Liabilities / Assets
21st percentile
Higher debt load relative to assets than 21% of similar nonprofits.
EIN 46-2894529 • 501(c)3 • Washington, DC
Profile
The purpose of the tunisian-american enterprise fund (the fund) is to promote development of the tunisian private sector through loans, microloans, equity investments, insurance, guarantees, grants, feasibility studies, technical assistance, training for businesses, receiving investment capital, and other measures.
Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.
Liabilities / Assets
21st percentile
Higher debt load relative to assets than 21% of similar nonprofits.
Liabilities / Revenue
Score unavailable
Liabilities-to-revenue requires both liabilities and revenue on the latest valid filing.
Net Margin
100th percentile
Higher net margin than 100% of similar nonprofits.
Top Officer Pay
75th percentile
Higher top officer pay than 75% of similar nonprofits.
Asset Growth
22nd percentile
Faster asset growth than 22% of similar nonprofits.
Revenue Growth
Score unavailable
A valid growth rate could not be computed from the available filing history.
Assets
Down$87,805,960
Down $1,224,884 (-1.4%) from 2023
Liabilities
Up$3,453,624
Up $311,096 (+9.9%) from 2023
Net Assets
Down$84,352,336
Down $1,535,980 (-1.8%) from 2023
Revenue
Down-$215,168
Down $3,414,136 (-107%) from 2023
Expenses
Down$1,513,230
Down $1,021 (-0.1%) from 2023
Net Income
Down-$1,728,398
Down $3,413,115 (-203%) from 2023
Most recent year
2024 • Form 990Facts available. Structured filing facts are available, but richer extracted sections are limited.
The purpose of the tunisian-american enterprise fund (taef) is to promote development of the tunisian private sector through loans, microloans, equity investments, insurance, guarantees, grants, feasibility studies, technical assistance, training for businesses, receiving investment capital, and other measures.
Support tunisian economy by investing in small and medium sized enterprises.
| Line | Beginning | End | Change |
|---|---|---|---|
| Assets | |||
| Investments Program Related | $49,930,851 | $49,169,826 | ▼ $761,025 |
| Investments in Publicly Traded Securities | $15,888,702 | $15,250,196 | ▼ $638,506 |
| Savings and Temporary Cash Investments | $722,081 | $935,357 | ▲ $213,276 |
| Cash and Non-Interest-Bearing Accounts | $110,553 | $51,147 | ▼ $59,406 |
| Prepaid Expenses and Deferred Charges | - | $21,167 | - |
| Land, Buildings, and Equipment, Net | $1,430 | $1,040 | ▼ $390 |
| Total Assets | $89,030,844 | $87,805,960 | ▼ $1,224,884 |
| Other Assets Total | $22,377,227 | $22,377,227 | → $0 |
| Liabilities | |||
| Other Liabilities | $2,918,434 | $3,385,164 | ▲ $466,730 |
| Deferred Revenue | $190,673 | - | - |
| Accounts Payable and Accrued Expenses | $33,421 | $68,460 | ▲ $35,039 |
| Total Liabilities | $3,142,528 | $3,453,624 | ▲ $311,096 |
| Net Assets / Fund Balance | |||
| Net Assets Without Donor Restrictions | $85,888,316 | $84,352,336 | ▼ $1,535,980 |
| Total Net Assets Fund Balance | $85,888,316 | $84,352,336 | ▼ $1,535,980 |
| Total Liabilities and Net Assets / Fund Balance | $89,030,844 | $87,805,960 | ▼ $1,224,884 |
| Asset | Book Value | Depreciation | Basis |
|---|---|---|---|
| Equipment | $1,040 | $910 | $1,950 |
| Other Land Buildings | $0 | $1,269 | $1,269 |
| Investment Program Related Org | $1,615 | - | - |
| Other Assets Org | $22,377,227 | - | - |
| Name | Title | Full / Part Time | Base | Other | Total |
|---|---|---|---|---|---|
| Hela Kaddour Fourati | President | FT | $327,598 | $264,720 | $592,318 |
| Louise Stoner Crawford | Secretary - Managing Director | PT | $198,275 | $60,000 | $258,275 |
| Name | Title |
|---|---|
| W Bowman Cutter | Chair of Board |
| Ahmed Benghazi | Board Member |
| Donia Ellouze | Board Member |
| Ferid Abbas | Board Member |
| Hatem Sellami | Board Member |
| Howard Newman | Board Member |
| Lauren Hendricks | Board Member |
| Mohamed Malouche | Treasurer |
| Line Item | Amount |
|---|---|
| Salaries, Compensation, and Employee Benefits | $874,559 |
| Other Expenses | $365,167 |
| Grants and Similar Amounts Paid | $273,504 |
| Professional Fundraising Fees | $0 |
| Total Fundraising Expense | $0 |
| Line Item | Program | Management | Fundraising | Total |
|---|---|---|---|---|
| Current Officers, Directors, Trustees, and Key Employees | $356,622 | $497,242 | - | $853,864 |
| Foreign Grants | $273,504 | - | - | $273,504 |
| Fees for Services Accounting | $39,575 | $92,339 | - | $131,914 |
| Fees for Service Investment Mgmnt Fees | - | $59,689 | - | $59,689 |
| Information Technology | - | $58,886 | - | $58,886 |
| Fees for Services Legal | $14,066 | $11,508 | - | $25,574 |
| Insurance | - | $24,868 | - | $24,868 |
| Payroll Taxes | $946 | $17,974 | - | $18,920 |
| Travel | $5,863 | $11,647 | - | $17,510 |
| Occupancy | - | $16,800 | - | $16,800 |
| Conferences and Meetings | - | $15,569 | - | $15,569 |
| Office Expenses | - | $7,467 | - | $7,467 |
| Fees for Services Other | $6,500 | - | - | $6,500 |
| Other Employee Benefits | $89 | $1,686 | - | $1,775 |
| Depreciation Depletion | - | $390 | - | $390 |
| Total Functional Expenses | $697,165 | $816,065 | $0 | $1,513,230 |
| Region | Activity | Services | Offices | Employees | Spending |
|---|---|---|---|---|---|
| Middle East and North Africa | Investments | - | 1 | 8 | $49,169,826 |
| Middle East and North Africa | Grantmaking | - | 0 | 0 | $274,920 |
| Line Item | Amount |
|---|---|
| Professional Fundraising Fees | $0 |
| Liability | Amount |
|---|---|
| Due to Affiliate | $2,278,989 |
| Provision for Investment Impairment | $1,106,175 |
“The final draft of the federal form 990 as prepared by the independent accounting firm is presented to the full board of directors for review before it is submitted to the internal revenue service.”
“A thorough conflict of interest policy is detailed in the corporate policies and procedures, which have been reviewed and approved by all board members. All new board members and significant financial relationships are vetted for conflict of interest. Board members are vetted by usaid, the state department and the white house; conflicts of interest are revealed at the time of vetting. Board members review and sign a conflict of interest form yearly at the annual meeting. The state department also reviewed and approved in advance engaging an independent contractor with potential conflict of interests to establish the fund's operations. Also, all staff members sign the conflict of interest policy at time of hire. Both the managing director and the president are aware of the conflict of interest policy and vet potential partners. Conflicts are disclosed and handled per the corporate policies. As additional conflicts of interest arise, they are handled as detailed in the corporate policies, a process which may include submission to usaid for advance approval and agreement on mitigations. All persons covered by the conflict-of-interest policy are required to recuse themselves from all decisioins in which they may have a personal conflict.”
“Compensation for officers is determined by the taef board of directors through a process of review and approval. The board of directors utilizes comparability data and documents the deliberation and decision. Taef's framework for bonus compensation has been reviewed and approved by usaid.”
“Governing documents, conflict of interest policy, and financial statements are available to the public upon request.”
“The total number of us citizens receiving form w-2s is 1 and the total employees worldwide that are not us citizens not receiving form w-2s is 8. Therefore, the total employees for the organization worldwide is 9.”
“Impairment recovery on foreign assets -213,966.”
“Taef evaluated its uncertainty in income taxes for the year ended december 31, 2024, and determined that there were no matters that would require recognition in the financial statements or that may have any effect on its tax-exempt status.”
This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.
| Path | # | Value |
|---|---|---|
| IRS990/AccountantCompileOrReviewInd | 0 | 0 |
| IRS990/AccountsPayableAccrExpnssGrp/BOYAmt | 0 | 33421 |
| IRS990/AccountsPayableAccrExpnssGrp/EOYAmt | 0 | 68460 |
| IRS990/ActivitiesConductedPrtshpInd | 0 | 0 |
| IRS990/ActivityOrMissionDesc | 0 | SUPPORT TUNISIAN ECONOMY BY INVESTING IN SMALL AND MEDIUM SIZED ENTERPRISES. |
| IRS990/AnnualDisclosureCoveredPrsnInd | 0 | 1 |
| IRS990/AuditCommitteeInd | 0 | 1 |
| IRS990/BackupWthldComplianceInd | 0 | 1 |
| IRS990/BooksInCareOfDetail/BusinessName/BusinessNameLine1Txt | 0 | LOUISE STONER CRAWFORD |
| IRS990/BooksInCareOfDetail/PhoneNum | 0 | 2027652383 |
| IRS990/BooksInCareOfDetail/USAddress/AddressLine1Txt | 0 | 2000 PENNSYLVANIA AVENUE NW 7000 |
| IRS990/BooksInCareOfDetail/USAddress/CityNm | 0 | WASHINGTON |
| IRS990/BooksInCareOfDetail/USAddress/StateAbbreviationCd | 0 | DC |
| IRS990/BooksInCareOfDetail/USAddress/ZIPCd | 0 | 20006 |
| IRS990/BusinessRlnWith35CtrlEntInd | 0 | 0 |
| IRS990/BusinessRlnWithFamMemInd | 0 | 0 |
| IRS990/BusinessRlnWithOrgMemInd | 0 | 0 |
| IRS990/CashNonInterestBearingGrp/BOYAmt | 0 | 110553 |
| IRS990/CashNonInterestBearingGrp/EOYAmt | 0 | 51147 |
| IRS990/ChangeToOrgDocumentsInd | 0 | 0 |
| IRS990/CntrctRcvdGreaterThan100KCnt | 0 | 0 |
| IRS990/CollectionsOfArtInd | 0 | 0 |
| IRS990/CompCurrentOfcrDirectorsGrp/ManagementAndGeneralAmt | 0 | 497242 |
| IRS990/CompCurrentOfcrDirectorsGrp/ProgramServicesAmt | 0 | 356622 |
| IRS990/CompCurrentOfcrDirectorsGrp/TotalAmt | 0 | 853864 |
| IRS990/CompensationFromOtherSrcsInd | 0 | 0 |
| IRS990/CompensationProcessCEOInd | 0 | 1 |
| IRS990/CompensationProcessOtherInd | 0 | 1 |
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| IRS990/ConferencesMeetingsGrp/TotalAmt | 0 | 15569 |
| IRS990/ConflictOfInterestPolicyInd | 0 | 1 |
| IRS990/ConservationEasementsInd | 0 | 0 |
| IRS990/ConsolidatedAuditFinclStmtInd | 0 | 1 |
| IRS990/CreditCounselingInd | 0 | 0 |
| IRS990/CYBenefitsPaidToMembersAmt | 0 | 0 |
| IRS990/CYContributionsGrantsAmt | 0 | 274920 |
| IRS990/CYGrantsAndSimilarPaidAmt | 0 | 273504 |
| IRS990/CYInvestmentIncomeAmt | 0 | 806161 |
| IRS990/CYOtherExpensesAmt | 0 | 365167 |
| IRS990/CYOtherRevenueAmt | 0 | -1299504 |
| IRS990/CYProgramServiceRevenueAmt | 0 | 3255 |
| IRS990/CYRevenuesLessExpensesAmt | 0 | -1728398 |
| IRS990/CYSalariesCompEmpBnftPaidAmt | 0 | 874559 |
| IRS990/CYTotalExpensesAmt | 0 | 1513230 |
| IRS990/CYTotalFundraisingExpenseAmt | 0 | 0 |
| IRS990/CYTotalProfFndrsngExpnsAmt | 0 | 0 |
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| IRS990/DeferredRevenueGrp/BOYAmt | 0 | 190673 |
| IRS990/DelegationOfMgmtDutiesInd | 0 | 0 |
| IRS990/DepreciationDepletionGrp/ManagementAndGeneralAmt | 0 | 390 |
| IRS990/DepreciationDepletionGrp/TotalAmt | 0 | 390 |
| IRS990/Desc | 0 | IN 2024, TAEF CONTINUED OUR WORK OF FINDING AND INVESTING IN TUNISIA'S MOST PROMISING SMALL AND MEDIUM SIZED ENTREPRENEURS. WE WORKED CLOSELY WITH EXISTING INVESTEES WHILE SEEKING NEW OPPORTUNITIES FOR GROWTH. TAEF INVESTMENT STRATEGY TAEF'S TAILORS PROVEN, INNOVATIVE FINANCING MECHANISMS TO MEET THE NEEDS OF TUNISIAN ENTREPRENEURS AND TO ADDRESS GAPS IN THE COUNTRY'S SMALL AND MEDIUM SIZED ENTERPRISES (SME) FINANCING ENVIRONMENT. TAEF SEEKS TALENTED ENTREPRENEURS AND BUSINESS PEOPLE AS PARTNERS WHO BRING STRONG EXPERIENCE, COMMITMENT AND VISION FOR GROWTH TO THEIR COMPANIES. TAEF INVESTS IN SMES THROUGHOUT THEIR LIFE CYCLE FROM START-UP TO EARLY GROWTH AND MATURITY UP TO SUCCESSION. WE INVEST: - DIRECTLY IN SMES THROUGH TWO PLATFORMS: OUR OWN DEDICATED FUND FOR SMES IN GROWTH STAGE (TASME), AND OUR SEARCH FUND FOR SMES IN SUCCESSION STAGE (TASF) - IN PARTNERSHIP WITH TUNISIAN INVESTMENT FIRMS AS A COMPLEMENT TO TASME'S WORK AND A WAY TO PROVIDE EQUITY OR PRIVATE DEBT INFUSIONS TO BUSINESSES - IN MICROFINANCE INSTITUTIONS THAT REACH THE SMALLEST OF TUNISIA'S BUSINESS OWNERS - IN DIGITAL TECHNOLOGY AND KNOWLEDGE-BASED START-UPS THROUGH AN INTEGRATED PLATFORM: AN ACCELERATOR FLAT6 LABS AND VENTURE CAPITAL INVESTMENT VEHICLE ANAVA SEED FUND. TASME: MEZZANINE & ROYALTY BASED FINANCING FOR TUNISIAN SMES TASME OFFERS UNIQUE FINANCING TO TUNISIAN SMES WITH A COMBINATION OF DEBT AND EQUITY TAILORED TO THEIR NEEDS. TASME SEEKS WELL RUN COMPANIES IN VALUE-ADDING SECTORS EXPECTED TO HAVE STRONG GROWTH. THROUGH TASME, TAEF HAS CREATED A UNIQUE FINANCING PLATFORM, BUILT A TALENTED TEAM, AND EXPANDED TUNISIA'S DOMESTIC SME FINANCING. AT THE END OF 2024, TASME HAD INVESTED IN 21 COMPANIES IN A LARGE VARIETY OF SECTORS WITH INVESTMENT TICKETS AVERAGING $1.1M. THE TEAM ALSO CONTINUED TO WORK CLOSELY WITH EXISTING PORTFOLIO COMPANIES AS THEY NAVIGATE CHALLENGES AND PREPARE FOR EXITS. TASF: TUNISIA'S FIRST SEARCH FUND TAEF ADAPTED THE US SEARCH FUND MODEL TO TUNISIA TO MATCH THE NEEDS OF MATURE BUSINESS OWNERS LOOKING FOR SUCCESSION PLANS FOR THEIR COMPANIES WITH SEASONED MANAGERS WHO HAVE THE SKILLS TO GROW THE BUSINESS. TASF CATALYZES ENTREPRENEURSHIP THROUGH ACQUISITION. OUR FIRST SEARCHER COMPLETED THE ACQUISITION OF PROPANN, A COMPANY THAT PRODUCES MANUFACTURED BOARD FOR FURNITURE AND INTERIOR FINISHING IN 2019. SINCE ACQUISITION, HE HAS UPGRADED AND OPTIMIZED OPERATIONS, REFINED THE COMPANY'S STRATEGY WITH ATTENTION TO PRODUCT MIX, DEVELOPED NEW SOURCES FOR RAW MATERIALS, AND WORKED ON CREATING NEW MARKETS LOCALLY AND INTERNATIONALLY. IN 2024, PROPANN AND ITS STRONG MANAGEMENT CONTINUED TO PERFORM WELL IN A CHALLENGING ENVIRONMENT.FUND OF FUNDS INVESTMENTS: STRENGTHENING TUNISIA'S INVESTMENT ECOSYSTEM TAEF BELIEVES THAT A STRONG SME FINANCING ECOSYSTEM MADE UP OF DIVERSIFIED INVESTMENT VEHICLES WITH TALENTED MANAGEMENT TEAMS IS ESSENTIAL TO DRIVE ECONOMIC GROWTH AND GENERATE IMPACT. BY INVESTING ALONGSIDE OTHERS, TAEF HAS LEVERAGED OUR FUNDS TO ACHIEVE GREATER IMPACT AND TO EXPAND FINANCING OPTIONS AVAILABLE TO TALENTED ENTREPRENEURS INVESTING IN GROWTH. TUNINVEST CROISSANCE (TC), A SINGLE COUNTRY FUND CREATED IN 2013, PROVIDED GROWTH CAPITAL TO 10 TUNISIAN SMES. FULLY INVESTED SINCE 2016, TC WORKS ACTIVELY WITH INVESTEES AS THEY MOVE TOWARDS EXIT. AT THE END OF 2024, FIVE EXITS HAD BEEN FINALIZED, THREE ARE PLANNED FOR EXIT IN 2025, AND ONE FOR LATER IN 2026. INMA HOLDING, A NEW FUND, WAS SEEDED BY TAEF IN 2017 TO EXPAND SME INVESTMENT OPTIONS IN TUNISIA. BY THE END OF 2024, INMA HOLDING HAD INVESTED IN 5 COMPANIES AND SUCCESSFULLY EXITED FROM ONE, GENERATING A 13.9% IRR. TAEF EXPECTS TO CONTINUE TO SUPPORT THESE FUND INVESTMENTS AS THEY EXIT INITIAL INVESTMENTS, MANAGE ONGOING ACTIVE INVESTMENTS, AND DEVELOP MANAGERIAL TALENT. INMA FINANCE: TUNISIA'S FIRST PRIVATE DEBT FUND TAEF CO-CREATED INMA FINANCE, THE FIRST PRIVATE DEBT VEHICLE IN TUNISIA. THIS FUND WAS CREATED IN DIRECT RESPONSE TO SME'S EXPRESSED NEEDS FOR AN ALTERNATIVE TO THE T |
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| IRS990/DisregardedEntityInd | 0 | 0 |
| IRS990/DocumentRetentionPolicyInd | 0 | 1 |
| IRS990/DonorAdvisedFundInd | 0 | 0 |
| IRS990/DonorRstrOrQuasiEndowmentsInd | 0 | 0 |
| IRS990/ElectionOfBoardMembersInd | 0 | 0 |
| IRS990/EmployeeCnt | 0 | 1 |
| IRS990/EmploymentTaxReturnsFiledInd | 0 | 1 |
| IRS990/EngagedInExcessBenefitTransInd | 0 | 0 |
| IRS990/ExpenseAmt | 0 | 697165 |
| IRS990/FamilyOrBusinessRlnInd | 0 | 0 |
| IRS990/FederalGrantAuditRequiredInd | 0 | 0 |
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| IRS990/FeesForServicesAccountingGrp/TotalAmt | 0 | 131914 |
| IRS990/FeesForServicesLegalGrp/ManagementAndGeneralAmt | 0 | 11508 |
| IRS990/FeesForServicesLegalGrp/ProgramServicesAmt | 0 | 14066 |
| IRS990/FeesForServicesLegalGrp/TotalAmt | 0 | 25574 |
| IRS990/FeesForServicesOtherGrp/ProgramServicesAmt | 0 | 6500 |
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| IRS990/FeesForSrvcInvstMgmntFeesGrp/TotalAmt | 0 | 59689 |
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| IRS990/ForeignCountryCd | 1 | MP |
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| IRS990/ForeignGrantsGrp/ProgramServicesAmt | 0 | 273504 |
| IRS990/ForeignGrantsGrp/TotalAmt | 0 | 273504 |
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| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt | 3 | 1.00 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt | 4 | 1.00 |
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| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt | 6 | 1.00 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt | 7 | 1.00 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt | 8 | 45.00 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt | 9 | 20.00 |
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| IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd | 1 | X |
| IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd | 2 | X |
| IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd | 3 | X |
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| IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd | 7 | X |
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| IRS990/Form990PartVIISectionAGrp/OfficerInd | 1 | X |
| IRS990/Form990PartVIISectionAGrp/OfficerInd | 2 | X |
| IRS990/Form990PartVIISectionAGrp/OfficerInd | 3 | X |
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| IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt | 1 | 0 |
| IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt | 2 | 0 |
| IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt | 3 | 0 |
| IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt | 4 | 0 |
| IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt | 5 | 0 |
| IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt | 6 | 0 |
| IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt | 7 | 0 |
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| IRS990/Form990PartVIISectionAGrp/PersonNm | 5 | LAUREN HENDRICKS |
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| IRS990/Form990PartVIISectionAGrp/PersonNm | 7 | HATEM SELLAMI |
| IRS990/Form990PartVIISectionAGrp/PersonNm | 8 | HELA KADDOUR FOURATI |
| IRS990/Form990PartVIISectionAGrp/PersonNm | 9 | LOUISE STONER CRAWFORD |
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| IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt | 7 | 0 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt | 8 | 0 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt | 9 | 0 |
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| IRS990/Form990PartVIISectionAGrp/TitleTxt | 1 | TREASURER |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 2 | BOARD MEMBER |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 3 | BOARD MEMBER |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 4 | BOARD MEMBER |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 5 | BOARD MEMBER |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 6 | BOARD MEMBER |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 7 | BOARD MEMBER |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 8 | PRESIDENT |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 9 | SECRETARY - MANAGING DIRECTOR |
| IRS990/Form990ProvidedToGvrnBodyInd | 0 | 1 |
| IRS990/FormationYr | 0 | 2013 |
| IRS990/FormerOfcrEmployeesListedInd | 0 | 0 |
| IRS990/FSAuditedBasisGrp/ConsolidatedBasisFinclStmtInd | 0 | X |
| IRS990/FSAuditedInd | 0 | 1 |
| IRS990/FundraisingActivitiesInd | 0 | 0 |
| IRS990/GainOrLossGrp/SecuritiesAmt | 0 | 72 |
| IRS990/GamingActivitiesInd | 0 | 0 |
| IRS990/GoverningBodyVotingMembersCnt | 0 | 8 |
| IRS990/GovernmentGrantsAmt | 0 | 274920 |
| IRS990/GrantAmt | 0 | 273504 |
| IRS990/GrantsToIndividualsInd | 0 | 0 |
| IRS990/GrantsToOrganizationsInd | 0 | 0 |
| IRS990/GrantToRelatedPersonInd | 0 | 0 |
| IRS990/GrossAmountSalesAssetsGrp/SecuritiesAmt | 0 | 5871963 |
| IRS990/GrossReceiptsAmt | 0 | 5656723 |
| IRS990/GroupReturnForAffiliatesInd | 0 | 0 |
| IRS990/IncludeFIN48FootnoteInd | 0 | 1 |
| IRS990/IndependentAuditFinclStmtInd | 0 | 0 |
| IRS990/IndependentVotingMemberCnt | 0 | 8 |
| IRS990/IndivRcvdGreaterThan100KCnt | 0 | 2 |
| IRS990/IndoorTanningServicesInd | 0 | 0 |
| IRS990/InfoInScheduleOPartIIIInd | 0 | X |
| IRS990/InfoInScheduleOPartVIInd | 0 | X |
| IRS990/InfoInScheduleOPartVInd | 0 | X |
| IRS990/InfoInScheduleOPartXIInd | 0 | X |
| IRS990/InformationTechnologyGrp/ManagementAndGeneralAmt | 0 | 58886 |
| IRS990/InformationTechnologyGrp/TotalAmt | 0 | 58886 |
| IRS990/InsuranceGrp/ManagementAndGeneralAmt | 0 | 24868 |
| IRS990/InsuranceGrp/TotalAmt | 0 | 24868 |
| IRS990/InvestmentIncomeGrp/ExclusionAmt | 0 | 806089 |
| IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt | 0 | 806089 |
| IRS990/InvestmentInJointVentureInd | 0 | 0 |
| IRS990/InvestmentsProgramRelatedGrp/BOYAmt | 0 | 49930851 |
| IRS990/InvestmentsProgramRelatedGrp/EOYAmt | 0 | 49169826 |
| IRS990/InvestmentsPubTradedSecGrp/BOYAmt | 0 | 15888702 |
| IRS990/InvestmentsPubTradedSecGrp/EOYAmt | 0 | 15250196 |
| IRS990/IRPDocumentCnt | 0 | 3 |
| IRS990/IRPDocumentW2GCnt | 0 | 0 |
| IRS990/LandBldgEquipAccumDeprecAmt | 0 | 2179 |
| IRS990/LandBldgEquipBasisNetGrp/BOYAmt | 0 | 1430 |
| IRS990/LandBldgEquipBasisNetGrp/EOYAmt | 0 | 1040 |
| IRS990/LandBldgEquipCostOrOtherBssAmt | 0 | 3219 |
| IRS990/LegalDomicileStateCd | 0 | DE |
| IRS990/LessCostOthBasisSalesExpnssGrp/SecuritiesAmt | 0 | 5871891 |
| IRS990/LoanOutstandingInd | 0 | 0 |
| IRS990/LobbyingActivitiesInd | 0 | 0 |
| IRS990/LocalChaptersInd | 0 | 0 |
| IRS990/MaterialDiversionOrMisuseInd | 0 | 0 |
| IRS990/MembersOrStockholdersInd | 0 | 0 |
| IRS990/MethodOfAccountingAccrualInd | 0 | X |
| IRS990/MinutesOfCommitteesInd | 0 | 1 |
| IRS990/MinutesOfGoverningBodyInd | 0 | 1 |
| IRS990/MissionDesc | 0 | THE PURPOSE OF THE TUNISIAN-AMERICAN ENTERPRISE FUND (THE FUND) IS TO PROMOTE DEVELOPMENT OF THE TUNISIAN PRIVATE SECTOR THROUGH LOANS, MICROLOANS, EQUITY INVESTMENTS, INSURANCE, GUARANTEES, GRANTS, FEASIBILITY STUDIES, TECHNICAL ASSISTANCE, TRAINING FOR BUSINESSES, RECEIVING INVESTMENT CAPITAL, AND OTHER MEASURES. |
| IRS990/MoreThan5000KToIndividualsInd | 0 | 0 |
| IRS990/MoreThan5000KToOrgInd | 0 | 1 |
| IRS990/NetAssetsOrFundBalancesBOYAmt | 0 | 85888316 |
| IRS990/NetAssetsOrFundBalancesEOYAmt | 0 | 84352336 |
| IRS990/NetGainOrLossInvestmentsGrp/ExclusionAmt | 0 | 72 |
| IRS990/NetGainOrLossInvestmentsGrp/TotalRevenueColumnAmt | 0 | 72 |
| IRS990/NetUnrelatedBusTxblIncmAmt | 0 | 0 |
| IRS990/NetUnrlzdGainsLossesInvstAmt | 0 | 406384 |
| IRS990/NoDonorRestrictionNetAssetsGrp/BOYAmt | 0 | 85888316 |
| IRS990/NoDonorRestrictionNetAssetsGrp/EOYAmt | 0 | 84352336 |
| IRS990/NondeductibleContributionsInd | 0 | 0 |
| IRS990/OccupancyGrp/ManagementAndGeneralAmt | 0 | 16800 |
| IRS990/OccupancyGrp/TotalAmt | 0 | 16800 |
| IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt | 0 | 7467 |
| IRS990/OfficeExpensesGrp/TotalAmt | 0 | 7467 |
| IRS990/OfficerMailingAddressInd | 0 | 0 |
| IRS990/OperateHospitalInd | 0 | 0 |
| IRS990/Organization501c3Ind | 0 | X |
| IRS990/OrganizationFollowsFASB117Ind | 0 | X |
| IRS990/OtherAssetsTotalGrp/BOYAmt | 0 | 22377227 |
| IRS990/OtherAssetsTotalGrp/EOYAmt | 0 | 22377227 |
| IRS990/OtherChangesInNetAssetsAmt | 0 | -213966 |
| IRS990/OtherEmployeeBenefitsGrp/ManagementAndGeneralAmt | 0 | 1686 |
| IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt | 0 | 89 |
| IRS990/OtherEmployeeBenefitsGrp/TotalAmt | 0 | 1775 |
| IRS990/OtherLiabilitiesGrp/BOYAmt | 0 | 2918434 |
| IRS990/OtherLiabilitiesGrp/EOYAmt | 0 | 3385164 |
| IRS990/OtherRevenueMiscGrp/BusinessCd | 0 | 900099 |
| IRS990/OtherRevenueMiscGrp/BusinessCd | 1 | 900099 |
| IRS990/OtherRevenueMiscGrp/Desc | 0 | TRANSLATION LOSS |
| IRS990/OtherRevenueMiscGrp/Desc | 1 | LOSS ON SUBSIDIARY |
| IRS990/OtherRevenueMiscGrp/ExclusionAmt | 0 | -621557 |
| IRS990/OtherRevenueMiscGrp/ExclusionAmt | 1 | -677947 |
| IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt | 0 | -621557 |
| IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt | 1 | -677947 |
| IRS990/OtherRevenueTotalAmt | 0 | -1299504 |
| IRS990/PartialLiquidationInd | 0 | 0 |
| IRS990/PayPremiumsPrsnlBnftCntrctInd | 0 | 0 |
| IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt | 0 | 17974 |
| IRS990/PayrollTaxesGrp/ProgramServicesAmt | 0 | 946 |
| IRS990/PayrollTaxesGrp/TotalAmt | 0 | 18920 |
| IRS990/PoliticalCampaignActyInd | 0 | 0 |
| IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt | 0 | 21167 |
| IRS990/PrincipalOfficerNm | 0 | LOUISE STONER CRAWFORD |
| IRS990/ProfessionalFundraisingInd | 0 | 0 |
| IRS990/ProgramServiceRevenueGrp/BusinessCd | 0 | 900099 |
| IRS990/ProgramServiceRevenueGrp/Desc | 0 | LOAN INTEREST |
| IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt | 0 | 3255 |
| IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt | 0 | 3255 |
| IRS990/ProhibitedTaxShelterTransInd | 0 | 0 |
| IRS990/PYBenefitsPaidToMembersAmt | 0 | 0 |
| IRS990/PYContributionsGrantsAmt | 0 | 2494083 |
| IRS990/PYExcessBenefitTransInd | 0 | 0 |
| IRS990/PYGrantsAndSimilarPaidAmt | 0 | 230686 |
| IRS990/PYInvestmentIncomeAmt | 0 | 373725 |
| IRS990/PYOtherExpensesAmt | 0 | 448826 |
| IRS990/PYOtherRevenueAmt | 0 | 111632 |
| IRS990/PYProgramServiceRevenueAmt | 0 | 219528 |
| IRS990/PYRevenuesLessExpensesAmt | 0 | 1684717 |
| IRS990/PYSalariesCompEmpBnftPaidAmt | 0 | 834739 |
| IRS990/PYTotalExpensesAmt | 0 | 1514251 |
| IRS990/PYTotalProfFndrsngExpnsAmt | 0 | 0 |
| IRS990/PYTotalRevenueAmt | 0 | 3198968 |
| IRS990/QuidProQuoContributionsInd | 0 | 0 |
| IRS990/RcvFndsToPayPrsnlBnftCntrctInd | 0 | 0 |
| IRS990/ReconcilationRevenueExpnssAmt | 0 | -1728398 |
| IRS990/RegularMonitoringEnfrcInd | 0 | 1 |
| IRS990/RelatedEntityInd | 0 | 1 |
| IRS990/RelatedOrganizationCtrlEntInd | 0 | 1 |
| IRS990/ReportInvestmentsOtherSecInd | 0 | 0 |
| IRS990/ReportLandBuildingEquipmentInd | 0 | 1 |
| IRS990/ReportOtherAssetsInd | 0 | 1 |
| IRS990/ReportOtherLiabilitiesInd | 0 | 1 |
| IRS990/ReportProgramRelatedInvstInd | 0 | 1 |
| IRS990/RevenueAmt | 0 | 3255 |
| IRS990/SavingsAndTempCashInvstGrp/BOYAmt | 0 | 722081 |
| IRS990/SavingsAndTempCashInvstGrp/EOYAmt | 0 | 935357 |
| IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearAmt | 0 | 274920 |
| IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt | 0 | 2494083 |
| IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt | 0 | 2067702 |
| IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt | 0 | 13200536 |
| IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt | 0 | 4642387 |
| IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt | 0 | 22679628 |
| IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearAmt | 0 | 806089 |
| IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus1YearAmt | 0 | 373725 |
| IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus2YearsAmt | 0 | 502059 |
| IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus3YearsAmt | 0 | 877314 |
| IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus4YearsAmt | 0 | 59497 |
| IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt | 0 | 2618684 |
| IRS990ScheduleA/GrossReceiptsRltdActivitiesAmt | 0 | 2399099 |
| IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearAmt | 0 | -1299504 |
| IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus1YearAmt | 0 | 111632 |
| IRS990ScheduleA/OtherIncome170Grp/TotalAmt | 0 | -1187872 |
| IRS990ScheduleA/PublicOrganization170Ind | 0 | X |
| IRS990ScheduleA/PublicSupportCY170Pct | 0 | 0.94070 |
| IRS990ScheduleA/PublicSupportPY170Pct | 0 | 0.97210 |
| IRS990ScheduleA/PublicSupportTotal170Amt | 0 | 22679628 |
| IRS990ScheduleA/ThirtyThrPctSuprtTestsCY170Ind | 0 | X |
| IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt | 0 | 274920 |
| IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt | 0 | 2494083 |
| IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt | 0 | 2067702 |
| IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt | 0 | 13200536 |
| IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt | 0 | 4642387 |
| IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt | 0 | 22679628 |
| IRS990ScheduleA/TotalSupportAmt | 0 | 24110440 |
| IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine1 | 0 | RESTRICTED |
| IRS990ScheduleB/ContributorInformationGrp/ContributorNum | 0 | RESTRICTED |
| IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine1 | 0 | RESTRICTED |
| IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine2 | 0 | RESTRICTED |
| IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City | 0 | RESTRICTED |
| IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State | 0 | RESTRICTED |
| IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode | 0 | RESTRICTED |
| IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt | 0 | RESTRICTED |
| IRS990/ScheduleBRequiredInd | 0 | 1 |
| IRS990ScheduleD/EquipmentGrp/BookValueAmt | 0 | 1040 |
| IRS990ScheduleD/EquipmentGrp/DepreciationAmt | 0 | 910 |
| IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt | 0 | 1950 |
| IRS990ScheduleD/FootnoteTextInd | 0 | X |
| IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt | 0 | 24999900 |
| IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt | 1 | 8847482 |
| IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt | 2 | 6099625 |
| IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt | 3 | 3473190 |
| IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt | 4 | 3379320 |
| IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt | 5 | 1251600 |
| IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt | 6 | 1105318 |
| IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt | 7 | 11776 |
| IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt | 8 | 1615 |
| IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc | 0 | TUNISIAN AMERICAN SME COMPANY |
| IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc | 1 | INMA FINANCE |
| IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc | 2 | PROPANN |
| IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc | 3 | ANAVA SEED FUND |
| IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc | 4 | INMA HOLDING FUND |
| IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc | 5 | TUNINVEST CROISSANCE FUND |
| IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc | 6 | CFE TUNSIE FUND |
| IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc | 7 | FLAT 6 LABS FUND |
| IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc | 8 | INMA CONSEIL |
| IRS990ScheduleD/InvstProgramRelatedOrgGrp/MethodValuationCd | 0 | F |
| IRS990ScheduleD/InvstProgramRelatedOrgGrp/MethodValuationCd | 1 | F |
| IRS990ScheduleD/InvstProgramRelatedOrgGrp/MethodValuationCd | 2 | F |
| IRS990ScheduleD/InvstProgramRelatedOrgGrp/MethodValuationCd | 3 | F |
| IRS990ScheduleD/InvstProgramRelatedOrgGrp/MethodValuationCd | 4 | F |
| IRS990ScheduleD/InvstProgramRelatedOrgGrp/MethodValuationCd | 5 | F |
| IRS990ScheduleD/InvstProgramRelatedOrgGrp/MethodValuationCd | 6 | F |
| IRS990ScheduleD/InvstProgramRelatedOrgGrp/MethodValuationCd | 7 | F |
| IRS990ScheduleD/InvstProgramRelatedOrgGrp/MethodValuationCd | 8 | F |
| IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt | 0 | 22377227 |
| IRS990ScheduleD/OtherAssetsOrgGrp/Desc | 0 | SUBSIDIARY ADVANCES FOR INVESTMENT |
| IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt | 0 | 0 |
| IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt | 0 | 1269 |
| IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt | 0 | 1269 |
| IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt | 0 | 2278989 |
| IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt | 1 | 1106175 |
| IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc | 0 | DUE TO AFFILIATE |
| IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc | 1 | PROVISION FOR INVESTMENT IMPAIRMENT |
| IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt | 0 | TAEF EVALUATED ITS UNCERTAINTY IN INCOME TAXES FOR THE YEAR ENDED DECEMBER 31, 2024, AND DETERMINED THAT THERE WERE NO MATTERS THAT WOULD REQUIRE RECOGNITION IN THE FINANCIAL STATEMENTS OR THAT MAY HAVE ANY EFFECT ON ITS TAX-EXEMPT STATUS. |
| IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc | 0 | PART X, LINE 2: |
| IRS990ScheduleD/TotalBookValueLandBuildingsAmt | 0 | 1040 |
| IRS990ScheduleD/TotalBookValueOtherAssetsAmt | 0 | 22377227 |
| IRS990ScheduleD/TotalBookValueProgramRltdAmt | 0 | 49169826 |
| IRS990ScheduleD/TotalLiabilityAmt | 0 | 3385164 |
| IRS990ScheduleF/AccountActivitiesOutsideUSGrp/EmployeeCnt | 0 | 8 |
| IRS990ScheduleF/AccountActivitiesOutsideUSGrp/EmployeeCnt | 1 | 0 |
| IRS990ScheduleF/AccountActivitiesOutsideUSGrp/OfficesCnt | 0 | 1 |
| IRS990ScheduleF/AccountActivitiesOutsideUSGrp/OfficesCnt | 1 | 0 |
| IRS990ScheduleF/AccountActivitiesOutsideUSGrp/RegionTotalExpendituresAmt | 0 | 49169826 |
| IRS990ScheduleF/AccountActivitiesOutsideUSGrp/RegionTotalExpendituresAmt | 1 | 274920 |
| IRS990ScheduleF/AccountActivitiesOutsideUSGrp/RegionTxt | 0 | MIDDLE EAST AND NORTH AFRICA |
| IRS990ScheduleF/AccountActivitiesOutsideUSGrp/RegionTxt | 1 | MIDDLE EAST AND NORTH AFRICA |
| IRS990ScheduleF/AccountActivitiesOutsideUSGrp/TypeOfActivitiesConductedTxt | 0 | INVESTMENTS |
| IRS990ScheduleF/AccountActivitiesOutsideUSGrp/TypeOfActivitiesConductedTxt | 1 | GRANTMAKING |
| IRS990ScheduleF/BoycottCountriesInd | 0 | 0 |
| IRS990ScheduleF/ContinuationSpentAmt | 0 | 0 |
| IRS990ScheduleF/ContinuationTotalEmployeeCnt | 0 | 0 |
| IRS990ScheduleF/ContinuationTotalOfficeCnt | 0 | 0 |
| IRS990ScheduleF/ForeignCorpOwnershipInd | 0 | 1 |
| IRS990ScheduleF/ForeignPartnershipInd | 0 | 0 |
| IRS990ScheduleF/GrantRecordsMaintainedInd | 0 | 1 |
| IRS990ScheduleF/GrantsToOrgOutsideUSGrp/CashGrantAmt | 0 | 274920 |
| IRS990ScheduleF/GrantsToOrgOutsideUSGrp/MannerOfCashDisbursementTxt | 0 | WIRE |
| IRS990ScheduleF/GrantsToOrgOutsideUSGrp/NonCashAssistanceAmt | 0 | 0 |
| IRS990ScheduleF/GrantsToOrgOutsideUSGrp/PurposeOfGrantTxt | 0 | GENERAL SUPPORT |
| IRS990ScheduleF/GrantsToOrgOutsideUSGrp/RegionTxt | 0 | MIDDLE EAST AND NORTH AFRICA |
| IRS990ScheduleF/InterestInForeignTrustInd | 0 | 0 |
| IRS990ScheduleF/PassiveForeignInvestmestCoInd | 0 | 0 |
| IRS990ScheduleF/SubtotalEmployeesCnt | 0 | 8 |
| IRS990ScheduleF/SubtotalOfficesCnt | 0 | 1 |
| IRS990ScheduleF/SubtotalSpentAmt | 0 | 49444746 |
| IRS990ScheduleF/SupplementalInformationDetail/ExplanationTxt | 0 | THE FUND'S PRIMARY PURPOSE IS INVESTMENT OF THE FUNDS. THE FUND MONITORS ITS INVESTMENTS CLOSELY. ANY GRANTS THE FUND MAKES TO OTHER ENTITIES ARE MADE IN SUPPORT OF OUR MISSION OF INVESTING IN TUNISIA'S SME SECTOR AND ARE OFTEN PART OF A PACKAGE WITH EQUITY AND/OR LOANS. THE PERFORMANCE OF THESE ENTITIES IS CLOSELY MONITORED AND, WITH EQUITY INVESTMENTS, THE FUND USUALLY HAS A SEAT ON THE BOARD. |
| IRS990ScheduleF/SupplementalInformationDetail/ExplanationTxt | 1 | INVESTMENTS CONSIST OF THE FUND'S INTEREST IN A PRIVATE EQUITY FUND AND IN CERTAIN PARTNERSHIPS WHICH ARE CONSIDERED TO BE ALTERNATIVE INVESTMENTS; AS SUCH, THESE ALTERNATIVE INVESTMENTS ARE NOT TRADED IN AN ESTABLISHED MARKET. THE FUND'S INTEREST IN THESE ALTERNATIVE INVESTMENTS IS RECORDED AT THE LOWER OF COST OR MARKET. |
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