Forrest Liu

Nonprofit profile at a glance

EIN
392411603
IRS 990 coverage
2025–2025
Forms available
Form 990 2025
Location
San Francisco, CA, USA
Phone
4085691084
Rating
53
Verdict
MIXED
Rating confidence
Moderate
Sector
Public Foundations

Reported finances

Revenue
$621,000
Expenses
$164,729
Assets
$456,271
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2025. Amounts in USD.

Leadership & pay

3 people listed

Executive titles in this filing

  • Garry Tan (President)
  • Mary Jung (Vice President and Secretary)

Highest reported compensation

  • Forrest Liu (Treasurer and Director): $115,414 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2025. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Asian American Voices Foundation advances the public good by promoting safety strong schools and shared prosperity. Grounded in the belief that Asian American values are American values the Foundation supports community-driven solutions that strengthen families elevate authentic voices and create opportunities for current and future generations.

What it reported doing in 2025

The Foundation conducted community engagement activities including coalition convenings donor and community events and outreach in San Francisco. As an initial-year organization these activities established relationships with community organizations and built capacity for future grantmaking. See Schedule O for full narrative.

Operating model

Revenue model
Donor-supported. 100% of the money available for current operations came from contributions and gifts.
Distribution model
Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.

The verdict

MIXED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.

Rating breakdown

  • Financial Efficiency: 32
  • Transparency & Controls: 77
  • Accountability: 65
  • Sustainability: 77
  • Growth: NotEnoughData

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 13.4%; rating input score 13
  • Program expense ratio: 50.5%; rating input score 51
  • Fundraising efficiency: $33.61 raised per $1 spent on fundraising; rating input score 68; 68th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 80%; rating input score 80; 1st percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 66.7%; rating input score 67; 17th percentile among comparable filings
  • Governance controls: 5 of 8 controls in place; rating input score 62
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 73.5%; rating input score 96; 96th percentile among comparable filings
  • Total-asset coverage ratio: 2.77; rating input score 73; 73rd percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 88; 88th percentile among comparable filings
  • Officer compensation ratio: 70.1%; rating input score 0; 0th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: Limited
  • Asset growth: Limited

Details

  • Where the money goes: 13.4% of revenue deployed · 50.5% of spending went to programs
  • Governance: 2 of 3 board members independent · 5 of 8 filing controls reported
  • Programs: 3 filed program accomplishments · $83K in reported program spending
  • Leadership: top reported pay $115K · 3 people listed
  • Consistency: 38 of 41 current checks pass · 3 findings to review
  • Schedules: 3 filed schedules · includes major donors
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • 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.

Key Signals

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

Grant-readiness screening is separate from the live rating, not a measure of program quality. Review the source records before making a grant decision.

  • High — Financial Efficiency: Mission deployment rate scored 13/100.
  • Review — Financial Efficiency: Program expense ratio scored 51/100.
  • Review — Accountability: Governance controls: 2 of 7 not reported.
  • Moderate — Transparency & Controls: Functional expense sum did not reconcile in the filed values.
  • Moderate — Transparency & Controls: Part IX CompCurrentOfficersDirectors column sum did not reconcile in the filed values.
  • Moderate — Transparency & Controls: Part IX GrantsToDomesticOrgs column sum did not reconcile in the filed values.
  • High — Sustainability: Officer compensation ratio scored 0/100.
  • Review — Grant Readiness: California registration: this organization could not be resolved against the register, so the check is unfinished.