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Asian Art Foundation

Tax-deductible

Santa Clara, CA501(c)(3)Arts & CultureEIN 27-3340630Revenue $116K in FY2024

On file with the IRS1850 Warburton Ave Ste 106, 95050-4111 · Santa Clara, CATax-exempt since Apr 2011Publicly supported — 509(a)(2)

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To introduce classic chinese culture to the residents of san francisco bay area; to promote anicent Asian arts to san francisco bay area.

501(c)(3) charity; gifts are tax-deductible.
97¢ of each $1 spent went to programs.
Run by 3 volunteers.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · People: Part I, lines 5–6

Before you give

FY2024 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
4 of 5
filings with a surplus
Average surplus $105K a year · 61% of revenue · last 5 filings
Fine: a surplus in 4 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
97%
of spending
Looks good: 97% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
2 mo
of spending, in cash
Fine: 2.5 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $65K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$0
0% of total assets
Looks good: liabilities are 0% of assets; 50% or less.
Pt X · Ln 26
Independent board members
2
of 3 voting members
Looks good: 2 of 3 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$116K
+5% vs prior year
Spent
$165K
To programs
97%
Net assets
$979K
By yearFY2020–FY2024
Revenue
$116K
FY2024▲ +5%
Tap a bar for its year
Revenue by fiscal year
FY2020$177K
FY2021$116K
FY2022$331K
FY2023$110K
FY2024$116K
Expenses
$165K
FY2024▲ ×86
Tap a bar for its year
Expenses by fiscal year
FY2020$29K
FY2021$13K
FY2022$119K
FY2023$2K
FY2024$165K
Net assets
$979K
FY2024▲ +8%
Tap a bar for its year
Net assets by fiscal year
FY2020$363K
FY2021$466K
FY2022$679K
FY2023$909K
FY2024$979K

From the FY2024 Form 990 · see the original

990 PDF Claim

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Apr 2011.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

97 cents of each dollar spent went to programs.

Program services 97% · $160K Management & general 3% · $5K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

3 people listed on the 990.

Part VII, Section A · reportable compensation
Kevin Gao
Director
$0Pt VII · Sec A
Feng Wang
President
$0Pt VII · Sec A
Cathy Wei
Secretary
$0Pt VII · Sec A
See Asian Art Foundation executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Introduces classic Chinese culture and ancient Asian arts to the San Francisco Bay Area.

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Provided by the organization

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1 program · $160K · in their own filed words · FY2024
01

To introduce classic chinese culture to the residents of san francisco bay area; to promote anicent asian arts to san francisco bay area.

$160Kprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · received and paid
Grants received · FY2024
American Online Giving Foundation INCFY2024$65K
Total grants receivedfrom 1 funder$65K
Grants paid · 1 grant · $160K · 2024–2024
San Francisco Falun Buddha Study AssociationCA · FY2024$160,000

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$116K
Ln 12
Gifts and grantsLn 1h$86K
Investment incomeLn 3$30K
Other incomeLn 4–11$226
Money outPt IX
$165K
Ln 25
Programscol B$160K
Managementcol C$5K
Owns and owesPt X
$979K
net assets · Ln 32
Cash and savingsLn 1–2$34K
Total assetsLn 16$979K
LiabilitiesLn 26$0
PeoplePt VI, VII
3
listed · VII A
PaidVII A0
Voting boardVI 1a3
IndependentVI 1b2
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$86K
Investment incomeLn 3$30K
Other incomeLn 4–11$226
Gains on assetsLn 7$5K
Total revenueLn 12$116K
Assets in detailPt X, end of year
CashLn 1$34K
Cash and savings togetherLn 1–2$34K
InvestmentsLn 11–13$407K
Other assetsLn 15$533K
Total assetsLn 16$979K
LiabilitiesLn 26$0
Net assetsLn 32$979K
OperationsPt I, VI
EmployeesI 50
VolunteersI 63
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$139K$34K
InvestmentsLn 11–13$758K$407K
Total assetsLn 16$909K$979K
LiabilitiesLn 26$0$0
Net assetsLn 32$909K$979K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$160K$160K
Other fees for servicesLn 11g$4K$4K
InsuranceLn 23$500$500
Other expenses (24a–d)Ln 24$78$78
Total functional expensesLn 25$165K$160K$5K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $116K$165K−$49K$979K 990 PDF
FY2023 $110K$2K$109K$909K 990 PDF
FY2022 $331K$119K$212K$679K 990 PDF
FY2021 $116K$13K$103K$466K 990 PDF
FY2020 $177K$29K$148K$363K 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2024 990 (6 parts)
Part I · Summary $116,190 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $109,674$85,500
I-9 Program service revenuePrior year $240$0
I-10 Investment income$30,464
I-11 Other revenuePrior year $517$226
I-12 Total revenuePrior year $110,431$116,190
I-13 Grants and similar amounts paid$160,000
I-14 Benefits paid to members$0
I-15 Salaries and benefits$0
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $1,912$4,723
I-18 Total expensesPrior year $1,912$164,723
I-19 Revenue less expensesPrior year $108,519−$48,533
Part VI · Governance 2 of 3 board members independent, 1 to look at
VI-1a Voting members of the governing body3
VI-1b Independent voting members2
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
Part VIII · Statement of revenue $116,190 across 6 lines filed
VIII-1f All other contributions, gifts and grants$85,500
VIII-1h Total contributions, gifts and grants$85,500
VIII-3 Investment incomeRelated to mission $25,058$25,058
VIII-7 Net gain or loss on sales of assetsRelated to mission $5,406$5,406
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $226$226
VIII-12 Total revenueRelated to mission $30,690$116,190
Part IX · Statement of functional expenses $164,723 across 4 lines filed
IX-1 Grants to domestic organizationsPrograms $160,000$160,000
IX-11g Other fees for servicesManagement $4,145$4,145
IX-23 InsuranceManagement $500$500
IX-24 Other expenses (24a–d)Management $78$78
IX-25 Total functional expensesPrograms $160,000 · Management $4,723 · Fundraising $0$164,723
Part X · Balance sheet $979,204 assets, 8 lines filed
X-1 Cash, non-interest-bearingStart of year $138,823$33,982
X-4 Accounts receivableStart of year $12,100$4,500
X-11 Publicly traded securitiesStart of year $757,729$407,267
X-15 Other assets$533,455
X-16 Total assetsStart of year $908,652$979,204
X-26 Total liabilitiesStart of year $0$0
X-32 Total net assets or fund balancesStart of year $908,652$979,204
X-33 Total liabilities and net assetsStart of year $908,652$979,204
Part XI · Reconciliation of net assets $979,204 net assets at year end
XI-1 Total revenue$116,190
XI-2 Total expenses$164,723
XI-3 Revenue less expenses−$48,533
XI-4 Net assets at start of year$908,652
XI-5 Net unrealized gains (losses) on investments$119,085
XI-10 Net assets at end of year$979,204

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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