Civic Intelligence

Asian Americans for Equality Inc

EIN 13-3187792 • 501(c)3 • New York, NY

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Profile

To advance racial, social and economic justice for asian americans and other systematically disadvantaged communities by creating affordable housing and economic opportunity, providing an array of multilingual community services and fostering grassroots leadership and civic engagement.

Refreshing map…

108 Norfolk StNew York, NY 10002

www.aafe.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

76th percentile

0.51x

Higher debt load relative to assets than 76% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2024

Liabilities / Revenue

77th percentile

0.77x

Higher debt load relative to revenue than 77% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2024

Net Margin

76th percentile

23%

Higher net margin than 76% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2024

Top Officer Pay

83rd percentile

$345,979

Higher top officer pay than 83% of similar nonprofits.

Top officer pay equals 2.2% of source-year revenue.

501(c)3 • $10M-$25M nonprofits • Source year 2024

Asset Growth

8th percentile

-13%

Faster asset growth than 8% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Annualized from 2023 to 2024

Revenue Growth

84th percentile

47%

Faster revenue growth than 84% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets76th percentile

Assets

Down

$24,208,966

Down $3,770,392 (-13%) from 2023

Liabilities

Down

$12,276,829

Down $7,464,509 (-38%) from 2023

Net Assets

Up

$11,932,137

Up $3,694,117 (+45%) from 2023

Operations
Liabilities / Revenue77th percentileNet Margin76th percentile

Revenue

Up

$15,993,629

Up $5,098,448 (+47%) from 2023

Expenses

Up

$12,287,653

Up $2,448,902 (+25%) from 2023

Net Income

Up

$3,705,976

Up $2,649,546 (+251%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth8th percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$40M$30M$20M$10M$0Assets 2010: $6,662,256Liabilities 2010: $1,183,986Net Assets 2010: $5,478,2702010Assets 2011: $7,175,012Liabilities 2011: $1,537,717Net Assets 2011: $5,637,2952011Assets 2012: $7,501,466Liabilities 2012: $1,366,052Net Assets 2012: $6,135,4142012Assets 2013: $9,729,351Liabilities 2013: $3,037,299Net Assets 2013: $6,692,0522013Assets 2014: $10,497,600Liabilities 2014: $3,988,940Net Assets 2014: $6,508,6602014Assets 2015: $10,247,806Liabilities 2015: $3,470,445Net Assets 2015: $6,777,3612015Assets 2016: $11,580,239Liabilities 2016: $3,998,974Net Assets 2016: $7,581,2652016Assets 2017: $21,880,977Liabilities 2017: $14,944,121Net Assets 2017: $6,936,8562017Assets 2018: $20,253,421Liabilities 2018: $14,550,047Net Assets 2018: $5,703,3742018Assets 2019: $22,984,747Liabilities 2019: $18,567,507Net Assets 2019: $4,417,2402019Assets 2020: $25,182,567Liabilities 2020: $18,945,182Net Assets 2020: $6,237,3852020Assets 2021: $26,601,430Liabilities 2021: $19,280,389Net Assets 2021: $7,321,0412021Assets 2022: $31,717,627Liabilities 2022: $21,658,808Net Assets 2022: $10,058,8192022Assets 2023: $27,979,358Liabilities 2023: $19,741,338Net Assets 2023: $8,238,0202023Assets 2024: $24,208,966Liabilities 2024: $12,276,829Net Assets 2024: $11,932,1372024

Highlighted filing

2024

Assets$24,208,966
Liabilities$12,276,829
Net Assets$11,932,137
Open 2024 Filing

Operations Trend

Revenue Growth84th percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$20M$15M$10M$5.0M$0-$5.0MRevenue 2010: $3,078,247Expenses 2010: $2,718,595Net Income 2010: $359,6522010Expenses 2011: $3,522,9322011Expenses 2012: $3,266,5062012Revenue 2013: $4,173,052Expenses 2013: $3,616,414Net Income 2013: $556,6382013Revenue 2014: $5,043,982Expenses 2014: $5,227,374Net Income 2014: -$183,3922014Revenue 2015: $5,406,201Expenses 2015: $5,137,500Net Income 2015: $268,7012015Revenue 2016: $6,421,181Expenses 2016: $5,854,488Net Income 2016: $566,6932016Revenue 2017: $6,622,107Expenses 2017: $7,492,506Net Income 2017: -$870,3992017Revenue 2018: $6,188,295Expenses 2018: $7,151,040Net Income 2018: -$962,7452018Revenue 2019: $6,175,319Expenses 2019: $7,461,453Net Income 2019: -$1,286,1342019Revenue 2020: $7,119,666Expenses 2020: $8,359,116Net Income 2020: -$1,239,4502020Revenue 2021: $8,393,675Expenses 2021: $7,310,019Net Income 2021: $1,083,6562021Revenue 2022: $11,572,389Expenses 2022: $8,834,611Net Income 2022: $2,737,7782022Revenue 2023: $10,895,181Expenses 2023: $9,838,751Net Income 2023: $1,056,4302023Revenue 2024: $15,993,629Expenses 2024: $12,287,653Net Income 2024: $3,705,9762024

Highlighted filing

2024

Revenue$15,993,629
Expenses$12,287,653
Net Income$3,705,976
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Facts available. Structured filing facts are available, but richer extracted sections are limited.

Open filing
Assets
$24,208,966
Liabilities
$12,276,829
Net assets
$11,932,137
Revenue
$15,993,629
Expenses
$12,287,653
Net income
$3,705,976
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$24.2$12.3$11.9$16.0$12.3$3.71
2023Detailed filing. Detailed filing data is available for this year.$28.0$19.7$8.24$10.9$9.84$1.06
2022Detailed filing. Detailed filing data is available for this year.$31.7$21.7$10.1$11.6$8.83$2.74
2021Detailed filing. Detailed filing data is available for this year.$26.6$19.3$7.32$8.39$7.31$1.08
2020Detailed filing. Detailed filing data is available for this year.$25.2$18.9$6.24$7.12$8.36$1.24
2019Detailed filing. Detailed filing data is available for this year.$23.0$18.6$4.42$6.18$7.46$1.29
2018Detailed filing. Detailed filing data is available for this year.$20.3$14.6$5.70$6.19$7.15$0.96
2017Detailed filing. Detailed filing data is available for this year.$21.9$14.9$6.94$6.62$7.49$0.87
2016Detailed filing. Detailed filing data is available for this year.$11.6$4.00$7.58$6.42$5.85$0.57
2015Detailed filing. Detailed filing data is available for this year.$10.2$3.47$6.78$5.41$5.14$0.27
2014Detailed filing. Detailed filing data is available for this year.$10.5$3.99$6.51$5.04$5.23$0.18
2013Detailed filing. Detailed filing data is available for this year.$9.73$3.04$6.69$4.17$3.62$0.56
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$7.50$1.37$6.14$3.27
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$7.18$1.54$5.64$3.52
2010Summary only. Only limited summary data is available for this year.$6.66$1.18$5.48$3.08$2.72$0.36
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Nov 17, 2025
Return Version
2024v5.2
Gross Receipts
$21,136,711
Mission and Program Overview

Mission

To advance racial, social and economic justice for asian americans and other systematically disadvantaged communities by creating affordable housing and economic opportunity, providing an array of multilingual community services and fostering grassroots leadership and civic engagement.

Asian americans for equality, inc. (aafe) advances the rights of asian americans, and those in need, through advocacy for civil rights, affordable housing, economic development, and immigrant services.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$9,911,420$4,882,895▼ $5,028,525
Savings and Temporary Cash Investments$314,819$4,087,533▲ $3,772,714
Investments Program Related$1,001,132$3,896,903▲ $2,895,771
Pledges and Grants Receivable$1,050,684$2,684,137▲ $1,633,453
Cash and Non-Interest-Bearing Accounts$1,013,214$285,683▼ $727,531
Prepaid Expenses and Deferred Charges$128,243$76,879▼ $51,364
Accounts Receivable-$47,645-
Total Assets$27,979,358$24,208,966▼ $3,770,392
Other Assets Total$14,559,846$8,247,291▼ $6,312,555
Liabilities
Other Liabilities$11,721,503$9,027,176▼ $2,694,327
Mortgage Notes Payable Secured by Investment Property$7,524,597$2,479,331▼ $5,045,266
Accounts Payable and Accrued Expenses$495,238$770,322▲ $275,084
Total Liabilities$19,741,338$12,276,829▼ $7,464,509
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$6,985,544$11,067,808▲ $4,082,264
Net Assets With Donor Restrictions$1,252,476$864,329▼ $388,147
Total Net Assets Fund Balance$8,238,020$11,932,137▲ $3,694,117
Total Liabilities and Net Assets / Fund Balance$27,979,358$24,208,966▼ $3,770,392

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$3,658,295$1,026,118$4,684,413
Land$870,244-$870,244
Leasehold Improvements$215,779$560,116$775,895
Equipment$138,577$470,074$608,651
Other Land Buildings$0$55,000$55,000
Investment Program Related Org$65,000--
Other Assets Org$703,986--
Compensation and Service Providers
Top Officer Pay83rd percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Hui-yuan Nelson ChanManaging Director of CommunityPT$206,467$64,387$270,854
My ChangVice President/chief of StaffPT$199,435$9,430$208,865
Joy Suzanne GranadoChief Accounting Officer (outgoing)PT$175,272$21,446$196,718
Emily RiosDirector of Community ServFT$168,137$13,077$181,214
Ethel CoffinasDirector of Human ResourcesFT$167,302$13,077$180,379
Edward LitvakDirector of MarketingFT$158,725$14,453$173,178
Andrea AlexopoulosSenior Project ManagerFT$140,006$4,972$144,978

Board Members and Trustees

NameTitle
Catherine KimChair
Thomas YuChairman/ed
Lydia TomVice Chair
Connie LeeDirector
Donna ChiuDirector
Grace AlsterDirector
Heng LyDirector
Jennifer WuDirector
Jim BurkeDirector
June JeeDirector
Kathleen WebsterDirector
Kenneth CohenDirector
Kimberly WilliamsDirector
Lina LeeDirector
Lisa TalmaDirector
Turney Singh BabaDirector
John LeoDirector (outgoing)
Wendy TakahisaDirector (outgoing)
Heidie Joo BurwellSecretary
Peggy ChanTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
ContangoIt Services5 WEST 37TH STREET, New York, NY 10018$255,997
Kasirer LLCConsulting Services120 BROADWAY STE 1010, New York, NY 10271$168,000
Apogee EventsVenue And Catering10 DESBROSSES STREET, New York, NY 10013$149,950
Revenue and Support

Revenue Composition

Contributions and Grants
$11,135,090
Program Service Revenue
$3,327,539
Investment Income
$43,627
Other Revenue
$1,487,373
All Other Contributions
$1,823,290
Change in Net Assets
$3,705,976

Audited Revenue Reconciliation

Revenue per Audited Statements
$15,724,043
Revenue Not Reported on Financial Statements
$269,586
Revenue Not Reported on Form 990
$28,637,461
Other Revenue Adjustments
$269,586
Total Revenue per Audited Statements
$44,361,504
Total Revenue per Form 990
$15,993,629
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$5,709,332
Other Expenses$5,271,961
Grants and Similar Amounts Paid$1,306,360
Total Fundraising Expense$284,345
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$2,865,402$1,104,511$134,984$4,104,897
Grants to Domestic Orgs$1,306,360--$1,306,360
Occupancy$758,275$92,645$6,140$857,060
Other Employee Benefits$443,518$191,197$17,485$652,200
All Other Expenses$494,830$95,528$11,199$601,557
Interest$394,816$190,771$692$586,279
Fees for Services Other$237,138$158,362$73,925$469,425
Payroll Taxes$291,787$128,265$11,263$431,315
Current Officers, Directors, Trustees, and Key Employees$273,805$131,778-$405,583
Depreciation Depletion$179,669$177,237-$356,906
Other Expenses$266,090$17,277$743$284,110
Information Technology$3,652$274,341-$277,993
Insurance$164,240$16,086$1,239$181,565
Fees for Services Lobbying$168,100--$168,100
Pension Plan Contributions$77,970$34,003$3,364$115,337
Office Expenses$73,276$13,084$27$86,387
Conferences and Meetings$26,652$15,395-$42,047
Travel$35,626$6,326-$41,952
Fees for Services Legal-$18,114-$18,114
Advertising$1,213$4,038$6,815$12,066
Total Functional Expenses$8,683,500$3,319,808$284,345$12,287,653

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$30,877,246
Expenses Not Reported on Form 990$18,589,593
Expenses per Audited Statements$12,287,653
Total Expenses per Form 990$12,287,653
Expenses Not Reported on Financial Statements$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Hardesty Renaissance Economic Development CorporationKansas City, MO501(c)(3)To Record Close Out Hredc Company Balance$1,072,369
Renaissance Economic Development CorporationNew York, NY501(c)(3)Goldman Sachs and Neighborworks Pass Through Grant to Redc$132,750
Aafe Community Development Fund IncNew York, NY501(c)(3)Goldman Sachs and Hud Pass Through Grant to Aafe Cdf$89,050
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$228,089
Fundraising Gross Income$130,455
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Stripes$417,446$130,455-$130,455
Total Events$417,446$130,455$228,089$-97,634
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
Yes
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Due to Affiliates$4,118,504
Deferred Rent Obligation and Other Payables$2,639,641
Lease Liability-operating$1,867,896
Other Liabilities$401,135
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 11B

“The organization provides a draft form 990 to the board for review. Five days are allowed for feedback, through the board treasurer, before form 990 is finalized and filed. A copy of the filed form 990 is provided to the board for their records.”

Form 990, Part VI, Section B, Line 12C

“Directors and officers are provided with a copy of the organization's current conflict of interest (coi) policy upon appointment, and annually thereafter. Directors and officers complete annual declarations to either confirm no conflicts, or identify possible and/or actual conflicts. No conflicts were reported in this round of certifications.”

Form 990, Part VI, Section B, Line 15A

“The board of directors reviews the executive director's ("ed") salary annually and approves any changes. The review takes into account the ed's performance, community conditions, comparisons between similar types of positions, national trends, and aafe's financial position.”

Form 990, Part VI, Section C, Line 19

“Governing documents, conflict of interest policy and financial statements are available to the public by request to any board member or officer. These documents are maintained at the organization's registered office.”

Filing and Contact Details

Filer

Filer Name
Asian Americans for Equality Inc
EIN
13-3187792
Phone
2129798381
Address
108 NORFOLK ST, NEW YORK, NY 10002

Signing Officer

Name
Thomas Yu
Title
Executive Director
Phone
2129798381
Signed
2025-11-17
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Thomas Yu
Formed
1974
Legal Domicile
Ny
Voting Board Members
17
Independent Board Members
17
Employees
65
Volunteers
14

Preparer

Firm
Cbiz Advisors LLC
Address
685 THIRD AVENUE, NEW YORK, NY 10017
Preparer
Magdalena Czerniawski
Phone
2125038800
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

“Change in valuation of investment in affiliate -249,069.”

FORM 990, PART XII, LINE 2C:

“The process of overseeing the audit and selection of the independent accountant has not changed from the prior year.”

Financial Statement Notes

PART X, LINE 2:

“The agency believes it had no uncertain income tax positions as of december 31, 2024 and 2023 in accordance with asc topic 740, income taxes, which provides standards for establishing and classifying any tax provisions for uncertain tax positions.”

PART XI, LINE 2D - OTHER ADJUSTMENTS:

“Related entities' revenue 47,067,386. Consolidating eliminations -18,180,856. Change in valuation of investment in affiliate -249,069.”

PART XI, LINE 4B - OTHER ADJUSTMENTS:

“Direct fundraising expenses 10,981. Vacancy loss 258,605.”

PART XII, LINE 2D - OTHER ADJUSTMENTS:

“Related entities' expenses 37,069,994. Consolidating eliminations -18,210,815. Direct fundraising expenses -10,981. Vacancy loss -258,605.”

Raw XML AppendixShowing 400 of 1,393 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

Path#Value
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IRS990/ActivitiesConductedPrtshpInd00
IRS990/ActivityOrMissionDesc0ASIAN AMERICANS FOR EQUALITY, INC. (AAFE) ADVANCES THE RIGHTS OF ASIAN AMERICANS, AND THOSE IN NEED, THROUGH ADVOCACY FOR CIVIL RIGHTS, AFFORDABLE HOUSING, ECONOMIC DEVELOPMENT, AND IMMIGRANT SERVICES.
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IRS990/BooksInCareOfDetail/PhoneNum02129642288
IRS990/BooksInCareOfDetail/USAddress/AddressLine1Txt0108 NORFOLK ST
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IRS990/Desc0PLANNING AND DEVELOPMENT: IN THE PAST THREE DECADES, ASIAN AMERICANS FOR EQUALITY HAS DEVELOPED AND PRESERVED MORE THAN 1,200 AFFORDABLE APARTMENTS IN IMMIGRANT AND LOW-INCOME COMMUNITIES ACROSS NEW YORK CITY. THE GOAL OF OUR HOUSING DEVELOPMENT WORK IS TO CREATE SAFE AND HEALTHY HOMES FOR LOW- AND MIDDLE-INCOME INDIVIDUALS AND FAMILIES, PROVIIDNG THE HOUSING STABILITY THEY NEED TO THRIVE AND PRESERVING THE ESSENTIAL CHARACTER OF OUR DIVERSE NEIGHBORHOODS. AAFE'S PLANNING & DEVELOPMENT TEAM HAS A STRONG TRACK RECORD OF INNOVATION, PIONEERING VARIOUS PROGRAMS THAT HAVE BECOME CITYWIDE MODELS, INCLUDING THE USE OF LOW-INCOME TAX CREDITS TO BUILD AFFORDABLE HOUSING, THE CITY'S AFFORDABLE HOUSING COOPERATIVE PROGRAM AND THE POST 9/11 CHINATOWN/LOWER EAST SIDE PRESERVATION.
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