2022-11-07T21:34:46-06:00 2021-12-31 HAN GROUP LLC 1020 19TH STREET NW SUITE 800 WASHINGTON DC 20036 990 2021-01-01 463200311 ACE FOUNDATION ACEF 2022042579 1300 PENNSYLVANIA AVENUE NW 700 WASHINGTON DC 20004 CHILING TONG PRESIDENT & CEO 2022042579 2022-11-04 1 CHILING TONG XXX-XX-XXXX JENNIFER S HAN P00633304 2022937000 2022-11-04 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z CHILING TONG 1300 PENNSYLVANIA AVENUE NW 700 WASHINGTON DC 20004 4925952 0 X WWW.NATIONALACE.ORG X 2013 DC TO IMPROVE THE QUALITY OF LIFE FOR ASIAN AND PACIFIC ISLANDER AMERICANS BY ASSISTING THE ASIAN AMERICAN AND PACIFIC ISLANDER (AAPI) COMMUNITY THROUGH BUSINESS EDUCATION AND TRAINING, RESEARCH, AND COMMUNITY DEVELOPMENT. 9 9 0 11 0 0 297402 4902722 90000 23230 18 0 0 0 387420 4925952 0 2063000 0 0 0 134167 0 0 13250 360288 1350361 360288 3547528 27132 1378424 657732 2377771 30905 372520 626827 2005251 TO IMPROVE THE QUALITY OF LIFE FOR ASIAN AND PACIFIC ISLANDER AMERICANS BY ASSISTING THE ASIAN AMERICAN AND PACIFIC ISLANDER (AAPI) COMMUNITY THROUGH BUSINESS EDUCATION AND TRAINING, RESEARCH, AND COMMUNITY DEVELOPMENT. 0 0 1662372 1031500 11615 ECONOMIC DEVELOPMENT - ACE FOUNDATION EDUCATES LOCAL AND REGIONAL AAPI CHAMBERS OF COMMERCE, MOU PARTNERS, AND OTHER STAKEHOLDERS ACROSS THE COUNTRY TO PROVIDE INNOVATIVE BUSINESS SOLUTIONS THROUGH QUALITY PROGRAMS AND SERVICES. ACE FOUNDATION ALSO CONTRIBUTES TO OUR NATION'S ECONOMIC GROWTH, BUSINESS DEVELOPMENT, AND GOVERNMENT EFFICIENCY BY SUPPORTING PROGRAMS AND POLICIES THAT CREATE MORE AAPI BUSINESS OWNERS, ENTREPRENEURS, AND CORPORATE LEADERS. 1642372 1031500 11615 EDUCATION - 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. ACE FOUNDATION HOSTS EVENTS AIMED TO HELP EDUCATE THE MINORITY BUSINESS COMMUNITY. THESE EVENTS INCLUDE ROUNDTABLES AND SYMPOSIUMS COORDINATED WITH FEDERAL GOVERNMENT AGENCIES. MANY OF THESE EVENTS ARE VIRTUAL WEBINARS WHICH COVER TOPICS AROUND ACCESS TO CAPITAL, CONTRACTING OPPORTUNITIES, GRANT WRITING, RETIREMENT SECURITY, FINANCIAL CAPACITY, AND CHALLENGES FACING MINORITY BUSINESS OWNERS. 184700 NEXTGEN - ACE FOUNDATION EDUCATES THE NEXT GENERATION OF LEADERS AND ENTREPRENEURS IN THE AAPI COMMUNITY. INNER CIRCLES IS A NATIONAL PROGRAM WHERE YOUNG ENTREPRENEURS CAN DISCUSS AND PROBLEM-SOLVE THE TOUGHEST CHALLENGES THEY FACE. PEERS SHARE PROFESSIONAL AND PERSONAL EXPERIENCES THAT CAN HELP OTHERS LEARN, GROW, OR RECEIVE SUPPORT. THIS INVOLVES CREATING A SAFE AND SUPPORTIVE ENVIRONMENT TO DIVE INTO RISKS, FEARS, AND VULNERABILITIES. THE PROGRAM MAINTAINS A SUPPORT NETWORK OF ENTREPRENEURS AND BUSINESS OWNERS OF AAPI HERITAGE TO ENSURE THAT MORE SMALL-BUSINESS ENTERPRISES SUCCEED IN BUILDING THEIR BUSINESSES, FIND WAYS TO CAPITALIZE THEIR BUSINESSES AND CREATE NEW, SUSTAINABLE JOBS. 3489444 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 9 9 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 0 0 0 0 DC X CHILING TONG 2022042579 1300 PENNSYLVANIA AVENUE NW NO 700 WASHINGTON DC 20004 DENNIS HUANG CO-CHAIR 2.00 X X 0 0 0 JIMMY FERGUSON CO-CHAIR 2.00 X X 0 0 0 HELENE YAN DIRECTOR 1.00 X 0 0 0 BILL IMADA DIRECTOR 1.00 X 0 0 0 MARTY LORENZO DIRECTOR 1.00 X 0 0 0 PAT FONG KUSHIDA DIRECTOR 1.00 X 0 0 0 SHAU-WAI LAM DIRECTOR 1.00 X 0 0 0 AMIT BHATNAGAR DIRECTOR 1.00 X 0 0 0 CY CHEN DIRECTOR 1.00 X 0 0 0 CHILING TONG PRESIDENT & CEO 1.92 38.08 X 9239 183050 15038 DANIEL C OLIVER COO 3.80 36.20 X 12781 121735 9693 22020 304785 24731 0 0 1 0 0 4902722 4902722 PROGRAM SERVICE FEES 900099 23230 23230 23230 4925952 23230 0 0 X 2063000 2063000 9239 9239 124928 124928 265000 212000 39750 13250 2304 2304 908355 908355 5833 5833 1350 1350 CONTRACT SERVICES 74589 74589 SPONSORSHIPS 71500 71500 EVENTS 20000 20000 1430 1430 3547528 3489444 44834 13250 606316 2148826 10018 14000 200000 617 2164 26781 26781 657732 2377771 71771 30905 300749 30905 372520 X 601827 1174182 25000 831069 626827 2005251 657732 2377771 1378424 0 X X 0 1 X 1 0 X 399250 272500 311710 297402 4902722 6183584 399250 272500 311710 297402 4902722 6183584 3524584 2659000 18 18 210 210 6183812 113230 0.43000 0.46760 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 DUE TO RELATED PARTIES 300749 300749 X 4925952 0 4925952 0 4925952 3547528 0 3547528 0 3547528 PART X, LINE 2: THE ORGANIZATION FOLLOWS THE AUTHORITATIVE GUIDANCE RELATING TO ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES INCLUDED IN ACCOUNTING STANDARDS CODIFICATION TOPIC 740-10, INCOME TAXES. THESE PROVISIONS PROVIDE CONSISTENT GUIDANCE FOR THE ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES RECOGNIZED IN AN ENTITY'S FINANCIAL STATEMENTS AND PRESCRIBE A THRESHOLD OF "MORE LIKELY THAN NOT" FOR RECOGNITION AND DERECOGNITION OF TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. IT IS THE ORGANIZATION'S POLICY TO RECOGNIZE INTEREST AND/OR PENALTIES RELATED TO UNCERTAIN TAX POSITIONS, IF ANY, IN INCOME TAX EXPENSES. THE ORGANIZATION PERFORMED AN EVALUATION OF UNCERTAIN TAX POSITIONS FOR THE YEAR ENDED DECEMBER 31, 2021 AND DETERMINED THAT THERE WERE NO MATTERS THAT WOULD REQUIRE RECOGNITION IN THE CONSOLIDATED FINANCIAL STATEMENTS OR THAT MAY HAVE ANY EFFECT ON ITS TAX-EXEMPT STATUS. 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GRANT. AND THE SELECTION CRITERIA USED TO AWARD THE ASSISTANCE, PLEASE PROVIDE A DESCRIPTION OF THE MONITORING PROCEDURES USED. SELECTION CRITERIA: REVENUE LOSS, DID THE BUSINESS OWNER FACE DISCRIMINATION, RATE THE APPLICANT ON HOW MUCH THE FUNDS WOULD HELP, RATE THE VIDEO SUBMISSION ON MARKETABILITY/MEDIA PRESENCE, ADDITIONAL FACTORS: FAMILY OWNED, WOMEN OWNED, CONTRIBUTED TO COMMUNITY +10 FOR EACH. MONITORING PROCEDURES: REVIEWERS CHECKED BUSINESS LICENCES, P&L STATEMENTS, ONLINE DOCUMENTATION, AND OWNER'S REPUTATION ONLINE TO FURTHER SELECT FINALISTS. TWO STAGES OF REVIEWERS FOR IMPARTIALITY. EVERY WINNER MUST SIGN A CONTRACT STATING USE OF FUNDS WILL ONLY BE FOR THEIR BUSINESS. THIS CONTRACT IS LEGALLY BINDING, AND APPROVED BY OUR LAWYER. GRUBHUB 2021: PHASE 1 - CHAMBER PARTNERS TEN CHAMBER PARTNERS EACH REVIEWED 100 APPLICATIONS AND RATED FOR A TOP 15. THEY SCORED APPLICANTS BASED ON THEIR APPLICATION, STORIES OF RESILIENCE, DISCRIMINATION, STATED NEED, USE OF FUNDS, AND WILLINGNESS TO SERVE THEIR COMMUNITY. PHASE 2 - NATIONAL ACE TEAM NATIONAL ACE TEAM VERIFIED FINALISTS FOR SPREAD OF REGIONS AND ETHNICITIES, AS WELL AS SORTED FOR PAST WINNERS FROM PRIOR GRANTS. IF IT WAS BETWEEN A PAST WINNER AND A NEW WINNER TIED, THE NEW WINNER WOULD BREAK THE TIE AND WIN THE GRANT. PHASE 3 - NATIONAL ACE FOUNDATION REVIEW BOARD NATIONAL ACE FOUNDATION HAD THREE MEMBERS ON THE REVIEW BOARD WHO MET ON ZOOM TO DISCUSS AND VOTE ON THE 5 FINALISTS. THEY AGREED ON THE TOP THREE WINNERS. PHASE 4 - CONTRACTING EVERY WINNER MUST SIGN A CONTRACT STATING USE OF FUNDS WILL ONLY BE FOR THEIR BUSINESS. THIS CONTRACT IS LEGALLY BINDING, AND APPROVED BY OUR LAWYER. 0 0 0 0 0 0 0 0 0 CHILING TONG PRESIDENT & CEO 9239 166550 0 16500 0 0 0 15038 0 0 9239 198088 0 0 PART I, LINE 3 THE FOUNDATION DOES NOT DIRECTLY HIRE OR COMPENSATE EMPLOYEES. ALL EMPLOYEES ARE EMPLOYEES OF ASIAN & PACIFIC ISLANDER AMERICAN CHAMBER OF COMMERCE & ENTREPRENEURSHIP (ACE), A RELATED ORGANIZATION EXEMPT UNDER SECTION 501(C)(6). ACE'S BOARD OF DIRECTORS ESTABLISHES AND APPROVES THE COMPENSATION FOR ITS PRESIDENT & CEO. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 WAS PREPARED BY OUTSIDE ACCOUNTANTS AND REVIEWED BY THE PRESIDENT & CEO AND BOARD OF DIRECTORS BEFORE FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C IN ADHERENCE TO THE CONFLICT OF INTEREST POLICY, BOARD OF DIRECTORS AND STAFF MUST DISCLOSE ANY CONFLICTS OF INTEREST AND ABSTAIN FROM VOTING ON ANY MATTERS FOR WHICH HE OR SHE HAS A CONFLICT. THE MEMBER WITH A CONFLICT RECUSES HIMSELF OR HERSELF FROM THE DISCUSSION, AND THE REMAINING BOARD MEMBERS RESOLVE THE MATTER IN WHAT IS DEEMED THE BEST INTEREST OF THE FOUNDATION. FORM 990, PART VI, SECTION B, LINE 15 THE EXECUTIVE COMMITTEE OF THE BOARD OF DIRECTORS CONDUCTS AN ANNUAL EVALUATION ON THE PERFORMANCE OF THE PRESIDENT/CEO. THE RECOMMENDATIONS OF THE EXECUTIVE COMMITTEE ARE PRESENTED TO THE FULL BOARD OF DIRECTORS FOR APPROVAL AND ADOPTION. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES AVAILABLE UPON REQUEST THE FOLLOWING: GOVERNING DOCUMENTS CONFLICT OF INTEREST POLICY FINANCIAL STATEMENTS FORM 990, PART IX, LINE 11G CONSULTING: PROGRAM SERVICE EXPENSES 33,542. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 33,542. OTHER PROGRAM FEES: PROGRAM SERVICE EXPENSES 874,813. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 874,813. FORM 990, PART XII, LINE 2C: THE PROCESS HAS NOT CHANGED FROM PRIOR YEAR. 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