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Nonprofiteer
← ACCESS TO CAPITAL FOR ENTREPRENEURS INC

Form 990 for tax year 2023

Filed by ACCESS TO CAPITAL FOR ENTREPRENEURS INC.

Totals

Total revenue
$26,987,407
Total expenses
$13,729,086
Contributions and grants received
$18,448,582
Grants paid
$4,000
Program service revenue
$7,128,634
Investment income
$1,410,191
Other revenue
$0
Total assets, end of year
$121,181,835
Total liabilities, end of year
$67,595,621
Net assets or fund balances, end of year
$53,586,214
Program services expenses (Part IX)
$11,172,390
Management and general expenses
$1,917,896
Fundraising expenses
$638,800
Program service expenses (Part III)
$11,172,390

Program services were 81.4% 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.

  • 1e · Government grants (contributions)

    $5,107,071

  • 1f · All other contributions, gifts and grants

    $13,341,511

  • 2a · Program service revenue: LENDING PROGRAM INCOME

    total $7,128,634 · related or exempt $7,128,634

  • 3 · Investment income

    total $1,410,191 · excluded $1,410,191

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $4,000 · program services $4,000

  • 5 · Compensation of officers, directors and key employees

    total $756,930 · program services $256,865 · management and general $500,065

  • 7 · Other salaries and wages

    total $3,417,415 · program services $2,412,021 · management and general $522,256 · fundraising $483,138

  • 8 · Pension plan contributions

    total $65,056 · program services $46,304 · management and general $10,946 · fundraising $7,806

  • 9 · Other employee benefits

    total $534,743 · program services $376,090 · management and general $64,718 · fundraising $93,935

  • 10 · Payroll taxes

    total $271,928 · program services $200,079 · management and general $53,111 · fundraising $18,738

  • 11b · Fees: legal

    total $191,239 · program services $191,239

  • 11c · Fees: accounting

    total $111,313 · management and general $111,313

  • 11d · Fees: lobbying

    total $7,000 · program services $197 · management and general $6,803

  • 11g · Fees: other

    total $628,974 · program services $477,399 · management and general $133,424 · fundraising $18,151

  • 12 · Advertising and promotion

    total $17,468 · program services $4,083 · management and general $12,983 · fundraising $402

  • 13 · Office expenses

    total $126,686 · program services $84,795 · management and general $35,686 · fundraising $6,205

  • 14 · Information technology

    total $538,354 · program services $379,537 · management and general $158,817

  • 16 · Occupancy

    total $107,508 · program services $51,590 · management and general $55,883 · fundraising $35

  • 17 · Travel

    total $88,836 · program services $55,324 · management and general $26,621 · fundraising $6,891

  • 19 · Conferences, conventions and meetings

    total $97,138 · program services $52,752 · management and general $42,716 · fundraising $1,670

  • 20 · Interest

    total $1,483,516 · program services $1,409,850 · management and general $73,666

  • 22 · Depreciation, depletion and amortization

    total $20,075 · program services $12,420 · management and general $6,685 · fundraising $970

  • 23 · Insurance

    total $56,910 · management and general $56,910

  • 24a · Other expenses: PROVISION FOR LOAN LOSS

    total $5,027,002 · program services $5,027,002

  • 24b · Other expenses: CLOSING EXPENSES

    total $118,646 · program services $118,646

  • 24c · Other expenses: DUES AND MEMBERSHIPS

    total $24,021 · program services $11,261 · management and general $12,186 · fundraising $574

  • 24d · Other expenses: PUBLICATIONS & SUBSCRIP

    total $1,043 · program services $344 · management and general $699

  • 24e · All other expenses

    total $33,285 · program services $592 · management and general $32,408 · fundraising $285

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,110,612 · end of year $1,749,308

  • 2 · Savings and temporary cash investments

    beginning of year $39,954,218 · end of year $47,446,205

  • 3 · Pledges and grants receivable

    beginning of year $2,697,751 · end of year $2,369,022

  • 4 · Accounts receivable

    beginning of year $11,365 · end of year $10,000

  • 7 · Other notes and loans receivable

    beginning of year $59,829,437 · end of year $66,851,740

  • 9 · Prepaid expenses and deferred charges

    beginning of year $70,136 · end of year $126,956

  • 10a · Land, buildings and equipment: cost or other basis

    $97,553

  • 10b · Land, buildings and equipment: accumulated depreciation

    $68,793

  • 10c · Land, buildings and equipment, net

    beginning of year $32,319 · end of year $28,760

  • 11 · Investments: publicly traded securities

    beginning of year $75,665 · end of year $91,815

  • 12 · Investments: other securities

    beginning of year $53,200 · end of year $929,228

  • 15 · Other assets

    beginning of year $1,507,930 · end of year $1,578,801

  • 17 · Accounts payable and accrued expenses

    beginning of year $513,223 · end of year $605,980

  • 19 · Deferred revenue

    beginning of year $11,442,247 · end of year $5,666,472

  • 21 · Escrow or custodial account liability

    beginning of year $1,615,556 · end of year $748,287

  • 23 · Secured mortgages and notes payable

    beginning of year $7,424,755 · end of year $14,394,407

  • 24 · Unsecured notes and loans payable

    beginning of year $31,278,404 · end of year $32,420,475

  • 25 · Other liabilities

    beginning of year $13,760,000 · end of year $13,760,000

  • 27 · Net assets without donor restrictions

    beginning of year $31,777,566 · end of year $38,382,882

  • 28 · Net assets with donor restrictions

    beginning of year $8,530,882 · end of year $15,203,332

Mission and programs · 2023

Mission

SEE SCHEDULE OTHE MISSION OF ACCESS TO CAPITAL FOR ENTREPRENEURS, INC. (ACE) IS TO PROVIDE COMMUNITY ECONOMIC DEVELOPMENT TO UNDERSERVED PEOPLE AND COMMUNITIES. ACE IS A NON-PROFIT ORGANIZATION THAT PROVIDES LOANS AND BUSINESS DEVELOPMENT RESOURCES TO HELP ITS BORROWERS CREATE AND GROW SUSTAINABLE BUSINESSES WHICH GENERATE JOBS.

Activities or mission (Part I)

TO PROVIDE ACCESS TO CAPITAL, EDUCATION AND BUSINESS DEVELOPMENT RESOURCES TO NEW AND EXISTING SMALL, MICRO, OR ENVIRONMENTALLY SUSTAINABLE BUSINESSES.

  • 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.

    Expenses $11,172,390 · Grants $4,000 · Revenue $7,128,634

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Grace C Fricks

    PRESIDENT AND CEO/BOARD MEMBER

    Total calculated
    $514,167
    From this org
    $496,032
    From related orgs
    $0
    Other
    $18,135
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $496,032
    Bonus
    $0
    Other
    $0
    Deferred
    $15,018
    Nontaxable benefits
    $3,117
    Filer's total
    $514,167

  • Shanon Stewart

    CHIEF CREDIT OFFICER

    Total calculated
    $174,565
    From this org
    $167,795
    From related orgs
    $0
    Other
    $6,770
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $156,495
    Bonus
    $11,000
    Other
    $300
    Deferred
    $4,768
    Nontaxable benefits
    $2,002
    Filer's total
    $174,565

  • Ray Pennie

    CHIEF OF BUSINESS ADVISORY

    Total calculated
    $174,500
    From this org
    $162,870
    From related orgs
    $0
    Other
    $11,630
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $156,560
    Bonus
    $6,000
    Other
    $310
    Deferred
    $8,997
    Nontaxable benefits
    $2,633
    Filer's total
    $174,500

  • Martina Edwards

    CHIEF OF STRATEGIC PARTNERSHIPS

    Total calculated
    $167,489
    From this org
    $161,044
    From related orgs
    $0
    Other
    $6,445
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $149,744
    Bonus
    $11,000
    Other
    $300
    Deferred
    $4,869
    Nontaxable benefits
    $1,576
    Filer's total
    $167,489

  • Sandra Headley

    VP

    Total calculated
    $154,631
    From this org
    $147,947
    From related orgs
    $0
    Other
    $6,684
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $141,897
    Bonus
    $6,000
    Other
    $50
    Deferred
    $4,335
    Nontaxable benefits
    $2,349
    Filer's total
    $154,631

  • Chris Clay

    INTERIM DIRECTOR OF LENDING

    Total calculated
    $138,530
    From this org
    $133,174
    From related orgs
    $0
    Other
    $5,356
    Hours/week
    40

  • Bob Gallagher

    INTERIM CFO

    Total calculated
    $95,300
    From this org
    $95,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Jesus Pizarro

    CFO

    Total calculated
    $90,175
    From this org
    $87,491
    From related orgs
    $0
    Other
    $2,684
    Hours/week
    40

  • Joshua Brackett

    CFO

    Total calculated
    $56,487
    From this org
    $55,624
    From related orgs
    $0
    Other
    $863
    Hours/week
    40

  • Bill Zawrotny

    BOARD CHAIR

    Total calculated
    $0
    Hours/week
    0

  • Sibyl Slade

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    0

  • Dale Royal

    SECRETARY

    Total calculated
    $0
    Hours/week
    0

  • Grace Lopez-Williams

    TREASURER & FINANCE COMMITTEE CHAIR

    Total calculated
    $0
    Hours/week
    0

  • Matt Bozzelli

    IMMEDIATE PAST BOARD CHAIR

    Total calculated
    $0
    Hours/week
    0

  • Hollis Linginfleter

    INVESTMENT COMMITTEE CHAIR

    Total calculated
    $0
    Hours/week
    0

  • Candy Moore

    GOVERNANCE COMMITTEE CHAIR

    Total calculated
    $0
    Hours/week
    0

  • Miguel Alandete

    LOAN COMMITTEE CHAIR

    Total calculated
    $0
    Hours/week
    0

  • Courtney Smith

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0

  • Grace Webster

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0

  • Mary Kepler

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0

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. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Compensation committee
  • 3 · Form 990 of other organizations
  • 3 · Approval by the board or compensation committee
  • 4a · Severance or change-of-control payment
  • 7 · Other non-fixed payments

Answered no

  • 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
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 4A
JOSHUA BRACKETT, CFO, RECEIVED A SEVERANCE PAYMENT OF $36,000.
PART I, LINE 7
THE FOLLOWING EMPLOYEES RECEIVED DISCRETIONARY BONUSES: SANDRA HEADLEY $6,000 RAY PENNIE $6,000 MARTINA EDWARDS $11,000 SHANON STEWART $11,000 JESUS PIZARRO $11,500

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

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2023
Filed
7 July 2024
IRS schema version
2023v5.1
Source object
202411929349301476

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