American Finance Association
The organization's mission is to improve public understanding of financial problems and promote finance scholarship. The organization is devoted to the study and promotion of knowledge about financial economics.
American Finance Association at a glance
In short: American Finance Association reported $94K in grants paid in 2025 (a total; its filing lists no individual grants). Source: 2025 IRS Form 990.
- Grants paid (2025)
- $93,689 — reported as a total on the IRS filing, without an itemized list
- +836.9% vs 2024
- Total assets
- $31,900,414
- +8.8% vs 2024
- Revenue (2025)
- $4,229,670
- +135.6% vs 2024
- Net investment income (2025)
- $2,506,219
- +845.8% vs 2024
- Expenses (2025)
- $2,680,023
- +13.1% vs 2024
- Latest 990 filing
- Form 990, 2025 View filing
Data from IRS Form 990, 2025; updated September 2026.
How to apply to American Finance Association
Open Grants
1 open opportunity from American Finance Association
Who American Finance Association funds
How this funder distributes its grants
Grant Size Distribution
2 grants across all recorded years
The most common grant size was under $50K: 1 grant of 2 (50%).
Giving History
Giving Over Time
Total grant dollars and number of grants per year
From 2020 to 2025, annual grant giving ranged from $3K (2021) to $108K (2023). In 2025 it reported $94K in grants paid, as a total without an itemized list.
Hatched bars: grants paid as reported on the IRS filing, which lists no individual grants for that year.
Grants by year
Grant recipients and amounts by year
| Recipient | Purpose | Amount |
|---|---|---|
| New York University New York, NY | Conference Sponsor | $10,000 |
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Financial History
Multi-year comparison from IRS filings
| Filing year | Total Assets | Revenue | Expenses | Grants paid | Grants | Net Investment Income |
|---|---|---|---|---|---|---|
| 2025 | $31,900,414 | $4,229,670 | $2,680,023 | $93,689 | Total only | $2,506,219 |
| 2024 | $29,331,593 | $1,795,280 | $2,369,121 | $10,000 | 1 | $264,979 |
| 2023 | $26,738,906 | $2,867,924 | $2,573,654 | $108,011 | Total only | $1,322,675 |
| 2022 | $24,668,560 | $2,101,619 | $1,535,848 | $50,000 | 1 | $518,430 |
| 2021 | $27,372,978 | $1,934,853 | $1,568,359 | $3,333 | Total only | $388,839 |
| 2020 | $22,139,942 | $2,200,524 | $1,918,969 | $7,000 | 1 | $619,212 |
"Total only": grants paid as reported on the IRS filing, which lists no individual grants for that year.
About American Finance Association
Based on IRS filings
American Finance Association is a public charity focused on public and societal benefit, based in Bethlehem, PA. IRS filing data is available from 2020 through 2025. As of 2025, the organization holds $31.9M in total assets. In 2025, it reported $94K in grants paid as a total on its IRS filing, without an itemized list. Net investment income was $2.5M.
Focus Areas
Leadership & Key People
Officers and directors from IRS filings
American Finance Association is led by Wei Jiang, President El since 2025 (on filings since 2020); 3 of 17 officers listed in 2025 are compensated.
Officers on the 2025 filing
Wei Jiang
President El
Board Member → Vice President, 2024
Vice President → President El, 2025
On filings since 2020
3 hrs/week
No compensation reported
Ulrike Malmendier
President
Vice President → President El, 2024
President El → President, 2025
On filings since 2023
3 hrs/week
No compensation reported
Kathleen Hanley
Secretary
On filings since 2023
15 hrs/week
$54K (2023) → $130K (2025)
Nadya Malenko
Board Member
Editor → Board Member, 2024
On filings since 2023
0.5 hrs/week
$2K (2023) → $2K (2025)
Wei Xiong
Board Member
On filings since 2023
0.5 hrs/week
$66K (2023) → $0 (2025)
Kelly Shue
Board Member
New on the 2025 filing
0.5 hrs/week
$2K (2025)
Markus Brunnermeier
Board Member
President → Past President, 2024
Past President → Board Member, 2025
On filings since 2021
0.5 hrs/week
No compensation reported
Monica Piazzesi
Past President
President El → President, 2024
President → Past President, 2025
On filings since 2022
1 hr/week
No compensation reported
Alex Edmans
Board Member
On filings since 2023
0.5 hrs/week
No compensation reported
Antoinette Schoar
Editor of Jo
On filings since 2023
20 hrs/week
No compensation reported
Christine Parlour
Board Member
On filings since 2024
0.5 hrs/week
No compensation reported
Kai Li
Board Member
On filings since 2024
0.5 hrs/week
No compensation reported
Viral Acharya
Board Member
On filings since 2024
0.5 hrs/week
No compensation reported
Janice Eberly
Board Member
New on the 2025 filing
0.5 hrs/week
No compensation reported
Nicolae Garleanu
Board Member
New on the 2025 filing
0.5 hrs/week
No compensation reported
Reena Aggarwal
Board Member
New on the 2025 filing
0.5 hrs/week
No compensation reported
Sydney Ludvigson
Vice President
New on the 2025 filing
1 hr/week
No compensation reported
Former officers (25)
- Former: Laura Starks (2020–2024) — Past President
- Former: Camelia Kuhnen (2022–2024) — Board Member
- Former: Michelle Lowry (2022–2024) — Board Member
- Former: Stijn Van Nieuwerburgh (2022–2024) — Board Member
- Former: Gordon Phillips (2020–2023) — Board Member
- Former: James Schallheim (2020–2023) — Secretary
- Former: John Graham (2020–2023) — President
- Former: Kenneth Singleton (2020–2023) — Board Member
- Former: Manju Puri (2020–2023) — Board Member
- Former: Ralph Koijen (2020–2023) — Board Member
- Former: Andrew Karolyi (2021–2023) — Board Member
- Former: Laura Veldkamp (2021–2023) — Board Member
- Former: Victoria Ivashina (2021–2023) — Board Member
- Former: Andrea Eisfeldt (2020–2022) — Board Member
- Former: Anna Pavlova (2020–2022) — Board Member
- Former: Ingrid Werner (2020–2022) — Board Member
- Former: Stefan Nagel (2020–2022) — Editor
- Former: David Hirshleifer (2020–2021) — Past-Preside
- Former: Itay Goldstein (2020–2021) — Board Member
- Former: Mara Faccio (2020–2021) — Board Member
- Former: Peter Demarzo (2020–2021) — Board Member
- Former: Pierre Collin-Dufresne (2020–2021) — Board Member
- Former: David Scharfstein (2020) — Board Member
- Former: Mitchell Petersen (2020) — Board Member
- Former: Toni Whited (2020) — Board Member
Data from IRS Form 990 filings, 2020–2025. "On filings since" is the earliest filing we hold that lists the person; hours are average hours per week as reported.
Compensation Overview
From 2025 IRS filing
The highest reported compensation on the 2025 filing was $130K, to Kathleen Hanley (Secretary/Tr). 3 officers or directors reported compensation on that filing.
Frequently asked questions about American Finance Association
How much does American Finance Association give each year?
American Finance Association reported $94K in grants paid in 2025 on its 2025 IRS Form 990, as a total without an itemized list of grants. In 2024 it gave $10K across 1 grant.
How large is American Finance Association?
American Finance Association reported $31.9M in total assets on its 2025 IRS Form 990. Its revenue that year was $4.2M.
What is American Finance Association?
American Finance Association is a public charity focused on public and societal benefit, based in Bethlehem, PA. It holds $31.9M in total assets as of 2025.
Where does American Finance Association operate?
American Finance Association has awarded grants in Illinois, New York.
What is American Finance Association's EIN?
American Finance Association's EIN (Employer Identification Number) is 13-6111495. IRS Form 990 filing data is available on this page for 2020–2025.
Data last updated September 2026. Sourced from IRS Form 990 filings.
Data update history
(7)
When this profile's IRS filing data changed on Grantable
- Updated Form 990 for fiscal year 2020 (received by the IRS May 3, 2021)
- Updated Form 990 for fiscal year 2022 (received by the IRS February 28, 2023)
- Updated Form 990 for fiscal year 2024 (received by the IRS May 8, 2025)
- Updated Form 990 for fiscal year 2021 (received by the IRS January 18, 2022)
- Updated Form 990 for fiscal year 2023 (received by the IRS May 3, 2024)
- Added Form 990 for fiscal year 2025 (received by the IRS May 15, 2026)
- IRS filings on file for fiscal years 2020–2024
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American Finance Association down — hundreds of funders to go?