Ace Foundation
- Assets
- $2.4m
- Revenue
- $4.9m
- Investments
- $0.0
- Employees
- 0
- Location
- Washington, DC
- Founding
- 08/2014
- Data as of
- 12/2021
- EIN
- 46-3200311
Organization Overview
Ace Foundation is located in Washington, DC. The organization was established in 2014. According to its NTEE Classification (P20) the organization is classified as: Human Service Organizations, under the broad grouping of Human Services and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Ace Foundation 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, Ace Foundation generated $4.9m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 43.4% each year . All expenses for the organization totaled $3.5m during the year ending 12/2021. While expenses have increased by 39.6% 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.
Since 2021, Ace Foundation has awarded 196 individual grants totaling $1,933,000. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO IMPROVE THE QUALITY OF LIFE FOR ASIAN AND PACIFIC ISLANDER AMERICANS BY ASSISTING THE ASIAN AMERICAN AND PACIFIC ISLANDER (AAPI) COMMUNITY THROUGH BUSINESS EDUCATION AND TRAINING, RESEARCH, AND COMMUNITY DEVELOPMENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ECONOMIC DEVELOPMENT - ACE FOUNDATION EDUCATES LOCAL AND REGIONAL AAPI CHAMBERS OF COMMERCE, MOU PARTNERS, AND OTHER STAKEHOLDERS ACROSS THE COUNTRY TO PROVIDE INNOVATIVE BUSINESS SOLUTIONS THROUGH QUALITY PROGRAMS AND SERVICES. ACE FOUNDATION ALSO CONTRIBUTES TO OUR NATION'S ECONOMIC GROWTH, BUSINESS DEVELOPMENT, AND GOVERNMENT EFFICIENCY BY SUPPORTING PROGRAMS AND POLICIES THAT CREATE MORE AAPI BUSINESS OWNERS, ENTREPRENEURS, AND CORPORATE LEADERS.
EDUCATION - ACE FOUNDATION WORKS TO EDUCATE ASIAN AMERICAN AND PACIFIC ISLANDER BUSINESS COMMUNITIES ON ISSUES THAT WILL DIRECTLY IMPROVE THEIR ECONOMIC, POLITICAL, AND SOCIAL WELL-BEING. ACE FOUNDATION HOSTS EVENTS AIMED TO HELP EDUCATE THE MINORITY BUSINESS COMMUNITY. THESE EVENTS INCLUDE ROUNDTABLES AND SYMPOSIUMS COORDINATED WITH FEDERAL GOVERNMENT AGENCIES. MANY OF THESE EVENTS ARE VIRTUAL WEBINARS WHICH COVER TOPICS AROUND ACCESS TO CAPITAL, CONTRACTING OPPORTUNITIES, GRANT WRITING, RETIREMENT SECURITY, FINANCIAL CAPACITY, AND CHALLENGES FACING MINORITY BUSINESS OWNERS.
NEXTGEN - ACE FOUNDATION EDUCATES THE NEXT GENERATION OF LEADERS AND ENTREPRENEURS IN THE AAPI COMMUNITY. INNER CIRCLES IS A NATIONAL PROGRAM WHERE YOUNG ENTREPRENEURS CAN DISCUSS AND PROBLEM-SOLVE THE TOUGHEST CHALLENGES THEY FACE. PEERS SHARE PROFESSIONAL AND PERSONAL EXPERIENCES THAT CAN HELP OTHERS LEARN, GROW, OR RECEIVE SUPPORT. THIS INVOLVES CREATING A SAFE AND SUPPORTIVE ENVIRONMENT TO DIVE INTO RISKS, FEARS, AND VULNERABILITIES. THE PROGRAM MAINTAINS A SUPPORT NETWORK OF ENTREPRENEURS AND BUSINESS OWNERS OF AAPI HERITAGE TO ENSURE THAT MORE SMALL-BUSINESS ENTERPRISES SUCCEED IN BUILDING THEIR BUSINESSES, FIND WAYS TO CAPITALIZE THEIR BUSINESSES AND CREATE NEW, SUSTAINABLE JOBS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Daniel C Oliver COO | 3.8 | $12,781 | |
Chiling Tong President & CEO | Officer | 1.92 | $9,239 |
Dennis Huang Co-Chair | OfficerTrustee | 2 | $0 |
Jimmy Ferguson Co-Chair | OfficerTrustee | 2 | $0 |
Bill Imada Director | Trustee | 1 | $0 |
Helene Yan Director | Trustee | 1 | $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 | $4,902,722 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,902,722 |
| Total Program Service Revenue | $23,230 |
| 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 | $4,925,952 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $2,063,000 |
| 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. | $9,239 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $124,928 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $265,000 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $2,304 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $908,355 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $5,833 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $1,350 |
| All other expenses | $1,430 |
| Total functional expenses | $3,547,528 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,148,826 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $200,000 |
| 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 | $2,164 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $26,781 |
| Total assets | $2,377,771 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $71,771 |
| 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 | $300,749 |
| Total liabilities | $372,520 |
| Net assets without donor restrictions | $1,174,182 |
| Net assets with donor restrictions | $831,069 |
| 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 | $2,377,771 |
Grants Awarded
Over the last fiscal year, Ace Foundation has awarded $1,933,000 in support to 196 organizations.
| Grant Recipient | Amount |
|---|---|
YEN JING CHINESE RESTAURANT PURPOSE: REOPENING OR CAPACITY BUILDING FOR RESTAURANTS | $15,000 |
IKI IKI INC PURPOSE: REOPENING OR CAPACITY BUILDING FOR RESTAURANTS | $10,000 |
PEACH FARM RESTAURANT PURPOSE: REOPENING OR CAPACITY BUILDING FOR RESTAURANTS | $10,000 |
DOUBLE CHIN PURPOSE: REOPENING OR CAPACITY BUILDING FOR RESTAURANTS | $10,000 |
TL FOODS LLC PURPOSE: REOPENING OR CAPACITY BUILDING FOR RESTAURANTS | $10,000 |
TRIPLE EIGHT MANAGEMENT PURPOSE: REOPENING OR CAPACITY BUILDING FOR RESTAURANTS | $10,000 |
Grants Recieved
Over the last fiscal year, we have identified 5 grants that Ace Foundation has recieved totaling $1,125,000.
| Awarding Organization | Amount |
|---|---|
Verizon Foundation Basking Ridge, NJ PURPOSE: ACE'S AAPISTRONG SMALL BUSINESS CAMPAIGN | $1,000,000 |
The Coca-Cola Foundation Inc Atlanta, GA PURPOSE: ACE NEXTGEN: COLLABORATIVE OUTREACH PROGRAM FOR AAPI MILLENNIAL ENTREPRENEURS | $50,000 |
Tsuha Foundation Honolulu, HI PURPOSE: GENERAL PURPOSE GRANT | $25,000 |
Bank Of America Charitable Foundation Inc Charlotte, NC PURPOSE: OPERATIONAL SUPPORT | $25,000 |
Bank Of America Charitable Foundation Inc Charlotte, NC PURPOSE: OPERATIONAL SUPPORT | $25,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Center For Global Development Washington, DC | $65,777,264 | $14,319,773 |
Frontstream Global Fund Alexandria, VA | $871,140 | $19,414,740 |
Corus International Inc Baltimore, MD | $10,612,047 | $34,455 |
Commonwealth Catholic Charities Richmond, VA | $9,806,748 | $17,802,660 |
Highland School Inc Warrenton, VA | $41,730,791 | $16,433,775 |
Cornerstones Inc Reston, VA | $6,868,044 | $15,431,284 |
Planning Council Norfolk, VA | $2,554,279 | $14,330,288 |
International Association Of Better Business Bureaus Inc Arlington, VA | $17,726,579 | $13,292,143 |
Marine Corps Heritage Foundation Triangle, VA | $123,200,023 | $11,840,546 |
Washington County Community Action Council Inc Hagerstown, MD | $6,621,618 | $12,215,163 |
Union Mission Norfolk, VA | $19,076,349 | $10,467,458 |
Harford Community Action Agency Inc Edgewood, MD | $1,673,036 | $9,657,215 |