1

2009 ANNUAL REPORT

 More than 60 percent of the 2009–
2010 APIASF Scholars live at or below
APIASF has awarded
the poverty line.
more than 2.4 million
to 1,075 deserving
students since 2005.

35 percent
of Gates
Millennium
Scholars
More than 80 percent of the 2008–2009
transitioned
APIASF Scholars were the first in their family
into
to attend college.
graduate
school.

The Gates Millennium Scholars Since the 2000 academic year

Program has funded more than the Gates Millennium Scholars
Program has awarded more
13,000 Scholars since 1999.
than $500,000,000

The 2009–2010 APIASF

scholarship class will be
attending more than 130
colleges and universities
around the country.
’09
2009
Annual Report
Letter 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
 2

Letter from the Chair

Dear Friends, We have come a long way since we
awarded our first scholarships. To date, APIASF
Asian & Pacific Islander American Scholarsip Fund

Talofa lava /
has awarded more than $2.4 million to 1,075
Greetings!
students around the country, the U.S. Territories
It has been my and Freely Associated States. We are proud to
honor to serve be the largest scholarship organization serving
this important the entire APIA community.
organization and
We are honored to recognize those individu-
to experience
als, community groups, corporations and foun-
first-hand the dif-
dations who paved the way for this organiza-
ference we are
tion and who have helped us keep the dream
making in the lives of Asian and Pacific
of higher education alive for deserving Asian
Islander American (APIA) students.
and Pacific Islander American students.
When APIASF was formed in 2003, there
Fa’aaloalo tele / Sincerely,
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. Jacinta Titialii Abbott, Esq.
Chair, APIASF Board of Directors
 3

Letter from the

Executive Director
Dear Friends, proud to provide important services like
leadership development, networking and
I am pleased to
academic support to Scholars.
present to you
the first annual During the summer of 2009, APIASF complet-
report from the ed a new strategic plan that outlines a new
Asian & Pacific direction for our organization. Through our
Islander Ameri- contact with students, we know that these
can Scholarship days it takes more than a scholarship to
Fund (APIASF). obtain long-term success. That is why we are
This report represents many important mile- expanding our organization to provide the
stones, from the first scholarships awarded resources that will help our Scholars become
to the graduation of our first class of schol- future leaders and have the tools they need
arship recipients. to contribute to a stronger workforce.

Since our founding in 2003, APIASF has worked Sincerely,

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 Neil Horikoshi
our mission of helping students achieve their APIASF President & Executive Director
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
 ’09 4

Mission Statement
Our mission is to make a differ- • Providing guidance, mentorship
Asian & Pacific Islander American Scholarsip Fund

ence in the lives of Asian and and programs to facilitate

Pacific Islander American (APIA) students’ academic success,
students by providing them with leadership development and
resources that increase their ac- professional growth;
cess to higher education which
• Establishing strategic alliances
serves as the foundation for their
within APIA and educational
future success and contributions
communities; and
to a stronger America.
• Building a clearinghouse of
APIASF carries out its mission by:
higher education research on
• Providing scholarships to APIA high school and college
APIA students; students and continuing to
increase awareness of APIA
• Forging partnerships among
education issues and challenges.
corporations, foundations,
community organizations and
individuals to provide adequate
financial and other resources to
carry out our mission;
 5

Vision
Statement
Our 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.
 ’09 6

“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

History of APIASF
Despite scholarship organizations for Af-
rican Americans and Latinos existing for
more than 60 and 30 years respectively, it
Asian & Pacific Islander American Scholarsip Fund
In 2003, community members joined with
government leaders and representatives
from leading corporations to create an

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.
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
 7

APIASF Founding
Members
(AMOA) made a contribution of $1 million Asian McDonald’s Operators Association
to ensure that APIASF would be able to (AMOA)
continue providing a critical link to higher Asian Pacific American Institute for
education for hundreds of Asian and Congressional Studies (APAICS)
Pacific Islander American students. The Bill
AT&T, Inc.
and Melinda Gates Foundation has also
provided ongoing support for capacity Hilton Worldwide
building and operations. In 2005, through IW Group, Inc.
the support and generosity of corporate
Macy’s
supporters, APIASF was able to award its
McDonald’s Corporation
first scholarships.
Organization of Chinese Americans (OCA)
In 2006, the management of the Gates
Southeast Asia Resource Action Center
Millennium Scholars Program / Asian and
(SEARAC)
Pacific Islander Americans (GMS/APIA) was
officially transferred from the Organization The Coca-Cola Company
of Chinese Americans (OCA) to APIASF, Wells Fargo
and in 2007 APIASF moved into its current
location on 1900 L Street in Washington, D.C.

“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

 8
Present Day Success
Since its inception, the APIASF scholarship
program has awarded more than $2.4 mil-
lion to 1,075 deserving students and has
Asian & Pacific Islander American Scholarsip Fund
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 development
According 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”
 9

relative to their peers. As researchers and scholar engagement

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.
Whether 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-

academic support
Transitioning 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.
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.

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.
 10
Future Vision
In the summer of 2009, APIASF completed a
new strategic plan through a generous gift
from the Bill and Melinda Gates Foundation.
Asian & Pacific Islander American Scholarsip Fund
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.
Research
One 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.
’09
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 Leadership
As 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
 11
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 College
To 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 Access
As 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.
’09
12

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

Ka Zoua Vang tory and cultures that is why I am plan-

APIASF / Farmers Insurance Scholar
Hometown: Minneapolis, MN
School: University of Minnesota – Twin Cities
Intended Major: Anthropology
Asian & Pacific Islander American Scholarsip Fund
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

Coming from a lightened my financial burden which allows

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.
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 Ross
APIASF / United Health Foundation
Asian Health Scholar
Hometown: Stockton, CA
Institution: University of California, Berkeley
Major: Optometry

I will be attending the University of Min- My parents cannot afford my college edu-
nesota Twin-Cities this fall with a major in cation nor did anyone believe that I would
Anthropology. I really enjoy studying his- do well in school or go to college. However,
 13
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. Herrera
APIASF / 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.
 APIASF Board of Directors
Jacinta Titialii Carol Jackson, Nita Song,
Abbott, Esq., Vice President of President
Chair External Affairs, and COO,
Macy’s IW Group, Inc.

Anne Chow, Tariq Khan, Doua Thor,

Senior Vice President, Executive
President, Global Diversity Director,
Premier Client Marketing Southeast Asia
Group, AT&T Resource Action
Operations, Inc. Center

Wai-Ling Eng, Roderick A. The Honorable

McDonald’s McLeod, Esq., Robert
Licensee, Partner, Underwood,
Asian Jones Day President,
McDonald’s University of
Operators Guam
Association
(AMOA)

Michael Fung, Ruby G. Moy, Craig A.

Senior Vice Interim Executive Williams, Vice
Asian & Pacific Islander American Scholarsip Fund

President of Director, Asian President,U.S.,

Finance, CFO, Pacific American The McDonald’s
Walmart Institute for Division, The
Congressional Coca-Cola
Studies (APAICS) Company

Dave Hamilton, Orr Rivero, Doreen Woo

Senior Vice Vice President Ho, President
President and of Human of Community
Chief Restaurant Resources, Hilton Banking, United
Officer, Worldwide Commercial
McDonald’s Bank

Blaine Hirai, Michelle Scales, George Wu, Esq.,

CEO/President/ Director of Executive
Operator, Diverse Growth Director, OCA
Hirai Farms Segments,
Wells Fargo

’09
 15

APIASF Advisory Council

Rohini Anand, Joseph Dung, Bill Imada, Kiyoshi
Ph.D., Senior Retired Partner, Chairman Nakasaka,
Vice President Deloitte & and CEO, IW President &
and Global Touche Group, Inc. CEO,
Chief Diversity Washington
Officer, Sodexo CORE

Kevin Bradley, Steven Eng, Marilyn Vijay Sharma,

Director of President, Johnson, Chief
Inclusion and Asian Vice President Information
Diversity, McDonald’s of Market Officer – U.K.
McDonald’s Operators Development, and Ireland,
Corporation Association IBM Sodexo
(AMOA) Corporation

Doris Ching, J.D. Hokoyama, Sachi Koto, Daniel Teraguchi,

Ed.D., President Sachi Koto Ed.D., Assistant
Emeritus Vice & CEO, Communications, Dean for Student
President for Leadership Inc. Affairs and
Student Affairs, Education for Director of the
University of Asian Pacifics, Office for Student
Hawai’i System Inc. (LEAP) Diversity, School
of Medicine,
T. Kamuela Chun, Shirley Hune, Kathryn Mlsna, Johns Hopkins
Project Director, Ph.D., Professor, Managing University
Achieving the Educational Counsel
Dream, University Leadership & (Former),
of Hawai’i Policy Studies, McDonald’s
Community University of Corporation Elaine Yee,
Colleges Washington, Retired, AT&T
Seattle

Marty Lorenzo,
APIASF General Counsel DLA Piper
General Counsel

APIASF Staff
Neil Horikoshi, President and Jason Chan, Program Director, Nikki Modi, Program Coordinator
Executive Director Scholar & Alumni Programs for Outreach

Elena Anderson, Director of Prema Chaudhari, Donna Pascua, Director, Student

Finance and Operations
Gale Awaya McCallum, Director,
Gates Millennium Scholars
Bernadette Balagot,
Program Director,
APIASF Scholarship Program
Assistant Director,
Scholar & Alumni Programs
Bich Le, Program Assistant,
Gates Millennium Scholars
Gary Le, Assistant Director
of Development
Services, Gates Millennium Scholars
April Rongero, Program Coordinator,
Gates Millennium Scholars
Katie Tran-Lam, Director of
Communications & Marketing
Leah Wu, Director of Development
’09
Our Generous Supporters
APIASF 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.
Corporations
and Foundations
Asian & Pacific Islander American Scholarsip Fund
$100,000 and above
Asian 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 $99,999
AT&T Foundation* †
Darden Restaurants Foundation
16
“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
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.
FedEx Chrysler Minority
General Mills Foundation Dealers Association
Hilton Hotels Corp.* Comcast
Hirai Farms/Annie’s Fun* Deloitte
ING Disney-ABC Television Group
IW Group, Inc.* DLA Piper LLP (US)*
Macy’s† Honda
McDonald’s†
JPMorgan Chase Employees
MetLife Foundation
and Foundation†
Southern California Edison
Kellogg’s Corporate
Target
Citizenship Fund
United States Navy
McCain Foods
Diversity Directorate
Monster
Walmart Employees
Nielsen
and Foundation†
Office of Hawaiian Affairs
Gifts in honor of Chung Fan Siu
Pacific Gas & Electric
$5,000 to $24,999 Sara Lee Foundation
Abercrombie & Fitch Southwest Airlines*
Admerasia Verizon
Chrysler Foundation Walmart*
 17

$1,000 to $4,999 Bill Imada Shirley Hune. Ph.D.

Tariq Khan Kim Lagrant Hunter
Apartnership*
Sachi Koto* Don Liu
Argosy International, LLC*
Roderick A. McLeod, Esq. Michael James
Arnold Worldwide
Kathleen Murphy Betty Jang
Lagrant Foundation
Orr Rivero Jim Johannesen
PhRMA
Michelle Scales Glenn K. Kikuchi
UTB Enterprises
John F. Shumacher Robert Leopoldino
$250 to $999 Nita Song Lu Lu
Jacinta Titialii Abbott, Esq. Ebrahim Maghsad
Chronicle of Higher Education
Doreen Woo Ho Mina Takayanagi Martinez
Estée Lauder
Kathryn Mlsna
Tronex
$250 to $999 Ruby G. Moy
Vargas Advanced
Michael Anderer Vijay Sharma
Technologies Group, Inc.*
Karen Beardslee Kevin Shiu
Rick Brockhaud Doua Thor
Individuals Shafquat Chaudhary The Honorable
Lucy Chan Robert Underwood
$1,000 and above
Bo Chen Judeen Wrinn
Justin Berman
Doris Ching, Ed.D. George Wu, Esq.
Warren Chan
Carl Dalstrom Leah B. Wu
Annie Cheung
Joseph Dung
Anne Chow * Includes in-kind contribution
Steven Eng of goods or services
J. Cooper Abbott
Jimmy L. Ferguson † Includes matching gifts for
Wai-Ling Eng employee donations
Denise Feser
Michael Fung
Kathy Ford ** Gift made in FY ’07–’08 to
Dave Hamilton complete the $1 million
Javier Goizueta
Blaine Hirai contribution.
Neil Horikoshi
Robert E. Hutchinson, Jr.
Carol Jackson
“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

 ’09
18
2009 Financial Statements
Financial Statements from July 1, 2008 – June 30, 2009
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)
Asian & Pacific Islander American Scholarsip Fund
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 ASSETS
Cash and cash equivalents. . . . . . . . . . . . . . $6,767,409
Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 898,451
Pledges receivable. . . . . . . . . . . . . . . . . . . . . . . . 449,549
Total Current Assets. . . . . . . . . . . . . . . . . . . . . . 8,115,409
PROPERTY AND EQUIPMENT
Furniture. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,205
Equipment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,667
Website. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,411
Allowance for depreciation. . . . . . . . . . . . . . . . (14,858)
Total Property and Equipment. . . . . . . . . . . . . . . . 60,425
OTHER ASSETS
Deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,717
TOTAL ASSETS. . . . . . . . . . . . . . . . . . . . . . . . . . $8,184,551
LIABILITIES AND NET ASSETS
CURRENT LIABILITIES
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . $612,468
Accrued expenses. . . . . . . . . . . . . . . . . . . . . . . . . 60,214
Total Current Liabilities . . . . . . . . . . . . . . . . . . . . . 672,682
NET ASSETS
Unrestricted. . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,164,685
Temporarily restricted. . . . . . . . . . . . . . . . . . . . 5,347,184
Total Net Assets. . . . . . . . . . . . . . . . . . . . . . . . . 7,511,869
TOTAL LIABILITIES AND NET ASSETS . . . . . . . . . $8,184,551
 19

How We Use Our Funds

Management Fundraising
3%
6%

2009–2010 Scholars from Families

At or Below Poverty Line

Programs and Services

91% Above the
At or Below the Poverty Line
Poverty Line 38%
62%

Scholarships Distributed by Discipline

Other
8% Social Sciences
4%
Health/Human Services Arts & Humanities
34% 4%

Undecided
6%

Engineering
Scholarships Distributed
8% by Geographic Location

Mid-West Northeast
Business
16% 17%
11%
Sciences
25%
Pacific Islands
5%

West
South
37%
25%
 20

“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
Jerry Wang
Asian & Pacific Islander American Scholarsip Fund

and though I will miss my

2009–2010 APIASF / USA
family, I know that they are Funds Scholar

proud to see me off. Once

again, thank you for the
chance you have given me
to live out my dream.”
 4
Asian & Pacific Islander American Scholarsip Fund

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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