Ace Foundation

Organization Overview

Ace Foundation, operating under the name National 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. National 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 12/2023, National Ace Foundation generated $2.6m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 23.1% each year . All expenses for the organization totaled $2.2m during the year ending 12/2023. While expenses have increased by 23.1% per year over the past 9 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, National Ace Foundation has awarded 353 individual grants totaling $5,306,438. 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.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2023

Describe the Organization's Mission:

Part 3 - Line 1

IMPROVE THE QUALITY OF LIFE FOR ASIAN AND PACIFIC ISLANDER AMERICANS THROUGH BUSINESS EDUCATION.

Describe the Organization's Program Activity:

Part 3 - Line 4a

AAPISTRONG: AAPISTRONG IS A NATIONAL CALL-TO-ACTION PROGRAM POWERED BY THE NATIONAL ASIAN/PACIFIC ISLANDER AMERICAN CHAMBER OF COMMERCE AND ENTREPRENEURSHIP (NATIONAL ACE). THE PROGRAM'S PRIMARY GOAL IS TO CONVENE OUR NETWORK OF AFFILIATE ASIAN AMERICAN AND PACIFIC ISLANDER (AAPI) BUSINESS ORGANIZATIONS, ENTREPRENEURS, CORPORATE LEADERS, AND STAKEHOLDERS TO ADVANCE EQUITY, JUSTICE, AND OPPORTUNITY FOR AAPI COMMUNITIES EVERYWHERE.AAPI-OWNED BUSINESSES ARE ABSOLUTELY ESSENTIAL TO THE HEALTH OF NATIONAL AND LOCAL ECONOMIES. 1 IN 10 BUSINESSES IN THE COUNTRY ARE AAPI-OWNED, AND WE OPERATE IN THE FOOD INDUSTRY, HEALTHCARE, CONVENIENCE STORES, SALONS, MANUFACTURING, AND TECHNOLOGY. THE AAPISTRONG PROGRAM FOSTERS THE WELLBEING OF THESE VITAL INSTITUTIONS BY PROVIDING TECHNICAL ASSISTANCE ON BUSINESS RESILIENCE, RESOURCES ON BUSINESS RECOVERY, INFORMATION ON STARTING, GROWING, OR RETAINING A BUSINESS, AND CREATING AVENUES FOR EDUCATION ON ACCESS TO CAPITAL AND CONTRACTING. TOGETHER, WITH OUR PUBLIC AND PRIVATE PARTNERS, WE ARE STANDING UP AGAINST RACIAL DISCRIMINATION WHILE BUILDING COMMUNITY AND SHARING RESOURCES ON HOW AAPI ENTREPRENEURS CAN OVERCOME THE MOST PRESSING CHALLENGES AND BECOME MORE RESILIENT. FROM ANTI-ASIAN HATE TO HEALTH EQUITY, SUSTAINABILITY, AND DIGITAL ADOPTION, THE AAPISTRONG PROGRAM WILL CONTINUE WORKING WITH LOCAL PARTNERS TO PROVIDE BUSINESSES WITH MUCH-NEEDED SERVICES, RESOURCES, AND CONNECTIONS.


OTHER PROGRAMS


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.


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Board, Officers & Key Employees

Name (title)Compensation
Karen Eng
Chair
$0
Jimmy Ferguson
Vice Chair
$0
Tracey Doi
Treasurer
$0
Amit Bhatnagar
Secretary
$0
Mariko Carpenter
Director (from June Thru Dec 2023)
$0
Cy Chen
Director
$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$2,549,006
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$2,549,006
Total Program Service Revenue$0
Investment income $13,402
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 $2,565,208

Grants Awarded

Over the last fiscal year, Ace Foundation has awarded $1,223,438 in support to 74 organizations.

Grant RecipientAmount

ALOHA ISLAND MARKET AZ

PURPOSE: REOPENING OR CAPACITY BUILDING FOR RESTAURANTS

$50,000

RANKEN NOODLE HOUSE LLC

PURPOSE: REOPENING OR CAPACITY BUILDING FOR RESTAURANTS

$50,000

SUNHEE'S FARM AND KITCHEN LLC

PURPOSE: REOPENING OR CAPACITY BUILDING FOR RESTAURANTS

$50,000

ASIAN & PACIFIC ISLANDER AMERICAN CHAMBER OF COMMERCE & ENTREPRENEURSHIP

PURPOSE: GENERAL SUPPORT

$23,438

A VERY GOOD FOOD COMPANY LLC

PURPOSE: REOPENING OR CAPACITY BUILDING FOR RESTAURANTS

$15,000

ADOBO LLC

PURPOSE: REOPENING OR CAPACITY BUILDING FOR RESTAURANTS

$15,000
View Grant Profile

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$7,538,820
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$13,881,085
Union Mission
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$10,909,562
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Fairfax, VA
$10,341,390
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$6,306,563
Southern Maryland Tri-County Community Action Committee Inc
Hughesville, MD
$9,427,023
Community Assistance Network Inc
Baltimore, MD
$8,044,407
Family & Childrens Services Of Central Maryland Inc
Baltimore, MD
$10,585,510
United Community Ministries Inc
Alexandria, VA
$7,473,206
Council Of Community Services
Roanoke, VA
$8,933,925
Action In Community Through Service Of Prince William
Dumfries, VA
$7,664,639
National Fenestration Rating
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$6,909,369
Harford Community Action Agency Inc
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$6,920,757
Community Family Life Services Inc
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$6,601,442

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