2009 annual report - apiasf: asian & pacific … · 2009 annual report ’09 apiasf has awarded...

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2009 ANNUAL REPORT

’09

APIASF has awarded

more than 2.4 million

to 1,075 deserving

students since 2005.

More than 80 percent of the 2008–2009

APIASF Scholars were the first in their family

to attend college.

More than 60 percent of the 2009–

2010 APIASF Scholars live at or below

the poverty line.

The 2009–2010 APIASF

scholarship class will be

attending more than 130

colleges and universities

around the country.

The Gates Millennium Scholars

Program has funded more than

13,000 Scholars since 1999.

35 percent

of Gates

Millennium

Scholars

transitioned

into

graduate

school.

Since the 2000 academic year the Gates Millennium Scholars Program has awarded more than $500,000,000

2009 ANNUAL REPORTLetter from the Chair . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

Letter from the Executive Director . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

Mission Statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

Vision Statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

History of APIASF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

Present Day Success . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

Future Vision . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

Scholar Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

APIASF Board of Directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14

APIASF Advisory Council . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15

APIASF General Counsel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15

APIASF Staff . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15

Our Generous Supporters. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16

2009 Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

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Dear Friends,

Talofa lava / Greetings!

It has been my honor to serve this important organization and to experience first-hand the dif-ference we are making in the lives of Asian and Pacific Islander American (APIA) students.

When APIASF was formed in 2003, there was not a national organization dedicated to securing college scholarships for APIA students. Through the leadership of the community and generosity of corporate supporters, APIASF was formed.

We have come a long way since we awarded our first scholarships. To date, APIASF has awarded more than $2.4 million to 1,075 students around the country, the U.S. Territories and Freely Associated States. We are proud to be the largest scholarship organization serving the entire APIA community.

We are honored to recognize those individu-als, community groups, corporations and foun-dations who paved the way for this organiza-tion and who have helped us keep the dream of higher education alive for deserving Asian and Pacific Islander American students.

Fa’aaloalo tele / Sincerely,

Jacinta Titialii Abbott, Esq. Chair, APIASF Board of Directors

Letter from the Chair

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Letter from the Executive Director

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’09

Dear Friends,

I am pleased to present to you the first annual report from the Asian & Pacific Islander Ameri-can Scholarship Fund (APIASF). This report represents many important mile-stones, from the first scholarships awarded to the graduation of our first class of schol-arship recipients.

Since our founding in 2003, APIASF has worked to provide Asian and Pacific Islander Ameri-cans students with access to higher edu-cation. In 2009, we celebrated the college graduation of our first class of scholarship re-cipients. We are proud to have succeeded in our mission of helping students achieve their dream of attaining a college degree.

We also have reached a critical point in our organization where we are expanding our services beyond scholarships to address the academic and professional needs of our students. It is our goal to help students become successful long-term and we are

proud to provide important services like leadership development, networking and academic support to Scholars.

During the summer of 2009, APIASF complet-ed a new strategic plan that outlines a new direction for our organization. Through our contact with students, we know that these days it takes more than a scholarship to obtain long-term success. That is why we are expanding our organization to provide the resources that will help our Scholars become future leaders and have the tools they need to contribute to a stronger workforce.

Sincerely,

Neil Horikoshi APIASF President & Executive Director

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Mission Statement

’09Our mission is to make a differ-ence in the lives of Asian and Pacific Islander American (APIA) students by providing them with resources that increase their ac-cess to higher education which serves as the foundation for their future success and contributions to a stronger America.

APIASF carries out its mission by:

• Providingscholarshipsto APIA students;

• Forgingpartnershipsamongcorporations, foundations, community organizations and individuals to provide adequate financial and other resources to carry out our mission;

• Providingguidance,mentorshipand programs to facilitate students’ academic success, leadership development and professional growth;

• Establishingstrategicallianceswithin APIA and educational communities; and

• Buildingaclearinghouseofhigher education research on APIA high school and college students and continuing to increase awareness of APIA education issues and challenges.

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Vision StatementOur vision is to see that all Asian and Pacific Islander Americans have access to higher education and resources that cultivate their academic, personal and professional success regardless of their ethnicity, national origin or financial means.

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“ The formation of APIASF provided an opportunity for many corporate and community leaders to give back. We were able to create an organization that would provide hope to hundreds of Asian and Pacific Islander American students to help them achieve their dream of a college education.”

– Wai-Ling Eng, APIASF Board of Directors Member

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History of APIASFDespite scholarship organizations for Af-

rican Americans and Latinos existing for

more than 60 and 30 years respectively, it

wasn’t until the inception of the Asian &

Pacific Islander American Scholarship Fund

(APIASF) that there was a comparable

organization to help Asian and Pacific

Islander American students achieve their

dream of higher education.

In 1999, with a billion dollar grant from

the Bill and Melinda Gates Foundation,

UNCF—the United Negro College Fund—

sought partner organizations for its new

Gates Millennium Scholars Program. At

the time, there was not an organization

like APIASF to partner with in the Asian

and Pacific Islander American community.

This realization coupled with the clear

need for increased access to higher

education in the APIA community helped

spur community members to take action.

In 2003, community members joined with

government leaders and representatives

from leading corporations to create an

organization that would provide scholarship

support to APIA students. Many of these

groups became the founding members of

the organization.

In 2004, APIASF also launched a 12-city tour to

announce the new organization and share

the impact the organization would have on

increasing the number of Asian and Pacific

Islander American students with access to

higher education. Corporate and community

supporters, students and educators gathered

to show support for APIASF and help raise

money for the new organization.

To ensure the sustainability of the newly

formed organization, the founding mem-

bers set a $3 million fundraising goal. The

Asian McDonald’s Operators Association

“ For a number of years I was asked: ‘If Asian and Pacific Islander Americans care so much about education, why isn’t there a na-tional organization that is devoted exclusively to college schol-arships?’ At the same time, there were many corporate leaders who believed that APIAs were over-represented in post-second-ary institutions. It wasn’t until community leaders indicated that there was a need for a national organization, did the planning process for APIASF begin. Corporate and community-based organizations came together in California more than five years ago and said, it’s time.”

– Bill Imada, APIASF Advisory Council Member

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“ The formation of APIASF provided an opportunity for many corporate and community leaders to give back. We were able to create an organization that would provide hope to hundreds of Asian and Pacific Islander American students to help them achieve their dream of a college education.”

– Wai-Ling Eng, APIASF Board of Directors Member

(AMOA) made a contribution of $1 million to ensure that APIASF would be able to continue providing a critical link to higher education for hundreds of Asian and Pacific Islander American students. The Bill and Melinda Gates Foundation has also provided ongoing support for capacity building and operations. In 2005, through the support and generosity of corporate supporters, APIASF was able to award its first scholarships.

In 2006, the management of the Gates Millennium Scholars Program / Asian and Pacific Islander Americans (GMS/APIA) was officially transferred from the Organization of Chinese Americans (OCA) to APIASF, and in 2007 APIASF moved into its current location on 1900 L Street in Washington, D.C.

APIASF FOUNDING MEMBERSAsian McDonald’s Operators Association

(AMOA)

Asian Pacific American Institute for Congressional Studies (APAICS)

AT&T, Inc.

Hilton Worldwide

IW Group, Inc.

Macy’s

McDonald’s Corporation

Organization of Chinese Americans (OCA)

Southeast Asia Resource Action Center (SEARAC)

The Coca-Cola Company

Wells Fargo

“ For a number of years I was asked: ‘If Asian and Pacific Islander Americans care so much about education, why isn’t there a na-tional organization that is devoted exclusively to college schol-arships?’ At the same time, there were many corporate leaders who believed that APIAs were over-represented in post-second-ary institutions. It wasn’t until community leaders indicated that there was a need for a national organization, did the planning process for APIASF begin. Corporate and community-based organizations came together in California more than five years ago and said, it’s time.”

– Bill Imada, APIASF Advisory Council Member

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Present Day SuccessSince its inception, the APIASF scholarship

program has awarded more than $2.4 mil-

lion to 1,075 deserving students and has

served Scholars from all 50 states, the Com-

monwealth of the Northern Mariana Islands,

Guam, the Federated States of Micronesia

and American Samoa.

The 2009–2010 APIASF scholarship class

includes students from 41 states, the Com-

monwealth of the Northern Mariana Islands,

Guam, the Federated States of Micronesia

and American Samoa. The Scholars repre-

sent many of the diverse groups within the

APIA community including: Cambodian,

Chamorro, Chinese, Filipino, Native Hawai-

ian, Hmong, Indian, Japanese, Korean, Lao-

tian, Micronesian, Samoan, and Vietnamese.

More than 50 percent of recipients are the

first in their family to attend college.

As the APIA community continues to be

one of the fastest-growing segments of the

U.S. population, APIASF is working on new

and exciting ways to ensure APIA students

are ready to face the challenges of to-

day’s workforce.

LEADERSHIP DEVELOPMENTAccording to a report produced by the

Asian American and Pacific Islander Work

Group to the Equal Employment Oppor-

tunity Commission, there is a distinct gap

in the number of APIA employees and the

number of APIAs employed at the Senior

Executive Service level among govern-

ment agencies. The lack of APIAs at the

highest level of leadership is a trend that is

echoed in the corporate world as well as

in higher education.

Studies also show that APIA students may

be overlooked in leadership development

activities on campus and may not readily

relate to or embrace the label of “leader”

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relative to their peers. As researchers and academics work to identify all of the con-tributing factors, it is clear that there is a need for leadership development oppor-tunities for students to help them achieve success after college.

APIASF is partnering with organizations like Leadership Education for Asian Pacifics, Inc. (LEAP) to develop programming that will help students cultivate the skills needed to become leaders on-campus and eventu-ally on the job. LEAP has more than 25-years experience in creating innovative and culturally-based leadership development that equips individuals with the necessary skills to lead, understand and address the issues and concerns of the APIA population.

ACADEMIC SUPPORTTransitioning from high school to college can be a challenge for any student. To make this transition easier, APIASF is working to help students become academically successful on-campus through new online resources and programs.

In 2008, APIASF launched its first student newsletter to provide advice and guid-ance for new Scholars. The newsletter identifies resources on campus like the academic support center and encour-ages students to ask questions and seek assistance from faculty and advisors. In addition to the newsletter, APIASF provides academic advising opportunities and online workshops to assist Scholars in de-veloping skills and competencies that are important to academic success.

SCHOLAR ENGAGEMENTWhether it is attending a Congressional reception or a career development work-shop, APIASF provides Scholars with oppor-tunities to enhance their knowledge and build professional ties to corporate and community members.

Since its inception, APIASF has hosted a series of community events in cities around the country to bring together Scholars, Board and Advisory Council members, community leaders and corporate support-ers. The receptions provide the opportunity for Scholars to practice networking skills and create valuable connections as they pre-pare to enter the workforce.

APIASF maintains close contact with Schol-ars through our eNewsletters and Face-book groups. Internship announcements, professional development opportunities and scholarship deadlines are routinely sent to students through our social net-working groups.

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Future VisionIn the summer of 2009, APIASF completed a

new strategic plan through a generous gift

from the Bill and Melinda Gates Foundation.

The new strategic plan sets the course for

the organization over the next few years and

will direct many of the new efforts APIASF will

embark upon to address needs within the

APIA community and higher education.

RESEARCHOne of the largest challenges facing Asian

and Pacific Islander American students

across the board is the lack of disaggregat-

ed data when looking at the APIA popula-

tion as a whole without disaggregating the

data, it is easy to believe that APIAs excel

academically and are financially suc-

cessful. However, upon closer inspection it

becomes clear that while many are doing

well, others are being left behind.

We know that higher education is key to

improving the lives of students and their

families, and contributes to the overall

economic success of our country. To help

address the lack of data about the Asian

and Pacific Islander Americans in educa-

tion, first-generation and low-income APIAs,

APIASF plans to engage leaders in aca-

demia to pioneer research and better un-

derstand the barriers facing APIA students.

COMMUNITy LEADERSHIPAs the largest non-profit organization in the

nation providing scholarships to Asian and

Pacific Islander Americans with financial

need, it is important for APIASF to become

a leader in the community on issues of

education and to voice the needs of our

students. In order to provide the resources

Scholars need to become successful

citizens, APIASF must become an active

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participant in the conversations that will

shape their educational opportunities.

APIASF is committed to working with com-

munity groups, corporations, foundations

and government agencies to create better

opportunities for Asian and Pacific Islander

American students that will help them con-

tribute to a stronger American workforce.

As we move forward, we are focused on

strengthening our existing relationships and

forging new partnerships that will enhance

our efforts to improve the experience of

APIA students.

In addition to the development of strong

partnerships, APIASF strives to become a

thought-leader moving the conversation

forward about education and the APIA

community. APIASF will work to bring to-

gether key leaders in higher education,

the community, corporations, foundations,

government agencies and students to gen-

erate a dialogue on key priority areas and

facilitate strategies to create change.

COMMUNITy COLLEGETo remain competitive in the global market,

it is important for more Americans to pur-

sue higher education. According to a 2008

report by the National Commission on Asian

American and Pacific Islander American

Research in Education and the College Board, the number of APIA students attend-ing public two-year colleges increased more than 73 percent between 1990 and 2000, compared to only a 42 percent increase in public four-year college attendance. The report also demonstrated that more APIA students are attending two-year public col-leges than any other type of institution.

APIASF will conduct research to better understand the needs of Asian and Pacific Islander Americans who are looking to at-tend public two-year colleges. APIASF plans to expand our scholarship programs to help students interested in attending public two-year colleges and those students wishing to transition to four-year colleges.

INCREASED ACCESSAs the APIA population continues to grow, there are more students who will need as-sistance to make their dream of a college education a reality. To face this increased demand, APIASF must identify new ways to expand its scholarship program to help more students. It will be critical for APIASF to continue to increase the number of scholarships awarded and to develop new ways of supporting Scholars through renewable scholarships and opportunities for upperclassmen.

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KA ZOUA VANGAPIASF / Farmers Insurance Scholar Hometown: Minneapolis, MN School: University of Minnesota – Twin Cities Intended Major: Anthropology

Coming from a low-income family, I know this scholar-ship will help reduce my reliance on loans and financial obstacles in college. I will be the first gen-eration to attend college. Now my

parents will really look up to me because they were never given the opportunity to gain an education. This scholarship will help me achieve my goals and come back to help out my parents and my community.

I will be attending the University of Min-nesota Twin-Cities this fall with a major in Anthropology. I really enjoy studying his-

tory and cultures that is why I am plan-ning to pursue a career in journalism and cultural studies upon graduation. Thanks to this scholarship, I am one step closer to that goal.

By awarding me this scholarship, you have lightened my financial burden which allows me to focus more on the most important as-pect of school: learning. your generosity has inspired me to help others and give back to the community. I hope one day I will be able to help students achieve their goals just as you have helped me.

ROTHPANHAR ROSSAPIASF / United Health Foundation Asian Health Scholar Hometown: Stockton, CA Institution: University of California, Berkeley Major: Optometry

My parents cannot afford my college edu-cation nor did anyone believe that I would do well in school or go to college. However,

There were 225 Scholars selected during this fiscal year. Here are three that we would like to highlight.

Scholar Highlights

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through hard work and dedication I have overcome these barriers.

Many people have said that I am a success story be-cause I graduated as the salutatorian and got into the

number one public university in America coming from a background like mine. I am so very enthused and exited for the future ahead of me and this scholarship has opened a door for my future. It only takes little to make a difference, and this scholarship has made a huge difference in my life.

I remember getting the letter saying that I have won the scholarship, I was speechless. I was speechless because it showed me that great people support me and believe in me to achieve higher education.

FRANK C. HERRERAAPIASF / Southern California Edison Scholar Hometown: Apple Valley, CA School: University of California, Los Angeles Intended Major: Pre-Political Science

This scholarship means a great deal to me and my family. The opportunity for a college education, especially one at the University of California, Los Angeles is very important to me. This scholarship will make

it easier for me to attend college in that it will help me reduce my reliance on loans, which is crucial in our cur-rent economic status. As a result, I will be able to con-centrate more on

my studies and less on worrying about how I am going to pay for college.

At UCLA, I plan to major in Pre-Political Science. I chose to major in this because I am very interested in politics and I believe I can truly make a difference in this world. After graduation, I plan on going on to law school, and hopefully, starting my own law firm in the future. With this, I hope to help my community by aiding the less fortunate with their legal matters.

For college, I am looking forward to meet-ing new people, and continuing my edu-cation at an outstanding institution. I am proud to be a Distinguished Scholar, and graduate at Apple Valley High School class of 2009, with honors. I am also fortunate to have participated in our Mock-Trial program at Apple Valley High School. I learned a lot in the field of law and I know I am going to use that knowledge in my near future. Lastly, I believe I have grown as a person being President of the Computer Technology Club where I learned a lot about leadership.

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APIASF Board of DirectorsJacinta Titialii Abbott, Esq., Chair

Anne Chow, Senior Vice President, Premier Client Group, AT&T Operations, Inc.

Wai-Ling Eng, McDonald’s Licensee, Asian McDonald’s Operators Association (AMOA)

Michael Fung, Senior Vice President of Finance, CFO, Walmart

Dave Hamilton, Senior Vice President and Chief Restaurant Officer, McDonald’s

Blaine Hirai, CEO/President/Operator, Hirai Farms

Carol Jackson, Vice President of External Affairs, Macy’s

Tariq Khan, President, Global Diversity Marketing

Roderick A. McLeod, Esq., Partner, Jones Day

Ruby G. Moy, Interim Executive Director, Asian Pacific American Institute for Congressional Studies (APAICS)

Orr Rivero, Vice President of Human Resources, Hilton Worldwide

Michelle Scales, Director of Diverse Growth Segments, Wells Fargo

Nita Song, President and COO, IW Group, Inc.

Doua Thor, Executive Director, Southeast Asia Resource Action Center

The Honorable Robert Underwood, President, University of Guam

Craig A. Williams, Vice President,U.S., The McDonald’s Division, The Coca-Cola Company

Doreen Woo Ho, President of Community Banking, United Commercial Bank

George Wu, Esq., Executive Director, OCA

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Rohini Anand, Ph.D., Senior Vice President and Global Chief Diversity Officer, Sodexo

Kevin Bradley, Director of Inclusion and Diversity, McDonald’s Corporation

Doris Ching, Ed.D., Emeritus Vice President for Student Affairs, University of Hawai’i System

T. Kamuela Chun, Project Director, Achieving the Dream, University of Hawai’i Community Colleges

Joseph Dung, Retired Partner, Deloitte & Touche

Steven Eng, President, Asian McDonald’s Operators Association (AMOA)

J.D. Hokoyama, President & CEO, Leadership Education for Asian Pacifics, Inc. (LEAP)

Shirley Hune, Ph.D., Professor, Educational Leadership & Policy Studies, University of Washington, Seattle

Bill Imada, Chairman and CEO, IW Group, Inc.

Marilyn Johnson, Vice President of Market Development, IBM Corporation

Sachi Koto, Sachi Koto Communications, Inc.

Kathryn Mlsna, Managing Counsel (Former), McDonald’s Corporation

Kiyoshi Nakasaka, President & CEO, Washington CORE

Vijay Sharma, Chief Information Officer – U.K. and Ireland, Sodexo

Daniel Teraguchi, Ed.D., Assistant Dean for Student Affairs and Director of the Office for Student Diversity, School of Medicine, Johns Hopkins University

Elaine Yee, Retired, AT&T

APIASF Advisory Council

Neil Horikoshi, President and Executive Director

Elena Anderson, Director of Finance and Operations

Gale Awaya McCallum, Director, Gates Millennium Scholars

Bernadette Balagot, Program Director, APIASF Scholarship Program

Jason Chan, Program Director, Scholar & Alumni Programs

Prema Chaudhari, Assistant Director, Scholar & Alumni Programs

Bich Le, Program Assistant, Gates Millennium Scholars

Gary Le, Assistant Director of Development

Nikki Modi, Program Coordinator for Outreach

Donna Pascua, Director, Student Services, Gates Millennium Scholars

April Rongero, Program Coordinator, Gates Millennium Scholars

Katie Tran-Lam, Director of Communications & Marketing

Leah Wu, Director of Development

APIASF Staff

APIASF General CounselMarty Lorenzo, DLA Piper General Counsel

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CORPORATIONS AND FOUNDATIONS

$100,000 and aboveAsian McDonald’s Operators

Association (AMOA)**

Coca-Cola Foundation

Farmers Insurance

Bill and Melinda Gates

Foundation*

ING Foundation†

Sodexo Foundation*

United Health Foundation

USA Funds†

Walmart Foundation

Wells Fargo

$25,000 to $99,999AT&T Foundation*†

Darden Restaurants Foundation

FedEx

General Mills Foundation

Hilton Hotels Corp.*

Hirai Farms/Annie’s Fun*

ING

IW Group, Inc.*

Macy’s†

McDonald’s†

MetLife Foundation

Southern California Edison

Target

United States Navy

Diversity Directorate

Walmart Employees

and Foundation†

Gifts in honor of Chung Fan Siu

$5,000 to $24,999Abercrombie & Fitch

Admerasia

Chrysler Foundation

Chrysler Minority

Dealers Association

Comcast

Deloitte

Disney-ABC Television Group

DLA Piper LLP (US)*

Honda

JPMorgan Chase Employees

and Foundation†

Kellogg’s Corporate

Citizenship Fund

McCain Foods

Monster

Nielsen

Office of Hawaiian Affairs

Pacific Gas & Electric

Sara Lee Foundation

Southwest Airlines*

Verizon

Walmart*

Our Generous SupportersAPIASF would like to thank our generous donors for their continued support and for helping us keep the dream of higher education alive for deserving students.

APIASF gratefully acknowledges the gener-ous support of corporations, foundations and individuals. Donors’ support enables young Asian and Pacific Islander Americans to pursue their dream of higher education.

’09 “ We at Walmart believe APIASF represents opportunity. Providing educational opportunities to talented, young Asian and Pacific Islander Americans and helping them learn and grow is critical to developing the next generation of leaders, leaders who will play a significant role in America’s competitiveness.”

– Esther Silver-Parker, Senior Vice President of Corporate Affairs, Walmart

“ We at Walmart believe APIASF represents opportunity. Providing educational opportunities to talented, young Asian and Pacific Islander Americans and helping them learn and grow is critical to developing the next generation of leaders, leaders who will play a significant role in America’s competitiveness.”


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$1,000 to $4,999Apartnership*

Argosy International, LLC*

Arnold Worldwide

Lagrant Foundation

PhRMA

UTB Enterprises

$250 to $999Chronicle of Higher Education

Estée Lauder

Tronex

Vargas Advanced

Technologies Group, Inc.*

INDIVIDUALS

$1,000 and aboveJustin Berman

Warren Chan

Annie Cheung

Anne Chow

J. Cooper Abbott

Wai-Ling Eng

Michael Fung

Dave Hamilton

Blaine Hirai

Neil Horikoshi

Robert E. Hutchinson, Jr.

Carol Jackson

Bill Imada

Tariq Khan

Sachi Koto*

Roderick A. McLeod, Esq.

Kathleen Murphy

Orr Rivero

Michelle Scales

John F. Shumacher

Nita Song

Jacinta Titialii Abbott, Esq.

Doreen Woo Ho

$250 to $999Michael Anderer

Karen Beardslee

Rick Brockhaud

Shafquat Chaudhary

Lucy Chan

Bo Chen

Doris Ching, Ed.D.

Carl Dalstrom

Joseph Dung

Steven Eng

Jimmy L. Ferguson

Denise Feser

Kathy Ford

Javier Goizueta

Shirley Hune. Ph.D.

Kim Lagrant Hunter

Don Liu

Michael James

Betty Jang

Jim Johannesen

Glenn K. Kikuchi

Robert Leopoldino

Lu Lu

Ebrahim Maghsad

Mina Takayanagi Martinez

Kathryn Mlsna

Ruby G. Moy

Vijay Sharma

Kevin Shiu

Doua Thor

The Honorable

Robert Underwood

Judeen Wrinn

George Wu, Esq.

Leah B. Wu

* Includes in-kind contribution of goods or services

† Includes matching gifts for employee donations

** Gift made in Fy ’07–’08 to complete the $1 million contribution.



“ Nearly half of the U.S. population 18 and under is ethnically di-verse so if Wells Fargo is going to attract the best and brightest to be its future leaders, we need to help these young people reach their academic goals. Our support of the APIASF has al-lowed Wells Fargo to help deserving Asian and Pacific Islander American students realize their aspirations and it has given us a chance to meet some amazing young people.”

– Michelle Scales, Director, Diverse Segments, Wells Fargo



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Statement of Accounts For the 12 months ending June 30, 2009

SUPPoRt & RevenUe

Grants and contributions . . . . . . . . . . . . . . . $15,881,341

Special event revenue . . . . . . . . . . . . . . . . . . . . 441,967

Less: Cost of direct benefits . . . . . . . . . . . . . . . (123,314)

Net revenue from special event . . . . . . . . . . . . 318,653

Donated goods and services revenue . . . . . . 241,228

Investment income . . . . . . . . . . . . . . . . . . . . . . . . 23,099

Other revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,930

net assets released from restrictions: . . . . (10,754,794)

Satisfaction of program requirements . . . . . 10,754,794

TOTAL SUPPORT & REVENUE . . . . . . . . . . . . . . 16,475,251

eXPenSeS and LoSSeS

Total Program Services . . . . . . . . . . . . . . . . . . 10,561,624

Management and general . . . . . . . . . . . . . . . . 745,843

Fund-raising . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 367,656

Total Supporting Expenses . . . . . . . . . . . . . . . . 1,113,499

TOTAL ExPENSES AND LOSSES . . . . . . . . . . . . . 11,675,123

CHanGe In net aSSetS . . . . . . . . . . . . . . . . . . .4,800,128

net aSSetS, beGInnInG oF YeaR . . . . . . . . . . .2,711,741

net aSSetS, end oF YeaR . . . . . . . . . . . . . . . .$7,511,869

Financial Position As of June 30, 2009

aSSetS

CURRENT ASSETSCash and cash equivalents . . . . . . . . . . . . . . $6,767,409

Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 898,451

Pledges receivable . . . . . . . . . . . . . . . . . . . . . . . 449,549

Total Current Assets . . . . . . . . . . . . . . . . . . . . . . 8,115,409

PROPERTy AND EQUIPMENTFurniture . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,205

Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,667

Website . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,411

Allowance for depreciation . . . . . . . . . . . . . . . . (14,858)

Total Property and Equipment . . . . . . . . . . . . . . . 60,425

OTHER ASSETSDeposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,717

TOTAL ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . $8,184,551

LIabILItIeS and net aSSetS

CURRENT LIABILITIESAccounts payable . . . . . . . . . . . . . . . . . . . . . . $612,468

Accrued expenses . . . . . . . . . . . . . . . . . . . . . . . . 60,214

Total Current Liabilities . . . . . . . . . . . . . . . . . . . . 672,682

NET ASSETSUnrestricted . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,164,685

Temporarily restricted . . . . . . . . . . . . . . . . . . . . 5,347,184

Total Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . 7,511,869

TOTAL LIABILITIES AND NET ASSETS . . . . . . . . . $8,184,551

2009 Financial StatementsFinancial Statements from July 1, 2008 – June 30, 2009

’09

18 19

West

Mid-West Northeast

South

Pacific Islands

17%

25%

16%

37%

5%

Management Fundraising

Programs and Services

3%6%

91%

2009–2010 Scholars from Families At or Below Poverty Line

Above the Poverty Line

38%At or Below the

Poverty Line

62%

How We Use Our Funds

Scholarships Distributed by Discipline

Engineering8%

6%

Business11%

Sciences25%

Health/Human Services

34%

Social Sciences4%

Undecided

Arts & Humanities4%

Other8%

Scholarships Distributedby Geographic Location

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“ Since I am the first woman

in my family to attend

college, I hope to make

this experience a joyous

one that I can tell my family

about. I’m excited about

adventuring off on my own

and though I will miss my

family, I know that they are

proud to see me off. Once

again, thank you for the

chance you have given me

to live out my dream.”

Jerry Wang2009–2010 APIASF / USA Funds Scholar

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1900 L Street NW, Suite 210, Washington, DC 20036

(202) 986-6892 • (877) 808-7032 toll free • (202) 530-0643 fax

www.apiasf.org

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