Totals
- Total revenue
- $2,565,208
- Total expenses
- $2,233,333
- Contributions and grants received
- $2,549,006
- Grants paid
- $1,343,438
- Program service revenue
- $0
- Investment income
- $13,402
- Other revenue
- $2,800
- Total assets, end of year
- $2,452,433
- Total liabilities, end of year
- $353,996
- Net assets or fund balances, end of year
- $2,098,437
- Program services expenses (Part IX)
- $1,769,928
- Management and general expenses
- $463,405
- Fundraising expenses
- $0
- Program service expenses (Part III)
- $1,769,928
Program services were 79.3% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.
Line items
Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.
Revenue
Part VIII, the statement of revenue.
-
1f · All other contributions, gifts and grants
$2,549,006
-
3 · Investment income
total $13,402 · excluded $13,402
-
11a · Other revenue: MISCELLANEOUS REVENUE
total $1,800 · excluded $1,800
-
11b · Other revenue: SPEAKER FEES
total $1,000 · excluded $1,000
-
11e · Other revenue, total
$2,800
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $1,343,438 · program services $1,343,438
-
11a · Fees: management
total $460,000 · management and general $460,000
-
11f · Fees: investment management
total $2 · management and general $2
-
19 · Conferences, conventions and meetings
total $126,490 · program services $126,490
-
21 · Payments to affiliates
total $300,000 · program services $300,000
-
23 · Insurance
total $1,366 · management and general $1,366
-
24a · Other expenses: SUBSCRIPTIONS
total $2,037 · management and general $2,037
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $1,949,351 · end of year $872,561
-
3 · Pledges and grants receivable
end of year $48,438
-
4 · Accounts receivable
beginning of year $135,900
-
9 · Prepaid expenses and deferred charges
beginning of year $558 · end of year $2,338
-
11 · Investments: publicly traded securities
end of year $1,527,321
-
15 · Other assets
beginning of year $76,781 · end of year $1,775
-
17 · Accounts payable and accrued expenses
end of year $63,333
-
18 · Grants payable
end of year $23,438
-
25 · Other liabilities
beginning of year $409,949 · end of year $267,225
-
27 · Net assets without donor restrictions
beginning of year $1,357,641 · end of year $1,988,437
-
28 · Net assets with donor restrictions
beginning of year $395,000 · end of year $110,000
Mission and programs · 2023
Mission
TO IMPROVE THE QUALITY OF LIFE FOR ASIAN AND PACIFIC ISLANDER AMERICANS BY ASSISTING THE ASIAN AMERICAN AND PACIFIC ISLANDER (AAPI) COMMUNITY THROUGH BUSINESS EDUCATION AND TRAINING, RESEARCH, AND COMMUNITY DEVELOPMENT.
Activities or mission (Part I)
IMPROVE THE QUALITY OF LIFE FOR ASIAN AND PACIFIC ISLANDER AMERICANS THROUGH BUSINESS EDUCATION.
-
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.
Expenses $1,320,000 · Grants $1,320,000
-
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.
Expenses $213,245
-
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.
Expenses $213,245
-
OTHER PROGRAMS
Expenses $23,438 · Grants $23,438
As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
Karen EngKAREN ENG
CHAIR
- Total calculated
- $0
- Hours/week
- 2
-
Jimmy FergusonJIMMY FERGUSON
VICE CHAIR
- Total calculated
- $0
- Hours/week
- 2
-
Tracey DoiTRACEY DOI
TREASURER
- Total calculated
- $0
- Hours/week
- 2
-
Amit BhatnagarAMIT BHATNAGAR
SECRETARY
- Total calculated
- $0
- Hours/week
- 2
-
Mariko CarpenterMARIKO CARPENTER
DIRECTOR (FROM JUNE THRU DEC 2023)
- Total calculated
- $0
- Hours/week
- 1
-
Cy ChenCY CHEN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Tammy FunasakiTAMMY FUNASAKI
DIRECTOR (AS OF OCT 2023)
- Total calculated
- $0
- Hours/week
- 1
-
Dennis HuangDENNIS HUANG
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Bill ImadaBILL IMADA
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Chewy JangCHEWY JANG
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Shau-Wai LamSHAU-WAI LAM
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Marty LorenzoMARTY LORENZO
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Ian SoIAN SO
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Bin YuBIN YU
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Chiling TongCHILING TONG
PRESIDENT AND CEO
- Total calculated
- $0
- Hours/week
- 2
Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those.
Schedule J
Answered yes
None.
Answered no
- 4a · Severance or change-of-control payment
- 4b · Supplemental nonqualified retirement plan
- 4c · Equity-based compensation arrangement
- 5a · Pay contingent on this organization's revenues
- 5b · Pay contingent on a related organization's revenues
- 6a · Pay contingent on this organization's net earnings
- 6b · Pay contingent on a related organization's net earnings
- 7 · Other non-fixed payments
- 8 · Paid under the initial-contract exception
The filer's explanations (Part III)
- PART I, LINE 3
- THE FOUNDATION DOES NOT DIRECTLY HIRE OR COMPENSATE EMPLOYEES. ALL EMPLOYEES ARE EMPLOYEES OF ASIAN & PACIFIC ISLANDER AMERICAN CHAMBER OF COMMERCE & ENTREPRENEURSHIP (ACE), AN AFFILIATED ORGANIZATION EXEMPT UNDER SECTION 501(C)(6). ACE'S BOARD OF DIRECTORS ESTABLISHES AND APPROVES THE COMPENSATION FOR ITS PRESIDENT & CEO. ACE'S BOARD OF DIRECTORS CREATES A COMPENSATION COMMITTEE TO REVIEW COMPENSATION FINDINGS AND PROVIDE RECOMMENDATIONS AND GUIDANCE ON THE COMPENSATION PACKAGE. AFTER REVIEWING THE REPORT FINDINGS AND CONSIDERING THE DATA REGARDING COMPARABLE COMPENSATION FOR SIMILARLY QUALIFIED INDIVIDUALS IN FUNCTIONALLY COMPARABLE POSITIONS AT SIMILARLY SITUATED ORGANIZATIONS, THE COMPENSATION COMMITTEE TAKES ACTION AND RECOMMENDS THE COMPENSATION PACKAGE FOR THE CEO. THE PROCESS WAS LAST CONDUCTED IN NOVEMBER 2021.
Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.
Grants on this return
-
ALOHA ISLAND MARKET AZ
$50,000
REOPENING OR CAPACITY BUILDING FOR RESTAURANTS
-
RANKEN NOODLE HOUSE LLC
$50,000
REOPENING OR CAPACITY BUILDING FOR RESTAURANTS
-
SUNHEE'S FARM AND KITCHEN LLC
$50,000
REOPENING OR CAPACITY BUILDING FOR RESTAURANTS
-
GENERAL SUPPORT
-
A VERY GOOD FOOD COMPANY LLC
$15,000
REOPENING OR CAPACITY BUILDING FOR RESTAURANTS
-
ADOBO LLC
$15,000
REOPENING OR CAPACITY BUILDING FOR RESTAURANTS
-
AZN CONCEPTS LLC
$15,000
REOPENING OR CAPACITY BUILDING FOR RESTAURANTS
-
BANHKHOTLADY
$15,000
REOPENING OR CAPACITY BUILDING FOR RESTAURANTS
-
BELA VEGETARIAN RESTAURANT
$15,000
REOPENING OR CAPACITY BUILDING FOR RESTAURANTS
-
BIG SAI'S HAWAIIAN BARBEQUE
$15,000
REOPENING OR CAPACITY BUILDING FOR RESTAURANTS
The 10 largest by cash amount. The API serves every itemized grant.
Provenance
- Return type
- form_990
- Tax year
- 2023
- Filed
- 3 July 2024
- IRS schema version
- 2023v5.1
- Source object
- 202421859349300032
Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.
The source document this was parsed from is served over the API, which is where bulk and document access live.