Small Enterprise Assistance Funds
- Assets
- $32.3m
- Revenue
- $9.2m
- Investments
- $25.2m
- Employees
- 16
- Location
- Washington, DC
- Founding
- 08/1990
- Data as of
- 12/2022
- EIN
- 13-3535334
Organization Overview
Small Enterprise Assistance Funds, operating under the name Seaf, is located in Washington, DC. The organization was established in 1990. According to its NTEE Classification (S12) the organization is classified as: Fund Raising & Fund Distribution, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2022, Seaf employed 16 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Seaf 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, Seaf generated $9.2m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 5 years, the organization has seen revenues fall by an average of (15.7%) each year. All expenses for the organization totaled $9.9m during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (7.7%) per year over the past 5 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
SEAF IS PRIMARILY ENGAGED AS A FUND MANAGER TO SUPPORT THE PROMOTION AND DEVELOPMENT OF SMALL AND MEDIUM-SIZE BUSINESSES IN DEVELOPING COUNTRIES.
Describe the Organization's Program Activity:
BANGLADESH - ON SEPTEMBER 21, 2011, SEAF SIGNED AN AGREEMENT WITH USDA FOR THE FOOD FOR PROGRESS GRANT. SEAF RECEIVED FUNDS THROUGH CCC AND MONETIZATION. DURING 2012, SEAF MONETIZED THE RED WHEAT. THE FIRST DEBT INVESTMENT INTO A PORTFOLIO COMPANY WAS MADE DURING 2013,TOTALLING $1,987,635. THROUGHOUT 2015 AND 2016, SEAF HAD MADE ADDITONAL DEBT AND EQUITY INVESTMENTS INTO PORTFOLIO COMPANIES IN BANGLADESH. ON DECEMBER 22, 2019, FFP BANGLADESH SOLD IT'S INVESTMENTS AND ASSETS TO VENTURES MANAGEMENT.
THE SMALL ENTERPRISE ASSISTANCE FUNDS ON SEPTEMBER 1ST, 2015 ENTERED THE SMALL ENTERPRISE ASSISTANCE FUNDS ON SEPTEMBER 1ST, 2015 ENTERED AGENCY FOR INTERNATIONAL DEVELOPMENT TO ESTABLISH AN INVESTMENTMANAGEMENT COMPANY (IM) TO SUPPORT THE START- UP INVESTMENT ECOSYSTEM IN MOROCCO. AS PART OF THE PROGRAM ACTIVITIES, SEAF AGREED TO ESTABLISH AN IM AS A NEW WHOLLY OWNED SUBSIDIARY OF SEAF AND USE THE GRANT FUNDS TO MAKE PERIODIC CONTRIBUTIONS TO THE IM IN EXCHANGE FOR BEING ISSUED EQUITY INTERESTS IN THE IM.
THE SMALL ENTERPRISE ASSISTANCE FUNDS ON OCTOBER 1ST, 2019 WAS AWARDED A $999,966 GRANT FROM THE U.S DEPARTMENT OF STATE TO PROMOTE THE FINTECH SECTOR IN MOROCCO AND TUNISIA BY TRAINING THE NEXT GENERATION OF ENTREPRENEURS AND INNOVATORS. THE PROJECT IS A 3 YEAR PROGRAM WHICH INCLUDES FOUR OBJECTIVES: 1) MOROCCAN AND TUNISIAN START-UPS INCREASE THEIR EXPERTISE IN MANAGEMENT AND SCALING UP 2) MOROCCAN AND TUNISIAN START-UPS GAIN ACCESS TO MARKETS THROUGH MATCHMAKING AND PARTNERSHIPS WITH U.S MARKETS. 3) MOROCCAN AND TUNISIAN START-UPS GAIN ACCESS TO FUNDING AND INVESTORS BY ENGAGING THE U.S PRIVATE SECTOR AS WELL AS MENA PRIVATE CORPORATIONS AND INVESTORS TO POTENTIALLY ADDRESS AREAS FOR IMPROVEMENT TO ENHANCE THE POSITION OF MOROCCAN AND TUNISIAN FINTECH SECTORS FOR INVESTMENT 4) U.S AND LOCAL PRIVATE SECTORS GAIN. ACCESS TO TALENT OF MOROCCAN AND TUNISIAN START-UPS USING ACADEMIC ALUMNI ASSOCIATIONS.
TANZANIA - ON SEPTEMBER 29, 2014, SEAF SIGNED AN AGREEMENT WITH USDA FOR THE FOOD FOR PROGRESS GRANT, FOCUSED ON THE COUNTRY OF TANZANIA. SEAF RECEIVED FUNDS THROUGH CCC AND MONETIZATION PROCEEDS. DURING 2015, SEAF MONETIZED THE FIRST 12,000 MT OF WHEAT. DURING 2016, SEAF MONETIZED 11,000 MT OF WHEAT. DURING 2017, SEAF MADE INVESTMENTS OF $2,000,000 INTO PORTFOLIO COMPANIES IN THE TANZANIA REGION. DURING 2019, SEAF MADE INVESTMENTS OF $1,150,000 INTO PORTFOLIO COMPANIES IN THE TANZANIA REGION. THE TOTAL CARRYING VALUE OF THE INVESMENTS AS OF DECEMBER 31, 2021 AND 2020 WAS $953,390 AND $1,469,530 RESPECTIVELY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Hubertus Van Der Vaart Chairman | OfficerTrustee | 40 | $0 |
Agnes Dasewicz CEO | OfficerTrustee | 40 | $0 |
Christine Barth Interim CFO | OfficerTrustee | 40 | $0 |
Don Lubreski CFO | OfficerTrustee | 40 | $0 |
Javed Hamid Director | Trustee | 1 | $0 |
Yasmin Saadat Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Gerard Stanley Johnson Consulting | 12/30/20 | $200,000 |
Leo Anthony Williams Director Of Caribbean Fund | 12/30/20 | $137,500 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $853,710 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,376,269 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,229,979 |
| Total Program Service Revenue | $4,116,195 |
| Investment income | $848,582 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$22,854 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $9,245,371 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,733,010 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $711,861 |
| Payroll taxes | $368,920 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,632,780 |
| Advertising and promotion | $0 |
| Office expenses | $375,262 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $284,666 |
| Travel | $237,546 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $748,157 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $7,071 |
| Insurance | $42,815 |
| All other expenses | $778,082 |
| Total functional expenses | $9,920,170 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $5,088,723 |
| Pledges and grants receivable | $325,083 |
| Accounts receivable, net | $636,938 |
| 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 | $207,415 |
| Net Land, buildings, and equipment | $77,942 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $25,196,577 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $743,033 |
| Total assets | $32,275,711 |
| Accounts payable and accrued expenses | $3,620,759 |
| Grants payable | $0 |
| Deferred revenue | $1,999,026 |
| 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 | $20,274,529 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,420,258 |
| Total liabilities | $27,314,572 |
| Net assets without donor restrictions | $4,961,139 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $32,275,711 |