Ace Foundation
- Assets
- $2.5m
- Revenue
- $2.6m
- Investments
- $0.0
- Employees
- 0
- Location
- Washington, DC
- Founding
- 08/2014
- Data as of
- 12/2023
- EIN
- 46-3200311
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.
Form
990
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) | Role | Hours | Compensation |
|---|---|---|---|
Karen Eng Chair | OfficerTrustee | 2 | $0 |
Jimmy Ferguson Vice Chair | OfficerTrustee | 2 | $0 |
Tracey Doi Treasurer | OfficerTrustee | 2 | $0 |
Amit Bhatnagar Secretary | OfficerTrustee | 2 | $0 |
Mariko Carpenter Director (from June Thru Dec 2023) | Trustee | 1 | $0 |
Cy Chen 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 | $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 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,343,438 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $460,000 |
| 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 | $2 |
| Fees for services: Other | $0 |
| 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 | $126,490 |
| Interest | $0 |
| Payments to affiliates | $300,000 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $1,366 |
| All other expenses | $2,037 |
| Total functional expenses | $2,233,333 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $872,561 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $48,438 |
| Accounts receivable, net | $0 |
| 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 | $2,338 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $1,527,321 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,775 |
| Total assets | $2,452,433 |
| Accounts payable and accrued expenses | $63,333 |
| Grants payable | $23,438 |
| Deferred revenue | $0 |
| 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 | $267,225 |
| Total liabilities | $353,996 |
| Net assets without donor restrictions | $1,988,437 |
| Net assets with donor restrictions | $110,000 |
| 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 | $2,452,433 |
Grants Awarded
Over the last fiscal year, Ace Foundation has awarded $1,223,438 in support to 74 organizations.
| Grant Recipient | Amount |
|---|---|
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 |