RADIO FREE ASIA

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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

1996

Legal Domicile

Principal Officer

TON-MING FANG

Phone

2025304903

Tax Period

2023-10-01 to 2024-09-30

RADIO FREE ASIA, founded in 1996, is a mid-sized nonprofit in the Arts, Culture & Humanities sector that reported $75.4M in total revenue in fiscal year 2023. Revenue grew 17% year-over-year, indicating healthy expansion.

Mission

PROVIDE NEWS AND INFORMATION TO ASIAN COUNTRIES WHOSE GOVERNMENTS PROHIBIT ACCESS TO A FREE PRESS.

Program Service Accomplishments

Program 1

Expenses: $42,555,376

BROADCASTING AND PROGRAMMING OPERATIONS: RADIO FREE ASIA BROADCASTS TO CHINA IN MANDARIN, CANTONESE AND UYGHUR LANGUAGES. IT ALSO BROADCASTS TO CAMBODIA, LAOS, NORTH KOREA, TIBET, VIETNAM AND...

BROADCASTING AND PROGRAMMING OPERATIONS: RADIO FREE ASIA BROADCASTS TO CHINA IN MANDARIN, CANTONESE AND UYGHUR LANGUAGES. IT ALSO BROADCASTS TO CAMBODIA, LAOS, NORTH KOREA, TIBET, VIETNAM AND MYANMAR. ITS PROGRAMMING DEPARTMENT OVERSEES THE REPORTING AND EDITING DONE BY ALL THE LANGUAGE SERVICES, AS WELL AS THE WORK OF ITS OVERSEAS BUREAUS, OUTSIDE CONTRIBUTORS AND CONSULTANTS. THE DEPARTMENT ALSO OVERSEES WIRE ROOM EDITORS AND RESEARCHERS.

Program 2

Expenses: $4,923,400

BENARNEWS & INDO-PACIFIC STABILITY PROJECT (IPSP) : ON MARCH 1, 2015, U.S. AGENCY FOR GLOBAL MEDIA (USAGM) LAUNCHED PROJECT BENARNEWS WHICH PUBLISHES IN FIVE LANGUAGES - BENGALI, THAI, BAHASA...

BENARNEWS & INDO-PACIFIC STABILITY PROJECT (IPSP) : ON MARCH 1, 2015, U.S. AGENCY FOR GLOBAL MEDIA (USAGM) LAUNCHED PROJECT BENARNEWS WHICH PUBLISHES IN FIVE LANGUAGES - BENGALI, THAI, BAHASA MALAYSIA, BAHASA INDONESIA, AND ENGLISH. IN APRIL 2016, RFA WAS GRANTED AN AWARD TO DEVELOP MULTI-MEDIA COUNTER TERRORISM PRODUCTS DESIGNED TO ADDRESS TERRORISM CONCERNS IN THE INDO-ASIA REGION.

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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 (2023)

Revenue Breakdown

Contributions & Grants $75,433,462

Program Service Revenue $0

Investment Income $0

Other Revenue $0

TOTAL REVENUE $75,433,462

Expense Breakdown

Grants Paid $0

Salaries & Benefits $49,511,959

Fundraising Expenses $0

Program Expenses $47,478,776

Other Expenses $26,829,189

TOTAL EXPENSES $76,341,148

Year-over-Year Comparison

	2023	2022	Change
Revenue	$75,433,462	$64,555,316	+0.2%
Expenses	$76,341,148	$64,997,659	+0.2%
Net Income	$-907,686	$-442,343	+1.1%

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

350

Volunteers

N/A

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

$800,234

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
CAROLYN BARTHOLOMEW	CHAIRMAN/DIRECTOR	5.00	Director	$0	$0	$0
MICHAEL GREEN	DIRECTOR	5.00	Director	$0	$0	$0
MICHAEL KEMPNER	DIRECTOR	5.00	Director	$0	$0	$0
KEITH RICHBURG	DIRECTOR	5.00	Director	$0	$0	$0
SHANTHI KALATHIL	DIRECTOR	5.00	Director	$0	$0	$0
ALLISON HOOKER	DIRECTOR	5.00	Director	$0	$0	$0
JAMES MANN	DIRECTOR	5.00	Director	$0	$0	$0
TON-MING FANG	PRESIDENT	40.00	Officer	$255,090	$30,515	$285,605
KEVIN FLEMING	CHIEF OPERATING OFFICER (EFF. 9/25/23)	40.00	Officer	$51,140	$1,071	$52,211
GIJSBRECHT DELEEDE	CHIEF FINANCIAL OFFICER/TREASURER	40.00	Officer	$201,936	$21,827	$223,763
KATARYNA DELISLE	SECRETARY	40.00	Officer	$195,392	$43,263	$238,655
MIN MITCHELL	EXECUTIVE EDITOR (THRU 4/5/24)	40.00	Highest	$205,975	$31,337	$237,312
ELIZABETH HENDERSON	CHIEF STRATEGY OFFICER	40.00	Highest	$188,189	$42,495	$230,684
JOHN PENOVICH	CHIEF TECHNOLOGY OFFICER	40.00	Highest	$186,106	$41,823	$227,929
MATHEW PENNINGTON	MANAGING DIRECTOR	40.00	Highest	$188,847	$35,346	$224,193
YU FEN TSAO	MANAGING DIRECTOR (UNTIL 3/1/24)	40.00	Highest	$210,732	$30,138	$240,870
PATRICK TAYLOR JR	CHIEF FINANCIAL OFFICER (UNTIL 2/8/23)	40.00		$103,441	$10,800	$114,241

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
2024	$75,433,462	$76,341,148	$55,351,551	$-907,686
2023	$64,555,316	$64,997,659	$60,043,954	$-442,343
2022	$50,768,718	$51,086,175	$29,937,817	$-317,457
2021	$48,612,809	$48,942,603	$14,965,944	$-329,794
2020	$54,095,642	$54,471,929	$19,193,646	$-376,287
2019	$55,114,133	$55,524,412	$27,704,475	$-410,279
2018	$51,369,784	$51,741,971	$26,773,842	$-372,187