2022-03-22T17:23:55-05:00 2021-06-30 521392008 GELMAN ROSENBERG & FREEDMAN 4550 MONTGOMERY AVE SUITE 800N BETHESDA MD 208142930 990 2020-07-01 571192973 ASIAN AND PACIFIC ISLANDER AMERICAN SCHOLARSHIP FUND ASIA 2027150795 1850 M STREET NW NO 245 WASHINGTON DC 20036 NOEL HARMON PRESIDENT & EXECUTIVE DIRECTOR 2027150795 2022-03-22 1 NOEL HARMON 999009999 RICHARD J LOCASTRO CPA P00288314 3019519090 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z NOEL HARMON 1850 M STREET NW NO 245 WASHINGTON DC 20036 39460532 0 X WWW.APIASF.ORG X 2003 DC SEE PART III, LINE 1. 18 18 18 695 0 0 15362950 39393662 0 50000 30688 546 1441 16324 15395079 39460532 11782398 9963030 0 0 1624643 1877673 0 0 513239 1230313 1285381 14637354 13126084 757725 26334448 7782589 36602135 2259850 4744955 5522739 31857180 X OUR MISSION IS TO MAKE A DIFFERENCE IN THE LIVES OF APIA STUDENTS BY PROVIDING THEM WITH RESOURCES THAT INCREASE THEIR ACCESS TO HIGHER EDUCATION WHICH SERVES AS THE FOUNDATION FOR THEIR FUTURE SUCCESS AND CONTRIBUTIONS TO A MORE VIBRANT AMERICA. (CONTINUED ON SCHEDULE O). 1 0 10720231 9963030 COLLEGE ACCESS: APIA SCHOLARS MANAGES THE APIA SCHOLARSHIP, THE AANAPISI SCHOLARSHIP, THE APIA SCHOLARS EMERGENCY FUND, AND THE GATES MILLENNIUM SCHOLARS/ASIAN PACIFIC ISLANDER AMERICANS FUND. THROUGH THESE SCHOLARSHIP PROGRAMS, APIA SCHOLARS HAS DISTRIBUTED MORE THAN $150 MILLION IN COLLEGE SCHOLARSHIPS TO MORE THAN 7,000 DESERVING ASIAN AND AMERICAN PACIFIC ISLANDER (AAPI) STUDENTS ACROSS THE COUNTRY AND IN THE PACIFIC ISLANDS.OUR FOCUS ON MULTI-YEAR SCHOLARSHIPS REMOVES FINANCIAL BARRIERS WHILE PROMOTING DEGREE ATTAINMENT. OUR DATA SHOWS THAT SCHOLARS AWARDED WITH A MULTI-YEAR SCHOLARSHIP IN THEIR (CONTINUED ON SCHEDULE O)FIRST-YEAR OF ATTENDANCE ARE MORE LIKELY TO GRADUATE WITHIN SIX YEARS (87.8%) WITH A BACHELOR'S DEGREE THAN STUDENTS AWARDED WITH A ONE-YEAR SCHOLARSHIP (83.0%). 645306 50000 STUDENT SUCCESS AND CAREER DEVELOPMENT:UPON RECEIVING THEIR SCHOLARSHIP, SCHOLARS ARE INVITED TO ATTEND OUR ANNUAL ELEVATING LEADERS SUMMIT, AN EXCLUSIVE EVENT TO HELP INCOMING SCHOLARS THRIVE ON CAMPUS. SCHOLARS IMMERSE THEMSELVES IN A COMMUNITY OF UNDERSTANDING DISCUSSING JUSTICE ISSUES IMPACTING APIAS, EXAMINING PERSONAL AND CULTURAL IDENTITY, AND HEARING FROM SPEAKERS AND PANELISTS ON STRATEGIES TO NAVIGATE COLLEGE. BUILDING ON ELS, STUDENTS ARE INVITED TO PARTICIPATE IN OUR PEER MENTORSHIP PROGRAM WITH AN APIA SCHOLARS COLLEGE SENIOR SUPPORTING THEM ALONG THEIR ACADEMIC JOURNEY. FORMALLY LAUNCHED IN MAY 2021, THE APIA SCHOLARS MENTAL HEALTH INITIATIVE, DESIGNED TO DESTIGMATIZE MENTAL HEALTH SUPPORT AND PROVIDE ACCESSIBLE AND CULTURALLY SENSITIVE (CONTINUED ON SCHEDULE O)RESOURCES WAS CREATED AS A RESULT IN A SPIKE OF MENTAL HEALTH "INSIGHT FLAGS" INCLUDING DEPRESSION, DISCRIMINATION, DROPPING OUT, ROOMMATE CONFLICT, AND SEVERE ANXIETY AMONGST SCHOLARS. OUR STUDENT SUCCESS PROGRAMS REMOVE BARRIERS, BUILDS COMMUNITY, AND SUPPORTS TRANSITIONS FOR STUDENTS IN THEIR COLLEGE JOURNEY.OUR CAREER DEVELOPMENT PROGRAMMING EXPANDS STUDENTS' MENTORSHIP AND NETWORKING INTO THEIR COLLEGE TO CAREER TRANSITION. THE INDUSTRY EXPERTS SERIES EXPOSES SCHOLARS TO VARIOUS INDUSTRIES THROUGH PANELS OF APIA PROFESSIONALS. THROUGH THE SEMI-ANNUAL CANDID CONNECTIONS NETWORKING PROGRAM, SCHOLARS AND ALUMNI GROW THEIR NETWORKS WHILE ALSO BUILDING COMMUNITY AMONG PEERS AND PANELISTS FROM THE GREATER APIA COMMUNITY. THE APIA SCHOLARS PROFESSIONAL MENTORSHIP PROGRAM FACILITATES VIRTUAL MENTORSHIPS WITH APIA SCHOLARS AND INDUSTRY PROFESSIONALS, ALLOWING FOR MEANINGFUL CONNECTION AND SKILL DEVELOPMENT TO EMPOWER FUTURE APIA LEADERS. LASTLY, APIA SCHOLARS' INDUSTRY FELLOWSHIP PROGRAM OFFERS APIA SCHOLARS AND ALUMNI AN INTENSIVE CURATED FELLOWSHIP PROGRAM, CREATED IN PARTNERSHIP WITH OUR SPONSORS. 138624 BUILDING KNOWLEDGE: OUR RESEARCH PLACES SCHOLARS AT THE CENTER AND INFORMS POLICYMAKERS, HIGHER EDUCATION LEADERS, AND OTHER COMMUNITY STAKEHOLDERS TO INCREASE EDUCATIONAL OPPORTUNITIES AND SUCCESS FOR APIA STUDENTS. THROUGH APIA DATA STORIES WE HIGHLIGHT CRITICAL AREAS OF SUPPORT FOR APIA STUDENTS NATIONWIDE, PROVIDING CURRENT AND RELEVANT DATA THAT EQUIP INSTITUTIONS TO PROVIDE CULTURALLY COMPETENT INTERVENTIONS IN STEP WITH THE TRENDS OF INCOMING COLLEGE STUDENTS. BASED ON OUR ANNUAL SURVEY OF SCHOLARSHIP APPLICANTS, DATA STORIES ILLUSTRATE THE NEED AND IMPACT OF SCHOLARSHIPS WHILE REVEALING APIA GROUPS THAT CONTINUE TO BE UNDERSERVED AND UNDERREPRESENTED. APIA SCHOLARS' NATIVE HAWAIIAN PACIFIC ISLANDER (NHPI) RESEARCH INITIATIVE IS AN (CONTINUED ON SCHEDULE O)ONGOING COLLABORATION WITH AANAPISI CAMPUSES SERVING SIGNIFICANT NUMBERS OF NHPI STUDENTS IN THE U.S.-AFFILIATED PACIFIC ISLANDS, HAWAI'I AND THE U.S. CONTINENT. THE APPLIED RESEARCH FELLOWSHIP PROGRAM ENABLES OUTSTANDING APIA SCHOLARS ALUMNI PURSUING FULL-TIME MASTERS AND DOCTORAL DEGREES TO PLAY A SIGNIFICANT ROLE IN ADVANCING THE ORGANIZATION'S STUDENT RESEARCH AND ADVOCACY AGENDA. FELLOWS ENGAGE IN PROJECTS INFORMING THE EDUCATIONAL AND WORKFORCE TRAJECTORY OF APIA STUDENTS ACROSS THE NATION, INCLUDING MENTAL HEALTH & WELLBEING, LEADERSHIP & CIVIC ENGAGEMENT, ENGLISH LEARNERS, AND ANTI-ASIAN RACISM. 11504161 1 1 0 0 0 0 0 0 0 0 1 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 34 0 1 18 1 0 0 0 0 0 0 0 0 0 0 0 0 X 18 18 0 0 0 0 1 1 0 1 1 0 0 1 1 1 1 1 1 1 0 0 AL AR CA FL GA HI IL KS KY MD MA MI MN MS NH NJ NM NY NC OR PA RI SC TN UT VA WV WI X X NOEL HARMON 2027150795 1850 M STREET NW NO 245 WASHINGTON DC 20036 KIMO KIPPEN BOARD CHAIR 10.00 X X 0 0 0 EUGENE CHASIN BOARD MEMBER 2.00 X 0 0 0 JIMMY FERGUSON BOARD MEMBER 2.00 X 0 0 0 NAHO KOBAYASHI BOARD MEMBER 2.00 X 0 0 0 SK GUPTA BOARD MEMBER 2.00 X 0 0 0 MAHRUKH HUSSAIN BOARD MEMBER 2.00 X 0 0 0 CELINA YUNWEI LI BOARD MEMBER 2.00 X 0 0 0 BETTY LO BOARD MEMBER 2.00 X 0 0 0 MARTY LORENZO BOARD MEMBER 2.00 X 0 0 0 AIMEE MEHER-HOMJI BOARD MEMBER 2.00 X 0 0 0 DOUG MURTHA BOARD MEMBER 2.00 X 0 0 0 HARSHA MURTHY BOARD MEMBER 2.00 X 0 0 0 KIYOSHI NAKASAKA BOARD MEMBER 2.00 X 0 0 0 CHITRA NAWBATT BOARD MEMBER 2.00 X 0 0 0 JUN S OH BOARD MEMBER 2.00 X 0 0 0 CHEE IA YANG BOARD MEMBER 2.00 X 0 0 0 TIFFANY SMITH-ANOA'I BOARD MEMBER 2.00 X 0 0 0 ROBERT UNDERWOOD BOARD MEMBER 2.00 X 0 0 0 NOEL HARMON PRESIDENT & EXECUTIVE DIRECTOR 40.00 X 247393 0 25884 ELENA ANDERSON CHIEF OPERATING OFFICER 40.00 X 172310 0 13320 KATRINA BREESE VP, STRATEGIC INITIATIVES 40.00 X 155000 0 4322 SHYAM GADWAL VP, PROGRAMS 40.00 X 119109 0 6896 693812 0 50422 4 0 1 0 0 39393662 3075 39393662 IT SUPPORT 900099 50000 50000 50000 546 546 OTHER REVENUE 900099 16324 16324 16324 39460532 50000 0 16870 9963030 9963030 551104 144942 246891 159271 1109943 664020 173436 272487 10892 6435 1713 2744 84764 51289 18762 14713 120970 49559 40982 30429 35635 9921 25714 441142 307435 131579 2128 36297 35540 757 131545 37367 91448 2730 159408 84784 56612 18012 250918 4191 246727 3102 128 2974 132522 131611 911 34905 34905 10173 3040 6057 1076 EQUIP. RENTAL & MAINT. 21678 7228 8676 5774 DUES & SUBSCRIPTIONS 20052 3641 12786 3625 DONATED GOODS 3075 3075 GIFTS 2500 2500 2429 2179 250 13126084 11504161 1108684 513239 X 423225 861255 4351743 29015449 1888424 3300133 162691 130132 311867 35977 153813 275890 748942 749138 53751 2270138 7782589 36602135 194311 83458 1661886 1566113 142500 220000 261153 261153 0 2614231 2259850 4744955 X 1804128 26646737 3718611 5210443 5522739 31857180 7782589 36602135 26334448 -7 0 X 0 1 X 1 0 X 20149578 19336088 16340921 15362950 39393662 110583199 20149578 19336088 16340921 15362950 39393662 110583199 4451161 106132038 15989 19806 42016 30688 546 109045 1352 14532 3569 1441 16324 37218 110729462 50000 0.95850 0.96440 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 217194 21488 195706 94673 14489 80184 275890 DEPOSITS 39195 RIGHT OF USE ASSET 2230943 2270138 OPERATING LEASE LIABILITY 2614231 2614231 X 39569275 -7 108750 108743 39460532 0 39460532 13234834 108750 108750 13126084 0 13126084 PART X, LINE 2: FOR THE YEAR ENDED JUNE 30, 2021, APIASF HAS DOCUMENTED ITS CONSIDERATION OF FASB ASC 740-10, INCOME TAXES, THAT PROVIDES GUIDANCE FOR REPORTING UNCERTAINTY IN INCOME TAXES AND HAS DETERMINED THAT NO MATERIAL UNCERTAIN TAX POSITIONS QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS. 1 SCHOLARSHIPS 730 9963030 PART I, LINE 2: THE ORGANIZATION ISSUES FOUR TYPES OF SCHOLARSHIPS: 1) A FLAT AMOUNT TO FRESHMAN STUDENTS ONLY; 2) TWO YEAR, FOUR YEAR MULTIYEAR SCHOLARSHIPS, 3) SCHOLARSHIPS THAT MAY BE RENEWED WITH EVIDENCE OF COURSE COMPLETION WITH ACCEPTABLE GRADE POINT AVERAGE; 4) LAST DOLLAR AMOUNT MULTI-YEAR SCHOLARSHIPS ADMINISTERED THROUGH THE GATES MILLENIUM SCHOLARSHIP PROGRAM. THE ORGANIZATION HAS FULL TIME STAFF AND A SCHOLARSHIP COMMITTEE TO REVIEW, MONITOR AND EVALUATE THE SUCCESS OF ITS SCHOLARSHIP AWARDS. X X X 0 0 0 0 0 0 0 1 0 NOEL HARMON PRESIDENT & EXECUTIVE DIRECTOR 247393 0 0 0 0 0 0 0 25884 0 273277 0 0 0 ELENA ANDERSON CHIEF OPERATING OFFICER 155310 0 17000 0 0 0 3140 0 10180 0 185630 0 0 0 KATRINA BREESE VP, STRATEGIC INITIATIVES 155000 0 0 0 0 0 1679 0 2643 0 159322 0 0 0 PART I, LINE 7 ELENA ANDERSON, CHIEF OPERATING OFFICER, RECEIVED A BONUS OF $17,000. THIS AMOUNT HAS BEEN INCLUDED IN HER REPORTABLE COMPENSATION ON FORM 990, PART VII, SECTION A. FORM 990, PART III, LINE 1 OUR VISION IS TO SEE THAT ALL ASIAN AMERICAN AND PACIFIC ISLANDERS HAVE ACCESS TO HIGHER EDUCATION AND RESOURCES THAT CULTIVATE THEIR ACADEMIC, PERSONAL AND PROFESSIONAL SUCCESS REGARDLESS OF THEIR ETHNICITY, NATIONAL ORIGIN OR FINANCIAL MEANS. WE CARRY OUT OUR MISSION BY: - PROVIDING SCHOLARSHIPS TO AAPI STUDENTS; - FORGING PARTNERSHIPS AMONG CORPORATIONS, FOUNDATIONS, COMMUNITY ORGANIZATIONS AND INDIVIDUALS TO PROVIDE ADEQUATE FINANCIAL AND OTHER RESOURCES TO CARRY OUT OUR MISSION; - PROVIDING GUIDANCE, MENTORSHIP AND PROGRAMS TO FACILITATE STUDENTS' ACADEMIC SUCCESS, LEADERSHIP AND PROFESSIONAL GROWTH; - ESTABLISHING STRATEGIC ALLIANCES WITHIN AAPI AND EDUCATIONAL COMMUNITIES; AND - COMPLETING SCHOLAR CENTERED RESEARCH PROJECTS TO PROVIDE DATA TO SUPPORT THE NEEDS OF THE APIA COMMUNITY STAKEHOLDERS AND INFORM EDUCATIONAL POLICY DECISION MAKERS. FORM 990, PART III, LINE 2 THE ORGANIZATION STARTED THE RESEARCH AND POLICY INITIATIVE DURING FY21. FORM 990, PART VI, SECTION A, LINE 6 THE ORGANIZATION HAS 13 FOUNDING MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A EACH FOUNDING MEMBER HAS THE RIGHT TO APPOINT ONE DIRECTOR TO THE BOARD. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 WAS PREPARED BY THE OUTSIDE ACCOUNTANTS. THE EXECUTIVE COMMITTEE AND FINANCE COMMITTEE REVIEWED DRAFTS OF THE FORM 990 AS IT WAS BEING COMPLETED. THE ORGANIZATION PROVIDED A COMPLETE COPY OF THE FORM 990 TO ALL MEMBERS OF ITS GOVERNING BODY BEFORE FILING THE FORM. FORM 990, PART VI, SECTION B, LINE 12C BOARD MEMBERS AND EMPLOYEES ARE RESPONSIBLE FOR DISCLOSING ALL POSSIBLE AND POTENTIAL CONFLICTS OF INTEREST. SUCH DISCLOSURE IS MADE TO THE EXECUTIVE DIRECTOR. DISCLOSURE MAY BE ORAL OR IN WRITING. THE EXECUTIVE DIRECTOR EVALUATES THE SITUATION AND MAKES A DETERMINATION AS TO WHETHER A CONFLICT OR PERCEIVED CONFLICT EXISTS. WHEN PRESENTED WITH A QUESTIONABLE SITUATION, THE EXECUTIVE DIRECTOR CONSULTS THE CHAIRPERSON OF THE BOARD OF DIRECTORS. IF IT IS DETERMINED THAT AN ACTUAL OR PERCEIVED CONFLICT EXISTS, THE INTERESTED PERSON REMOVES HIM/HERSELF FROM ALL INVOLVEMENT IN THE SITUATION OR DECISION - INCLUDING NOT BEING PRESENT DURING RELATED DISCUSSIONS, NOT DISCUSSING THE SITUATION OR EXPRESSING AN OPINION TO STAFF OR BOARD MEMBERS WHO WILL MAKE THE DECISION. FORM 990, PART VI, SECTION B, LINE 15A THE ORGANIZATION'S HUMAN RESOURCES COMMITTEE DETERMINES THE COMPENSATION FOR THE PRESIDENT/EXECUTIVE DIRECTOR AFTER REVIEWING COMPARABLE COMPENSATION DATA. THE ORGANIZATION ENTERS INTO A WRITTEN EMPLOYMENT AGREEMENT WITH THE PRESIDENT/EXECUTIVE DIRECTOR UPON HIRE. ALL DELIBERATIONS REGARDING THE PRESIDENT/EXECUTIVE DIRECTOR'S COMPENSATION, SUBSEQUENT TO HIRE, ARE CONTEMPORANEOUSLY DOCUMENTED. THE ORGANIZATION'S BOARD OF DIRECTORS RETAINED A PROFESSIONAL RECRUITING FIRM TO ATTRACT AND OBTAIN THE CURRENT PRESIDENT/EXECUTIVE DIRECTOR. THE ORGANIZATION DOES NOT PAY COMPENSATION TO ANY OF ITS OFFICERS OTHER THAN THE PRESIDENT/EXECUTIVE DIRECTOR AND THE CHIEF OPERATING OFFICER. THE PRESIDENT/EXECUTIVE DIRECTOR IS RESPONSIBLE FOR HIRING AND SETTING THE COMPENSATION FOR ALL OTHER EMPLOYEES. THE LAST COMPENSATION REVIEW TOOK PLACE IN SEPTEMBER 2021. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART X, LINE 24: ON MAY 3, 2020, APIASF RECEIVED LOAN PROCEEDS IN THE AMOUNT OF $261,153 UNDER THE PAYCHECK PROTECTION PROGRAM. THE PROMISSORY NOTE CALLS FOR MONTHLY PRINCIPAL AND INTEREST PAYMENTS AMORTIZED OVER THE TERM OF THE PROMISSORY NOTE WITH A DEFERRAL OF PAYMENTS FOR THE FIRST SIX MONTHS. IN ACCORDANCE WITH THE CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY ACT (CARES ACT), THE PROMISSORY NOTE MAY BE FORGIVEN BY THE SMALL BUSINESS ADMINISTRATION IN WHOLE OR IN PART. APIASF RECEIVED NOTIFICATION IN SEPTEMBER 2021 THAT IT MET THE CONDITIONS FOR FORGIVENESS IN FULL OF THE LOAN BY THE SMALL BUSINESS ADMINISTRATION. APIASF WILL RECORD REVENUE FROM DEBT EXTINGUISHMENTS DURING THE PERIOD THAT FORGIVENESS WAS APPROVED.