The Asian American Foundation

Nonprofit profile at a glance

EIN
852050585
IRS 990 coverage
2022–2024
Forms available
Form 990 2024
Location
Washington, DC, USA
Phone
6176971590
Rating
84
Verdict
STRONG
Rating confidence
Moderate
Sector
Minority Rights

Official website

Reported finances

Revenue
$18,869,269
Expenses
$26,082,793
Assets
$77,888,045
Liabilities
$5,474,327

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

Leadership & pay

15 people listed

Executive titles in this filing

  • NORMAN CHEN (CEO AND DIRECTOR)

Highest reported compensation

  • PRISCA BAE (CHIEF PARTNERSHIPS OFFICER): $340,496 total reported compensation
  • GEORGETTE BHATHENA (CHIEF PROGRAM OFFICER): $313,156 total reported compensation
  • ISABEL KIM (CHIEF FINANCIAL OFFICER): $304,606 total reported compensation

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

Overview

Mission

See schedule o.

What it reported doing in 2024

Narrative changetaaf's narrative change efforts elevate stories and storytellers that combat stereotypes and contribute to aanhpi'sbeing seen in their full humanity. Taaf invests in debut filmmakers and underrepresented aapi voices, mentorship andtraining to advance the careers of aapi creatives, and research supporting aapi leaders in media, entertainment andjournalism.

Operating model

Revenue model
Donor-supported. 90% of the money available for current operations came from contributions and gifts.
Distribution model
Hybrid. The nonprofit split its reported program spending across 59% for direct work, and 41% for grants.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Expenses are high relative to revenue and assets have declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 93
  • Transparency & Controls: 77
  • Accountability: 90
  • Sustainability: 37
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 84.3%; rating input score 84
  • Fundraising efficiency: $102.02 raised per $1 spent on fundraising; rating input score 85; 85th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 93.8%; rating input score 94; 17th 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: Limited
  • Grant itemization coverage: 99.4%; rating input score 99; 33rd percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 90%; rating input score 90; 22nd percentile among comparable filings
  • Governance controls: 8 of 9 controls in place; rating input score 89
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Fail
    • 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: -38.2%; rating input score 2; 2nd percentile among comparable filings
  • Total-asset coverage ratio: 2.99; rating input score 75; 75th percentile among comparable filings
  • Liabilities to assets ratio: 0.07; rating input score 79; 79th percentile among comparable filings
  • Officer compensation ratio: 6%; rating input score 43; 43rd percentile among comparable filings

Growth

  • Program expense growth: 34% per year; rating input score 100; 96th percentile among comparable filings
  • Revenue growth: 6.1% per year; rating input score 100; 52nd percentile among comparable filings
  • Asset growth: -6.7% per year; rating input score 0; 2nd percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 84.3% of spending went to programs
  • Governance: 9 of 10 board members independent · 8 of 9 filing controls reported
  • Programs: 5 filed program accomplishments · $22M in reported program spending
  • Leadership: top reported pay $340K · 15 people listed · 2 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $1.2M reported
  • Consistency: 31 of 33 current checks pass · 2 findings to review
  • Schedules: 7 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 3 filing years from 2022 to 2024
  • Contacts: How to reach this organization
  • Money network: 74 filed money-flow records
  • Related organizations: 68 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.

Key Signals

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

  • High — Sustainability: Operating margin scored 2/100.
  • High — Growth: Asset growth scored 0/100.
  • Review — Accountability: Governance controls: Document-retention policy not reported.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • Moderate — Sustainability: Officer compensation ratio scored 43/100.