America's Frontier Fund

Legal name: Aff Foundation

Nonprofit profile at a glance

EIN
872465999
IRS 990 coverage
2021–2024
Official website data refreshed
Sep 2026
Forms available
Form 990 2024
Location
Arlington, VA, USA
Phone
3018181027
Rating
64
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
International, Foreign Affairs, and National Security N.E.C.

Official website

Reported finances

Revenue
$4,144,747
Expenses
$4,557,753
Assets
$4,882,188
Liabilities
$797,238

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

21 people listed

Executive titles in this filing

  • GILMAN LOUIE (CHIEF EXECUTIVE OFFICER)
  • JORDAN BLASHEK (PRESIDENT & CHIEF OPERATIN)

Highest reported compensation

  • FARAN NOURI (GENERAL PARTNER): $339,762 total reported compensation
  • ZACHARY BEECHER (HEAD OF STRATEGIC PARTNERS): $227,514 total reported compensation
  • ALEXANDER EL-FAKIR (HEAD OF OPERATIONS): $221,800 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

We stand with those who take on the hardest problems. Not those who avoid difficulty—those who are drawn to it.

What it reported doing in 2024

In 2024, aff foundation (aff) focused its activities on (1) "new frontiers" - building regional innovation ecosystems across the united states through policy implementation support, innovation strategy consulting, upskilling and workforce development activities, research, and thought leadership; (2) "global frontiers" - supporting the tech diplomacy efforts of the u.s. Government by fostering international relationships through the quad investors network which includes representatives from india, japan, australia, and the united states, and solving challenges that disproportionately affect the global south via the partnership for digital access in africa (pdaa); and (3) "endless frontiers" - convening events, (continued schedule o) (continued from part iii) competitions, media activities, and other initiatives that promote collaboration between industry executives, policymakers, scientists, funders, and investors focused on the intersection of frontier technology and the national interest.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and most voting board members are independent. A relatively small share of total spending goes to programs and the filing reports few safeguards for money sent abroad.

Rating breakdown

  • Financial Efficiency: 63
  • Transparency & Controls: 53
  • Accountability: 83
  • Sustainability: 24
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 65.6%; rating input score 66
  • Program expense ratio: 59.4%; rating input score 59
  • Fundraising efficiency: $20.98 raised per $1 spent on fundraising; rating input score 60; 60th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd 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: Pass
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Scored; rating input score 0
  • Grant itemization coverage: Scored; rating input score 0
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 86.7%; rating input score 87; 18th percentile among comparable filings
  • Governance controls: 7 of 9 controls in place; rating input score 78
    • 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: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Fail
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -10%; rating input score 13; 13th percentile among comparable filings
  • Total-asset coverage ratio: 1.07; rating input score 39; 39th percentile among comparable filings
  • Liabilities to assets ratio: 0.16; rating input score 49; 49th percentile among comparable filings
  • Officer compensation ratio: 29.9%; rating input score 5; 5th percentile among comparable filings

Growth

  • Program expense growth: 40.9% per year; rating input score 100; 96th percentile among comparable filings
  • Revenue growth: 18.7% per year; rating input score 100; 87th percentile among comparable filings
  • Asset growth: 38.5% per year; rating input score 100; 96th percentile among comparable filings

Details

  • What they do: Mission, programs, and operating context captured from the official website.
  • Where the money goes: 65.6% of revenue deployed · 59.4% of spending went to programs
  • Governance: 13 of 15 board members independent · 7 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $2.7M in reported program spending
  • Leadership: top reported pay $340K · 21 people listed · 2 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $1.2M reported
  • Consistency: 32 of 32 current checks pass
  • Schedules: 8 filed schedules · includes major donors, foreign activity, and executive pay
  • Filing history: 4 filing years from 2021 to 2024
  • Contacts: How to reach this organization
  • Money network: 7 filed money-flow records
  • Related organizations: 3 filed related-organization links
  • 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.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Review — Financial Efficiency: Program expense ratio scored 59/100.
  • High — Transparency & Controls: Foreign activity oversight scored 0/100.
  • High — Transparency & Controls: Grant itemization coverage scored 0/100.
  • High — Sustainability: Operating margin scored 13/100.
  • Review — Accountability: Governance controls: 2 of 9 not reported.
  • Moderate — Sustainability: Total-asset coverage ratio scored 39/100.
  • High — Sustainability: Officer compensation ratio scored 5/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 49/100.