Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $584,602

• 1d · Related organizations

  $63,024

• 1e · Government grants (contributions)

  $100,506,381

• 1f · All other contributions, gifts and grants

  $11,701,492

• 1g · Noncash contributions included above

  $7,327,842

• 3 · Investment income

  total $1,088,421 · excluded $1,088,421

• 6a · Gross rents

  real property $63,918

• 6b · Less rental expenses

  real property $95,444

• 6c · Rental income or loss

  real property -$31,526

• 6d · Net rental income or loss

  total -$31,526 · excluded -$31,526

• 7a · Gross sales of assets other than inventory

  securities $3,873,961 · other assets $24,774

• 7b · Less cost or other basis and sales expenses

  securities $4,164,227 · other assets $18,785

• 7c · Gain or loss

  securities -$290,266 · other assets $5,989

• 7d · Net gain or loss

  total -$284,277 · excluded -$284,277

• 8a · Fundraising events: gross income

  $33,953

• 8a · Fundraising events: contributions included on line 1c

  $584,602

• 8b · Fundraising events: direct expenses

  $343,551

• 8c · Net income from fundraising events

  total -$309,598 · excluded -$309,598

• 11a · Other revenue: INSURANCE SETTLEMENT

  total $1,165,040 · excluded $1,165,040

• 11b · Other revenue: CREDIT CARD REBATE

  total $35,133 · excluded $35,133

• 11d · All other revenue

  total $1,666 · excluded $1,666

• 11e · Other revenue, total

  $1,201,839

Functional expenses

Part IX, the statement of functional expenses.

• 3 · Grants to foreign organizations and individuals

  total $20,674,762 · program services $20,674,762

• 5 · Compensation of officers, directors and key employees

  total $2,867,022 · management and general $2,616,578 · fundraising $250,444

• 7 · Other salaries and wages

  total $36,613,613 · program services $31,157,596 · management and general $5,326,777 · fundraising $129,240

• 8 · Pension plan contributions

  total $2,380,434 · program services $1,850,038 · management and general $519,079 · fundraising $11,317

• 9 · Other employee benefits

  total $11,096,528 · program services $9,857,287 · management and general $1,206,224 · fundraising $33,017

• 10 · Payroll taxes

  total $5,908,014 · program services $4,192,858 · management and general $1,639,481 · fundraising $75,675

• 11b · Fees: legal

  total $91,238 · program services $32,302 · management and general $58,936

• 11c · Fees: accounting

  total $276,587 · program services $41,493 · management and general $235,094

• 11e · Fees: professional fundraising services

  total $16,843 · fundraising $16,843

• 11f · Fees: investment management

  total $53,185 · management and general $53,185

• 12 · Advertising and promotion

  total $117,577 · fundraising $117,577

• 13 · Office expenses

  total $2,716,882 · program services $1,776,070 · management and general $860,314 · fundraising $80,498

• 14 · Information technology

  total $257,820 · management and general $257,820

• 16 · Occupancy

  total $5,021,128 · program services $4,392,015 · management and general $600,518 · fundraising $28,595

• 17 · Travel

  total $8,181,329 · program services $7,431,913 · management and general $718,064 · fundraising $31,352

• 19 · Conferences, conventions and meetings

  total $6,812,143 · program services $5,858,504 · management and general $813,641 · fundraising $139,998

• 22 · Depreciation, depletion and amortization

  total $476,588 · program services $299,202 · management and general $177,386

• 23 · Insurance

  total $153,222 · program services $42,989 · management and general $107,577 · fundraising $2,656

• 24a · Other expenses: SUBCONTRACTS

  total $14,150,645 · program services $14,150,645

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $559,762 · end of year $507,209

• 2 · Savings and temporary cash investments

  beginning of year $29,887,293 · end of year $34,554,814

• 3 · Pledges and grants receivable

  beginning of year $19,776,012 · end of year $14,728,387

• 4 · Accounts receivable

  beginning of year $686,768 · end of year $1,193,691

• 8 · Inventories for sale or use

  beginning of year $9,331,684 · end of year $2,097,842

• 9 · Prepaid expenses and deferred charges

  beginning of year $2,625,630 · end of year $1,988,373

• 10a · Land, buildings and equipment: cost or other basis

  $5,957,553

• 10b · Land, buildings and equipment: accumulated depreciation

  $4,902,878

• 10c · Land, buildings and equipment, net

  beginning of year $1,094,966 · end of year $1,054,675

• 11 · Investments: publicly traded securities

  beginning of year $13,601,797 · end of year $26,870,009

• 15 · Other assets

  beginning of year $217,339 · end of year $5,335,326

• 17 · Accounts payable and accrued expenses

  beginning of year $10,001,002 · end of year $11,367,402

• 19 · Deferred revenue

  beginning of year $30,286,309 · end of year $36,667,878

• 25 · Other liabilities

  beginning of year $92,191 · end of year $4,682,980

• 27 · Net assets without donor restrictions

  beginning of year $15,937,058 · end of year $21,964,118

• 28 · Net assets with donor restrictions

  beginning of year $21,464,691 · end of year $13,647,948

The filer's explanations (Part III)

PART I, LINE 1A

TRAVEL FOR COMPANIONS: DAVID ARNOLD'S SPOUSE OCCASIONALLY TRAVELED WITH HIM ON BUSINESS FOR THE ASIA FOUNDATION AND SAID COSTS WERE NOT REPORTED AS TAXABLE COMPENSATION TO MR. ARNOLD. MEMBERS OF THE BOARD OF TRUSTEES ARE ELIGIBLE TO HAVE THEIR SPOUSES ACCOMPANY THEM ON BOARD OF TRUSTEES TRAVEL. SPOUSES ACCOMPANY BOARD MEMBERS IN COUNTRIES WHERE IT IS CUSTOMARY TO AND HELPFUL TO THE ORGANIZATION. IN THIS CASE, TAF PAYS FOR DOUBLE OCCUPANCY HOTEL ROOMS AND FOR GROUP MEALS, INCLUDING SPOUSES (BUT TAF DOES NOT PAY SPOUSE AIRFARE). NO PAYMENTS THAT TAF MAKES IN THIS REGARD ARE REPORTED AS COMPENSATION. HOUSING ALLOWANCE (TAXABLE COMPENSATION): THE ASIA FOUNDATION PAID RENT ON BEHALF OF THE FOLLOWING INDIVIDUALS AS PART OF THEIR COMPENSATION PACKAGE: JAMIE FAUSTINO, TODD WASSEL, MARK KOENIG, WINSTON K. CHOW, AND THOMAS PARKS IV. THESE PAYMENTS ARE MADE DIRECTLY TO LANDLORDS. THE ALLOWANCES WERE INCLUDED IN COMPENSATION REPORTED ON SCHEDULE J, PART II, COLUMN B (III). DAVID ARNOLD, CEO AND PRESIDENT, RECEIVED HOUSING ASSISTANCE AS PART OF HIS EMPLOYMENT AGREEMENT AND EXTENSION THRU JANUARY 2023. THE AMOUNT WAS INCLUDED IN COMPENSATION REPORTED ON SCHEDULE J, PART II, COLUMN B (III). DAVID ARNOLD RESIGNED IN JANUARY 2023 AND LAUREL E. MILLER TOOK OVER AS CEO AND PRESIDENT IN FEBRUARY 2023. LAUREL E. MILLER RECEIVED HOUSING ASSISTANCE AS PART OF HER EMPLOYMENT AGREEMENT. HEALTH OR SOCIAL CLUB DUES OR INITIATION FEES: IN ACCORDANCE WITH ITS POLICY, THE ASIA FOUNDATION PAID THE MEMBERSHIP COSTS ON BEHALF OF DAVID ARNOLD, CEO AND PRESIDENT, AS TAF'S REPRESENTATIVE MEMBER, IN THE CITY CLUB OF SAN FRANCISCO AND THE UNIVERSITY CLUB OF THE CITY OF WASHINGTON, DC. DAVID ARNOLD PAID PERSONALLY FOR ANY AND ALL CHARGES INCURRED FOR PERSONAL USE OF MEMBERSHIP BENEFITS. DAVID ARNOLD RESIGNED IN JANUARY 2023 AND LAUREL E. MILLER TOOK OVER AS CEO AND PRESIDENT IN FEBRUARY 2023. IN ACCORDANCE WITH ITS POLICY, THE ASIA FOUNDATION PAID THE MEMBERSHIP COSTS ON BEHALF OF LAUREL E. MILLER, CEO AND PRESIDENT, AS TAF'S REPRESENTATIVE MEMBER IN THE CITY CLUB OF SAN FRANCISCO. LAUREL E. MILLER PAID PERSONALLY FOR ANY AND ALL CHARGES INCURRED FOR PERSONAL USE OF MEMBERSHIP BENEFITS.

PART I, LINE 7

KENNETH M. KRUG RECEIVED A DISCRETIONARY BONUS IN 2022, AS APPROVED BY THE BOARD COMPENSATION COMMITTEE.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

• ASIA PACIFIC CONSULTING AND ADVISORY PRIVATE LIMITED

  INVESTMENT · IN · income $0 · assets $148,240

  Directly controlled by THE ASIA FOUNDATION

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

• CHARITABLE REMAINDER TRUST (1)

  T · INVESTMENT · WA