Asia Foundation EIN 94-1191246 Form 990 (PDF) Claim this org

Asia Foundation

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Promotes development and strengthens societies across Asia. For fiscal year 2024 it reported $115.3M in revenue, $117.0M in expenses, and $38.0M in net assets.Pt I

Founded
1952
Type
Public charity (501(c)(3)) · International
Location
San Francisco, CA
Website
www.asiafoundation.org
Filings
5 on file (2020–2024)
Revenue
$115.3MFY2024
Expenses
$117.0M
Net assets
$38.0M
People
43
Filings
5
Updates
0
More identity details & actions ⌄
EIN  94-1191246 Public charity (501(c)(3)) San Francisco, CA Founded 1952
Form 990 (PDF)
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Figures match the IRS filing checked 7/6/26 · see original: IRS
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Size
$100M+
What they do
Promotes development and strengthens societies across Asia.
Leadership
Laurel Miller · CEO and President (from 02/2023) · $414K
Money in and out
$115.3M revenue, $117.0M expenses
Bottom line
85% program efficiency
Where the money goes · FY2024
Total revenue
$115.3M
Pt VIII · Ln 12
Total expenses
$117.0M
Pt IX · Ln 25
Net assets
$38.0M
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): −$1.7M
Where spending went · Part IX cols B–D
Program services $0.85 Management & general $0.14 Fundraising $0.01
Program efficiency
85%
of spending reaches programs▼ -1% vs prior filing year
Operating runway
6.9mo
months of highly liquid reserves at operating expense rate▲ +3% vs prior filing year
Surplus margin
-1%
revenue over expenses, this year▲ +51% vs prior filing year

Summary of the Filing

Part I · fiscal year 2024 · Form 990
Revenue
$115.3M
FY2024▲ +0.7%
Expenses
$117.0M
FY2024▼ -0.7%
Total assets
$90.2M
FY2024▲ +2%
Total liabilities
$52.2M
FY2024▼ -1.0%
Total revenue
$115.3M
Pt VIII · Ln 12
Total expenses
$117.0M
Pt IX · Ln 25
Net assets
$38.0M
Pt X · Ln 32
Revenue less expensesPt I · Ln 19−$1.7M
Total assetsPt X · Ln 16$90.2M
Program-expense ratioPt IX · col B85%
Voting members of governing bodyPt I · Ln 328
Independent voting membersPt I · Ln 427

Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item CAsia Foundation
EINHdr · item D94-1191246
Principal addressHdr · item CSan Francisco, CA
WebsiteHdr · item Jwww.asiafoundation.org
Year of formationHdr · item L1952
State of legal domicileHdr · item MCA
Exempt statusHdr · item I501(c)(3) · active
NTEE classificationIRS BMFInternational (Q300)
Ruling yearIRS BMFMar 1952

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a28
Independent voting membersPt VI · Ln 1b27
Conflict-of-interest policyPt VI · Ln 12aYes
Whistleblower policyPt VI · Ln 13Yes
Document retention policyPt VI · Ln 14Yes
CEO/top-official compensation independently reviewedPt VI · Ln 15aYes
Family or business relationships among officers/directorsPt VI · Ln 2No

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation · most recent filed roster (FY2023); the FY2024 filing did not itemize Part VII
CEO and President (from 02/2023)
$414,308Pt VII · Sec A
$343,954Pt VII · Sec A
VP Finance & CFO
$320,904Pt VII · Sec A
Senior Director
$314,460Pt VII · Sec A
Country Representative
$303,693Pt VII · Sec A
Country Representative
$296,217Pt VII · Sec A
Strategic Advisor
$280,446Pt VII · Sec A
SR VP, Washington Dc
$272,756Pt VII · Sec A

Laurel Miller’s $414K as CEO and President (from 02/2023) is at the 35th percentile of top reported officer pay among 88 $100M+ international nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 8 named individuals · Part VII

NameFY2024FY2023FY2022FY2021FY2020
David D Arnold$166,287$545,196$483,436$514,095$503,688
Laurel Miller$414,308
Suzanne E Siskel$343,954$331,528$292,660$313,116$303,111
Kenneth M Krug$320,904$322,316$293,563$299,459$258,546
Winston K Chow$314,460$284,613
Meloney Lindberg$303,693
Thomas Parks IV$296,217$289,661$243,644$281,271$277,327
Mark Koenig$260,851$292,776

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Mission & Programs · Part III

Where the work happens

3 program services account for $98.6M of program spending, described in the organization's own filed words · FY2023.
01

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…

$61.1Mprogram expense
02

Economic growth, environmental resilience and regional cooperation: taf supports local, national, and regional-level efforts to foster economic growth and opportunity in asia and the pacific.

$29.6Mprogram expense
03

Women's Empowerment

Taf expands women's economic opportunities, increases women's rights and security, and advances women's political participation, transforming the lives of tens of thousands of women and girls across asia and the pacific.

$7.9Mprogram expense

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Statement of Revenue

Part VIII
Contributions & grants$114.2M · 99%
Investment income$1.3M · 1%
Contributions & grants99%$114.2M
Investment income1%$1.3M
— government grantsLn 1e$103.8M
Total revenueLn 12$115.3M

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.85 Management & general $0.14 Fundraising $0.01
Program services85%$99.9M
Management & general14%$16.3M
Fundraising1%$792K
Total functional expensesLn 25$117.0M

Balance Sheet

Part X · end of year
CashLn 1$20.4M
Total assetsLn 16$90.2M
Total liabilitiesLn 26$52.2M
Total net assetsLn 32$38.0M
Months of cash on handcomputed2.1

Financial Metrics

Form 990 · FY2024 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $67.3M · Operating expenses (Pt IX) $117.0M · Less non-cash grants $25K · Cash operating expenses/yr $117.0M
6.9 months
Where the money goes
Program services
Program services $99.9M · Total expenses $117.0M
85%
Management & General
Management & general $16.3M · Total expenses $117.0M
14%
Fundraising
Fundraising $792K · Total expenses $117.0M
0.7%
Cost to raise $1
Fundraising expense (3-yr avg) $833K · Solicited contributions (3-yr avg) $10.6M
$0.08 to raise $1 (3-yr avg)
Where the money comes from
Contribution dependence
Contributions & grants $114.2M · Total revenue $115.3M
99%
Government reliance
Government grants $103.8M · Total revenue $115.3M
90%
Earned-income share
Program service revenue $0 · Total revenue $115.3M
0%
Investment reliance
Investment income $1.3M · Total revenue $115.3M
+1%
Program self-sufficiency
Program service revenue $0 · Total expenses $117.0M
0%
Growth & trend
Revenue growth (YoY)
This year $115.3M · Prior year $114.5M
+0.7%
Revenue CAGR
FY2019 $106.0M · FY2023 $115.3M
+2%
Net-asset trend (YoY)
End of year $38.0M · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $115.3M · Expenses $117.0M
-1%
Liabilities-to-Assets
Total liabilities — · Total assets $90.2M
Net-asset ratio
Net assets $38.0M · Total assets $90.2M
42%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) $46.8M · Other securities (Pt X, ln 12) — · Total assets (Pt X, ln 16) $90.2M
52%
People & payroll
Highest Reported Total Compensation
Individual Laurel Miller · Reported title CEO AND PRESIDENT (FROM 02/2023) · Highest reported compensation $414K · Total expenses $117.0M
0.4%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $61.1M · Total expenses $117.0M
52%
Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

MetricThis orgPeer medianPercentile
Program ratio 85%
Overhead ratio 14%
Fundraising cost ratio 0.7%
Revenue growth 0.7%
Investment management fee ratio 0.04%
Legal fee ratio 0.05%
Accounting fee ratio 0.2%
Fundraising fee ratio <0.01%

Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.

Grants

Schedule I · received and paid
Grants received · FY2025
Total grants receivedfrom 1 funder$10K
Grants paid · 7 grants · $1.2M · 2019–2019
The Henry L Stimson CenterDC · FY2019$362,092
Unitemized GrantFY2019$71,350
Ideas42DC · FY2019$37,446
Unitemized GrantFY2019$11,600

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Filings & Schedule Manifest

Part IV
III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
FY2024 (Latest)$115.3M revenue · viewing · ⤓ 990 PDF
FY2023$114.5M revenue · ⤓ 990 PDF
FY2022$101.6M revenue · ⤓ 990 PDF
FY2021$96.5M revenue · ⤓ 990 PDF
FY2020$106.0M revenue · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2024IRS
Classification, formation year, addressIRS Business Master File
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