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Top Rated

Asia Society

CharityWatch report issued
May 2021

Top-Rated Charity
B+
CharityWatch Grade
Our independent grade based
on a number of factors.
 
70%
Program Percentage
Amount spent on programs
relative to overhead.
 
$12
Cost to Raise $100
Amount spent to raise
$100 of contributions.

Contact Information

Asia Society
725 Park Avenue
New York , NY 10021

Other Names

None

Tax Status

501(c)3

Stated Mission

Connects people and institutions in Asia and the world to build understanding, address challenges and maximize opportunities.

View similar charities
Data based on Fiscal Year Ended 06/30/2020

Program Percentage: 70%

The percentage of Asia Society's cash budget it spends on programs relative to overhead (fundraising, management, and general expenses).

$31,000,000

Calculated Total Expenses

(rounded)

 

Cost to Raise $100: $12

How many dollars Asia Society spends on fundraising to raise each $100 of contributions.

$25,000,000

Calculated Total Contributions

(rounded)

Government Funding

0% to 24%

Percentage of cash revenue
coming from government sources

 

Financial Documents

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

Governance & Transparency

CharityWatch evaluates certain criteria related to a charity's Governance and Transparency. Donors may want to consider a charity's willingness to be open and transparent with CharityWatch to be a good litmus test for determining its commitment to public accountability.
This charity is Top-Rated
What does it mean to be Top-Rated?
 
Asia Society
meets governance benchmarks.
 
Asia Society
meets transparency benchmarks.
Transparency
Provides Financial Information
Audit Accessibility
Governance: Policies
Reports regularly & consistently monitoring & enforcing compliance with a written Conflict of Interest Policy
Reports required, annual disclosure by officers, directors, and key staff of interests that could give rise to conflicts
Reports having a written Whistleblower Policy
Reports having a written Document Retention and Destruction Policy
Governance: Financials
Reports providing copy of tax form to all board members prior to filing it with IRS
Reports that financial statements were audited by an independent accountant
Governance: Board of Directors
Reports at least 5 voting board members
51% or more of voting board members reported as independent
Reports documenting minutes of board and board committee meetings
Privacy Policy
Privacy Policy

  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 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.

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).


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