The Asia Foundation

“An external public accounting firm and the asia foundation staff work together to gather the required tax information necessary to complete the form 990. The tax firm prepares an initial draft return and reviews the initial draft return with senior management. After items are discussed and reviewed, recommended changes are reflected in the return and a draft form 990 is prepared. The form 990 is then distributed to the board of trustees for their review and comments prior to it being filed with the irs.”

“The asia foundation requires each trustee, principal officer, and member of a committee with governing board delegated powers to annually sign a statement which affirms each person has received a copy of the conflict of interest policy, has read and understood the policy, has agreed to comply with the policy, and understands the foundation is a non-profit organization and in order to maintain its federal tax exemption it must engage primarily in activities which accomplish one or more of its tax exempt purposes. Additionally, the statement requires the individuals to provide information with respect to related parties and to disclose whether there are any conflicts of interest. The asia foundation also requires periodic review of transactions and relationships to ensure that there are no conflicts of interest. The foundation keeps records of the statements. The executive vice president receives and reviews all conflict of interest disclosure forms and reports any significant or sensitive disclosures to the ceo and board audit committee chair. The audit committee decides appropriate further action, if necessary.”

“Compensation of the ceo and cfo is determined annually based on a comparison, prepared by the chief human resources officer, of compensation paid for similar positions by other non-profits of similar size. Current compensation benchmark data is presented to the compensation committee, and any and all changes in compensation of the ceo and cfo must be approved by the compensation committee of the board of trustees. The annual meeting occurs in december, or in the case of a new appointment, prior to an offer of employment. The committee reports on its action to the board of trustees at its january meeting. Following the compensation committee meeting, the chairman of the committee, who also serves as chairman of the board, notifies the ceo and cfo of any changes in compensation and the effective date. The ceo and cfo do not participate in the process. Compensation for employees at the vice presidential and senior management levels fall within the guidelines of the foundation's compensation program, under which the foundation's chief human resources officer reviews compensation data based on trends within the comparative market and makes a salary increase budget recommendation to the ceo. These employee salaries are determined in accordance with the foundation's compensation program guide for managers. The resulting salary increases are based on merit and market conditions. Compensation was last reviewed in december 2015.”

“The asia foundation's audited financial statements are published on its website and are provided upon request. Governing documents and conflict of interest policy are available upon request.”

“Forty volunteers served on the board of directors during the year. Additionally, volunteers served as emeriti members of the board of directors, members of the president's leadership council, members of the board of directors for taf's foreign controlled entities, lotus circle advisors and hosts or host committee members in the young lotus circle, and as volunteers involved in the books for asia program.”

“Part i, line 5 and part v, line 2a provide the number of employees reported on form w-3, transmittal of wage and tax statements. In addition to these employees, taf employs staff in foreign countries to whom reporting on form w-3 does not apply. As of september, 30, 2015, the last day of fiscal year 2015, taf employed a total of 797 persons. This count includes 177 employees to whom form w-3 reporting requirements do apply, and 620 employees based in foreign offices to whom form w-3 reporting requirements do not apply.”

“Foreign currency fluctuation -104,870. Change in post-retirement benefit obligation 229,407. Grants refunded 347,027. Prior period adjustment for fy14 nicra audit adjustments -22,868.”