Asian Cultural Council Inc
- Assets
- $42.4m
- Revenue
- $6.6m
- Investments
- $3.8m
- Employees
- 15
- Location
- New York, NY
- Founding
- 05/1980
- Data as of
- 12/2021
- EIN
- 13-3018822
Organization Overview
Asian Cultural Council Inc is located in New York, NY. The organization was established in 1980. According to its NTEE Classification (Q21) the organization is classified as: International Cultural Exchange, under the broad grouping of International, Foreign Affairs & National Security and related organizations. As of 12/2021, Asian Cultural Council Inc employed 15 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Asian Cultural Council Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, Asian Cultural Council Inc generated $6.6m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (0.6%) each year. All expenses for the organization totaled $4.0m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (2.3%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2017, Asian Cultural Council Inc has awarded 30 individual grants totaling $728,851. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
DEEPENS INTERNATIONAL DIALOGUE & RESPECT THROUGH CULTURAL EXCHANGE ACTIVITIES IN ASIA AND US.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ASIAN CULTURAL COUNCIL IS A NONPROFIT FOUNDATION THAT PROVIDES OPPORTUNITIES FOR INTERNATIONAL CULTURAL EXCHANGE TO ARTISTS, HUMANITIES SCHOLARS, AND ARTS PROFESSIONALS ACROSS ASIA AND THE U.S. THROUGH FELLOWSHIPS, GRANTS, ACHIEVEMENT AWARDS, PUBLIC PROGRAMS, ALUMNI ENGAGEMENT, AND OTHER CULTURAL EXCHANGE INITIATIVES, ACC AIMS TO BUILD GLOBAL ARTS COMMUNITIES WHOSE INDIVIDUAL AND COLLECTIVE WORK SERVES TO ADVANCE INTERNATIONAL UNDERSTANDING AND RESPECT. GRANTS AND FELLOWSHIPS ACC'S GRANTS AND FELLOWSHIPS PROGRAM IS THE LARGEST AND MOST SIGNIFICANT OF OUR PROGRAM AREAS. THE ACC GRANT MODEL IS UNIQUE IN THAT PRIORITY IS GIVEN TO PROCESSDRIVEN ACTIVITIES THAT ENABLE CULTURAL IMMERSION, RELATIONSHIP-BUILDING, COLLABORATION, AND/OR THE EXCHANGE OF KNOWLEDGE AMONG PEERS. IN 2021, ACC AWARDED 38 GRANTS SUPPORTING ARTISTS AND SCHOLARS FROM ASIA AND THE UNITED STATES. FELLOWSHIPS SUPPORTED THE EXCHANGES OF 4 AMERICANS TRAVELING TO ASIA, 25 FROM ASIA TO THE UNITED STATES AND 9 INTRA ASIA EXCHANGES. ACC CONTINUED TO PROVIDE ITS CHARACTERISTIC, INDIVIDUALLY TAILORED PROGRAM SERVICES TO EACH FELLOWSHIP AND GRANT RECIPIENT. LOGISTICAL AND PROGRAMMATIC SUPPORT RANGES FROM PROGRAMMATIC RECOMMENDATIONS, PERSONAL INTRODUCTIONS TO RELEVANT CONTACTS, J1 VISA SPONSORSHIP FOR INDIVIDUALS TRAVELING TO THE U.S., AND ACCESS TO ACC'S GLOBAL NETWORK OF ALUMNI AND PARTNERS.ACHIEVEMENT AWARDSIN ADDITION TO GRANTS AND FELLOWSHIPS, ACC RECOGNIZES INDIVIDUALS WHO HAVE MADE A SUBSTANTIAL CONTRIBUTION TO THE INTERNATIONAL UNDERSTANDING AND APPRECIATION OF ASIAN ART AND CULTURE WITH ITS JOHN D. ROCKEFELLER 3RD AWARD.CANDIDATES FOR THIS AWARD ARE RECEIVED THROUGH NOMINATION BY SPECIALISTS IN THE FIELD. RENOWNED GUO-QIANG CAI AND MIDORI GOTO RECEIVED THE 2021 JDR 3RD AWARD. PROGRAMMATIC EVALUATIONIMPACTFUL AND RESPONSIVE GRANTMAKING NECESSITATES ONGOING PROGRAM ANALYSIS, EVALUATION, AND NEEDS ASSESSMENT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Eileen Connor Director, Finance, Thru Nov. 2021 | Officer | 45 | $199,826 |
Riccardo Salmona Director, Advancement | Officer | 45 | $150,921 |
Judy Kim Executive Director | Officer | 45 | $126,531 |
Cecily D Cook Director, Grantee Alumni Relations | 45 | $113,000 | |
Wendy O'neill Chairman | OfficerTrustee | 3 | $0 |
Josie Cruz Natori Vice Chairman | OfficerTrustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $287,779 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $4,598,471 |
| Noncash contributions included in lines 1a–1f | $166,801 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,886,250 |
| Total Program Service Revenue | $0 |
| Investment income | $821,509 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $846,587 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $6,554,346 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $96,432 |
| Grants and other assistance to domestic individuals. | $128,800 |
| Grants and other assistance to Foreign Orgs/Individuals | $757,423 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $599,663 |
| Compensation of current officers, directors, key employees. | $362,382 |
| Compensation to disqualified persons | $61,646 |
| Other salaries and wages | $811,391 |
| Pension plan accruals and contributions | $88,679 |
| Other employee benefits | $333,438 |
| Payroll taxes | $97,933 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $54,607 |
| Fees for services: Accounting | $41,336 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $75,920 |
| Fees for services: Other | $618,611 |
| Advertising and promotion | $3,806 |
| Office expenses | $85,138 |
| Information technology | $79,767 |
| Royalties | $0 |
| Occupancy | $7,664 |
| Travel | $11,483 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $42,598 |
| Insurance | $24,100 |
| All other expenses | $7,457 |
| Total functional expenses | $4,027,892 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,532,967 |
| Savings and temporary cash investments | $2,654,424 |
| Pledges and grants receivable | $372,181 |
| Accounts receivable, net | $2,291 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $186,970 |
| Net Land, buildings, and equipment | $31,685 |
| Investments—publicly traded securities | $33,841,259 |
| Investments—other securities | $3,801,479 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,277 |
| Total assets | $42,424,533 |
| Accounts payable and accrued expenses | $380,591 |
| Grants payable | $1,030,319 |
| Deferred revenue | $110,000 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $468,698 |
| Other liabilities | $2,756,532 |
| Total liabilities | $4,746,140 |
| Net assets without donor restrictions | $4,485,151 |
| Net assets with donor restrictions | $33,193,242 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $42,424,533 |
Grants Awarded
Over the last fiscal year, Asian Cultural Council Inc has awarded $96,432 in support to 5 organizations.
| Grant Recipient | Amount |
|---|---|
Washington, DC PURPOSE: TO SUPPORT INITIATIVE EAST-WEST: THE ART OF DIALOGUE | $35,932 |
Brooklyn, NY PURPOSE: TO EMPOWER THE CREATIVE COMMUNITY BY PROVIDING CRITICAL SUPPORT, RESOURCES, AND OPPORTUNITIES. | $19,500 |
Washington, DC PURPOSE: TO EXAMINE RELIGIOUS TOLERANCE IN MYANMAR BY ENGAGING MASTER ARTISTS AND STUDENTS AT GITAMEIT IN YANGON WITH THE COMMUNITY OF MUSICIANS AND STUDENTS STUDYING BURMESE MUSIC AT SUNY NEW PALTZ | $15,000 |
Ann Arbor, MI PURPOSE: TO CONDUCT THE ASSOCIATION'S FIRST VIRTUAL FILM FESTIVAL | $15,000 |
Durham, NC PURPOSE: TO SUPPORT THE NEEDS OF DANCE, DANCERS, CHAREOGRAPHERS, AND PROFESSIONALS IN DANCE-RELATED ACTIVITES | $11,000 |
Grants Recieved
Over the last fiscal year, we have identified 11 grants that Asian Cultural Council Inc has recieved totaling $2,028,591.
| Awarding Organization | Amount |
|---|---|
Millstream Fund Inc Bethesda, MD PURPOSE: GENERAL SUPPORT | $1,025,000 |
Rockefeller Philanthropy Advisors Inc New York, NY PURPOSE: GENERAL | $351,000 |
Henry Luce Foundation Inc New York, NY PURPOSE: ACC FOCUS: SOUTHEAST ASIA | $270,000 |
Henry Luce Foundation Inc New York, NY PURPOSE: ACC FOCUS: SOUTHEAST ASIA | $110,000 |
Schwab Charitable Fund San Francisco, CA PURPOSE: INTERNATIONAL, FOREIGN AFFAIRS | $91,591 |
Goldman Sachs Charitable Gift Fund New York, NY PURPOSE: EDUCATIONAL PROGRAMS & OTHER STUDENT SVC | $50,000 |
Endowment Analysis
| Beg. Balance | $33,822,498 |
| Earnings | $3,902,165 |
| Net Contributions | $2,847,566 |
| Other Expense | $2,158,969 |
| Ending Balance | $38,413,260 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Religious Zionist Youth Movement- Bnei Akiva Of The U S & Canada Inc New York, NY | $11,474,326 | $12,564,683 |
Asian Cultural Council Inc New York, NY | $42,424,533 | $6,554,346 |
American Australian Association Inc New York, NY | $20,329,376 | $5,966,095 |
International Academy Of Fine Art New Haven, CT | $7,361,430 | $3,896,682 |
Narrative 4 Inc New York, NY | $1,205,933 | $1,903,403 |
Art Omi Inc Ghent, NY | $43,946,364 | $3,128,359 |
Soliya Inc New York, NY | $378,380 | $2,402,375 |
French Heritage Society Inc New York, NY | $4,346,853 | $2,062,675 |
Oldways Preservation & Exchange Trust Inc Boston, MA | $1,292,816 | $1,750,409 |
American Friends Of The Centre Pompidou Inc New York, NY | $35,443,867 | $1,267,005 |
Cec Artslink Inc New York, NY | $834,274 | $924,449 |
Us China Scitech Education Promotion Association Inc Andover, MA | $129,701 | $738,187 |