Tunisian-American Enterprise Fund
- Assets
- $86.1m
- Revenue
- $14.9m
- Investments
- $0.0
- Employees
- 1
- Location
- Washington, DC
- Founding
- 08/2014
- Data as of
- 12/2021
- EIN
- 46-2894529
Organization Overview
Tunisian-American Enterprise Fund is located in Washington, DC. The organization was established in 2014. According to its NTEE Classification (Q33) the organization is classified as: International Relief, 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. Tunisian-American Enterprise Fund 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 12/2021, Tunisian-American Enterprise Fund generated $14.9m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 34.8% each year . All expenses for the organization totaled $4.2m during the year ending 12/2021. While expenses have increased by 36.9% per year over the past 7 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
SUPPORT TUNISIAN ECONOMY BY INVESTING IN SMALL AND MEDIUM SIZED ENTERPRISES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE BACKDROP FOR TAEF'S WORK IN 2021 WAS A WORLD OF CHALLENGES AND INSTABILITY: CHALLENGES OF THE CONTINUING COVID PANDEMIC, A SLOWLY RECOVERING ECONOMY, AND HIGH UNEMPLOYMENT RATES, ALL EXACERBATED BY TUNISIA'S POLITICAL TURMOIL FOLLOWING THE PRESIDENT'S JULY 25TH DISBANDING OF PARLIAMENT AND SIDELINING OF THE PRIME MINISTER. IN THIS CONTEXT, TAEF WORKED WITH PERSISTENCE, DETERMINATION, AND CREATIVITY TO SUPPORT OUR INVESTEE COMPANIES AND TO SOURCE NEW OPPORTUNITIES FOR THE FUND. BY THE END OF 2021, TAEF HAD COMMITTED NEARLY ALL ITS INITIAL FUNDING AND INVESTED OVER $88 MILLION, LEVERAGING TND 121 M IN EXTERNAL FUNDING . IN THE PROCESS, OVER 7,000 JOBS WERE MAINTAINED AND / OR CREATED, EMPLOYING OVER 57% WOMEN AND 51% YOUTH AND OVER 413,000 MICROENTREPRENEURS RECEIVED FINANCING TO SUPPORT THEIR BUSINESSES. TAEF HAS ACTIVELY EXPANDED ITS INVESTMENT FOCUS THROUGHOUT THE COUNTRY TO PROMOTE GROWTH AND ECONOMIC OPPORTUNITIES IN THE INTERIOR AND HIGHLY DEMANDING REGIONS.FOR A DETAILED REPORT, OUR 2021 ANNUAL REPORT IS POSTED ON OUR WEBSITE: TAEFUND.ORG.GROWING SMES: TASME, OUR SME INVESTMENT SUBSIDIARY THAT IS FULLY FUNDED AT $50 MILLION. AT THE END OF 2021 TASME'S PORTFOLIO CONSISTED OF 21 COMPANIES, DISBURSED INVESTMENT OF $ 29.8 M. TAEF HAS INVESTED IN 3 INVESTMENT FUNDS FINANCING A TOTAL OF 13 COMPANIES. - TUNINVEST CROISSANCE, A PRIVATE EQUITY FUND INVESTING IN MID-LARGER SMES (TAEF AT 15.5%). THIS FUND IS FULLY INVESTED AND IS IN THE MONITORING, GROWTH, AND EXIT STAGE. TAEF INVESTMENT: $2.13 M EQUITY.- INMA HOLDING, A PRIVATE EQUITY INVESTMENT FUND TARGETING MID-LARGE SMES, (TAEF AT 30%). IN 2021, INMA HOLDING INVESTED IN AN ADDITIONAL COMPANY, A LOGISTICS AND FRANCHISES MANAGEMENT COMPANY. TAEF HAS COMMITTED $6.038 M EQUITY AND DISBURSED $3.25 M AT THE END OF 2021.- INMA FINANCE (TAEF AT 79.65%), TAEF IS A CO-FOUNDER OF THIS NEWLY CREATED PRIVATE DEBT VEHICLE. THIS FUND EXPERIENCED SEVERE COVID-RELATED DELAYS RESULTING FROM A GOVERNMENT SHUTDOWN AND A SUBSEQUENT SLOW-DOWN IN APPROVALS FOR NEW INITIATIVES. IT BECAME ACTIVE IN 2021. TAEF HAS INVESTED $10 M EQUITY. MICROENTREPRENEURS: TAEF, WITH ITS INVESTMENT IN TWO MFIS (CFE AND ENDA), MAINTAINED CLOSE COMMUNICATION WITH EACH THROUGHOUT THE YEAR. BY THE END OF 2021, ENDA HAD REPAID ITS LOAN IN FULL. TAEF MAINTAINED ITS EQUITY INVESTMENT IN CFE, WHICH ENDED THE YEAR WITH A STRONG PERFORMANCE WELL POSITIONED TO ENTER 2022. IN 2021 TAEF WAS INVESTED IN 2 MFIS PROVIDING ACCESS TO FINANCE TO OVER 413,000 MICROENTREPRENEURS NATIONWIDE, WITH 56% OF THEM BEING WOMEN MICROENTREPRENEURS.- CFE. TAEF HAS INVESTED $6.4 M OF EQUITY, LOAN, FOLLOW-ON COVID LOAN, AND TECHNICAL ASSISTANCE- ENDA. TAEF'S $5.2 MILLION LOAN WAS REIMBURSED. DIGITAL ENTREPRENEURS: TAEF CONTINUED ITS SUPPORT OF FLAT6LABS AND ANAVA SEED FUND'S INVESTMENT IN DIGITAL START-UP COMPANIES. 2021 HAD AN UNEVEN IMPACT ON FLAT6LAB START-UPS: SOME IN INDUSTRIES LIKE EVENTS AND TOURISM HAVE BEEN HARD HIT; SOME HAVE PIVOTED THEIR BUSINESS MODEL; SOME HAVE BEEN ACCELERATED BY COVID SUCH AS ONLINE DELIVERY OF ENTERTAINMENT AND DELIVERY OF PRODUCTS. - FLAT6LABS HAS BEEN ACTIVELY INVOLVED IN PROVIDING SUPPORT, MENTORS, AND TECHNICAL ASSISTANCE TO ALL OF ITS STARTUPS.- ANAVA SEED FUND, THE AFFILIATED INVESTMENT FUND, DISBURSED ITS FIRST PRE-SERIES A INVESTMENT IN A COMPANY THAT OFFERS INNOVATIVE TRAINING PROGRAMS FOR CODING, TECHNOLOGY, AND DIGITAL JOBS. AT THE END OF 2021 FLAT6LABS & ANAVA SEED FUND HAD ACCELERATED AND PROVIDED SEED FUNDING TO 58 STARTUPS IN 8 CYCLES. ONE COMPANY RECEIVED A PRE-SERIES A INVESTMENT.TAEF INVESTMENT IN FLAT6LABS & ANAVA SEED FUND: COMMITTED $5.08 M; DISBURSED $3.11 M. WOMEN EMPLOYED IN THE STARTUPS: 42%. YOUTH EMPLOYED IN THE STARTUPS: 68%ENTREPRENEUR SEARCHERS (TUNISIAN AMERICAN SEARCH FUND - TASF 2 & 3): IN 2021, TAEF'S SEARCHERS IN TASF 2 & 3 ARE IN THEIR SEARCH PHASES AND ASSESSING PROMISING AND IMPACTFUL SMES TO ACQUIRE, DEVELOP, AND GROW.TASF 1 COMPLETED ACQUISITION OF ONE COMPANY, WITH AN INVESTMENT OF $ 6.05 M EQUITY. MORE DETAIL INCLUDING TAEF'S INVESTMENT MAP AND ANNUAL REPORT ARE AVAILABLE ON OUR WEBSITE: TAEFUND.ORG.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Hela Kaddour Fourati COO - Managing Director | Officer | 45 | $495,102 |
Louise Stoner Crawford Secretary - Managing Director | Officer | 20 | $215,000 |
W Bowman Cutter Chair Of Board | OfficerTrustee | 15 | $0 |
Mohamed Malouche Treasurer | OfficerTrustee | 2 | $0 |
Ferid Abbas Board Member | Trustee | 1 | $0 |
Ahmed Benghazi Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $13,200,536 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $13,200,536 |
| Total Program Service Revenue | $801,921 |
| Investment income | $877,314 |
| 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 | $14,879,771 |
| 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 | $737,257 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $710,102 |
| Compensation of current officers, directors, key employees. | $393,888 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $79,456 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $586 |
| Payroll taxes | $13,082 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $22,556 |
| Fees for services: Accounting | $100,889 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $27,815 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $16,800 |
| Travel | $510 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $438 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $4,232,633 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $23,663 |
| Savings and temporary cash investments | $11,967 |
| 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 | $1,085,896 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $364 |
| Investments—publicly traded securities | $14,693,732 |
| Investments—other securities | $0 |
| Investments—program-related | $47,721,628 |
| Intangible assets | $0 |
| Other assets | $22,550,016 |
| Total assets | $86,087,266 |
| Accounts payable and accrued expenses | $4,973 |
| Grants payable | $0 |
| Deferred revenue | $1,614 |
| 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 | $2,278,989 |
| Total liabilities | $2,285,576 |
| Net assets without donor restrictions | $83,801,690 |
| 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 | $86,087,266 |
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