| Entity | Document Type | Tax ID |
|---|---|---|
| The Asia Society | IRS Form 990 | 13-3234632 |
| The Asia Society | Audited Financial Statements | 13-3234632 |
|
Entity: The Asia Society Document Type: IRS Form 990 Tax ID: 13-3234632 |
|
Entity: The Asia Society Document Type: Audited Financial Statements Tax ID: 13-3234632 |
| Name | Title | Compensation | |
|---|---|---|---|
| 1 | Kevin M. Rudd | President, Asia Society Policy Institute | $1,035,960 |
| 2 | Josette M. Sheeran | President/CEO | $973,148 |
| 3 | Thomas Nagorski | Executive VP | $380,216 |
|
1 Name: Kevin M. Rudd Title: President, Asia Society Policy Institute Compensation: $1,035,960 |
|
2 Name: Josette M. Sheeran Title: President/CEO Compensation: $973,148 |
|
3 Name: Thomas Nagorski Title: Executive VP Compensation: $380,216 |
CharityWatch's rating of The 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, 2020. CharityWatch's rating of The Asia Society does not include the financial activities of the Society's affiliates in Houston, Texas; Hong Kong; Manila; Melbourne; Mumbai; Seoul; Sydney; Tokyo; and Zurich. According to Note 1 of The Asia Society audit of June 30, 2020: "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, 2020, the Society reports for Business Transactions Involving Interested Persons a transaction in the amount of $1,480,000 involving Mitchell R. Julis related to investment capital contributions (IRS Form 990, Schedule L, Part IV). The Society reports supplemental information for the transaction: "In November 2019, 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. The amount reported on Schedule L, Part IV [$1,480,000] is the amount of the capital contributions during the fiscal year ended June 30, 2020" (IRS Form 990, Schedule L, Part V). |
According to The Asia Society audit of June 30, 2020 (Note 12, Impact of COVID-19): "In January 2020, the World Health Organization recognized the novel strain of coronavirus, COVID-19, as a pandemic. Beginning March 2020, the Society was temporarily closed to the public in accordance with New York State executive orders and guidance related to the pandemic. The Society is working on a reopening plan to ensure that it is operating in accordance with New York State safety guidance and directives, including attendance capacity limitations. The incidence of COVID-19 has therefore negatively affected the Society's operating results. It is anticipated that the effects of COVID-19 may continue to negatively affect the Society's financial position, results of operations and cash flows. However, given the uncertainty of the pandemic's duration, severity, and economic impacts, the ultimate financial effects cannot be known at this time." According to The Asia Society audit of June 30, 2020 (Note 5, Loans Payable): "In April 2020, the Society received a Small Business Administration loan through the CARES Act for the Paycheck Protection Program for $2,579,025. The term of the loan is two years with a 1% interest rate." |
According to The Asia Society tax filing for the fiscal year ended June 30, 2020 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 [2020] are report[ed] on Schedule J, Part II, Column (B)(ii) ['Bonus & incentive compensation']." The Asia Society reports paying "Bonus & incentive compensation" in the amount of $200,000 to Josette M. Sheeran, President & CEO; her reported total compensation in 2020 is $973,148. The Society also reports paying "Bonus & incentive compensation" in amounts that range from $6,000 to $3,000 to seven individuals in 2020, with associated reported total compensation ranging from $380,216 to $223,851 (IRS Form 990, Schedule J, Part II). |
