| Entity | Document Type | Tax ID |
|---|---|---|
| Asia Foundation | Audited Financial Statements | 94-1191246 |
| Asia Foundation | IRS Form 990 | 94-1191246 |
|
Entity: Asia Foundation Document Type: Audited Financial Statements Tax ID: 94-1191246 |
|
Entity: Asia Foundation Document Type: IRS Form 990 Tax ID: 94-1191246 |
| Name | Title | Compensation | |
|---|---|---|---|
| 1 | David Arnold | President/CEO | $567,250 |
| 2 | Suzanne E. Siskel | Executive VP/COO | $367,519 |
| 3 | Kim J. DeRidder | Country Representative | $320,009 |
|
1 Name: David Arnold Title: President/CEO Compensation: $567,250 |
|
2 Name: Suzanne E. Siskel Title: Executive VP/COO Compensation: $367,519 |
|
3 Name: Kim J. DeRidder Title: Country Representative Compensation: $320,009 |
According to The Asia Foundation audit of September 30, 2020 (Note 5, Books for Asia Inventory and Gifts-in-Kind): "The Foundation receives gifts-in-kind consisting of books, software and related shipping services donated to the Foundation's Books for Asia program..." The Foundation reports receiving donated books and software in fiscal 2020 on which it placed a value of approximately $4,903,000. Also according to Note 5 of the audit: "Other donated goods and services generally consist of publishing, advertising and transportation services..." The Foundation reports receiving other donated goods and services in fiscal 2020 on which it placed a value of approximately $182,000. [Note: CharityWatch generally excludes the value of in-kind (non-cash) donations of goods and services from its calculations of Program % and Cost to Raise $100. More information on how grades are calculated and the treatment of in-kind donations can be found on the Our Process page.] |
According to The Asia Foundation audit of September 30, 2020 (Note 8, Paycheck Protection Program Loan) [$s in thousands, as noted]: "In early 2020, a novel strain of coronavirus (COVID-19) became prevalent throughout the world. In response to COVID-19, the U.S. Congress passed the Coronavirus Aid, Relief, and Economic Securities Act (CARES Act). Included in the CARES Act was the Paycheck Protection Program (PPP) to provide loans through the Small Business Administration (SBA) to qualifying small businesses and not-for-profit organizations to cover certain eligible expenses. On May 8, 2020, the Foundation obtained a loan under the PPP with a principal balance of $2,135 [thousand] and an annual interest rate of 1%. All or a portion of the loan may be forgiven if certain terms and conditions of the program are met. "The Foundation has elected to treat its PPP loan as a conditional grant, and management believes the Foundation has satisfied the conditions for forgiveness by incurring qualified expenses during the covered period as of September 30, 2020. The Foundation recognized grant revenue of $2,135 [thousand] and reduced its cost recovery rate for its grants and contracts accordingly for the year ended September 30, 2020. The Foundation will apply for loan forgiveness from the lender and the SBA during 2021. Until loan forgiveness [is] formally approved by the lender and the SBA, the amount of the loan forgiven may be reduced and would become payable under the terms of the PPP loan." |
According to The Asia Foundation audit of September 30, 2020 (Note 13, Commitments and Contingencies, Other Commitments and Contingencies) [$s in thousands, as noted]: "The Foundation is liable for accumulated termination rights of employees working overseas in certain countries. The Foundation's policy is to accrue termination rights when local law mandates that payment be made on separation irrespective of the specific circumstances. Accrued termination rights totaled $3,954 [thousand] and $3,431 [thousand] at September 30, 2020 and 2019, respectively, and are included in accounts payable and accrued expenses on the [audited] statements of financial position." [...] "Commitments due by the Foundation under grant agreements to subrecipients for services not yet provided totaled $15,778 [thousand] and $14,548 [thousand] as of September 30, 2020 and 2019, respectively." |
According to The Asia Foundation audit of September 30, 2020 (Note 16, Subsequent Events): "The Foundation has evaluated subsequent events through February 2, 2021, the date on which the [audited] financial statements were available to be issued... "The COVID-19 outbreak that started in early 2020 has caused business disruption through mandated and voluntary closings of multiple businesses. As a result, the Foundation's offices were temporarily closed throughout 2020, with staff successfully working remotely with limited disruption. While the situation is expected to be temporary, the extent of the impact of COVID-19 on the Foundation's operational and financial performance will depend on certain developments, including the duration and spread of the outbreak, and the effect on the Foundation's employees and implementing partners, none of which can be predicted. The extent to which COVID-19 may impact the Foundation's financial condition or results of operations is uncertain at this time. Management continues to monitor events and conditions as they unfold and have established strategies to respond accordingly." |
