Ascend Foundation Inc
- Assets
- $7.3m
- Revenue
- $2.7m
- Investments
- $1.0m
- Employees
- 7
- Location
- New York, NY
- Founding
- 12/2006
- Data as of
- 09/2023
- EIN
- 65-1284462
Organization Overview
Ascend Foundation Inc is located in New York, NY. The organization was established in 2006. According to its NTEE Classification (S19) the organization is classified as: Support N.E.C., under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 09/2023, Ascend Foundation Inc employed 7 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Ascend Foundation 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 09/2023, Ascend Foundation Inc generated $2.7m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 42.9% each year . All expenses for the organization totaled $1.3m during the year ending 09/2023. While expenses have increased by 34.5% per year over the past 8 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
THE ASCEND FOUNDATION IS A 501(C)(3) NON-PROFIT ORGANIZATION THAT DRIVES AND SUPPORTS INITIATIVES THAT MAKE A POSITIVE IMPACT FOR THE API COMMUNITY AT WORK ACROSS ALL MAJOR GLOBAL INDUSTRIES. THE ASCEND FOUNDATION DELIVERS EDUCATIONAL INITIATIVES AND COMMUNITY FOCUSED PROGRAMS, PUBLISHES RESEARCH AND THOUGHT LEADERSHIP REPORTS, AND AWARDS MERIT AND NEED BASED SCHOLARSHIPS TO ENABLE, ELEVATE, AND EMPOWER PAN-ASIANS TO BECOME LEADERS, INNOVATORS, ROLE MODELS, AND CATALYSTS FOR WORKPLACE, COMMUNITY, AND SOCIETAL CHANGE. TOGETHER WITH ASCEND, THE ?RST AND LARGEST GLOBAL NETWORK ADVANCING API PROFESSIONALS IN THE WORKPLACE, ASCEND FOUNDATION IS UNIQUELY POSITIONED TO MOBILIZE OUR CONSTITUENTS AND GALVANIZE ALLIES TO TACKLE LONG STANDING BIASES THAT IMPACT OUR WORKFORCE AND SOCIETY AT LARGE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
OTHER MISCELLANESOUS PROGRAMS:ASCEND FOUDATION, INC. PROVIDES OTHER MISCELLANEOUS PROGRAMS IN AN EFFORT TO CULTIVATE AND ADVANCE PAN-ASIAN PROFESSIONALS.
ASCEND PINNACLEASCEND PINNACLE IS AN INITIATIVE FOCUSED ON PAN-ASIAN CORPORATE BOARD DIRECTORS THAT AIMS TO FURTHER SUPPORT AND STRENGTHEN NETWORKING AMONGST THE GROUP, SHARING COMMON BUSINESS INTERESTS, AND DEVELOPING CANDIDATES FOR FUTURE BOARD SERVICE. THE VISION OF ASCEND PINNACLE IS TO HELP CORPORATIONS ENHANCE THEIR BUSINESS OBJECTIVES BY INCREASING THE NUMBER OF ASIAN AMERICAN CORPORATE BOARD DIRECTORS. ASCEND PINNACLE WAS LAUNCHED IN 2014 AND IS THE ONLY NETWORK OF ITS KIND. ASCEND PINNACLE HOSTS THE ASIAN CORPORATE DIRECTORS SUMMIT, AN ANNUAL EVENT FOR ASIAN AMERICAN EXPERIENCED CORPORATE DIRECTORS AND SENIOR CORPORATE EXECUTIVES; THE ASPIRING DIRECTOR ACADEMY (ADA), A YEAR ROUND COHORT BASED BOARD READINESS PROGRAM FOR SENIOR EXECUTIVES WHO ASPIRE TO JOIN A PUBLIC COMPANY OR LARGE PRIVATE COMPANY BOARD IN THE NEXT 1-3 YEARS; REGIONAL ROUNDTABLE EVENTS HELD IN MAJOR CITIES THROUGHOUT THE YEAR; AND ENGAGES IN THOUGHT LEADERSHIP REGARDING CORPORATE BOARD ISSUES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lawrence Low COO | Officer | 10 | $0 |
Peyen Fong Director | 10 | $140,000 | |
Anna Mok President | OfficerTrustee | 5 | $0 |
Jeff Chin Treasurer | OfficerTrustee | 1 | $0 |
Jenny C Wei Board Member | Trustee | 0.5 | $0 |
Dylan Jeng Board Member | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $1,034,520 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,420,332 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,454,852 |
| Total Program Service Revenue | $113,500 |
| Investment income | $124,839 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$281 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,692,910 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $120,000 |
| 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 | $320,389 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $37,455 |
| Payroll taxes | $24,200 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $3,575 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $8,900 |
| Fees for services: Other | $404,217 |
| Advertising and promotion | $14,654 |
| Office expenses | $30,347 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $44,193 |
| Travel | $39,039 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $243,274 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $4,446 |
| All other expenses | $0 |
| Total functional expenses | $1,312,130 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,878,024 |
| Savings and temporary cash investments | $42,012 |
| Pledges and grants receivable | $200,000 |
| Accounts receivable, net | $122,000 |
| 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 | $46,396 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $3,915,582 |
| Investments—other securities | $1,017,013 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $36,973 |
| Total assets | $7,258,000 |
| Accounts payable and accrued expenses | $42,889 |
| Grants payable | $0 |
| Deferred revenue | $251,900 |
| 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 | $547,963 |
| Total liabilities | $842,752 |
| Net assets without donor restrictions | $6,088,418 |
| Net assets with donor restrictions | $326,830 |
| 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 | $7,258,000 |
Grants Awarded
Over the last fiscal year, Ascend Foundation Inc has awarded $75,000 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
REBUILDING TOGETHER HOUSTON PURPOSE: HOUSTON HURRICANE HARVEY RELIEF | $50,000 |
THE ALLIANCE PURPOSE: HOUSTON HURRICANE HARVEY RELIEF | $10,000 |
MEETUPWARD LLC PURPOSE: INNOVATION CHALLENGE WINNER | $10,000 |
GRAMEEN AMERICA INC PURPOSE: ICON AWARD WINNER | $5,000 |