Is it real?
Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Dec 1994.
IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File
Where the money goes
78 cents of each dollar spent went to programs.
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
17 people listed on the 990; $662K paid to officers and key staff.
Carolyn Wang Kong’s $246K as President & Executive Director is at the 89th percentile of top reported officer pay among 1690 $1–10M philanthropy & grantmaking 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
| Name | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|
| Carolyn Wang Kong | $246,000 | $271,000 | — | — | — |
| Audrey Yamamoto | — | — | — | $192,500 | $162,827 |
| Gurpreet Tung | $157,154 | $152,224 | $149,554 | — | — |
| Maryann Treble | $129,898 | $73,908 | — | — | — |
| Tavae Samuelu | $128,680 | — | — | — | — |
| Susan May | — | — | $103,209 | — | — |
| Audrey Yamamoto Until 21822 | — | — | $52,034 | — | — |
| Carolyn Kong Started 11122 | — | — | $40,833 | — | — |
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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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 15aYes
Programs and updates
Strengthens the Bay Area's Asian and Pacific Islander community by mobilizing philanthropy and providing capacity-building grants to local nonprofits serving vulnerable populations.
Questions for Asian Pacific Fund
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General Programs
Apf offers grants and services to nonprofits nationally to support and improve educational outcomes, language access, and increase civic engagement. In 2024, the fund hosted trainings online and in person on the topics of strategic communications, fundraising, executive transitions, and nonprofit finance.
Education
Apf distributes scholarships to high school, undergraduate, and graduate students and offers leadership development programming to increase access to and retention in higher education.
Small Grants Program
Apf distributes grants to nonprofits in the bay area to support capacity building projects that ranged from fundraising to staff wellness initiatives. In 2024, the fund awarded $25,000 each to 22 organizations.
Funders
Who pays for it.
From grant filings on record. Receipts are incomplete: individual donors are never listed.
Grants
By the numbers
The FY2024 990, line by line.
Download 990
| Line | Start FY24 | End FY24 |
|---|---|---|
| Cash and savingsLn 1–2 | $745K | $944K |
| InvestmentsLn 11–13 | $23.5M | $24.3M |
| Land, buildings, equipmentLn 10c | $13K | $5K |
| Total assetsLn 16 | $24.3M | $25.7M |
| LiabilitiesLn 26 | $89K | $115K |
| Net assetsLn 32 | $24.2M | $25.6M |
| Line | Total | Programs | Management | Fundraising |
|---|---|---|---|---|
| Grants to domestic organizationsLn 1 | $1.6M | $1.6M | ||
| Grants to domestic individualsLn 2 | $172K | $172K | ||
| Pay of current officers, directors and key staffLn 5 | $662K | $369K | $190K | $103K |
| Other salaries and wagesLn 7 | $334K | $186K | $96K | $52K |
| Other employee benefitsLn 9 | $82K | $43K | $29K | $10K |
| Payroll taxesLn 10 | $74K | $44K | $20K | $10K |
| Legal feesLn 11b | $4K | $4K | ||
| Accounting feesLn 11c | $91K | $91K | ||
| Other fees for servicesLn 11g | $137K | $96K | $34K | $7K |
| Office expensesLn 13 | $28K | $14K | $14K | $230 |
| Information technologyLn 14 | $18K | $11K | $5K | $3K |
| OccupancyLn 16 | $18K | $11K | $5K | $2K |
| TravelLn 17 | $87K | $63K | $21K | $3K |
| Conferences, conventions and meetingsLn 19 | $11K | $124 | $11K | |
| Depreciation, depletion and amortizationLn 22 | $8K | $8K | ||
| InsuranceLn 23 | $7K | $7K | ||
| Other expenses (24a–d)Ln 24 | $96K | $74K | $21K | $239 |
| Total functional expensesLn 25 | $3.4M | $2.7M | $554K | $190K |
Filing history
| Year | Money in | Money out | In minus out | Net assets | Download |
|---|---|---|---|---|---|
| FY2024 Latest Viewing | $3.6M | $3.4M | $201K | $25.6M | 990 PDF |
| FY2023 | $4.9M | $3.2M | $1.7M | $24.2M | 990 PDF |
| FY2022 | $2.5M | $4.7M | −$2.1M | $20.7M | 990 PDF |
| FY2021 | $16.0M | $7.3M | $8.7M | $25.6M | 990 PDF |
| FY2020 | $2.1M | $2.5M | −$479K | $16.2M | 990 PDF |
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Schedules filed Part IV
See the full FY2024 990 (6 parts)
Part I · Summary $3,649,188 revenue, 12 lines filed
Part VI · Governance 13 of 13 board members independent, no flags
Part VIII · Statement of revenue $3,649,188 across 15 lines filed
Part IX · Statement of functional expenses $3,448,378 across 17 lines filed
Part X · Balance sheet $25,698,240 assets, 15 lines filed
Part XI · Reconciliation of net assets $25,583,531 net assets at year end
Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File
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