Access To Capital For Entrepreneurs Inc
- Assets
- $121.2m
- Revenue
- $27.0m
- Investments
- $929.2k
- Employees
- 44
- Location
- Cleveland, GA
- Founding
- 09/1998
- Data as of
- 12/2023
- EIN
- 58-2383669
Organization Overview
Access To Capital For Entrepreneurs Inc is located in Cleveland, GA. The organization was established in 1998. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2023, Access To Capital For Entrepreneurs Inc employed 44 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Access To Capital For Entrepreneurs Inc 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, Access To Capital For Entrepreneurs Inc generated $27.0m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 28.2% each year . All expenses for the organization totaled $13.7m during the year ending 12/2023. While expenses have increased by 22.8% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE ACCESS TO CAPITAL, EDUCATION AND BUSINESS DEVELOPMENT RESOURCES TO NEW AND EXISTING SMALL, MICRO, OR ENVIRONMENTALLY SUSTAINABLE BUSINESSES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ACCESS TO CAPITAL FOR ENTREPRENEURS, INC. (ACE) IS A NONPROFIT ORGANIZATION THAT PROVIDES LOANS TO START AND GROW BUSINESSES. ACE OFFERS ITS BORROWERS BUSINESS DEVELOPMENT RESOURCES TO CREATE FINANCIALLY AND ENVIRONMENTALLY SUSTAINABLE BUSINESSES. IN 2004, THE U.S DEPARTMENT OF TREASURY CERTIFIED ACE AS A COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION (CDFI) TO PROVIDE ACCESS TO CAPITAL FOR UNDERSERVED MARKETS INCLUDING LOW INCOME INDIVIDUALS, PEOPLE OF COLOR, AND WOMEN. SINCE INCEPTION, ACE HAS CREATED OR MAINTAINED MORE THAN 21,000 JOBS AND HELPED MORE THAN 2,600 SMALL BUSINESSES START OR EXPAND THEIR OPERATIONS. ACE DERIVES ITS INCOME FROM LOAN INTEREST INCOME, GRANTS, AND DONATIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Grace C Fricks President And Ceo/board Member | Officer | 40 | $496,032 |
Shanon Stewart Chief Credit Officer | 40 | $167,795 | |
Ray Pennie Chief Of Business Advisory | 40 | $162,870 | |
Martina Edwards Chief Of Strategic Partnerships | 40 | $161,044 | |
Sandra Headley VP | 40 | $147,947 | |
Chris Clay Interim Director Of Lending | 40 | $133,174 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Morehouse College Miec Program Design And Management | 12/30/23 | $187,500 |
Gallagher Advisory Services Llc Interim Cfo And Financial Consulting | 12/30/23 | $124,275 |
Mauldin & Jenkins Independent Auditing And Advisory | 12/30/23 | $111,400 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $5,107,071 |
| All other contributions, gifts, grants, and similar amounts not included above | $13,341,511 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $18,448,582 |
| Total Program Service Revenue | $7,128,634 |
| Investment income | $1,410,191 |
| 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 | $26,987,407 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $4,000 |
| 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. | $756,930 |
| Compensation of current officers, directors, key employees. | $500,065 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,417,415 |
| Pension plan accruals and contributions | $65,056 |
| Other employee benefits | $534,743 |
| Payroll taxes | $271,928 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $191,239 |
| Fees for services: Accounting | $111,313 |
| Fees for services: Lobbying | $7,000 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $628,974 |
| Advertising and promotion | $17,468 |
| Office expenses | $126,686 |
| Information technology | $538,354 |
| Royalties | $0 |
| Occupancy | $107,508 |
| Travel | $88,836 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $97,138 |
| Interest | $1,483,516 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $20,075 |
| Insurance | $56,910 |
| All other expenses | $33,285 |
| Total functional expenses | $13,729,086 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,749,308 |
| Savings and temporary cash investments | $47,446,205 |
| Pledges and grants receivable | $2,369,022 |
| Accounts receivable, net | $10,000 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $66,851,740 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $126,956 |
| Net Land, buildings, and equipment | $28,760 |
| Investments—publicly traded securities | $91,815 |
| Investments—other securities | $929,228 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,578,801 |
| Total assets | $121,181,835 |
| Accounts payable and accrued expenses | $605,980 |
| Grants payable | $0 |
| Deferred revenue | $5,666,472 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $748,287 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $14,394,407 |
| Unsecured mortgages and notes payable | $32,420,475 |
| Other liabilities | $13,760,000 |
| Total liabilities | $67,595,621 |
| Net assets without donor restrictions | $38,382,882 |
| Net assets with donor restrictions | $15,203,332 |
| 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 | $121,181,835 |