2023-11-15T07:23:56-06:00 2022-12-31 420714325 RSM US LLP 80 CITY SQUARE BOSTON MA 02129 990 2022-01-01 134166228 ACUMEN FUND INC ACUM 2125668821 40 WORTH STREET 303 NEW YORK NY 10013 JACQUELINE WOO CHIEF FINANCIAL OFFICER 2125668821 2023-11-14 1 JACQUELINE WOO XXX-XX-XXXX 0 KAREN LO P01434915 6179129000 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z JACQUELINE NOVOGRATZ 40 WORTH STREET 303 NEW YORK NY 10013 64141384 0 X WWW.ACUMEN.ORG X 2001 NY ACUMEN'S MISSION IS TO CHANGE THE WAY THE WORLD TACKLES POVERTY BY INVESTING IN COMPANIES, LEADERS AND IDEAS.ACUMEN'S VISION IS THAT ONE DAY EVERY HUMAN BEING WILL HAVE ACCESS TO THE CRITICAL GOODS AND SERVICES THEY NEED - INCLUDING AFFORDABLE HEALTH CARE, CLEAN ENERGY, EDUCATION, WATER & SANITATION, HOUSING, ACCESS TO FINANCIAL SERVICES, AND AGRICULTURE (INPUTS, CLIMATE RESILIENCE, AND ADAPTATION) - SO THEY HAVE THE CHOICE AND OPPORTUNITY TO TRANSFORM THEIR LIVES. THIS IS WHERE DIGNITY STARTS, NOT JUST FOR THOSE LIVING IN POVERTY BUT FOR EVERYONE ON THE PLANET. 12 11 97 14 0 0 28852496 59141180 3028714 954784 -1754763 1345663 328350 -324122 30454797 61117505 2697986 1806288 0 0 11286964 12935309 0 0 3597236 8814003 14128735 22798953 28870332 7655844 32247173 151257086 187205036 6885479 10806671 144371607 176398365 X ACUMEN FUND, INC. IS WORKING TO CHANGE THE WAY THE WORLD TACKLES POVERTY BY INVESTING IN COMPANIES, LEADERS AND IDEAS. [SEE CONTINUATION ON SCHEDULE O]ACUMEN INVESTS PATIENT CAPITAL IN BUSINESSES THAT DELIVER CRITICAL, AFFORDABLE GOODS AND SERVICES TTO PEOPLE LIVING IN POVERTY, IMPROVING THE LIVES OF MILLIONS IN SOUTH ASIA, EAST AND WEST AFRICA, LATIN AMERICA AND THE UNITED STATES. SINCE 2001, ACUMEN HAS INVESTED $154 MILLION IN 167 SOCIAL ENTERPRISES WORKING AGRICULTURE, EDUCATION, ENERGY, FINANCIAL INCLUSION, HEALTH, HOUSING, WATER AND SANITATION, AND WORKFORCE DEVELOPMENT.ACUMEN ALSO INVESTS IN BUILDING A GLOBAL COMMUNITY OF EMERGING LEADERS WORKING TO CREATE A MORE JUST, INCLUSIVE, AND SUSTAINABLE WORLD THROUGH ACUMEN ACADEMY - THE WORLD'S SCHOOL FOR SOCIAL CHANGE - WHICH WAS LAUNCHED IN 2020 AND INCLUDES THE FELLOWS PROGRAM AND THE PREVIOUSLY NAMED +ACUMEN ONLINE COURSES.THROUGH THESE EFFORTS, ACUMEN IS WORKING TO CREATE LONG TERM, SUSTAINABLE SOLUTIONS TO POVERTY 0 0 13628383 1443092 697312 INVESTING AND PORTFOLIO MANAGEMENT:ACUMEN FUND, INC. ("ACUMEN") INVESTS PATIENT CAPITAL IN BUSINESS MODELS THAT DELIVER CRITICAL, AFFORDABLE GOODS AND SERVICES TO THE WORLD'S POOR, IMPROVING THE LIVES OF MILLIONS. SINCE 2001, ACUMEN HAS INVESTED IN BUSINESSES THAT PROVIDE ACCESS TO HEALTH CARE, ENERGY, EDUCATION, WATER & SANITATION, HOUSING, FINANCIAL SERVICES, AND AGRICULTURAL SERVICES TO LOW-INCOME CUSTOMERS. OUR INVESTMENTS ARE ADDRESSING THE PROBLEMS OF POVERTY IN EAST AND WEST AFRICA, SOUTH ASIA, LATIN AMERICA, AND THE UNITED STATES. ACUMEN INVESTED IN 13 NEW COMPANIES IN 2022, REACHING A CUMULATIVE $154 MILLION INVESTED IN 167 BUSINESSES SERVING PEOPLE LIVING IN POVERTY. [SEE CONTINUATION ON SCHEDULE O]ACUMEN ALSO EXITED FOUR COMPANIES RETURNING A TOTAL OF $2.2 MILLION.IN 2022, ACUMEN LAUNCHED PIONEER ENERGY INVESTMENT INITIATIVE: POWERING LIVELIHOODS USING SOLAR("PEII+"). IT IS A FIVE YEAR, $25M INITIATIVE THAT WILL INVEST IN PRODUCTIVE USE OF ENERGY (PUE) TECHNOLOGIES, TO BOOST INCOMES AND IMPROVE LIVELIHOODS. 4655828 350048 229303 FELLOWS AND LEADERSHIP PROGRAMS:IN 2022, ACUMEN ACADEMY RAN NINE REGIONAL AND GLOBAL FELLOWSHIP PROGRAMS AND TEN ACCELERATOR PROGRAMS SERVING 318 DIVERSE PROGRAM PARTICIPANTS FROM COLOMBIA, THE UNITED KINGDOM, SPAIN, WEST AFRICA, EAST AFRICA, INDIA, PAKISTAN, BANGLADESH AND MALAYSIA; CREATED TEN ONLINE COURSES TO ENABLE 20,000+ STUDENTS TO SCALE THEIR BUSINESSES AND INCREASE THEIR IMPACT; AND PROVIDED RESOURCES AND SUPPORT TO 1334 SOCIAL ENTREPRENEURS WITHIN OUR ALUMNI COMMUNITY WHO HAVE CUMULATIVELY IMPACTED THE LIVES OF 25 MILLION PEOPLE ACROSS THE GLOBE. [SEE CONTINUATION ON SCHEDULE O]OUR GOAL IS TO CATALYZE INNOVATIVE BUSINESS MODELS THAT ADDRESS THE CHALLENGES OF POVERTY WORLDWIDE BY PROVIDING DIGNITY TO WORKERS WHILE FURTHERING ENVIRONMENTAL SUSTAINABILITY. 4195012 13148 28169 IMPACT AND COMMUNICATIONS:THE GOAL OF THE IMPACT AND COMMUNICATIONS TEAMS AT ACUMEN IS TO SUPPORT THE MISSION OF CHANGING THE WAY THE WORLD TACKLES POVERTY BY SHARING THE INSIGHTS FROM OUR WORK, CATALYZING AN ENTREPRENEURIAL, MARKETS-BASED APPROACH TO SOLVING POVERTY, AND SHINING A LIGHT ON CLIMATE SOLUTIONS THAT WORK FOR EVERYONE.IN 2022, THE INSIGHTS TEAM PUBLISHED THREE MAJOR REPORTS, INCLUDING ACUMEN'S FLAGSHIP "FAILING FORWARD" REPORT, CAPTURING THE LESSONS LEARNED FROM FAILED INVESTMENTS AND SHOWING HOW ACUMEN HAS ADAPTED TO THOSE LESSONS IN ITS WORK. [SEE CONTINUATION ON SCHEDULE O]IN ADDITION, THE TEAM HELPED PUBLISH A DOZEN BLOGS AND EDITORIALS, AS WELL AS CONDUCTING 8 INTERNAL INSIGHTS SESSIONS TO IMPROVE CROSS-REGIONAL AND CROSS-FUNCTIONAL UNDERSTANDING OF ACUMEN'S WORK.IN 2022, ACUMEN PUBLISHED THE RESULTS OF A STUDY THAT ANALYZES THE SUCCESSES AND CHALLENGES OF OUR PATIENT CAPITAL WORK OVER THE PAST 20 YEARS, INVESTING AS A MEANS: 20 YEARS OF PATIENT CAPITAL. 22479223 1 1 0 0 0 0 0 0 0 0 1 0 1 0 1 1 0 1 0 1 1 1 1 0 1 0 0 1 0 1 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 1 0 0 1 X 70 0 1 97 1 0 1 CA UK MP IN PK CO KE NI 0 0 0 0 0 0 0 0 0 0 X 12 11 0 1 0 0 0 0 0 1 1 0 1 1 1 1 1 1 1 1 1 1 0 CA CT FL GA IL MD MA MI NJ NY PA WA DC X X X JACQUELINE WOO CHIEF FINANCIAL OFFICER 6467473958 40 WORTH STREET 303 NEW YORK NY 10013 JACQUELINE NOVOGRATZ CEO & DIRECTOR 39.50 0.50 X X 356530 0 32746 MARGO ALEXANDER DIRECTOR 1.00 0.00 X 0 0 0 C HUNTER BOLL DIRECTOR 1.00 0.00 X 0 0 0 KATHLEEN CHEW WAI LIN DIRECTOR 1.00 0.00 X 0 0 0 STUART DAVIDSON DIRECTOR (THRU 4/1/22) 1.00 0.00 X 0 0 0 JULIUS GAUDIO DIRECTOR (THRU 4/1/22) 1.00 0.00 X 0 0 0 NATHAN LAURELL DIRECTOR 1.00 0.00 X 0 0 0 CRISTINA LJUNGBERG DIRECTOR 1.00 0.00 X 0 0 0 KIRSTEN NEVILL-MANNING DIRECTOR 1.00 0.00 X 0 0 0 KAREN PATERSON DIRECTOR 1.00 0.00 X 0 0 0 THULASIRAJ RAVILLA DIRECTOR (THRU 4/1/22) 1.00 0.00 X 0 0 0 ANDREA SOROS COLOMBEL DIRECTOR 1.00 0.00 X 0 0 0 HANS TAPARIA DIRECTOR (AS OF 8/1/22) 1.00 0.00 X 0 0 0 MARK TERCEK DIRECTOR 1.00 0.00 X 0 0 0 SHAIZA RIZAVI BOARD CHAIR 1.00 0.00 X X 0 0 0 CARLYLE SINGER JONES PRESIDENT 39.00 1.00 X 325418 0 20999 JACQUELINE WOO CHIEF FINANCIAL OFFICER 38.50 1.50 X 248928 0 40394 LYNN ROLAND BOARD SECRETARY/GENERAL COUNSEL 25.00 15.00 X 244540 0 40921 WILLIAM CHARNOCK CHIEF MARKETING OFFICER 40.00 0.00 X 279462 0 30505 AMRITA BHANDARI CHIEF OF BUSINESS DEVELOPMENT 40.00 0.00 X 255799 0 8077 YASMINA ZAIDMAN CHIEF OF DEV. & PARTNERSHIPS 40.00 0.00 X 250997 0 7933 AMON ANDERSON DIRECTOR, ACUMEN AMERICA 40.00 0.00 X 218685 0 40145 CATHERINE C NANDA DIRECTOR, ACUMEN AMERICA 40.00 0.00 X 228804 0 7267 JOANNA MCQUADE DIRECTOR, TALENT 40.00 0.00 X 215445 0 17724 JO-ANN TAN DIRECTOR, LEADERSHIP 40.00 0.00 X 179784 0 5797 MICHELLE OSORIO INVESTMENT DIR., KAWISAFI VENTURES 0.00 40.00 X 0 254920 41133 ELEANOR MURPHY DIRECTOR, LEADERSHIP 39.50 0.50 X 178049 0 24529 SARAH BIEBER DIRECTOR, FUNDRAISING 40.00 0.00 X 183216 0 5900 SABRINA LEE ORTEGA SANCHEZ HEAD OF BUSINESS DEV., FOUNDATIONS 40.00 0.00 X 168915 0 16179 ALEXANDRA TRABULSI ASSOC. DIRECTOR, FUNDRAISING 40.00 0.00 X 179453 0 5619 3514025 254920 345868 25 0 1 0 EFRONT FINANCIAL SOLUTION INC 40 E 52ND STREET NEW YORK NY 10022 SOFTWARE DEVELOPMENT 214901 RSM US LLP 30 S WACKER DRIVE SUITE 3300 CHICAGO IL 60606 ACCOUNTING SERVICES 211150 CENTER FOR HEALTH CARE STRATEGIES INC 300 AMERICAN METRO BLVD SUITE 125 HAMILTON TOWNSHIP NJ 08619 HEALTH CARE STRATEGIES 204865 CLIMATE POLICY INITIATIVE INC 575 MARKET STREET SUITE 514 SAN FRANCISCO CA 94105 INVESTMENT ADVISORY 190334 WALL STREET IT MANAGEMENT 40 WEST 37TH STREET NEW YORK NY 10018 IT MANAGEMENT SERVICES 185892 18 880469 1293662 56967049 679285 59141180 PROGRAM FEES 900099 815810 815810 PGM RELATED LOAN INCOME 900099 138974 138974 954784 361136 361136 3346890 2362363 984527 984527 984527 78100 880469 661516 -583416 -583416 REIMBURSEMENT/OTHER 900099 236294 236294 PORTFOLIO DILIGENCE FEE INCOME 900099 23000 23000 259294 61117505 954784 0 1021541 X 338933 338933 1467355 1467355 3056898 2377474 425550 253874 40057 40057 8127873 4819301 975465 2333107 208162 125475 31392 51295 634754 401403 85344 148007 867565 573870 126467 167228 173782 111742 29334 32706 455898 268182 187663 53 219367 141803 58306 19258 4090267 3372750 443132 274385 128185 127501 18 666 152488 96798 23582 32108 771940 458174 231044 82722 709980 476855 115810 117315 311618 292151 15825 3642 124790 63273 15614 45903 45081 42365 1702 1014 93082 55886 15330 21866 PROV FOR PORTFOLIO LOSS 3942703 3942703 INTERCOMPANY PROGRAM SE 2719013 2719013 CORPORATE TAXES/OTHER 184941 160584 12270 12087 MISCELLANEOUS 5600 5575 25 28870332 22479223 2793873 3597236 403036 548169 49888421 60756429 13223420 32493939 2319154 2246013 1062429 1062429 288017 314044 460618 329054 60500 131564 1654126 393640 398740 82810788 85143089 807681 2456494 151257086 187205036 3033863 2672192 364349 384366 3487267 7750113 6885479 10806671 X 109410109 108403215 34961498 67995150 144371607 176398365 151257086 187205036 X 32247173 -44579 -175836 X 0 1 X 1 0 X 35753189 25402570 24665203 28704639 59141180 173666781 35753189 25402570 24665203 28704639 59141180 173666781 51881220 121785561 78195 284685 216162 64783 361136 1004961 60770 29290 90060 272711 491207 833789 280350 337394 2215451 176977253 0.68810 0.79480 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: OTHER FEES/INCOME - 2018 AMOUNT: $ 2,407. 2022 AMOUNT: $ 78,100. REIMBURSEMENT/OTHER - 2018 AMOUNT: $ 65,133. 2019 AMOUNT: $ 41,207. 2020 AMOUNT: $ 8,096. 2021 AMOUNT: $ 280,350. 2022 AMOUNT: $ 236,294. EARLY TERMINATION FEE - 2018 AMOUNT: $ 205,171. DEVELOPMENT COST REIMBURSEMENT - 2019 AMOUNT: $ 450,000. 2020 AMOUNT: $ 825,693. DILIGENCE FEE INCOME - 2022 AMOUNT: $ 23,000. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 40535 28110 12425 101608 106476 -4868 318475 194468 124007 131564 PROGRAM RELATED DEBT INVESTMENTS - CENTRAL AMERICA AND THE CARRIBEAN 168750 C PROGRAM RELATED DEBT INVESTMENTS - EUROPE 1700000 C PROGRAM RELATED DEBT INVESTMENTS - NORTH AMERICA 4819749 C PROGRAM RELATED DEBT INVESTMENTS - SUB-SAHARAN AFRICA 2500000 C PROGRAM RELATED DEBT INVESTMENTS - S.ASIA 1302833 C PROGRAM RELATED DEBT INVESTMENTS - LATIN AMERICA 1715514 C PROGRAM RELATED EQUITY INVESTMENTS - NORTH AMERICA 25916344 C PROGRAM RELATED EQUITY INVESTMENTS - SUB-SAHARAN AFRICA 4358275 C PROGRAM RELATED EQUITY INVESTMENTS - S.ASIA 17354865 C PROGRAM RELATED EQUITY INVESTMENTS - LATIN AMERICA 3236994 C PROGRAM RELATED EQUITY INVESTMENTS - EUROPE 2607146 C PROGRAM RELATED PARTNERSHIP INVESTMENTS - NORTH AMERICA 2399042 C PROGRAM RELATED PARTNERSHIP INVESTMENTS - SUB-SAHARAN AFRICA 17063577 C 85143089 RETURNABLE GRANT CAPITAL 5819399 LEASE LIABILITY 1930714 7750113 X PART X, LINE 2: ACUMEN IS RECOGNIZED BY THE INTERNAL REVENUE SERVICE (IRS) AS TAX-EXEMPT ORGANIZATIONS UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. INCOME EARNED IN FURTHERANCE OF THESE ENTITIES' TAX-EXEMPT PURPOSES IS EXEMPT FROM FEDERAL AND STATE INCOME TAXES. AS SUCH, NO PROVISION FOR INCOME TAX EXPENSE HAS BEEN MADE IN THE ACCOMPANYING CONSOLIDATED FINANCIAL STATEMENTS. ACUMEN HAS ADOPTED THE ACCOUNTING STANDARD ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES. MANAGEMENT ASSESSED WHETHER THERE WERE ANY UNCERTAIN TAX POSITIONS WHICH MAY GIVE RISE TO INCOME TAX LIABILITIES AND DETERMINED THAT THERE WERE NO SUCH MATTERS REQUIRING RECOGNITION IN THE ACCOMPANYING CONSOLIDATED FINANCIAL STATEMENTS. GENERALLY, ACUMEN IS NO LONGER SUBJECT TO U.S. FEDERAL OR STATE INCOME TAX EXAMINATIONS BY TAX AUTHORITIES FOR THREE YEARS FROM THE FILING DATE OF THE RESPECTIVE RETURNS. 0 SOUTH ASIA 2 20 PROGRAM SERVICES PORTFOLIO MGMT, LEADERSHIP, IMPACT & COMMS 824997 SUB-SAHARAN AFRICA 2 26 PROGRAM SERVICES PORTFOLIO MGMT, LEADERSHIP, IMPACT & COMMS 2978355 LATIN AMERICA 1 20 PROGRAM SERVICES PORTFOLIO MGMT, LEADERSHIP, IMPACT & COMMS 1325247 EUROPE 1 20 PROGRAM SERVICES PORTFOLIO MGMT, LEADERSHIP, IMPACT & COMMS 1901613 NORTH AMERICA 0 1 PROGRAM SERVICES LEADERSHIP PROGRAM 259723 SOUTH ASIA PROGRAM RELATED INVESTMENT 18657699 SUB-SAHARAN AFRICA PROGRAM RELATED INVESTMENT 23921852 LATIN AMERICA PROGRAM RELATED INVESTMENT 4952508 EUROPE PROGRAM RELATED INVESTMENT 4307146 NORTH AMERICA PROGRAM RELATED INVESTMENT 2025548 CENTRAL AMERICA AND THE CARIBBEAN PROGRAM RELATED INVESTMENT 168750 SOUTH ASIA GRANT MAKING TA GRANTS 219960 SUB-SAHARAN AFRICA GRANT MAKING TA GRANTS 1028665 LATIN AMERICA GRANT MAKING TA GRANTS 125550 EUROPE GRANT MAKING TA GRANTS 91259 EAST ASIA AND THE PACIFIC GRANT MAKING TA GRANTS 1504 NORTH AMERICA GRANT MAKING TA GRANTS 417 6 87 0 0 6 87 54821994 7968799 62790793 SUB-SAHARAN AFRICA PROVIDE LOCAL EMPLOYMENT OPPORTUNITIES TO LOW INCOME SIERRA LEONEANS THROUGH MANUFACTURING OF SANITARY PAPER PRODUCTS AND CONSTRUCTION SUPPLIES 10000 WIRE TRANSFER 0 SOUTH ASIA SUPPORT YEAR THREE OF ACUMEN ACADEMY BANGLADESH 35000 WIRE TRANSFER 0 SUBSAHARAN AFRICA FOR PEER FUND FACILITY 25000 WIRE TRANSFER 0 LATIN AMERICA START A SCHOOL TO TEACH WORKERS ABOUT THE REPAIR AND MANUFACTURING OF MUSICAL INSTRUMENTS 50000 WIRE TRANSFER 0 LATIN AMERICA FINANCING THE OPERATIONAL EXPENSES OF DATA COLLECTION AND PROMOTIONAL ACTIVITIES FOR THE SUSTAINABLE COFFEE BUYERS GUIDE 22100 WIRE TRANSFER 0 LATIN AMERICA PLATFORM DEVELOPMENT 50000 WIRE TRANSFER 0 SUB-SAHARAN AFRICA BUILD AN ADDITIONAL BASIC GREEN INFRASTRUCTURE IN A NEIGHBORHOOD IN THE KAKUMA REFUGEE CAMP 6000 WIRE TRANSFER 0 EUROPE FINANCE THE DEPLOYMENT OF A BUSINESS INTELLIGENCE SYSTEM IN ORDER TO MANAGE THE GROWTH OF ITS CUSTOMERS 26420 WIRE TRANSFER 0 SUB-SAHARAN AFRICA ACQUIRING AND DEPLOYING SELF-VERIFYING STORAGE COCOONS FOR THE FINAL OUTDOOR STORAGE OF COCOA BEANS PRIOR TO EXPORT 7000 WIRE TRANSFER 0 SUB-SAHARAN AFRICA FOR TESTING DIFFERENT BUSINESS MODELS AND RECRUITING 50000 WIRE TRANSFER 0 SUB-SAHARAN AFRICA SUPPORT THE ADOPTION OF LARGE PRODUCTIVE USE SOLAR ASSETS IN FORCED DISPLACED COMMUNITIES IN UGANDA 6000 WIRE TRANSFER 0 SUB-SAHARAN AFRICA SETUP A FACILITY IN RWAMWANJA REFUGEE SETTLEMENT 25000 WIRE TRANSFER 0 SUB-SAHARAN AFRICA SALES AND MARKETING INNOVATION 25000 WIRE TRANSFER 0 EUROPE SUPPORT THE DESIGN A GENDER ACTION PLAN 36000 WIRE TRANSFER 0 SOUTH ASIA DEVELOP TECHNOLOGY FOR VOCATIONAL SKILL TRAINING TO UNDERPRIVILEGED YOUTH AND WOMEN 150000 WIRE TRANSFER 0 SUB-SAHARAN AFRICA HIRE THE REQUIRED LEGAL COUNSEL TO SUPPORT THE REVIEW AND NEGOTIATION OF LEGAL DOCUMENTS 9500 WIRE TRANSFER 0 EUROPE INVESTMENT IN TECHNOLOGY AND TALENT ACQUISITION 50000 WIRE TRANSFER 0 SUB-SAHARAN AFRICA CREATE EFFICIENCIES IN GRAIN PRODUCTION IN REFUGEE HOSTING AREAS 25000 WIRE TRANSFER 0 SUB-SAHARAN AFRICA ENGAGE A CONSULTANT FOR A GENDER ACTION PLAN 32424 WIRE TRANSFER 0 SUB-SAHARAN AFRICA HIRE A FIRM FOR CFO SERVICES 8000 WIRE TRANSFER 0 SUB-SAHARAN AFRICA IMPROVE USER ENGAGEMENT OF THEIR MOBILE APP AND HIRE A SHORT TERM CONSULTANT TO DEVELOP STUDENT AND TUTOR ASSESSMENTS 6500 WIRE TRANSFER 0 SUB-SAHARAN AFRICA TECHNICAL ASSISTANCE FOR PORTFOLIO COMPANIES 784339 WIRE TRANSFER 0 4 18 GRANT AWARDS FOR 2022 PAKISTAN AGRI ACCELERATOR SOUTH ASIA 2 25000 WIRE TRANSFER 1 0 1 0 1 0 PART I, LINE 2: THE ORGANIZATION MAKES LARGE GRANTS TO ITS RELATED ENTITIES TO FUND THEIR OPERATIONS, THE ACTIVITIES OF WHICH ARE MONITORED BY THE ORGANIZATION. ACUMEN MONITORS THE ACTIVITY OF ITS RELATED ENTITIES BY ANALYZING EXPENDITURES AND COMPARING ACTUAL PERFORMANCE TO BUDGETED AMOUNTS, AND BY MAINTAINING DIRECT OVERSIGHT OF THE ACTIVITIES CONDUCTED AND EXPENDITURES INCURRED. OUR AFFILIATES IN PAKISTAN, INDIA, KENYA, AND NIGERIA HAVE INDEPENDENT AUDITS. IN ADDITION TO THE AUDIT, OUR CENTRAL OFFICE FINANCE DEPARTMENT IN NEW YORK HAS OVERSIGHT OF THE COUNTRY OFFICES' SPENDING. INVESTMENTS IN THIRD PARTIES ARE PRIMARILY DEBT OR EQUITY INVESTMENTS. OUTRIGHT GRANTS FOR USE BY A THIRD PARTY IS A PART OF PROGRAMMATIC SPEND, BUT GENERALLY NOT AS LARGE A COMPONENT COMPARED TO INVESTMENTS MADE. FOR ANY PROGRAM-RELATED INVESTMENTS, THE ORGANIZATION REQUIRES REGULAR SOCIAL IMPACT, FINANCIAL AND OPERATIONAL REPORTING, TYPICALLY MAINTAINS A VOTING OR OBSERVER SEAT ON THE INVESTEE COMPANY BOARD AND CONDUCTS AT LEAST ANNUAL REVIEWS OF THE PROGRESS OF THE PROGRAM. FOR ANY GRANTS TO THIRD PARTIES, A GRANT AGREEMENT IS DRAFTED OUTLINING THE SPECIFIC PURPOSE OF THE GRANT, TERMS AND CONDITIONS FOR THE USE OF GRANT MONEY. GRANT FUNDS ARE DISBURSED ONLY AFTER THE GRANTEES SIGN THE GRANT AGREEMENT. DEPENDING UPON THE AMOUNT AND TERM OF GRANT, THE GRANTEES ARE REQUIRED TO MAINTAIN DETAILED RECORDS OF THE USE OF THE GRANT AND PROVIDE PERIODIC REPORTS TO ACUMEN. THE PROGRAM STAFF WILL REVIEW THE GRANTEE REPORTS TO ENSURE COMPLIANCE. ACUMEN PROGRAM STAFF DILIGENTLY SCREENS THE PROSPECTIVE GRANTEES' TRACK RECORDS AND REPUTATIONS BEFORE AWARDING ANY GRANT, AND WHERE A NEW FUNDING RELATIONSHIP EXISTS, SCREENS GRANT RECIPIENTS AGAINST WATCH LISTS SUCH AS SANCTIONS, SPECIALLY DESIGNATED NATIONALS AND BLOCKED PERSONS, ANTI-CORRUPTION AND ANTI-MONEY LAUNDERING LISTS. THROUGHOUT THE GRANT TERM, THE PROGRAM STAFF INTERACTS WITH THE GRANTEE ORGANIZATION TO UNDERSTAND THE PROGRESS THE ORGANIZATION IS MAKING BY USE OF THE GRANT FUNDS. THEY ALSO REVIEW PERIODIC REPORTS SUBMITTED BY THE GRANTEE TO ENSURE PROPER UTILIZATION OF GRANT FUNDS BY THE GRANTEE. GRANT AGREEMENTS OFTEN REQUIRE THE RIGHT TO INSPECT AND AUDIT THE RECORDS OF THE GRANTEE REGARDING PROPER USE OF FUNDS. THE GRANT AGREEMENT SIGNED BY THE GRANTEE TYPICALLY STATES THAT ALL OR ANY PORTION OF GRANT FUNDS USED IN A MANNER OR PURPOSE OTHER THAN THOSE DESCRIBED IN THE GRANT AGREEMENT MUST BE RETURNED TO ACUMEN. PART I, LINE 3: PROGRAM-RELATED INVESTMENTS: THE ORGANIZATION HAS A COMPLEX FINANCIAL STRUCTURE THAT IS NOT EASILY SHOWN IN THE FORM 990. TO BETTER UNDERSTAND THE INFORMATION BEING PROVIDED, THE READER SHOULD APPROACH THE FINANCIAL STATEMENTS WITH TWO KEY PIECES OF INFORMATION IN MIND. FIRST, ACUMEN OPERATES PRIMARILY AS A TRADITIONAL NON-PROFIT IN THAT IT RECEIVES CONTRIBUTION REVENUE AND HAS ONGOING OPERATING EXPENSES FOR BOTH PROGRAM WORK AND ADMINISTRATIVE COSTS EACH YEAR. SECONDLY, AND UNLIKE ALMOST ALL OTHER CHARITIES, ACUMEN INVESTS A SUBSTANTIAL PORTION OF ITS ASSETS IN ENTREPRENEURIAL ORGANIZATIONS OPERATING DOMESTICALLY OR IN DEVELOPING COUNTRIES. THESE INVESTMENTS WOULD INCLUDE SUPPORTING CONTRIBUTIONS TO RELATED ENTITIES AND PROGRAM-RELATED INVESTMENTS TO THIRD PARTIES AS PART OF ACUMEN'S CHARITABLE WORK. IN SUM, THESE ACTIVITIES ARE SHOWN IN PARTS I AND II OF SCHEDULE F. THEY ARE ALSO INCLUDED ON FORM 990 PART X LINE 13, WHICH SHOWS THE ORGANIZATION'S TOTAL CUMULATIVE OUTSTANDING BALANCE OF PROGRAM-RELATED INVESTMENTS. ACUMEN PUTS ITS RESOURCES INTO THESE INVESTEE ORGANIZATIONS AS PROGRAMMATIC INVESTMENTS AND ATTEMPTS TO NURTURE THEM UNTIL THEY THRIVE (OR FAIL), PROVIDING MULTIPLE BENEFITS TO CUSTOMERS SERVED - TYPICALLY THE POOREST POPULATIONS WHO LIVE ON LESS THAN A FEW DOLLARS PER DAY. THE ACCOUNTING METHOD USED TO ACCOUNT FOR EXPENDITURES IS THE ACCRUAL METHOD. PART III ACCOUNTING METHOD: PART IV, LINE 1, 3, AND LINE 5: THE ORGANIZATION IS REQUIRED TO FILE FORMS, 926, 5471, AND FORM 8865. IMAGINE DIGNITY EVENT 958569 880469 78100 136033 121733 21383 382367 958569 880469 78100 136033 121733 21383 382367 661516 -583416 1 ACUMEN LATAM CAPITAL PARTNERS LLC - ALIVE 40 WORTH STREET SUITE 303 NEW YORK NY 10013 822358039 20000 0 TECHNICAL ASSISTANCE FOR PORTFOLIO COMPANIES HANDSOME APP INC 823 CONGRESS AVENUE STE 150 1194 AUSTIN TX 78701 830988915 18000 0 TO LAUNCH A PILOT TO TEST IF THE HANDSOME PLATFORM CAN GENERATE NEW INCOME OPPORTUNITIES FOR THE BEAUTY AND BARBER INDUSTRIES ACUMEN CAPITAL PARTNERS LLC 40 WORTH STREET SUITE 303 NEW YORK NY 10013 320450985 300000 0 TECHNICAL ASSISTANCE FOR PORTFOLIO COMPANIES 3 PART I, LINE 2: IN ALL CASES, THE ORGANIZATION HAS A THOROUGH UNDERSTANDING OF THE WORK BEING UNDERTAKEN AND A FAMILIARITY WITH THE GRANTEE UNDERTAKING THE WORK. FOLLOW UP MONITORING IS PERFORMED BY VERBAL CHECK-INS, PERIODIC PROGRESS REPORTS, AND FINAL WRITTEN GRANT PERFORMANCE REPORTS AT THE CONCLUSION OF THE GRANT PERIOD. X X X X 0 0 0 0 0 0 0 1 0 JACQUELINE NOVOGRATZ CEO & DIRECTOR 327280 0 29250 0 0 0 10871 0 21875 0 389276 0 0 0 CARLYLE SINGER JONES PRESIDENT 300668 0 24750 0 0 0 9827 0 11172 0 346417 0 0 0 WILLIAM CHARNOCK CHIEF MARKETING OFFICER 256611 0 22851 0 0 0 8561 0 21944 0 309967 0 0 0 MICHELLE OSORIO INVESTMENT DIR., KAWISAFI VENTURES 0 201920 0 53000 0 0 0 7950 0 33183 0 296053 0 0 JACQUELINE WOO CHIEF FINANCIAL OFFICER 225229 0 23699 0 0 0 7740 0 32654 0 289322 0 0 0 LYNN ROLAND BOARD SECRETARY/GENERAL COUNSEL 217490 0 27050 0 0 0 7628 0 33293 0 285461 0 0 0 AMRITA BHANDARI CHIEF OF BUSINESS DEVELOPMENT 230200 0 25599 0 0 0 7674 0 403 0 263876 0 0 0 YASMINA ZAIDMAN CHIEF OF DEV. & PARTNERSHIPS 227100 0 23897 0 0 0 7530 0 403 0 258930 0 0 0 AMON ANDERSON DIRECTOR, ACUMEN AMERICA 192090 0 26595 0 0 0 6852 0 33293 0 258830 0 0 0 CATHERINE C NANDA DIRECTOR, ACUMEN AMERICA 201900 0 26904 0 0 0 6864 0 403 0 236071 0 0 0 JOANNA MCQUADE DIRECTOR, TALENT 195768 0 19677 0 0 0 6527 0 11197 0 233169 0 0 0 ELEANOR MURPHY DIRECTOR, LEADERSHIP 161291 0 16758 0 0 0 5501 0 19028 0 202578 0 0 0 SARAH BIEBER DIRECTOR, FUNDRAISING 166300 0 16916 0 0 0 5497 0 403 0 189116 0 0 0 JO-ANN TAN DIRECTOR, LEADERSHIP 166600 0 13184 0 0 0 5394 0 403 0 185581 0 0 0 SABRINA LEE ORTEGA SANCHEZ HEAD OF BUSINESS DEV., FOUNDATIONS 149434 0 19481 0 0 0 5171 0 11008 0 185094 0 0 0 ALEXANDRA TRABULSI ASSOC. DIRECTOR, FUNDRAISING 163800 0 15653 0 0 0 5384 0 235 0 185072 0 0 0 PART I, LINE 7 ACUMEN OFFERS A DISCRETIONARY PERFORMANCE-BASED BONUS FOR ITS EMPLOYEES WITH GUIDELINES SET BY THE MANAGEMENT COMMITTEE AND AGREED BY THE BOARD. BONUSES ARE REFLECTIVE OF ORGANIZATIONAL AND INDIVIDUAL PERFORMANCE WHICH PROVIDES COLLECTIVE ACCOUNTABILITY (INCREASING BY LEVEL), FOSTERS INCREASED COLLABORATION AND PROBLEM-SOLVING. THE ORGANIZATIONAL COMPONENT OF THE BONUS IS RECOMMENDED BY THE MANAGEMENT COMMITTEE TO THE COMPENSATION COMMITTEE, BASED ON ACHIEVEMENT OF ANNUAL GOALS (WHICH ARE DETERMINED AT THE END OF THE PRIOR YEAR AND APPROVED BY THE BOARD), THEN REVIEWED BY THE COMPENSATION COMMITTEE AND ULTIMATELY APPROVED BY THE BOARD. EACH INDIVIDUAL'S SUPERVISOR DETERMINES THE INDIVIDUAL RATING BASED ON PERFORMANCE AGAINST INDIVIDUAL GOALS, AND THE DIRECTOR OF TALENT AND RESPECTIVE MANAGEMENT COMMITTEE MEMBER APPROVES THE RATINGS. BONUSES WERE TREATED AS TAXABLE COMPENSATION TO THE RECIPIENTS. X 14 679285 FMV 0 0 1 0 PART I, COLUMN (B): THE ORGANIZATION IS REPORTING THE NUMBER OF GIFTS IN PART I, COLUMN (B) OF SCHEDULE M. FORM 990, PART VI, SECTION A, LINE 3 THE ORGANIZATION UTILIZES ADP TOTALSOURCE, A PROFESSIONAL EMPLOYER ORGANIZATION ("PEO"). AS A PROFESSIONAL EMPLOYER ORGANIZATION, TOTALSOURCE PROVIDES PROFESSIONAL EMPLOYER SERVICES TO ACUMEN FUND, INC. (ACUMEN). IN THE PEO RELATIONSHIP, TOTALSOURCE AND ACUMEN SHARE CERTAIN RESPONSIBILITIES AND ALLOCATE OTHER EMPLOYER RESPONSIBILITIES BETWEEN EACH OTHER. ACUMEN REMAINS AN EMPLOYER OF THE WORKSITE EMPLOYEES AND TOTALSOURCE IS A CO-EMPLOYER OF ACUMEN'S EMPLOYEES. ACUMEN HAS: - DIRECTION AND CONTROL OVER EMPLOYEES AS IS NECESSARY TO CONDUCT ITS BUSINESS, DISCHARGE ANY FIDUCIARY RESPONSIBILITY IT MAY HAVE, OR COMPLY WITH ANY APPLICABLE LICENSURE, REGULATORY OR STATUTORY REQUIREMENT OF ACUMEN. - CONTROL OVER THE DAY TO DAY JOB DUTIES OF EMPLOYEES AND OVER THE JOB SITES AT WHICH, OR FROM WHICH EMPLOYEES PERFORM SERVICES TOTALSOURCE RESERVES A RIGHT OF DIRECTION AND CONTROL OVER EMPLOYEES AS IS NECESSARY TO FULFILL ITS OBLIGATIONS AND PROVIDE ITS SERVICES UNDER AN AGREEMENT BETWEEN ACUMEN AND TOTALSOURCE. TOTALSOURCE AND ACUMEN HAVE A RIGHT TO HIRE, DISCIPLINE, AND TERMINATE EMPLOYEES AS TO EACH ONE'S EMPLOYMENT RELATIONSHIP WITH EMPLOYEES. THE TOTAL AMOUNT OF SERVICE FEE PAID TO ADP TOTALSOURCE FOR THE TAX YEAR ENDING 12/31/22 IS $180,706. FORM 990, PART VI, SECTION B, LINE 11B THE ORGANIZATION'S FINANCE STAFF MEMBERS PREPARE THE FORM 990 IN CONJUNCTION WITH THE ORGANIZATION'S EXTERNAL INDEPENDENT ACCOUNTANTS. SEVERAL SENIOR MANAGEMENT AND INTERNAL LEGAL STAFF MEMBERS REVIEW THE INFORMATION AND A DRAFT FORM 990 IS CIRCULATED ELECTRONICALLY BY E-MAIL TO THE BOARD OF DIRECTORS. AFTER SOLICITING THE BOARD'S FEEDBACK AND COMMENTS, THE FORM 990 IS E-FILED WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE ORGANIZATION HAS A CONFLICT OF INTEREST POLICY WHICH IS ANNUALLY MONITORED, REQUIRING ALL OF THE ORGANIZATION'S OR ITS AFFILIATES' BOARD MEMBERS, MEMBERS OF THE INVESTMENT COMMITTEE, OFFICERS, KEY EMPLOYEES, AND EACH OF THEIR RESPECTIVE RELATIVES TO DISCLOSE ANY FINANCIAL INTEREST THAT MAY BE AN ACTUAL OR POSSIBLE CONFLICT OF INTEREST TO THE GENERAL COUNSEL, SUBJECT TO REVIEW BY THE AUDIT & FINANCE COMMITTEE OF THE BOARD. SUCH DISCLOSURES INVOLVING A TRANSACTION OR ARRANGEMENT ARE REVIEWED BY THE GENERAL COUNSEL, WITH OVERSIGHT BY THE PRESIDENT, AND, IF OVER A CERTAIN THRESHOLD, REFERRED TO THE AUDIT & FINANCE COMMITTEE TO DETERMINE APPROPRIATE ACTION TO BE TAKEN TO ADDRESS THE CONFLICT OF INTEREST WITH RESPECT TO THE TRANSACTION OR ARRANGEMENT. THE INDIVIDUAL WITH THE CONFLICT OF INTEREST IS REQUIRED TO DISCLOSE THE CONFLICT AND RECUSE HIM/HERSELF FROM THE DISCUSSION AND NOT BE PRESENT DURING ANY DELIBERATION OR VOTE ON MATTERS WHERE HE/SHE HAS AN ACTUAL CONFLICT. A DISINTERESTED PERSON MAY BE APPOINTED TO INVESTIGATE ALTERNATIVES TO THE PROPOSED TRANSACTION OR ARRANGEMENT, AND THE AUDIT & FINANCE COMMITTEE SHALL DETERMINE IF ACUMEN CAN OBTAIN WITH REASONABLE EFFORTS A MORE ADVANTAGEOUS TRANSACTION OR ARRANGEMENT THAT WOULD NOT GIVE RISE TO A CONFLICT OF INTEREST, AND IF NOT, IF THE TRANSACTION OR ARRANGEMENT IS IN ACUMEN'S BEST INTEREST FOR ITS OWN BENEFIT AND FAIR AND REASONABLE. ADDITIONALLY, THE ORGANIZATION REQUIRES ALL SUCH INDIVIDUALS TO PROMPTLY AND FULLY DISCLOSE ALL MATERIAL FACTS OF ANY ACTUAL OR POTENTIAL CONFLICT OF INTEREST THAT MAY EXIST AT THE TIME OF HIRE OR APPOINTMENT, AS APPLICABLE, AND AS THEY MAY ARISE WHILE THE INDIVIDUAL IS SERVING OR EMPLOYED IN SUCH CAPACITY BY THE ORGANIZATION. SUCH DISCLOSURES ARE REVIEWED BY THE GENERAL COUNSEL, WITH OVERSIGHT BY THE PRESIDENT AND/OR OTHER MEMBERS OF SENIOR MANAGEMENT, AND THE AUDIT & FINANCE COMMITTEE, WHERE APPROPRIATE, TO DETERMINE APPROPRIATE ACTION TO BE TAKEN, WHICH, IF ADVISABLE, MAY INCLUDE INFORMATION FIREWALLS, OVERSIGHT BY DISINTERESTED PERSONS AND/OR DISCOURAGEMENT OF THE ACTIVITY. FORM 990, PART VI, SECTION B, LINE 15 THE ORGANIZATION ANNUALLY REVIEWS COMPARABLE COMPENSATION DATA FOR ITS NON-PROFIT PEER GROUP AND SIMILAR ORGANIZATIONS IN THE FOR-PROFIT PRIVATE SECTOR. ACUMEN TALENT FOCUSES THE REVIEW ON 2-3 OFFICES AND ROTATES THE REVIEW EVERY YEAR. ACUMEN TALENT BENCHMARKS AGAINST THESE COMPARATIVE FIGURES WHEN SETTING COMPENSATION FOR ITS CHIEF EXECUTIVE OFFICER AND PRESIDENT. THE ORGANIZATION WILL ALSO CONSIDER JOB PERFORMANCE WHEN EVALUATING CEO COMPENSATION. THE COMPENSATION COMMITTEE RECOMMENDS AND THEN THE BOARD OF DIRECTORS DISCUSSES AND APPROVES, IN EXECUTIVE SESSION, THE COMPENSATION INFORMATION AND DETERMINES THE CEO AND PRESIDENT'S SALARIES. THE COMPENSATION COMMITTEE IS COMPOSED SOLELY OF BOARD MEMBERS WHO DO NOT HAVE A CONFLICT OF INTEREST IN DETERMINING THE SALARY OF THE CEO. ANY BOARD MEMBERS WHO ARE CONFLICTED IN DETERMINING THE CEO'S COMPENSATION ARE RECUSED FROM THE PORTION OF THE MEETING WHERE THE CEO'S COMPENSATION IS DISCUSSED AND DETERMINED. MINUTES DOCUMENTING BOTH THE ACTIVITIES AND ACTIONS OF THE COMPENSATION COMMITTEE AND THE BOARD OF DIRECTORS, INCLUDING THE MATERIALS THEY USED IN EVALUATING COMPENSATION, ARE TAKEN AND RETAINED CONTEMPORANEOUSLY. THE CEO, IN CONSULTATION WITH THE PRESIDENT AND DIRECTOR OF TALENT, DETERMINES SALARIES OF THE OTHER MEMBERS OF SENIOR MANAGEMENT OF THE ORGANIZATION USING THE SAME PROCESSES AS DESCRIBED ABOVE. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION POSTS ITS FORM 990 AND AUDITED FINANCIAL STATEMENTS ON ITS PUBLICLY ACCESSIBLE WEBSITE WWW.ACUMEN.ORG. CURRENT YEAR INFORMATION IS POSTED AS IT BECOMES AVAILABLE AND TWO PRIOR YEAR'S RESULTS ARE MAINTAINED ONLINE. THE ORGANIZATION ALSO PROVIDES ITS INFORMATION TO CHARITY NAVIGATOR AND GUIDESTAR.ORG. PUBLIC INFORMATION ABOUT ACUMEN IS AVAILABLE ON THE WEBSITE OF THE NYS ATTORNEY GENERAL CHARITIES BUREAU, AS WELL AS UPON REQUEST. THE FORM 1023 IS MADE AVAILABLE UPON REQUEST. THE GOVERNING DOCUMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON SPECIFIC REQUEST, AND A SUMMARY OF THE CONFLICT OF INTEREST POLICY IS AVAILABLE ON THE FORM 990. THE ORGANIZATION MAKES IT GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, FORM 990 AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D). IN ADDITION, THE FORM 990 WITHOUT SCHEDULE B IS AVAILABLE VIA A LINK ON OUR WEBSITE TO THE PROFILE ON GUIDESTAR. FORM 990, PART IX, LINE 11G MEMBERSHIP FEES: PROGRAM SERVICE EXPENSES 33,450. MANAGEMENT AND GENERAL EXPENSES 14,320. FUNDRAISING EXPENSES 16,979. TOTAL EXPENSES 64,749. CONSULTANT: PROGRAM SERVICE EXPENSES 3,200,028. MANAGEMENT AND GENERAL EXPENSES 138,744. FUNDRAISING EXPENSES 257,163. TOTAL EXPENSES 3,595,935. TRAINING: PROGRAM SERVICE EXPENSES 132,675. MANAGEMENT AND GENERAL EXPENSES 290,068. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 422,743. RECRUITING: PROGRAM SERVICE EXPENSES 6,597. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 243. TOTAL EXPENSES 6,840. FORM 990, PART XI, LINE 9: FOREIGN CURRENCY TRANSLATION LOSS -60,977. CHANGE IN VALUE OF CHARITABLE REMAINDER TRUST -114,859. ACUMEN CAPITAL MARKET INVESTMENTS LLC 40 WORTH STREET SUITE 303 NEW YORK NY 10013 364796906 CARRY VEHICLE DE 0 0 ACUMEN CAPITAL PARTNERS LLC ACUMEN RESILIENT AGRICULTURE CAPITAL INVESTMENTS LLC 40 WORTH STREET SUITE 303 NEW YORK NY 10013 831263292 CARRY VEHICLE DE 0 0 ACUMEN CAPITAL PARTNERS LLC ACUMEN CAPITAL PARTNERS (ARAF) LTD 40 WORTH STREET SUITE 303 NEW YORK NY 10013 981546121 FUND MANAGER KE 68128 253117 ACUMEN CAPITAL PARTNERS LLC ACUMEN CAPITAL PARTNERS (EA) LIMITED 40 WORTH STREET SUITE 303 NEW YORK NY 10013 981551441 FUND MANAGER KE 21148 229979 ACUMEN CAPITAL PARTNERS LLC ACUMEN AMERICA LLC 40 WORTH STREET SUITE 303 NEW YORK NY 10013 921001569 INVESTING IN SOCIAL ENTERPRISES DE 0 0 ACUMEN FUND INC KAWISAFI II CAPITAL INVESTMENTS LLC 40 WORTH STREET SUITE 303 NEW YORK NY 10013 934395532 CARRY VEHICLE DE 0 0 ACUMEN CAPITAL PARTNERS LLC ACUMEN (PAKISTAN) 11 - C 4TH FL 1ST COMMERCIAL LAN KARACHI PK INVESTING IN SOCIAL ENTERPRISES PK 501(C)(3) ACUMEN FUND INC 1 ACUMEN FUND CANADA 700 WEST GEORGIA STREET 25TH FLOOR VANCOUVER CA V7Y 1B3 ALLEVIATE POVERTY CA 501(C)(3) ACUMEN FUND INC 1 AF TRUST 201 DHEERAJI PLAZA HILL ROAD BAN MUMBAI IN 400050 LEADERSHIP IN 501(C)(3) ACUMEN FUND INC 1 ACUMEN FUND WEST AFRICA LTDGTE PLOT 18 SIKIRU ALADE OLOKO CRESCENT LAGOS NI INVESTING IN SOCIAL ENTERPRISES NI 501(C)(3) ACUMEN FUND INC 1 KAWISAFI VENTURES LTD C/O OCORIAN CORPORATE SERVICES MAUR CYBER CITY EBENE MP 320466550 INVESTING IN SOCIAL ENTERPRISES MP ACUMEN CAPITAL PARTNERS LLC RELATED 121556 13968179 0 1 0.28540 ACUMEN LATIN AMERICA EARLY GROWTH FUND LP 40 WORTH STREET SUITE 303 NEW YORK NY 10013 981364491 INVESTING IN SOCIAL ENTERPRISES CA ACUMEN CAPITAL MARKETS LATIN AMERICA EARLY GROWTH LLC RELATED -92843 643249 0 1 0.03360 ACUMEN CAPITAL MARKETS LATIN AMERICA EARLY GROWTH LLC 40 WORTH STREET SUITE 303 NEW YORK NY 10013 820973614 INVESTING IN SOCIAL ENTERPRISES DE ACUMEN CAPITAL PARTNERS LLC RELATED 0 1 ACUMEN RESILIENT AGRICULTURE FUND LP 40 WORTH STREET SUITE 303 NEW YORK NY 10013 981496984 INVESTING IN SOCIAL ENTERPRISES CA ACUMEN CAPITAL PARTNERS LLC RELATED 20451 844584 0 1 0.03490 ACUMEN FUND ADVISORY SERVICES INDIA PVT LTD 203 DHEERAJ PLAZA HILL ROAD BANDRA MUMBAI IN 400050 ADVISORY SERVICES IN ACUMEN FUND INC C 20329 748448 0.99990 1 ACUMEN CAPITAL PARTNERS LLC 40 WORTH STREET STE 303 NEW YORK NY 10013 320450985 FUND MANAGER DE ACUMEN FUND INC C 4846636 5066381 1.00000 1 ACUMEN CAPITAL HOLDING LLC 40 WORTH STREET STE 303 NEW YORK NY 10013 820758236 HOLDING COMPANY DE ACUMEN FUND INC C 2296 801785 1.00000 1 UNDER THE MANGO TREE A 412 BYCULLA SERVICE INDUSTRIES C MUMBAI IN BEEKEEPING IN ACUMEN FUND INC C -56522 33584 0.82140 1 ACUMEN EA ADVISORY SERVICES LTDGTE 3RD FLOOR ABC TOWERS WAIYAKI WAY NAIROBI KE ADVISORY SERVICES KE ACUMEN FUND INC C 2074412 888921 1.00000 1 ACUMEN EAST AFRICA INSTITUTE LIMITED 3RD FLOOR ABC TOWERS WAIYAKI WAY NAIROBI KE NO ACTIVITY KE ACUMEN FUND INC C 1.00000 1 ACUMEN FUND ADVISORY LLP S NO 2/1/5 ARCHWAY FL 301 SOPAN BA PUNE MAHARASHTRA IN 411045 INVESTING ADVISORY SERVICES IN ACUMEN FUND INC C 610680 203338 1.00000 1 0 1 0 1 0 0 0 0 0 0 0 0 1 1 1 0 1 0 0 ACUMEN FUND WEST AFRICA LTDGTE B 784339 COST ACUMEN CAPITAL PARTNERS LLC B 300000 COST ACUMEN PAKISTAN D 167709 COST ACUMEN ADVISORY LLP M 789118 FAIR MARKET VALUE ACUMEN EA ADVISORY SERVICES LTD M 2229896 FAIR MARKET VALUE ACUMEN LATIN AMERICA CAPITAL PARTNERS LLC Q 215571 COST ACUMEN CAPITAL PARTNERS LLC Q 323152 COST KAWISAFI VENTURES LIMITED B 1723689 COST ACUMEN RESILIENT AGRICULTURE FUND LP B 396278 COST ACUMEN LATIN AMERICA EARLY GROWTH FUND B 113663 COST SCHEDULE R, PART III: ACUMEN FUND, INC. DIRECTLY INVESTS IN KAWISAFI VENTURES LIMITED ("KAWISAFI"). ACUMEN CAPITAL PARTNERS, LLC ("ACP") WHICH IS SOLELY OWNED BY ACUMEN FUND, INC. IS A MANAGING MEMBER OF KAWISAFI AND ACP OWNS 100% OF ACUMEN CAPITAL MARKETS INVESTMENT, LLC WHICH WAS ESTABLISHED TO HOLD SHARES IN KAWISAFI. ACUMEN FUND, INC. DIRECTLY INVESTS IN ACUMEN LATIN AMERICA EARLY GROWTH FUND, LP ("ALEG"). ACP WHICH IS SOLELY OWNED BY ACUMEN FUND, INC. OWNS 49% OF ACUMEN CAPITAL MARKETS LATIN AMERICA EARLY GROWTH LLC WHICH IS A GENERAL PARTNER OF ALEG. ACUMEN FUND, INC. THROUGH ACP THROUGH ACUMEN RESILIENT AGRICULTURE CAPITAL INVESTMENTS LLC (A DISREGARDED ENTITY TO ACP) IS A GENERAL PARTNER TO ACUMEN RESILIENT AGRICULTURE FUND LP.