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Nonprofiteer
← USTC INITIATIVE FUND

Form 990 for tax year 2024

Filed by USTC INITIATIVE FUND.

Totals

Total revenue
$938,716
Total expenses
$108,771
Contributions and grants received
$791,747
Grants paid
$74,784
Program service revenue
$6,152
Investment income
$140,817
Other revenue
$0
Total assets, end of year
$4,907,754
Total liabilities, end of year
$0
Net assets or fund balances, end of year
$4,907,754
Program services expenses (Part IX)
$96,621
Management and general expenses
$12,150
Fundraising expenses
$0
Program service expenses (Part III)
$96,621

Program services were 88.8% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1a · Federated campaigns

    $0

  • 1b · Membership dues

    $0

  • 1c · Fundraising events

    $0

  • 1d · Related organizations

    $0

  • 1e · Government grants (contributions)

    $0

  • 1f · All other contributions, gifts and grants

    $791,747

  • 1g · Noncash contributions included above

    $0

  • 2f · All other program service revenue

    total $6,152 · related or exempt $6,152 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $140,817 · related or exempt $140,817 · unrelated business $0 · excluded $0

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 5 · Royalties

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7c · Gain or loss

    securities $0 · other assets $0

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

    $0

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $74,784 · program services $74,784

  • 2 · Grants to domestic individuals

    total $0 · program services $0

  • 3 · Grants to foreign organizations and individuals

    total $0 · program services $0

  • 4 · Benefits paid to or for members

    total $0 · program services $0

  • 5 · Compensation of officers, directors and key employees

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 6 · Compensation of disqualified persons

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 7 · Other salaries and wages

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 8 · Pension plan contributions

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 11a · Fees: management

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 11b · Fees: legal

    total $4,775 · program services $0 · management and general $4,775 · fundraising $0

  • 11c · Fees: accounting

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 11d · Fees: lobbying

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 11e · Fees: professional fundraising services

    total $0 · fundraising $0

  • 11f · Fees: investment management

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 11g · Fees: other

    total $2,000 · program services $2,000 · management and general $0 · fundraising $0

  • 12 · Advertising and promotion

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 13 · Office expenses

    total $7,420 · program services $45 · management and general $7,375 · fundraising $0

  • 14 · Information technology

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 15 · Royalties

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 16 · Occupancy

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 17 · Travel

    total $5,746 · program services $5,746 · management and general $0 · fundraising $0

  • 18 · Travel or entertainment for public officials

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 19 · Conferences, conventions and meetings

    total $14,046 · program services $14,046 · management and general $0 · fundraising $0

  • 20 · Interest

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 21 · Payments to affiliates

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 22 · Depreciation, depletion and amortization

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 23 · Insurance

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 24e · All other expenses

    total $0 · program services $0 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,909,206 · end of year $3,655,697

  • 2 · Savings and temporary cash investments

    beginning of year $1,145,133 · end of year $1,237,533

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $0

  • 4 · Accounts receivable

    beginning of year $0 · end of year $0

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $0 · end of year $0

  • 8 · Inventories for sale or use

    beginning of year $0 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $0 · end of year $0

  • 11 · Investments: publicly traded securities

    beginning of year $11,167 · end of year $14,524

  • 12 · Investments: other securities

    beginning of year $0 · end of year $0

  • 13 · Investments: program-related

    beginning of year $0 · end of year $0

  • 14 · Intangible assets

    beginning of year $0 · end of year $0

  • 15 · Other assets

    beginning of year $0 · end of year $0

  • 17 · Accounts payable and accrued expenses

    beginning of year $0 · end of year $0

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $0 · end of year $0

  • 20 · Tax-exempt bond liabilities

    beginning of year $0 · end of year $0

  • 21 · Escrow or custodial account liability

    beginning of year $0 · end of year $0

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $0 · end of year $0

  • 24 · Unsecured notes and loans payable

    beginning of year $0 · end of year $0

  • 27 · Net assets without donor restrictions

    beginning of year $4,065,506 · end of year $4,907,754

  • 28 · Net assets with donor restrictions

    beginning of year $0 · end of year $0

Mission and programs · 2024

Mission

To further relationship that would benefit and enrich the academic communities of Asians and Asian Americans in the U.S.A. and in Asia by: (a) providing support for academic communities, including universities, colleges, academic institutions, and affiliate entities, students, faculties and friends; (b) promoting academic and cultural exchange between academic institutions in the U.S.A. and Asia; (c) promoting and inspiring Asian and Asian Americans' excellence in industries.

Activities or mission (Part I)

further relationship that would benefit and enrich the academic communities of Asians and Asian Americans in the U.S.A. and in Asia by: (a)providing support for academic communities, including universities, colleges, academic institutions, and affiliate entities, students, faculties and friends; (b)promoting academic and cultural exchange between academic institutions in the U.S.A. and Asia; (c)promoting and inspiring Asian and Asian Americans' excellence in industries.

  • Industry Engagement & Educational Programs This IRS compliant initiative facilitates professional development through: 1.Networking Events (1) AI Alumni Cocktail (Silicon Valley) - Connecting tech professionals and researchers across industries (2) Tech Summits (Seattle and Boston) - Featuring academic and industry leaders from UW, MIT, Harvard, etc. 2.Career Development (1)Lighthouse Mentorship Program - Supporting next-generation entrepreneurs 3.Knowledge Dissemination (1) MiciusSalon - Science education broadcasts

    Expenses $36,621 · Grants $36,621

  • University of Arizona Academic Exchange Program: This IRS-compliant program facilitates scholarly collaboration through: (1) Faculty and student lectures and seminars (2) Joint academic initiatives Designed exclusively to: (1) Advance knowledge sharing (2) Promote research innovation (3) Strengthen institutional partnerships

    Expenses $30,000 · Grants $30,000

  • Stanford University Undergraduate Visiting Research Program (UGVR) The UGVR program facilitates structured research collaboration between Stanford University and select partner institutions in Asia by sponsoring qualified undergraduate students to conduct summer research on campus. As non-degree visiting scholars, participants engage in faculty-mentored projects while contributing to the academic diversity of Stanford's research community. This exchange advances the university's global engagement mission by: (1) Providing Asian undergraduates with immersive research training in a U.S. academic environment (2) Enriching Stanford's intellectual landscape through international scholarly exchange (3) Establishing lasting institutional partnerships through shared academic endeavors All program activities comply with relevant U.S. tax regulations governing international educational exchanges.

    Expenses $30,000 · Grants $30,000

As filed on the 2024 return.

Listed in Part VII

  • Hua Jiang

    President

    Total calculated
    $0
    Hours/week
    2

  • Lei Zhang

    Chief Financial Officer

    Total calculated
    $0
    Hours/week
    3

  • Haoying Sun

    Secretary

    Total calculated
    $0
    Hours/week
    1

  • Long Yu

    Director

    Total calculated
    $0
    Hours/week
    2

  • Ou Chen

    Director

    Total calculated
    $0
    Hours/week
    2

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those.

Grants on this return

  • Stanford University

    $30,000

    The program builds collaboration between Stanford and top Asian universities by attracting Asian undergraduate students to Stanford to work with faculty and students on research in the summer. By being part of the UGVR cohort, Asian students learn from and enhance Stanford undergraduate and graduate students' experience with a diverse, international population, broadening the perspective of both groups.

  • UNIVERSITY OF ARIZONA FOUNDATION

    $30,000

    Academic exchange activities at University of Arizona are expected to enhance the cooperation and knowledge sharing between scholars and students. It will cover various aspects such as lectures and conduct seminars, as well as providing opportunities for students and researchers to visit and study at University of Arizona, thereby promoting the exchange and progress of academic ideas and research achievements.

Provenance

Return type
form_990
Tax year
2024
Filed
25 March 2025
IRS schema version
2024v5.0
Source object
202541129349300104

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