The Asia Foundation

Nonprofit profile at a glance

EIN
941191246
IRS 990 coverage
2009–2024
Official website data refreshed
Sep 2026
Forms available
Form 990 2024, Form 990-T 2024
Location
San Francisco, CA, USA
Phone
4157433324
Rating
81
Verdict
STRONG
Rating confidence
Standard
Sector
International Development

Official website

Reported finances

Revenue
$91,533,507
Expenses
$96,709,865
Assets
$97,013,480
Liabilities
$61,436,129

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

Leadership & pay

45 people listed

Executive titles in this filing

  • LAUREL MILLER (CEO AND PRESIDENT)

Highest reported compensation

  • LAUREL MILLER (CEO AND PRESIDENT): $561,611 total reported compensation
  • SUZANNE SISKEL (EVP & COO (THRU 2/25)): $394,884 total reported compensation
  • KENNETH KRUG (VP FINANCE & CFO (THRU 9/25)): $361,305 total reported compensation

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

Overview

Mission

The Asia Foundation is a nonprofit international development organization committed to improving lives across a dynamic and developing Asia.

What it reported doing in 2024

Governance: taf fosters responsive, effective, and accountable institutions and decision-making processes that promote the economic growth and long-term sustainability of the asia pacific region. Conducted in partnership with government agencies and officials, civil society organizations, and other actors, taf's programs facilitate: more efficient and effective governance systems, structures, and services; productive public-private partnerships; greater transparency and citizen voice in public decision making; fairer, more just, and more accessible legal systems, services, and dispute resolution; and more effective strategies, approaches, and mechanisms to resolve conflict and promote peace.

Operating model

Revenue model
Grant-funded. 88% of the money available for current operations came from government grants.
Distribution model
Hybrid. The nonprofit split its reported program spending across 79% for direct work, and 21% for grants.
  • Includes noncash contributions: Reported contributions include donated property or goods.

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 and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 88
  • Transparency & Controls: 80
  • Accountability: 98
  • Sustainability: 23
  • Growth: 20

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 89.9%; rating input score 90
  • Program expense ratio: 84.4%; rating input score 84
  • Fundraising efficiency: $160.14 raised per $1 spent on fundraising; rating input score 88; 88th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 95%; rating input score 95; 34th percentile among comparable filings
  • Pay-setting controls: 4 of 6 controls in place; rating input score 67
    • Compensation committee: Pass
    • Independent consultant: Missing
    • Other Form 990s reviewed: Pass
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • 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: Fail
    • Conducts field audits: Pass
    • May suspend future funding: Fail
    • Requires financial reports: Pass
    • Conducts site visits: Fail
    • Requires grant agreements: Fail
    • May require repayment: Fail
  • Grant itemization coverage: 97.3%; rating input score 97; 32nd percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 96.6%; rating input score 97; 51st 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: -5.7%; rating input score 12; 12th percentile among comparable filings
  • Total-asset coverage ratio: 1; rating input score 40; 40th percentile among comparable filings
  • Liabilities to assets ratio: 0.63; rating input score 26; 26th percentile among comparable filings
  • Officer compensation ratio: 4.8%; rating input score 18; 18th percentile among comparable filings

Growth

  • Program expense growth: -1.8% per year; rating input score 0; 4th percentile among comparable filings
  • Revenue growth: -3% per year; rating input score 0; 2nd percentile among comparable filings
  • Asset growth: 2.4% per year; rating input score 100; 17th percentile among comparable filings

Details

  • What they do: 5 programs and campaigns described on the official site · 24 operating locations identified
  • Where the money goes: 89.9% of revenue deployed · 84.4% of spending went to programs
  • Governance: 28 of 29 board members independent · 9 of 9 filing controls reported
  • Programs: 4 filed program accomplishments · $81.6M in reported program spending
  • Leadership: top reported pay $562K · 45 people listed · 4 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $1.2M reported
  • Consistency: 38 of 39 current checks pass · 1 finding to review
  • Schedules: 9 filed schedules · includes major donors, foreign activity, and executive pay
  • Filing history: 16 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 15 filed money-flow records
  • Related organizations: 1 filed related-organization link
  • 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.

  • Moderate — Transparency & Controls: Foreign activity oversight: 5 of 8 not reported.
  • High — Sustainability: Operating margin scored 12/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • Moderate — Sustainability: Total-asset coverage ratio scored 40/100.
  • High — Sustainability: Officer compensation ratio scored 18/100.
  • High — Sustainability: Liabilities to assets ratio scored 26/100.
  • Review — Transparency & Controls: Foreign grant itemization did not reconcile in the filed values.