AGA KHAN FOUNDATION USA

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1981

Legal Domicile

Phone

2022932537

Tax Period

2025-01-01 to 2025-12-31

AGA KHAN FOUNDATION USA, founded in 1981, is a major nonprofit in the International Affairs sector that reported $106.7M in total revenue in fiscal year 2025. Revenue surged 24% from the prior year, signaling strong growth momentum. Expenses of $96.1M left a modest 10% surplus.

Mission

THE AGA KHAN FOUNDATION U.S.A. IS A PUBLIC, NON-DENOMINATIONAL, PHILANTHROPIC ORGANIZATION ESTABLISHED BY HIS HIGHNESS THE AGA KHAN. IT SEEKS TO PROMOTE SOCIAL DEVELOPMENT, PRIMARILY IN LOW INCOME COUNTRIES OF ASIA & AFRICA BY FUNDING PROGRAMS IN HEALTH, EDUCATION, RURAL DEVELOPMENT, CIVIL SOCIETY STRENGTHENING, ECONOMIC DEVELOPMENT AND THE ENVIRONMENT.

Program Service Accomplishments

Program 1

Expenses: $17,940,770

As part of the AKF Endowment, these funds provide a permanent source of support to various long-term programmatic and operational expenditures

Program 2

Expenses: $13,971,947

WATER EMERGENCY RELIEF PROJECT'S OVERALL OBJECTIVE IS TO IMPROVE ACCESS TO SAFE DRINKING WATER AND IRRIGATION WATER SERVICES IN SELECTED RURAL AREAS OF AFGHANISTAN. OVER THE COURSE OF THREE AND HALF YEARS, WERP WILL PROVIDE AROUND 1,000,000 MILLION PEOPLE WITH ACCESS TO SAFE DRINKING WATER SERVICES AND SUPPORT FARMERS TO GAIN ACCESS TO IRRIGATION WATER SERVICES

Program 3

Expenses: $9,418,689

BEQUEST FUNDING TO AGA KHAN FOUNDATION GENEVA FOR LEVERAGING EXTERNAL DONOR FUNDING TOWARDS TACKLING THE ROOT CAUSES OF POVERTY AND EFFORTS TO IMPROVE THE QUALITY OF LIFE IN COMMUNITIES AROUND THE...

BEQUEST FUNDING TO AGA KHAN FOUNDATION GENEVA FOR LEVERAGING EXTERNAL DONOR FUNDING TOWARDS TACKLING THE ROOT CAUSES OF POVERTY AND EFFORTS TO IMPROVE THE QUALITY OF LIFE IN COMMUNITIES AROUND THE WORLD.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2025)

Revenue Breakdown

Contributions & Grants $99,042,976

Program Service Revenue $0

Investment Income $4,936,579

Other Revenue $2,726,393

TOTAL REVENUE $106,705,948

Expense Breakdown

Grants Paid $87,775,500

Salaries & Benefits $3,699,064

Fundraising Expenses $1,445,364

Program Expenses $93,100,968

Other Expenses $4,673,148

TOTAL EXPENSES $96,147,712

Year-over-Year Comparison

	2025	2024	Change
Revenue	$106,705,948	$85,810,371	+0.2%
Expenses	$96,147,712	$54,506,634	+0.8%
Net Income	$10,558,236	$31,303,737	-0.7%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✓ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

1000

Governance Policies

✗ Conflict of Interest Policy

✗ Whistleblower Policy

✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

⚠ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✓ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$547,726

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
HASSAN NATHA	TREASURER NATIONAL COMMITTEE, CHAIR FAC	5.0	Officer Director	$0	$0	$0
ROZINA DAMANWALA MUSSANI	SECRETARY, NATIONAL COMMITTEE	5.0	Officer Director	$0	$0	$0
AKBAR AHMEDALI POONAWALA	MEMBER, NATIONAL COMMITTEE	1.0	Director	$0	$0	$0
ALAN ABELA	DIRECTOR	1.0	Director	$0	$0	$0
AL-KARIM ALIDINA	COMMUNITY LIAISON	1.0	Director	$0	$0	$0
FARRUKH GHULAM HAIDER VALLIANI	MEMBER, NATIONAL COMMITTEE	1.0	Director	$0	$0	$0
HH SHAH KARIM AL HUSSEINI AGA KHAN	CHAIRMAN (UNTIL 02/2025)	0.0	Director	$0	$0	$0
HH SHAH RAHIM AL HUSSEINI AGA KHAN	CHAIRMAN (AS OF 02/2025)	1.0	Director	$0	$0	$0
JANE PIACENTINI-MOORE	DIRECTOR	1.0	Director	$0	$0	$0
NAGEEB SUMAR	CHAIRMAN NATIONAL COMMITTEE	5.0	Director	$0	$0	$0
PRINCE AMYN AGA KHAN	DIRECTOR	1.0	Director	$0	$0	$0
PRINCESS ZAHRA AGA KHAN	DIRECTOR	1.0	Director	$0	$0	$0
PURNUR MAMADSHOEVNA ILOLOVA	MEMBER, NATIONAL COMMITTEE	1.0	Director	$0	$0	$0
SARAH HASAN	MEMBER, NATIONAL COMMITTEE	1.0	Director	$0	$0	$0
SHAIZA DAMJI NURANI	VICE CHAIR, NATIONAL COMMITTEE	5.0	Director	$0	$0	$0
MUNEERAH MERCHANT	CHIEF EXECUTIVE OFFICER	40.0	Officer	$327,055	$26,164	$353,219
NAZLIN PEPERMINTWALA	ASSO DIRECTOR OF FINANCE AND ADMINISTRATION	40.0	Officer	$180,099	$14,408	$194,507
SALIM FEROZALI	REGIONAL, CHIEF FINANCE AND ADMINISTRATIVE OFFICER, NORTH AMERICA	21.0	Officer	$0	$0	$0
IBRAHIM INAYATALI	REG DIR PLANNED/LEGACY GIVING	40.0	Highest	$226,026	$18,082	$244,108
LEROY FERNANDES	DONOR SERVICES MANAGER	40.0	Highest	$125,819	$10,066	$135,885
MUNIRA YASIR	GRANTS FINANCE MANAGER	40.0	Highest	$115,753	$9,260	$125,013
SALLY MAIER	SENIOR DESIGN STRATEGIST	40.0	Highest	$135,833	$10,867	$146,700
ZAHRA LUTFEALI	DIR,PRGM&PRTNRSHPS	40.0	Highest	$223,395	$17,872	$241,267

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2025	$106,705,948	$96,147,712	$601,887,350	$10,558,236
2024	$85,810,371	$54,506,634	$622,511,053	$31,303,737
2023	$64,939,182	$64,829,903	$580,023,357	$109,279
2022	$86,343,647	$41,666,301	$568,402,959	$44,677,346
2021	$79,966,800	$47,180,668	$514,583,753	$32,786,132
2020	$51,175,547	$73,295,065	$472,942,036	$-22,119,518
2019	$173,497,175	$85,351,889	$494,211,949	$88,145,286
2018	$78,330,142	$33,500,387	$402,512,904	$44,829,755