Asian Entrepreneurship Foundation
- Assets
- $143.1k
- Revenue
- $398.1k
- Investments
- $0.0
- Employees
- 3
- Location
- Boston, MA
- Founding
- 05/2015
- Data as of
- 12/2022
- EIN
- 47-4004081
Organization Overview
Asian Entrepreneurship Foundation, operating under the name Ace Nextgen, is located in Boston, MA. The organization was established in 2015. According to its NTEE Classification (W01) the organization is classified as: Alliances & Advocacy, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2022, Ace Nextgen employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Ace Nextgen 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, Ace Nextgen generated $398.1k in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 36.6% each year . All expenses for the organization totaled $387.3k during the year ending 12/2022. While expenses have increased by 42.5% per year over the past 5 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
WE WILL REACH OUR VISION BY CONNECTING, EDUCATING, AND GIVING BACK!! CONNECT: TO BUILD CONNECTIONS AND CREATE A VIBRANT COMMUNITY OF ENTREPRENEURIAL-MINDED PEOPLE. EDUCATE: TO PROMOTE LEARNING AND HELP ASIANS DEVELOP AN ENTREPRENEURIAL MINDSET. GIVE BACK: TO PROVIDE RESOURCES TO SUPPORT OUR ASIAN BUSINESS COMMUNITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROGRAM 1: ANNUAL CONFERENCE. SINCE COVID-19 VACCINE CAME OUT IN THE SUMMER OF 2021, ACE NEXTGEN ORGANIZED A IN PERSON CONFERENCE IN LA CALIFORNIA. WE HAD OVER 100+ AAPI ENTREPRENEURS TOGETHER TO EXPLORE TOPICS IN ENTREPRENEURSHIP, LEADERSHIP AND PROVIDE RESOURCES AFTER THE PANDEMIC.
4TH PROGRAM: WORKSHOP & RETREATS: THESE ARE THE PROGRAMMING WE HAVE THAT HELPS BUILD AND CEMENT OUR PROFESSIONAL AND PERSONAL RELATIONSHIPS BY SPENDING A LONG WEEKEND AT A DESIGNATED LOCATION THAT IS FUN BUT AT THE SAME TIME HAVE AN EDUCATIONAL COMPONENT TO SHARE BUSINESS IDEAS, PHILOSOPHIES, LESSONS, AND EXPERIENCES IN THE GESTALT LANGUAGE PROTOCOL, MEANING FROM ONLY PERSONAL EXPERIENCES, RATHER THAN EXPERIENCES OF OTHERS.
PROGRAM 2: LOCAL EVENTS (MIXERS): ORGANIZES MIXERS WITH GUEST SPEAKERS TO PROVIDE EXPERTISE AND KNOWLEDGE ON BUSINESS MANAGEMENT, AND ENTREPRENEURSHIP DEVELOPMENT AT 5 LOCAL CHAPTERS IN BOSTON, LOS ANGELES, HOUSTON, WASHINGTON DC AND NEW YORK.
PROGRAM 3: INNER CIRCLE PROGRAM; INNER CIRCLE IS A 3 PART, 12 MONTH ANNUAL PROGRAM DESIGNED TO GET BUSINESS YOUR BUSINESS TO WORK FOR YOU. IT IS A SPECIAL GROUP OF AAPI ENTREPRENEURS THAT SUPPORT EACH OTHER TO GROW THEIR BUSINESS TO THE NEXT LEVEL. UTILIZE THE POWER OF ACE NEXTGEN COMMUNITY TO ELEVATE YOUR BUSINESS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kevin Felix Chan Director | Trustee | 10 | $15,661 |
Ian So President | Officer | 25 | $6,212 |
Cheuk Shian Treasurer | OfficerTrustee | 10 | $0 |
Chewy Jang Director | Trustee | 10 | $0 |
Melody Chen Director | Trustee | 10 | $0 |
John Victoria Director | Trustee | 10 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $8,084 |
| Fundraising events | $0 |
| Related organizations | $195,787 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $74,608 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $278,479 |
| Total Program Service Revenue | $119,634 |
| 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 | $398,113 |
| 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. | $77,000 |
| Compensation of current officers, directors, key employees. | $77,000 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $29,984 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $21,958 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $1,806 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $3,194 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $17,083 |
| Advertising and promotion | $21,432 |
| Office expenses | $1,219 |
| Information technology | $7,846 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $72,434 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $73,821 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $2,492 |
| All other expenses | $36,033 |
| Total functional expenses | $387,342 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $135,268 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $7,835 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $143,103 |
| Accounts payable and accrued expenses | $14,532 |
| Grants payable | $0 |
| Deferred revenue | $4,890 |
| 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 | $9,749 |
| Total liabilities | $29,171 |
| Net assets without donor restrictions | $113,932 |
| 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 | $143,103 |