African Center For Economic Transformation
- Assets
- $2.4m
- Revenue
- $5.5m
- Investments
- $0.0
- Employees
- 0
- Location
- Washington, DC
- Founding
- 02/2008
- Data as of
- 12/2022
- EIN
- 11-3803281
Organization Overview
African Center For Economic Transformation is located in Washington, DC. The organization was established in 2008. According to its NTEE Classification (Q30) the organization is classified as: International Development, under the broad grouping of International, Foreign Affairs & National Security and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. African Center For Economic Transformation 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 12/2022, African Center For Economic Transformation generated $5.5m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 10.0% each year . All expenses for the organization totaled $5.5m during the year ending 12/2022. While expenses have increased by 7.1% per year over the past 6 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE AFRICAN CENTER FOR ECONOMIC TRANSFORMATION IS AN ECONOMIC POLICY INSTITUTE SUPPORTING AFRICA'S LONG-TERM GROWTH THROUGH TRANSFORMATION
Describe the Organization's Program Activity:
Part 3 - Line 4a
PAN-AFRICAN COALITION FOR TRANSFORMATION (PACT) AFRICA'S IMPRESSIVE ECONOMIC GROWTH SINCE THE MID-1990S POWERED PRIMARILY FROM MACROECONIMIC REFORMS, BETTER BUSINESS ENVIRONMENTS, AND HIGH COMMODITY PRICES WILL NOT BY ITSELF SUSTAIN DEVELOPMENT ON THE CONTINENT
TRANSFORMATION = GROWTH + DEPTH SINCE THE MIN-1990S, MANY AFRICAN COUNTRIES HAVE SEEN STEADY ECONOMIC GROWTH BUT HAVE STRUGGLED TO LEVERAGE THAT GROWTH INTO SUSTAINABLE DEVELOPMENT POLICIES AND PLANS. AFRICAN COUNTRIES NEED GROWTH WITH DEPTH, WHICH IS HOW ACET ENCAPSULATES THE MUTIDIMENTSIONAL PROCESS OF ECONOMIC TRANSFORMATION INTO A PRACTICAL POLICY AGENDA
STRENGTHENING GOVERNMENTS WITH INSTITUTIONAL CAPACITIES IN ECONOMIC MANAGEMENT. THIS PROGRAM IS SUPPORTED BY DEMAND DRIVEN ADVISORY ACTIVITIES TO BUILD THE CAPACITY OF GOVERNMENTS IN THE FINANCIAL PLANNING, ECONOMIC MANAGEMENT AND DEVELOPMENT FUNCTIONS. OUR OBJECTIVE HERE HAS BEEN TO SUPPORT THE DEVELOPMENT OF THE CAPACITY OF POLICYMAKERS IN THESE AREAS AND SHARE BEST PRACTICES FROM IN AND OUTSIDE AFRICA
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
K Y Amoako President/ceo | OfficerTrustee | 40 | $433,548 |
Tito Mboweni Chairman | Trustee | 0 | $0 |
Robert Peiffer Director | Trustee | 0 | $0 |
Mavis Owusu-Gyamfi Executive Vice President | OfficerTrustee | 40 | $293,265 |
Lord Paul Boateng Director | Trustee | 0 | $0 |
Nicholas Westcott Director | Trustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $5,485,959 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $5,485,959 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,485,959 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,222,391 |
| Compensation of current officers, directors, key employees. | $366,717 |
| Compensation to disqualified persons | $668,858 |
| Other salaries and wages | $120,251 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $36,180 |
| Fees for services: Accounting | $12,850 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $234,706 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $137,630 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $52,453 |
| Insurance | $9,964 |
| All other expenses | $0 |
| Total functional expenses | $5,464,301 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,302,954 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $42,211 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $56,548 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,758 |
| Total assets | $2,404,471 |
| Accounts payable and accrued expenses | $171,257 |
| Grants payable | $0 |
| Deferred revenue | $1,953,331 |
| 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 | $0 |
| Other liabilities | $0 |
| Total liabilities | $2,124,588 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| 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 | $279,883 |
| Total liabilities and net assets/fund balances | $2,404,471 |