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Nonprofiteer
← ASIAN PACIFIC FUND

Form 990 for tax year 2023

Filed by ASIAN PACIFIC FUND.

Totals

Total revenue
$4,929,380
Total expenses
$3,200,985
Contributions and grants received
$4,177,405
Grants paid
$1,760,536
Program service revenue
$6,950
Investment income
$880,460
Other revenue
-$135,435
Total assets, end of year
$24,282,548
Total liabilities, end of year
$89,468
Net assets or fund balances, end of year
$24,193,080
Program services expenses (Part IX)
$2,474,448
Management and general expenses
$433,804
Fundraising expenses
$292,733
Program service expenses (Part III)
$2,474,448

Program services were 77.3% 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.

  • 1c · Fundraising events

    $452,331

  • 1f · All other contributions, gifts and grants

    $3,725,074

  • 1g · Noncash contributions included above

    $102,518

  • 2a · Program service revenue: API SUMMIT

    total $6,950 · excluded $6,950

  • 3 · Investment income

    total $826,287 · excluded $826,287

  • 7a · Gross sales of assets other than inventory

    securities $14,307,600

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

    securities $14,253,427

  • 7c · Gain or loss

    securities $54,173

  • 7d · Net gain or loss

    total $54,173 · excluded $54,173

  • 8a · Fundraising events: gross income

    $35,500

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

    $452,331

  • 8b · Fundraising events: direct expenses

    $170,935

  • 8c · Net income from fundraising events

    total -$135,435 · excluded -$135,435

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $1,591,869 · program services $1,591,869

  • 2 · Grants to domestic individuals

    total $168,667 · program services $168,667

  • 5 · Compensation of officers, directors and key employees

    total $497,132 · program services $213,415 · management and general $88,910 · fundraising $194,807

  • 7 · Other salaries and wages

    total $377,616 · program services $306,103 · management and general $70,445 · fundraising $1,068

  • 8 · Pension plan contributions

    total $19,418 · program services $11,328 · management and general $3,970 · fundraising $4,120

  • 9 · Other employee benefits

    total $32,961 · program services $19,228 · management and general $6,739 · fundraising $6,994

  • 10 · Payroll taxes

    total $65,477 · program services $38,737 · management and general $12,902 · fundraising $13,838

  • 11b · Fees: legal

    total $1,025 · program services $350 · management and general $675

  • 11c · Fees: accounting

    total $87,714 · management and general $87,714

  • 11f · Fees: investment management

    total $66,659 · management and general $66,659

  • 11g · Fees: other

    total $54,180 · program services $680 · management and general $29,200 · fundraising $24,300

  • 12 · Advertising and promotion

    total $2,060 · program services $300 · management and general $1,760

  • 13 · Office expenses

    total $52,455 · program services $13,323 · management and general $32,806 · fundraising $6,326

  • 14 · Information technology

    total $13,753 · program services $8,088 · management and general $2,723 · fundraising $2,942

  • 16 · Occupancy

    total $18,748 · program services $11,026 · management and general $3,712 · fundraising $4,010

  • 17 · Travel

    total $131,432 · program services $84,462 · management and general $15,142 · fundraising $31,828

  • 22 · Depreciation, depletion and amortization

    total $7,659 · management and general $7,659

  • 23 · Insurance

    total $7,765 · program services $4,616 · management and general $1,470 · fundraising $1,679

  • 24a · Other expenses: EQUIP. RENTAL/MAINT.

    total $3,837 · program services $2,256 · management and general $760 · fundraising $821

  • 24b · Other expenses: MISCELLANEOUS

    total $558 · management and general $558

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $805,342 · end of year $745,369

  • 3 · Pledges and grants receivable

    beginning of year $202,519 · end of year $52,900

  • 9 · Prepaid expenses and deferred charges

    beginning of year $16,134 · end of year $9,758

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

    $55,289

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

    $42,204

  • 10c · Land, buildings and equipment, net

    beginning of year $9,910 · end of year $13,085

  • 11 · Investments: publicly traded securities

    beginning of year $19,858,653 · end of year $23,459,480

  • 15 · Other assets

    beginning of year $6,437 · end of year $1,956

  • 17 · Accounts payable and accrued expenses

    beginning of year $84,686 · end of year $88,468

  • 18 · Grants payable

    beginning of year $75,000 · end of year $1,000

  • 27 · Net assets without donor restrictions

    beginning of year $8,229,133 · end of year $9,051,153

  • 28 · Net assets with donor restrictions

    beginning of year $12,510,176 · end of year $15,141,927

Mission and programs · 2023

Mission

TO STRENGTHEN THE ASIAN AND PACIFIC ISLANDER COMMUNITY IN THE BAY AREA BY INCREASING PHILANTHROPY AND SUPPORTING THE ORGANIZATIONS THAT SERVE OUR MOST VULNERABLE COMMUNITY MEMBERS.

Activities or mission (Part I)

TO STRENGTHEN THE ASIAN AND PACIFIC ISLANDER COMMUNITY IN THE BAY AREA (CONTINUED ON SCHEDULE O) BY INCREASING PHILANTHROPY AND SUPPORTING THE ORGANIZATIONS THAT SERVE OUR MOST VULNERABLE COMMUNITY MEMBERS.

  • GRANTS AND SCHOLARSHIPS TO NON-PROFIT ORGANIZATIONS SERVING THE BAY AREA'S MOST VULNERABLE ASIAN AND PACIFIC ISLANDERS - ASIAN PACIFIC FUND DISTRIBUTED $1,275,668.72 IN GRANTS TO ITS AFFILIATES. $196,950 CAME FROM DONOR ADVISED FUNDS TO A DIVERSE GROUP OF ASIAN ORGANIZATIONS IN THE BAY AREA AND OTHER NON-PROFIT ORGANIZATIONS. THESE GRANTS SUPPORTED CAPACITY BUILDING, LEADERSHIP DEVELOPMENT, CIVIC ENGAGEMENT, FUNDRAISING, TECHNOLOGY AND INFRASTRUCTURE. THE FUND ALSO DISTRIBUTED $168,667 IN SCHOLARSHIPS TO 58 STUDENTS, ALL SUPPORTED BY INDIVIDUAL DONORS.

    Expenses $1,994,018 · Grants $1,760,536

  • SERVICES FOR AFFILIATE ORGANIZATIONS - THIS INCLUDES HELPING 90+ SAN FRANCISCO BAY AREA ORGANIZATIONS WITH TRAININGS, INFORMATION, CONSULTATIONS, AND WORKSHOPS TO STRENGTHEN THEIR ORGANIZATIONAL CAPACITY IN AREAS SUCH AS FUND DEVELOPMENT, DATA MANAGEMENT, PROGRAM EXPANSION, AND SUCCESSION PLANNING. ALSO, THIS INCLUDES REGULAR OUTREACH TO POTENTIAL DONORS TO SHED LIGHT ON THE NEEDS OF OUR AFFILIATE NONPROFIT ORGANIZATIONS.

    Expenses $230,424

  • API SUMMIT - THE EVENT BROUGHT TOGETHER 138 FOUNDATION, BUSINESS, MEDIA AND GOVERNMENT LEADERS TO DISCUSS AND ADDRESS THE EMERGING NEEDS OF ASIANS AND PACIFIC ISLANDERS IN THE BAY AREA.

    Expenses $221,376 · Revenue $6,950

  • VARIOUS COMMUNITY EDUCATION PROGRAMS

    Expenses $28,630

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Tom Cole

    CHAIR

    Total calculated
    $0
    Hours/week
    1.5

  • Nelson Ishiyama

    TREASURER

    Total calculated
    $0
    Hours/week
    1.5

  • Emerald Yeh

    SECRETARY

    Total calculated
    $0
    Hours/week
    1.5

  • Neel Chatterjee

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Steve Chen

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Kathy Chou

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Peter Chung

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Jan Kang

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Rosalyn Chen

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Margaret Lapiz

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Michele Lau

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Raj Mathai

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Carolyn Wang Kong

    PRESIDENT & EXECUTIVE DIRECTOR

    Total calculated
    $271,000
    From this org
    $271,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $246,000
    Bonus
    $25,000
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $271,000

  • Maryann Treble

    DIRECTOR OF FINANCE & OPERATIONS

    Total calculated
    $73,908
    From this org
    $73,908
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Gurpreet Tung

    DIRECTOR OF DEVELOPMENT

    Total calculated
    $152,224
    From this org
    $152,224
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $144,996
    Bonus
    $7,228
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $152,224

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. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Written employment contract
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

The 10 largest by cash amount. The API serves every itemized grant.

Provenance

Return type
form_990
Tax year
2023
Filed
12 November 2024
IRS schema version
2023v5.1
Source object
202413189349305421

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