nonprofit profile at a glance

EIN
521231983
IRS 990 coverage
2013–2025
Official website data refreshed
Sep 2026
Forms available
Form 990 2025, Form 990-N 2021
Headquarters
Washington, DC, USA
Phone
202-293-2537
Rating
88
Verdict
STRONG
Rating confidence
Standard
Sector
International Development

Official website

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. The filing reports few safeguards for money sent abroad.

Rating breakdown

  • Financial Efficiency: 90
  • Transparency & Controls: 76
  • Accountability: 100
  • Sustainability: 75
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 87.8%; rating input score 88
  • Program expense ratio: 96.8%; rating input score 97
  • Fundraising efficiency: $68.52 raised per $1 spent on fundraising; rating input score 76; 76th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 65th percentile among comparable filings
  • Pay-setting controls: 2 of 6 controls in place; rating input score 33
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Pass
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: 3 of 8 controls in place; rating input score 38
    • Claims monitoring procedures: Pass
    • Requires narrative reports: Pass
    • Conducts field audits: Fail
    • May suspend future funding: Fail
    • Requires financial reports: Fail
    • Conducts site visits: Fail
    • Requires grant agreements: Pass
    • May require repayment: Fail
  • Grant itemization coverage: 100%; rating input score 100; 52nd percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 64th percentile among comparable filings
  • Governance controls: 9 of 9 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 9.9%; rating input score 71; 71st percentile among comparable filings
  • Total-asset coverage ratio: 6.26; rating input score 80; 80th percentile among comparable filings
  • Liabilities to assets ratio: 0.03; rating input score 84; 84th percentile among comparable filings
  • Officer compensation ratio: 1.5%; rating input score 69; 69th percentile among comparable filings

Growth

  • Program expense growth: 7.2% per year; rating input score 100; 51st percentile among comparable filings
  • Revenue growth: 3.1% per year; rating input score 100; 28th percentile among comparable filings
  • Asset growth: 11% per year; rating input score 100; 75th percentile among comparable filings

Details

  • What they do: 3 programs and campaigns described on the official site · 18 operating locations identified
  • Where the money goes: 87.8% of revenue deployed · 96.8% of spending went to programs
  • Governance: 14 of 14 board members independent · 9 of 9 filing controls reported
  • Programs: 4 filed program accomplishments · $93.1M in reported program spending
  • Leadership: top reported pay $353K · 23 people listed · 2 of 6 pay-setting controls reported
  • Highest-paid contractors: 2 contractors listed · $425K reported
  • Consistency: 42 of 42 current checks pass
  • Schedules: 9 filed schedules · includes major donors, foreign activity, and executive pay
  • Filing history: 13 annual filings from 2013 to 2025
  • Contacts: How to reach this organization
  • Money network: 7 filed money-flow records
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Leadership & pay

23 people listed

Highest reported compensation

  • MUNEERAH MERCHANT (CHIEF EXECUTIVE OFFICER): $353,219 total reported compensation
  • IBRAHIM INAYATALI (REG DIR PLANNED/LEGACY GIVING): $244,108 total reported compensation
  • ZAHRA LUTFEALI (DIR,PRGM&PRTNRSHPS): $241,267 total reported compensation

Source: IRS Form 990. Selected filing: FY2025.