Civic Intelligence

National Ace Foundation

990 • Fiscal year 2018 • EIN 46-3200311

Jan 01, 2018 to Dec 31, 2018 • Filed on Nov 12, 2019

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

28th percentile

0.00x

Higher debt load relative to assets than 28% of similar nonprofits.

2018 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2018

Liabilities / Revenue

28th percentile

0.00x

Higher debt load relative to revenue than 28% of similar nonprofits.

2018 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2018

Net Margin

20th percentile

-10%

Higher net margin than 20% of similar nonprofits.

2018 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2018

Top Officer Pay

50th percentile

$0

Higher top officer pay than 50% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2018 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2018

Asset Growth

25th percentile

-5.8%

Faster asset growth than 25% of similar nonprofits.

2018 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2017 to 2018

Revenue Growth

8th percentile

-37%

Faster revenue growth than 8% of similar nonprofits.

2018 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2017 to 2018

Balance Sheet
Liabilities / Assets28th percentile

Assets

Down

$610,703

Down $37,619 (-5.8%) from 2017

Net Assets

Down

$610,521

Down $27,947 (-4.4%) from 2017

Liabilities

Down

$182

Down $9,672 (-98%) from 2017

Revenue And Expenses
Liabilities / Revenue28th percentileNet Margin20th percentile

Revenue

Down

$272,500

Down $159,316 (-37%) from 2017

Expenses

Down

$300,447

Down $55,622 (-16%) from 2017

Net Income

Down

-$27,947

Down $103,694 (-137%) from 2017

Historical Trend

Balance Sheet Trend

Asset Growth25th 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

2018

Assets$610,703
Liabilities$182
Net Assets$610,521
Open 2018 Filing

Operations Trend

Revenue Growth8th 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

2018

Revenue$272,500
Expenses$300,447
Net Income-$27,947
Open 2018 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2018 to Dec 31, 2018
Signed
Nov 12, 2019
Return Version
2018v3.1
Gross Receipts
$272,500
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$612,206$583,740▼ $28,466
Accounts Receivable$32,566$25,188▼ $7,378
Prepaid Expenses and Deferred Charges$1,775--
Total Assets$648,322$610,703▼ $37,619
Other Assets Total$1,775$1,775→ $0
Liabilities
Accounts Payable and Accrued Expenses$9,854$182▼ $9,672
Total Liabilities$9,854$182▼ $9,672
Net Assets / Fund Balance
Unrestricted Net Assets$638,468$610,521▼ $27,947
Total Net Assets Fund Balance$638,468$610,521▼ $27,947
Total Liabilities and Net Assets / Fund Balance$648,322$610,703▼ $37,619

Asset Categories

AssetBook ValueDepreciationBasis
Other Assets Org$1,775--
Compensation and Service Providers
Top Officer Pay50th percentile

Board Members and Trustees

NameTitle
Dennis HuangChair
Amar ShokeenDirector
Bill ImadaDirector
Helene YangDirector
Ian SoDirector
Marty LorenzoDirector
Pat Fong KushidaDirector
Revenue and Support

Revenue Composition

Contributions and Grants
$272,500
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$0
All Other Contributions
$272,500
Change in Net Assets
$-27,947

Audited Revenue Reconciliation

Revenue per Audited Statements
$272,500
Total Revenue per Audited Statements
$272,500
Total Revenue per Form 990
$272,500
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$293,814
Total Fundraising Expense$9,239
Salaries, Compensation, and Employee Benefits$6,633
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Payments to Affiliates$206,067$23,637$7,879$237,583
Other Expenses$22,739--$22,739
Travel$6,065$1,138$378$7,581
Office Expenses$5,331$999$333$6,663
Occupancy$5,070$950$317$6,337
Other Salaries and Wages$4,800$900$300$6,000
Conferences and Meetings$5,056--$5,056
Fees for Services Accounting-$4,235-$4,235
Fees for Services Legal-$3,620-$3,620
Payroll Taxes$507$94$32$633
Total Functional Expenses$255,635$35,573$9,239$300,447

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$300,447
Total Expenses per Audited Statements$300,447
Total Expenses per Form 990$300,447
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
2019-11-12
Discuss with paid preparer
No

Organization Details

Formed
2013
Legal Domicile
Dc
Voting Board Members
7
Independent Board Members
7
Employees
1

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

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/ProgSrvcAccomActy2Grp/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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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 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.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990 governing body review Part VI line 11
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Conflict of interest policy compliance Part VI line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2CEO executive director top management comp Part VI line 15a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Governing documents etc available to public Part VI line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4General explanation attachment
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Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2018 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$610,703
Liabilities
$182
Net assets
$610,521
Revenue
$272,500
Expenses
$300,447
Net income
-$27,947
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