ASIAN ART MUSEUM FOUNDATION OF SAN… - Form 990 Financial Data

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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year

1969

Legal Domicile

Principal Officer

SOYOUNG LEE

Phone

4155813500

Tax Period

2024-07-01 to 2025-06-30

ASIAN ART MUSEUM FOUNDATION OF SAN FRANCISCO, founded in 1969, is a mid-sized nonprofit in the Arts, Culture & Humanities sector that reported $28.1M in total revenue in fiscal year 2024. Revenue fell 20% from the prior year — a significant decline worth monitoring. Expenses of $39.4M exceeded revenue, resulting in a 40% operating deficit.

Mission

THE ASIAN ART MUSEUM CELEBRATES, PRESERVES, AND PROMOTES ASIAN AND ASIAN AMERICAN ART AND CULTURES FOR LOCAL AND GLOBAL AUDIENCES. WE PROVIDE A DYNAMIC FORUM FOR EXCHANGING IDEAS, INVITING COLLABORATION, AND FUELING IMAGINATION TO DEEPEN UNDERSTANDING AND EMPATHY AMONG PEOPLE OF ALL BACKGROUNDS.

Program Service Accomplishments

Program 1

Expenses: $24,636,093 Revenue: $1,436,220

THE MUSEUM IS ONE OF SAN FRANCISCO'S PREMIER ARTS INSTITUTIONS AND HOME TO A WORLD-RENOWNED COLLECTION OF MORE THAN 18,000 ART TREASURES SPANNING 6,000 YEARS OF HISTORY AND REPRESENTING COUNTRIES AND CULTURES THROUGHOUT ASIA. THE COLLECTION'S SCOPE AND BREADTH ENABLE THE MUSEUM TO INTRODUCE ALL OF THE MAJOR TRADITIONS OF ASIAN ART AND CULTURE, AS WELL AS THE WORK OF MANY ASIAN AMERICAN ARTISTS. MORE THAN 2,500 ARTWORKS FROM THE COLLECTION ARE GENERALLY ON VIEW IN THE MUSEUM'S 33 COLLECTION GALLERIES, WITH ANOTHER 500 OBJECTS REMOVED AND REFRESHED WITH WORKS FROM STORAGE EACH YEAR.

Program 2

Expenses: $469,775 Revenue: $7,579

THE MUSEUM PROVIDES A BROAD RANGE OF PROGRAMS THAT EXPLORE THE CULTURES REPRESENTED IN THE MUSEUM'S COLLECTION AND EXHIBITIONS, AND WHICH ARE DESIGNED TO REACH ALL LEVELS OF EDUCATION (K-12, COLLEGE, AND ADULT) AND AWARENESS OF ART (NOVICE THROUGH EXPERT). FREE DOCENT-LED TOURS OF THE COLLECTION GALLERIES AND SPECIAL EXHIBITIONS ARE CONDUCTED THROUGHOUT THE DAY. THE MUSEUM'S STORYTELLING CORPS OFFERS ENTERTAINING AND EDUCATIONAL PROGRAMS FOR CHILDREN AND ADULTS RELATING TO ARTWORKS ON VIEW. SCHOOL PROGRAMS INCLUDE A VARIETY OF INDUSTRY-BASED ACTIVITIES: ALL CLASS TOURS ARE INTERACTIVE AND EMPHASIZE OBSERVATION SKILLS, CRITICAL THINKING, GROUP WORK, AND PEER PRESENTATIONS.

Program 3

Expenses: $1,775,397 Revenue: $221,614

PHOENIX KINGDOMS: THE LAST SPLENDOR OF CHINA'S BRONZE AGEAPR 19, 2024 - JUL 22, 2024RISING FROM THE ASHES OF CONQUEST, TWO BRILLIANT BUT FORGOTTEN CULTURES CLAIM THEIR RIGHTFUL PLACES IN CHINA'S...

PHOENIX KINGDOMS: THE LAST SPLENDOR OF CHINA'S BRONZE AGEAPR 19, 2024 - JUL 22, 2024RISING FROM THE ASHES OF CONQUEST, TWO BRILLIANT BUT FORGOTTEN CULTURES CLAIM THEIR RIGHTFUL PLACES IN CHINA'S HISTORY. YUAN GOANG-MING: EVERYDAY WARAPR 3, 2025 - AUG 4, 2025A LEADING VIDEO ARTIST OFFERS A DREAMLIKE LOOK AT AN INCREASINGLY UNSETTLING WORLD. HALLYU! THE KOREAN WAVESEP 27, 2024 - JAN 6, 2025DISCOVER WHY THE WORLD CAN'T GET ENOUGH K-POP, KOREAN DRAMAS, AND KIMBAP.

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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 (2024)

Revenue Breakdown

Contributions & Grants $20,319,541

Program Service Revenue $1,239,267

Investment Income $4,103,239

Other Revenue $2,417,447

TOTAL REVENUE $28,079,494

Expense Breakdown

Grants Paid $0

Salaries & Benefits $20,748,632

Fundraising Expenses $3,552,113

Program Expenses $26,881,265

Other Expenses $18,689,307

TOTAL EXPENSES $39,437,939

Year-over-Year Comparison

	2024	2023	Change
Revenue	$28,079,494	$35,272,288	-0.2%
Expenses	$39,437,939	$39,801,045	0.0%
Net Income	$-11,358,445	$-4,528,757	+1.5%

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

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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

155

Volunteers

203

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

$1,809,234

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
SALLE YOO	CHAIR	1.00	Officer Director	$0	$0	$0
ANJALI PICHAI	PRESIDENT	1.00	Officer Director	$0	$0	$0
GORRETTI LO LUI	VICE PRESIDENT OF COMMUNITY	1.00	Officer Director	$0	$0	$0
KENNETH P WILCOX	TREASURER, VP OF FINANCE	1.00	Officer Director	$0	$0	$0
MICHELLE S TAI	SECRETARY, VP OF COLLECTIONS	1.00	Officer Director	$0	$0	$0
PAUL ANTEBI	TRUSTEE	1.00	Director	$0	$0	$0
CORI BATES	TRUSTEE	1.00	Director	$0	$0	$0
ELIZA CASH	TRUSTEE	1.00	Director	$0	$0	$0
HUIFEN CHAN	TRUSTEE	1.00	Director	$0	$0	$0
TIFFANY CHANG	TRUSTEE	1.00	Director	$0	$0	$0
CLAUDINE CHENG	TRUSTEE	1.00	Director	$0	$0	$0
SANDRA CHEUNG	TRUSTEE	1.00	Director	$0	$0	$0
KAPIL CHHIBBER	TRUSTEE (THRU 01/24)	1.00	Director	$0	$0	$0
LILLIAN CHUN	TRUSTEE	1.00	Director	$0	$0	$0
YOGEN DALAL	TRUSTEE	1.00	Director	$0	$0	$0
THAO DODSON	TRUSTEE	1.00	Director	$0	$0	$0
DIXON R DOLL	TRUSTEE	1.00	Director	$0	$0	$0
FRED EYCHANER	TRUSTEE	1.00	Director	$0	$0	$0
GLORIA GARAVENTA	TRUSTEE (THRU 04/25)	1.00	Director	$0	$0	$0
MIMI GARDNER GATES	TRUSTEE (THRU 09/24)	1.00	Director	$0	$0	$0
GURMEET GIGI GULATI	TRUSTEE	1.00	Director	$0	$0	$0
MARSHA VARGAS HANDLEY	TRUSTEE	1.00	Director	$0	$0	$0
MARTHA SAM HERTELENDY	TRUSTEE	1.00	Director	$0	$0	$0
CHARLES HUANG	TRUSTEE	1.00	Director	$0	$0	$0
MARIE OH HUBER	TRUSTEE	1.00	Director	$0	$0	$0
TIMOTHY F KAHN	TRUSTEE	1.00	Director	$0	$0	$0
CHOONGJA MARIA KAHNG	TRUSTEE	1.00	Director	$0	$0	$0
JENNIFER KAO	TRUSTEE (THRU 04/25)	1.00	Director	$0	$0	$0
TRAVIS KIYOTA	TRUSTEE	1.00	Director	$0	$0	$0
CHONG-MOON LEE	TRUSTEE	1.00	Director	$0	$0	$0
FRED M LEVIN	TRUSTEE	1.00	Director	$0	$0	$0
DIPTI MATHUR	TRUSTEE	1.00	Director	$0	$0	$0
MARY MEAD	TRUSTEE	1.00	Director	$0	$0	$0
AMANDA MINAMI	TRUSTEE	1.00	Director	$0	$0	$0
HEMA SAREEN MOHAN	TRUSTEE	1.00	Director	$0	$0	$0
NANCI NISHIMURA	TRUSTEE	1.00	Director	$0	$0	$0
VARSHA RAO	TRUSTEE	1.00	Director	$0	$0	$0
VIJAY SHRIRAM	TRUSTEE	1.00	Director	$0	$0	$0
ANTHONY SUN	TRUSTEE	1.00	Director	$0	$0	$0
MINDY LIN SUN	TRUSTEE	1.00	Director	$0	$0	$0
ANN TANENBAUM	TRUSTEE	1.00	Director	$0	$0	$0
INA GOODWIN TATEUCHI	TRUSTEE	1.00	Director	$0	$0	$0
AKIKO YAMAZAKI	TRUSTEE	1.00	Director	$0	$0	$0
RICHARD YEN	TRUSTEE	1.00	Director	$0	$0	$0
HANSONG ZHANG	TRUSTEE	1.00	Director	$0	$0	$0
JAY XU	DIRECTOR & CEO (THRU 04/25)	40.00	Officer	$661,595	$55,363	$716,958
SOYOUNG LEE	DIRECTOR & CEO	40.00	Officer	$0	$0	$0
SARA LEE	CHIEF FINANCIAL & ADMIN OFFICER	40.00	Officer	$270,981	$13,786	$284,767
ROBERT MINTZ	CHIEF CURATOR	40.00	Officer	$233,711	$37,320	$271,031
BANAFSHEH PERRONE	CHIEF IMPACT OFFICER	40.00	Officer	$239,572	$28,807	$268,379
EMIKO K USUI	CHIEF EXPERIENCE OFFICER	40.00	Officer	$249,948	$18,151	$268,099
KO KO ZIN	BUILDING & GROUNDS MAINTENANCE SUPERINTENDENT	40.00	Highest	$193,313	$55,446	$248,759
CALEN MCELDOWNEY	DIRECTOR OF SECURITY & FACILITIES	40.00	Highest	$196,286	$40,533	$236,819
LIA M MAKSOUD	DIRECTOR OF HUMAN RESOURCES	40.00	Highest	$175,166	$21,108	$196,274
JODY HART	DIRECTOR OF IT	40.00	Highest	$164,657	$31,447	$196,104
KIRSTEN WOLFE	DIRECTOR OF MARKETING AND COMMUNICATIONS	40.00	Highest	$165,592	$10,899	$176,491

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	$28,079,494	$39,437,939	$236,314,262	$-11,358,445
2024	$35,272,288	$39,801,045	$242,978,570	$-4,528,757
2023	$30,699,446	$38,165,634	$243,074,364	$-7,466,188
2022	$35,440,981	$35,506,285	$252,285,486	$-65,304
2021	$27,629,880	$33,990,425	$268,934,416	$-6,360,545
2020	$41,593,816	$40,404,456	$256,031,716	$1,189,360
2019	$38,292,493	$32,536,603	$258,417,682	$5,755,890
2018	$49,902,777	$33,075,569	$250,515,934	$16,827,208

ASIAN ART MUSEUM FOUNDATION OF SAN FRANCISCO