CharityWatch Analysts perform an in-depth analysis of charities' audited financial statements and IRS tax filings, and often review other documents such as state filings, annual reports, and fundraising contracts during their evaluations. Below are select notes that CharityWatch believes may be of interest to donors.
Any time an Analysts' Note refers to a charity's Audited Financial Statements or IRS tax form, CharityWatch encourages interested donors to obtain a copy of the referenced documents so that they may view the information in context. Please contact the charity directly to request a copy of any referenced document. Charity tax forms and audits may also be obtained from a number of online databases. For a list of sources, please visit our LINKS page.
|CharityWatch's rating of Asia Society includes the financial activities of the offices included in its IRS Form 990 filing (tax ID #13-3234632) and related audited financial statements. Asia Society is headquartered in New York City, and "the organization has centers in Los Angeles and San Francisco and an office in Washington, D.C.," according to Note 1 of the Asia Society audit of June 30, 2017.|
CharityWatch's rating of Asia Society does not include the financial activities of the Society's affiliates in Houston, Texas, Hong Kong, Manila, Mumbai, Seoul, Sydney, and Zurich. According to Note 1 of the Asia Society audit of June 30, 2017:
"Each affiliate operates in concert with the Society based on a Global Operating Agreement and pays an annual participation fee to the Society in consideration of being part of the Society organization and the global services provided by the Society. In addition, the Society has entered into an agreement with each affiliate under which the Society has granted a royalty-free license to use the Society's trademark and related marks and trade names. The activities of the affiliate offices are not reflected in the accompanying [audited] financial statements."
|According to the Asia Society tax filing for the fiscal year-ended June 30, 2017 re: Compensation, Supplemental Information (IRS Form 990, Schedule J, Part III), the Society reports:|
"The President's bonus is reviewed by the Compensation Committee and the Board of Trustees and approved by the Board. It is based on achieving a set of institutional goals which are established by the Compensation Committee and the Board at the beginning of the year. Certain officers are eligible for a performance bonus based on achievements of pre-established goals. The range of the bonus is up to 10% of annual salary. Actual bonuses are recommended by the President and CEO and approved by the Compensation Committee and the Board. Bonuses paid during the calendar year  are reported..."
Asia Society reports paying "Bonus & incentive compensation" in the amount of $200,000 to Josette M. Sheeran, President and CEO; her reported total compensation is $908,754. The Society also reports paying "Bonus & incentive compensation" in amounts that range from $20,000 to $2,000 to eight individuals, with reported total compensation that ranges from $393,614 to $211,896 (IRS Form 990, Schedule J, Part II).
|According to the Asia Society tax filing for the fiscal year-ended June 30, 2017, the Society reports for Loans to and/or from Interested Persons, a loan in the amount of $60,000 made to Kevin Rudd for the purpose of "housing;" the balance due on the loan was $61,033 at fiscal year end (IRS Form 990, Schedule L, Part II). The Society provides supplemental information for the loan:|
"Kevin Rudd is a trustee and officer of the Organization, and president of the Asia Society's Policy Institute. Funds were advanced to Mr. Rudd in association with a rental property. That advance is documented in a loan agreement contract" (IRS Form 990, Schedule L, Part V).
Also according to the Asia Society fiscal 2017 tax filing, the Society reports for Business Transactions Involving Interested Persons a transaction in the amount of $2,000,000 involving Mitchell Julis related to an investment capital commitment (IRS Form 990, Schedule L, Part IV). The Society provides supplemental information for the transaction:
"In June 2017, the Asia Society made a capital commitment to a fund owned and managed by an affiliate of Canyon Partners, LLC. Mitchell Julis, trustee, is the co-founder, co-chairman and co-CEO of Canyon Partners, LLC and owns and controls an interest in Canyon Partners, LLC. This investment was for the Society's endowment. The Canyon Partners fund was one of three funds presented by Asia Society's outside investment advisor to the Society's Investment Committee for consideration. The Investment Committee approved the investment based on the advisor's recommendation and subsequent discussion. Mr. Julis is not a member of the Investment Committee and was not aware of the investment in the Canyon Partners fund until after the committee approved the transaction. As of June 30, 2017, none of the capital had been called" (IRS Form 990, Schedule L, Part V).