The Analogue Group

Legal name: The Analogue Group Inc

Nonprofit profile at a glance

EIN
331914333
IRS 990 coverage
2024–2025
Official website data refreshed
Sep 2026
Forms available
Form 990 2025
Location
San Francisco, CA, USA
Rating
55
Verdict
MIXED
Rating confidence
Moderate
Sector
Research Institutes and/or Public Policy Analysis

Official website

Reported finances

Revenue
$456,395
Expenses
$164,907
Assets
$292,099
Liabilities
$611

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

Leadership & pay

4 people listed

Executive titles in this filing

  • AISHWARYA KHANDUJA (PRESIDENT)

Highest reported compensation

  • AISHWARYA KHANDUJA (PRESIDENT): $63,800 total reported compensation
  • KAROL MAJEWSKI (PROGRAM MANAGER): $10,000 total reported compensation

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

Overview

Mission

To identify and support early-stage research and creative work — including work that is not yet widely recognised — and to connect that work with the people and institutions able to support it.

What it reported doing in 2025

Visit website for more details on projects - https://analoguegroup.org/funded.

Operating model

Revenue model
Earned-program. 100% of the money available for current operations came from fees and other program revenue.
Distribution model
Hybrid. The nonprofit split its reported program spending across 50% for direct work, and 50% for grants.

The verdict

MIXED - The filed numbers largely add up and program spending has grown recently. A relatively small share of available resources goes toward mission work and a relatively small share of voting board members are independent.

Rating breakdown

  • Financial Efficiency: 42
  • Transparency & Controls: 81
  • Accountability: 30
  • Sustainability: 67
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 28.5%; rating input score 28
  • Program expense ratio: 78.8%; rating input score 79
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 90%; rating input score 90; 10th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 33.3%; rating input score 33; 18th percentile among comparable filings
  • Governance controls: 2 of 8 controls in place; rating input score 25
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Fail
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 63.9%; rating input score 94; 94th percentile among comparable filings
  • Total-asset coverage ratio: 1.77; rating input score 56; 56th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 48; 48th percentile among comparable filings
  • Officer compensation ratio: 44.8%; rating input score 5; 5th percentile among comparable filings

Growth

  • Program expense growth: 200% per year; rating input score 100; 100th percentile among comparable filings
  • Revenue growth: 200% per year; rating input score 100; 100th percentile among comparable filings
  • Asset growth: 200% per year; rating input score 100; 100th percentile among comparable filings

Details

  • What they do: 1 programs and campaigns described on the official site · 2 operating locations identified
  • Where the money goes: 28.5% of revenue deployed · 78.8% of spending went to programs
  • Governance: 1 of 3 board members independent · 2 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $130K in reported program spending
  • Leadership: top reported pay $64K · 4 people listed
  • Consistency: 17 of 18 current checks pass · 1 finding to review
  • Schedules: 3 filed schedules
  • Filing history: 2 filing years from 2024 to 2025
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • Related organizations: Filed and resolved organization relationships.
  • 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.

  • High — Financial Efficiency: Mission deployment rate scored 28/100.
  • Moderate — Accountability: Independent voting board scored 33/100.
  • High — Accountability: Governance controls: 5 of 7 not reported.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • Review — Sustainability: Total-asset coverage ratio scored 56/100.
  • High — Sustainability: Officer compensation ratio scored 5/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 48/100.