Civic Intelligence

National Ace Foundation

990 • Fiscal year 2017 • EIN 46-3200311

Jan 01, 2017 to Dec 31, 2017 • Filed on Nov 15, 2018

Organization ProfileWWW.NATIONALACE.ORG
1300 Pennsylvania AveWashington, DC 20004

(202) 715-0787

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

42nd percentile

0.02x

Higher debt load relative to assets than 42% of similar nonprofits.

2017 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2017

Liabilities / Revenue

45th percentile

0.02x

Higher debt load relative to revenue than 45% of similar nonprofits.

2017 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2017

Net Margin

75th percentile

18%

Higher net margin than 75% of similar nonprofits.

2017 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2017

Top Officer Pay

95th percentile

$165,000

Higher top officer pay than 95% of similar nonprofits.

Top officer pay equals 38.2% of source-year revenue.

2017 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2017

Asset Growth

7th percentile

-26%

Faster asset growth than 7% of similar nonprofits.

2017 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2016 to 2017

Revenue Growth

29th percentile

-5.4%

Faster revenue growth than 29% of similar nonprofits.

2017 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2016 to 2017

Balance Sheet
Liabilities / Assets42nd percentile

Assets

Down

$648,322

Down $230,259 (-26%) from 2016

Net Assets

Down

$638,468

Down $158,481 (-20%) from 2016

Liabilities

Down

$9,854

Down $71,778 (-88%) from 2016

Revenue And Expenses
Liabilities / Revenue45th percentileNet Margin75th percentile

Revenue

Down

$431,816

Down $24,733 (-5.4%) from 2016

Expenses

Up

$356,069

Up $95,093 (+36%) from 2016

Net Income

Down

$75,747

Down $119,826 (-61%) from 2016

Historical Trend

Balance Sheet Trend

Asset Growth7th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$4.0M$3.0M$2.0M$1.0M$0Assets 2013: $379,175Liabilities 2013: $0Net Assets 2013: $379,1752013Assets 2014: $526,121Liabilities 2014: $33,109Net Assets 2014: $493,0122014Assets 2015: $731,731Liabilities 2015: $130,355Net Assets 2015: $601,3762015Assets 2016: $878,581Liabilities 2016: $81,632Net Assets 2016: $796,9492016Assets 2017: $648,322Liabilities 2017: $9,854Net Assets 2017: $638,4682017Assets 2018: $610,703Liabilities 2018: $182Net Assets 2018: $610,5212018Assets 2019: $599,695Liabilities 2019: $0Net Assets 2019: $599,6952019Assets 2020: $657,732Liabilities 2020: $30,905Net Assets 2020: $626,8272020Assets 2021: $2,377,771Liabilities 2021: $372,520Net Assets 2021: $2,005,2512021Assets 2022: $2,162,590Liabilities 2022: $409,949Net Assets 2022: $1,752,6412022Assets 2023: $2,452,433Liabilities 2023: $353,996Net Assets 2023: $2,098,4372023Assets 2024: $3,366,612Liabilities 2024: $367,269Net Assets 2024: $2,999,3432024

Highlighted filing

2017

Assets$648,322
Liabilities$9,854
Net Assets$638,468
Open 2017 Filing

Operations Trend

Revenue Growth29th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$6.0M$4.0M$2.0M$0-$2.0MRevenue 2013: $413,501Expenses 2013: $34,326Net Income 2013: $379,1752013Revenue 2014: $408,216Expenses 2014: $294,379Net Income 2014: $113,8372014Revenue 2015: $394,861Expenses 2015: $343,491Net Income 2015: $51,3702015Revenue 2016: $456,549Expenses 2016: $260,976Net Income 2016: $195,5732016Revenue 2017: $431,816Expenses 2017: $356,069Net Income 2017: $75,7472017Revenue 2018: $272,500Expenses 2018: $300,447Net Income 2018: -$27,9472018Revenue 2019: $311,710Expenses 2019: $322,536Net Income 2019: -$10,8262019Revenue 2020: $387,420Expenses 2020: $360,288Net Income 2020: $27,1322020Revenue 2021: $4,925,952Expenses 2021: $3,547,528Net Income 2021: $1,378,4242021Revenue 2022: $4,126,452Expenses 2022: $4,379,062Net Income 2022: -$252,6102022Revenue 2023: $2,565,208Expenses 2023: $2,233,333Net Income 2023: $331,8752023Revenue 2024: $3,207,046Expenses 2024: $2,300,807Net Income 2024: $906,2392024

Highlighted filing

2017

Revenue$431,816
Expenses$356,069
Net Income$75,747
Open 2017 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2017 to Dec 31, 2017
Signed
Nov 15, 2018
Return Version
2017v2.2
Gross Receipts
$431,816
Mission and Program Overview

Mission

Ace foundation was established to improve the quality of life for asian and pacific islander americans by assisting the asian american and pacific islander community through business education and training, research, and community development (see schedule o).

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$754,578$612,206▼ $142,372
Pledges and Grants Receivable$124,000--
Accounts Receivable-$32,566-
Prepaid Expenses and Deferred Charges-$1,775-
Savings and Temporary Cash Investments$3--
Total Assets$878,581$648,322▼ $230,259
Other Assets Total-$1,775-
Liabilities
Deferred Revenue$80,000--
Accounts Payable and Accrued Expenses$1,632$9,854▲ $8,222
Total Liabilities$81,632$9,854▼ $71,778
Net Assets / Fund Balance
Unrestricted Net Assets$796,949$638,468▼ $158,481
Total Net Assets Fund Balance$796,949$638,468▼ $158,481
Total Liabilities and Net Assets / Fund Balance$878,581$648,322▼ $230,259

Asset Categories

AssetBook ValueDepreciationBasis
Other Assets Org$1,775--
Compensation and Service Providers
Top Officer Pay95th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Chiling TongPresident & CEOFT$150,000$15,000$165,000

Board Members and Trustees

NameTitle
Helene YanChair
Amar ShokeenVice Chair
Betty LoDirector
Bill ImadaDirector
Dennis HuangDirector
Douglas BauderDirector
Edmond ChanDirector
Garrett GinDirector
Jamie ChungDirector
Jimmy FergusonDirector
Pat Fong KushidaDirector
Shau-wai LamDirector
Susan Jin DavisDirector
Wallace TsuhaDirector
Marty LorenzoCounsel
Karen EngSecretary
Tracey DoiTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$431,816
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$0
All Other Contributions
$399,250
Change in Net Assets
$75,747

Audited Revenue Reconciliation

Revenue per Audited Statements
$431,816
Total Revenue per Audited Statements
$431,816
Total Revenue per Form 990
$431,816
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$255,075
Other Expenses$100,994
Total Fundraising Expense$16,427
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees$120,000$22,500$7,500$150,000
Other Salaries and Wages$54,451$10,210$3,403$68,064
Fees for Services Other$13,346$2,501$835$16,682
Conferences and Meetings$16,134--$16,134
Travel$12,225$2,292$764$15,281
Pension Plan Contributions$12,000$2,250$750$15,000
Payroll Taxes$11,836$2,219$740$14,795
Fees for Services Accounting$9,420$1,766$589$11,775
Other Expenses$11,417$101$34$11,417
Office Expenses$8,595$1,612$537$10,744
Occupancy$8,520$1,598$532$10,650
Other Employee Benefits$5,773$1,082$361$7,216
Fees for Services Legal$5,576$1,046$349$6,971
Insurance$532$100$33$665
Total Functional Expenses$290,365$49,277$16,427$356,069

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$356,069
Total Expenses per Audited Statements$356,069
Total Expenses per Form 990$356,069
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990 governing body review Part VI line 11

“Form 990 was prepared by outside accountants and reviewed by the president & ceo and board of directors before filing with the irs.”

Conflict of interest policy compliance Part VI line 12C

“Officers and directors are required to annually disclose any interests that may give rise to conflicts. If a conflict arises, the interested person recuses themselves from discussion on the matter.”

CEO executive director top management comp Part VI line 15A

“Comparability data was used when determining the compensation of the president & ceo. The decision was documented in the meeting minutes after approval by the executive committee.”

Governing documents etc available to public Part VI line 19

“The organization makes its governing documents and financial statements available upon request.”

Filing and Contact Details

Filer

Filer Name
Ace Foundation
EIN
46-3200311
Address
1300 PENNSYLVANIA AVE, WASHINGTON, DC 20004

Signing Officer

Name
Chiling Tong
Title
President & CEO
Phone
2027150787
Signed
2018-11-15
Discuss with paid preparer
Yes

Organization Details

Formed
2013
Legal Domicile
Dc
Voting Board Members
17
Independent Board Members
17
Employees
3
Volunteers
19

Preparer

Firm
Tung T Tu CPA LLC
Address
7297 LEE HWY STE D2, FALLS CHURCH, VA 22042
Preparer
Tung Tu
Phone
7036365588
Supplemental Narrative

Additional Explanations

Explanation of other changes in net assets or fund balances Part XI line 9

“Form 990, part xi, line 9 - other adjustment:$190,228 from a related organization (ein 46-2071116, listed in schedule r) is now reported separately in that organizations balance sheet.”

General explanation attachment

“Form 990, part iii, line 1 - organization mission:the foundation expects its programs to provide an environment that fosters leadership and community development, promotes issues that are relevant to the aapi community, and be a medium to increase representation of the appi community in every respect of american life, including business, politics, and community involvement, among others.”

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This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Form990PartVIISectionAGrp/TitleTxt0CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt1VICE CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt2SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt3TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5COUNSEL
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt11DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt14DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt15DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt16DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt17PRESIDENT & CEO
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IRS990/MissionDesc0ACE FOUNDATION WAS ESTABLISHED TO IMPROVE THE QUALITY OF LIFE FOR ASIAN AND PACIFIC ISLANDER AMERICANS BY ASSISTING THE ASIAN AMERICAN AND PACIFIC ISLANDER COMMUNITY THROUGH BUSINESS EDUCATION AND TRAINING, RESEARCH, AND COMMUNITY DEVELOPMENT (SEE SCHEDULE O).
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IRS990/ProgSrvcAccomActy2Grp/Desc0THE 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. WE HOST SEVERAL EVENTS THROUGHOUT EACH CALENDAR YEAR THAT HELP IN EDUCATING THE MINORITY BUSINESS COMMUNITY, INCLUDING EMPLOYEE/BUSINESS RESOURCE GROUP ROUND-TABLES, SYMPOSIUMS IN COORDINATION WITH FEDERAL GOVERNMENT AGENCIES, AND WEBINARS AND WORKSHOPS CENTERED AROUND ACCESS TO CAPITAL, ACCESS TO CONTRACTING OPPORTUNITIES, GRANT WRITING, RETIREMENT SECURITY, FINANCIAL CAPACITY, AND CHALLENGES FACING MILLENNIAL BUSINESS OWNERS.
IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt0101628
IRS990/ProgSrvcAccomActy3Grp/Desc0THE ACE FOUNDATION PROVIDES A UNIFIED, NATIONAL VOICE FOR INDIVIDUAL AAPI CHAMBERS OF COMMERCE THROUGHOUT THE COUNTRY. WE PARTNER, THROUGH MEMORANDUMS OF UNDERSTANDING, WITH 25 LOCAL AND REGIONAL CHAMBERS TO PROMOTE AAPI BUSINESS INTERESTS, GROW A LARGE NUMBER OF AAPI ENTREPRENEURS NATIONWIDE, AND EMPOWER AAPI LEADERS TO ADVANCE IN CORPORATE AMERICA.
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0CHILING TONG
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0PRESIDENT & CEO
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0FORM 990 WAS PREPARED BY OUTSIDE ACCOUNTANTS AND REVIEWED BY THE PRESIDENT & CEO AND BOARD OF DIRECTORS BEFORE FILING WITH THE IRS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1OFFICERS AND DIRECTORS ARE REQUIRED TO ANNUALLY DISCLOSE ANY INTERESTS THAT MAY GIVE RISE TO CONFLICTS. IF A CONFLICT ARISES, THE INTERESTED PERSON RECUSES THEMSELVES FROM DISCUSSION ON THE MATTER.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2COMPARABILITY DATA WAS USED WHEN DETERMINING THE COMPENSATION OF THE PRESIDENT & CEO. THE DECISION WAS DOCUMENTED IN THE MEETING MINUTES AFTER APPROVAL BY THE EXECUTIVE COMMITTEE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4FORM 990, PART XI, LINE 9 - OTHER ADJUSTMENT:$190,228 FROM A RELATED ORGANIZATION (EIN 46-2071116, LISTED IN SCHEDULE R) IS NOW REPORTED SEPARATELY IN THAT ORGANIZATIONS BALANCE SHEET.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5FORM 990, PART III, LINE 1 - ORGANIZATION MISSION:THE FOUNDATION EXPECTS ITS PROGRAMS TO PROVIDE AN ENVIRONMENT THAT FOSTERS LEADERSHIP AND COMMUNITY DEVELOPMENT, PROMOTES ISSUES THAT ARE RELEVANT TO THE AAPI COMMUNITY, AND BE A MEDIUM TO INCREASE REPRESENTATION OF THE APPI COMMUNITY IN EVERY RESPECT OF AMERICAN LIFE, INCLUDING BUSINESS, POLITICS, AND COMMUNITY INVOLVEMENT, AMONG OTHERS.

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Filings

Displayed year

2017 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$648,322
Liabilities
$9,854
Net assets
$638,468
Revenue
$431,816
Expenses
$356,069
Net income
$75,747
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$3.37$0.37$3.00$3.21$2.30$0.91
2023Detailed filing. Detailed filing data is available for this year.$2.45$0.35$2.10$2.57$2.23$0.33
2022Detailed filing. Detailed filing data is available for this year.$2.16$0.41$1.75$4.13$4.38$0.25
2021Detailed filing. Detailed filing data is available for this year.$2.38$0.37$2.01$4.93$3.55$1.38
2020Detailed filing. Detailed filing data is available for this year.$0.66$0.03$0.63$0.39$0.36$0.03
2019Detailed filing. Detailed filing data is available for this year.$0.60$0.00$0.60$0.31$0.32$0.01
2018Detailed filing. Detailed filing data is available for this year.$0.61$0.00$0.61$0.27$0.30$0.03
2017Detailed filing. Detailed filing data is available for this year.$0.65$0.01$0.64$0.43$0.36$0.08
2016Detailed filing. Detailed filing data is available for this year.$0.88$0.08$0.80$0.46$0.26$0.20
2015Detailed filing. Detailed filing data is available for this year.$0.73$0.13$0.60$0.39$0.34$0.05
2014Detailed filing. Detailed filing data is available for this year.$0.53$0.03$0.49$0.41$0.29$0.11
2013Summary only. Only limited summary data is available for this year.$0.38$0.00$0.38$0.41$0.03$0.38