2020-11-16T15:30:17-06:00 2019-12-31 271728945 PKF O'CONNOR DAVIES LLP 665 FIFTH AVENUE NEW YORK NY 10022 990 2019-01-01 134166228 ACUMEN FUND INC ACUM 2125668821 40 WORTH STREET NO 303 NEW YORK NY 10013 JACQUELINE WOO CHIEF FINANCIAL OFFICER 6467473958 2020-11-16 1 GARRETT M HIGGINS P00543209 2122862600 2020-11-12 108.35.147.74 2020-11-16 13:02:40 ES P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 C5C0E2060BEB3F24671B5CC0358F632D6B4109AD 2019 2021-01-29 14:40:06Z JACQUELINE NOVOGRATZ 40 WORTH STREET NO 303 NEW YORK NY 10013 33090301 0 X WWW.ACUMEN.ORG X 2001 NY OUR MISSION IS TO CHANGE THE WAY THE WORLD TACKLES POVERTY BY INVESTING IN COMPANIES, LEADERS AND IDEAS.OUR 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 AGRICULTURAL INPUTS - SO THEY HAVE THE CHOICE AND OPPORTUNITY TO TRANSFORM THEIR LIVES. THIS IS WHERE DIGNITY STARTS - NOT JUST FOR THE POOR BUT FOR EVERYONE ON EARTH. 14 13 78 15 0 0 35753189 25402570 2431762 2317027 -3790315 2756044 226997 491207 34621633 30966848 1623579 3119886 0 0 11761818 12801378 0 0 3316680 9288946 10648613 22674343 26569877 11947290 4396971 134799533 140919171 3117746 5039812 131681787 135879359 X ACUMEN FUND IS WORKING TO CHANGE THE WAY THE WORLD TACKLES POVERTY BY INVESTING IN COMPANIES, LEADERS AND IDEAS. [SEE CONTINUATION ON SCHEDULE O]WE INVEST PATIENT CAPITAL IN BUSINESSES THAT DELIVER CRITICAL, AFFORDABLE GOODS AND SERVICES TO THE POOR, IMPROVING THE LIVES OF MILLIONS IN SOUTH ASIA, EAST AND WEST AFRICA, LATIN AMERICA AND THE UNITED STATES. SINCE 2001, ACUMEN FUND HAS INVESTED $128 MILLION IN 128 SOCIAL ENTERPRISES WORKING IN HEALTH CARE, ENERGY, EDUCATION/WORKFORCE DEVELOPMENT, WATER & SANITATION, HOUSING, FINANCIAL SERVICES, AND AGRICULTURE. WE ALSO INVEST IN BUILDING A GLOBAL COMMUNITY OF EMERGING LEADERS WORKING TO CREATE A MORE JUST, INCLUSIVE AND SUSTAINABLE WORLD THROUGH OUR ACUMEN FELLOWS PROGRAM AND ONLINE SCHOOL FOR SOCIAL CHANGE, +ACUMEN.THROUGH THESE EFFORTS, WE ARE WORKING TO CREATE SUSTAINABLE SOLUTIONS TO POVERTY. 0 1 10618043 914297 769843 INVESTING AND PORTFOLIO MANAGEMENT: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 11 NEW COMPANIES IN 2019, REACHING A CUMULATIVE $128 MILLION INVESTED IN 128 BUSINESSES SERVING THE POOR. [SEE CONTINUATION ON SCHEDULE O]IN THE FIRST QUARTER OF 2019, OUR TEAM CONDUCTED ANNUAL REVIEWS FOR ALL PORTFOLIO COMPANIES TO MEASURE ACTUAL PERFORMANCE AGAINST SOCIAL AND FINANCIAL IMPACT TARGETS AND DEVELOP DETAILED POST-INVESTMENT ENGAGEMENT PLANS OUTLINING THE SUPPORT REQUIRED BY ACUMEN TO HELP THE COMPANIES GROW. ACUMEN DIRECTLY SUPPORTED COMPANIES IN 2019 THROUGH OUR PARTICIPATION ON 71 COMPANY BOARDS, CONDUCTING 22 LEAN DATA IMPACT MEASUREMENT SURVEYS AND PROVIDING 14 NEW TECHNICAL ASSISTANCE GRANTS ALLOWING COMPANIES TO EXPERIMENT WITH HIGH-IMPACT PROJECTS AND PRODUCTS. 5653586 1102696 736807 FELLOWS AND LEADERSHIP PROGRAMS ACUMEN'S FELLOWSHIP PROGRAM IN COLOMBIA, EAST AND WEST AFRICA, PAKISTAN AND INDIA BUILDS COHORTS OF LOCAL SOCIAL CHANGE LEADERS AND FACILITATES FIVE WEEK-LONG SEMINARS RANGING FROM HOLISTIC APPROACHES TO PROBLEM-SOLVING TO FRAMEWORKS FOR THRIVING IN CHALLENGING ENVIRONMENTS. AS OF THE END OF Q4 2019, A CUMULATIVE 544 ACUMEN FELLOWS HAVE PARTICIPATED IN OUR PROGRAM WORLDWIDE. IN 2019, ACUMEN EMBARKED ON AN AMBITIOUS VISION TO SPREAD ITS ETHOS BY LAUNCHING NEW FELLOWSHIP PROGRAMS WITH REGIONAL PARTNERS. [SEE CONTINUATION ON SCHEDULE O]OUR FIRST REGIONAL PARTNERS INCLUDE VISIONARY INDIVIDUALS AND FOUNDATIONS IN BANGLADESH, MALAYSIA AND SPAIN, WHOSE INAUGURAL COHORTS OF SOCIAL CHANGE LEADERS WILL BEGIN THEIR FELLOWSHIP IN EARLY 2020. BY OPERATING AS SEPARATE ENTITIES FROM ACUMEN, REGIONAL PARTNERS ALLOW US TO EXPAND OUR COMMUNITY OF FELLOWS FASTER THAN THROUGH OUR EXISTING SELF-OPERATED MODEL. IN 2019, WE ALSO EXPERIMENTED WITH NEW MODELS OF ENGAGEMENT FOR OUR GROWING COMMUNITY OF SOCIAL INNOVATORS. WE ARE PARTICULARLY EXCITED ABOUT THE SUCCESS OF WHAT WE CALL "CHALLENGES" DESIGNED TO ACCELERATE THE PROGRESS OF ENTREPRENEURS FOCUSED ON SPECIFIC PROBLEMS. OUR FIRST CHALLENGE, IN PARTNERSHIP WITH UNILEVER, ADDRESSED PLASTIC POLLUTION IMPACTING LOW-INCOME COMMUNITIES. THE ACUMEN-UNILEVER SOCIAL INNOVATION CHALLENGE ON PLASTICS RECEIVED NEARLY 100 SUBMISSIONS AND THREE WINNING TEAMS RECEIVED $25,000 AS WELL AS MENTORSHIP FROM UNILEVER TO START OR TO SCALE THEIR PLASTIC WASTE MANAGEMENT BUSINESS IDEAS. THIS SUCCESS WAS QUICKLY FOLLOWED BY A SECOND, LARGER CHALLENGE: THE ROCKEFELLER FOUNDATION-ACUMEN STUDENT INNOVATION CHALLENGE. IN PARTNERSHIP WITH THE ROCKEFELLER FOUNDATION, THIS CHALLENGE ENGAGED A NEW GENERATION OF STUDENT INNOVATORS TO ADDRESS PROBLEMS OF POVERTY. THE CHALLENGE RECEIVED ENTRIES FROM MORE THAN 5,500 STUDENTS IN 138 COUNTRIES; WINNERS, WHO WILL BE SELECTED IN 2020, WILL RECEIVE UP TO $20,000 TO SUPPORT THEIR IDEAS.IN 2019, WE MADE THE STRATEGIC DECISION TO BRING OUR LEADERSHIP PROGRAMS AND ONLINE CONTENT TOGETHER UNDER ONE ROOF AND NEWLY BRANDED AS ACUMEN ACADEMY. LAUNCHING IN EARLY 2020, THIS 'UNIVERSITY REIMAGINED' WILL BRING MORE THAN 500 ACUMEN FELLOWS TOGETHER WITH NEARLY 500,000 +ACUMEN COURSE-TAKERS TO FORM A POWERFUL, UNITED COMMUNITY OF SOCIAL INNOVATORS. TO BRING ACUMEN ACADEMY TO LIFE, WE DEVELOPED A NEW DIGITAL PLATFORM IN 2019 TO HOUSE OUR ONLINE COURSES, MASTER CLASSES, FELLOWSHIP CONTENT AND INNOVATION CHALLENGES, MAKING THIS CONTENT AVAILABLE TO ANYONE, ANYWHERE - EVEN AT DIFFERENT LEVELS OF TECHNOLOGY ACCESS. BY BRINGING OUR MULTIPLE LEARNING AND LEADERSHIP COMMUNITIES TOGETHER ON A SINGLE PLATFORM, ACUMEN ACADEMY CREATES THE POSSIBILITY FOR LEADERS TO FIND ONE ANOTHER, COLLABORATE AND FORM COMMUNITIES OF PRACTICE AROUND SOCIAL ISSUES - AND FOR NEW LEADERS TO JOIN US. FOR ACUMEN, HAVING ONE CENTRALIZED PLATFORM WILL ALSO GIVE US THE DEPTH OF DATA WE NEED TO SUPPORT AND SERVE THIS COMMUNITY MEANINGFULLY AND DRIVE EXPONENTIAL GROWTH AND SOCIAL INFLUENCE FOR THE FUTURE. 5410605 1102892 810377 IMPACT AND COMMUNICATIONSTHE 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 SHIFTING PUBLIC PERCEPTION TO SEE THE POTENTIAL OF LOW-INCOME PEOPLE.[SEE CONTINUATION ON SCHEDULE O]ACUMEN PUBLISHED TWO REPORTS IN 2019. IN PARTNERSHIP WITH UNILEVER, ACUMEN RELEASED A LEAN DATA HOW-TO GUIDE: UNDERSTANDING GENDER IMPACT IN JUNE 2019 TO PROVIDE A SIMPLE, EASY-TO-USE, AND ACTIONABLE TOOLKIT TO HELP BUSINESSES, PROGRAM DESIGNERS, AND INVESTORS MEASURE THEIR IMPACT SPECIFICALLY ON WOMEN AND GIRLS.ACUMEN'S INDUSTRY REPORT WITH OPEN CAPITAL ADVISORS, LIGHTING THE WAY:ROADMAP TO EXITS IN OFF-GRID ENERGY, PUBLISHED IN OCTOBER 2019, EXPLORES THE CHALLENGES LIMITING EXITS IN THE SECTOR, VIABLE PATHWAYS TO EXIT AND HOW COMPANIES, INVESTORS AND OTHER STAKEHOLDERS CAN - AND MUST - FACILITATE MORE OF THEM.ACUMEN ALSO PUBLISHES THE PROGRESS OF ITS WORK IN OTHER WAYS, INCLUDING SHARING THE STORIES OF OUR INVESTEES AS WELL AS ENTERPRISES LED BY ACUMEN FELLOWS. IN 2019, ACUMEN RAN A CAMPAIGN CALLED POWER WHAT'S POSSIBLE TO SHOWCASE SIX ACUMEN PORTFOLIO COMPANIES AND FOUR ACUMEN FELLOWS TRANSFORMING LOW-INCOME COMMUNITIES AROUND THE WORLD. THE CAMPAIGN RAN ON SOCIAL MEDIA AND THROUGH WEEKLY EMAIL COMMUNICATIONS FROM GIVING TUESDAY THROUGH NEW YEAR'S DAY. 21682234 1 1 0 0 0 0 0 0 0 0 1 0 1 0 1 1 0 1 0 1 1 1 0 0 0 0 0 1 0 1 0 0 0 1 1 0 0 1 1 0 0 0 0 1 1 1 0 0 1 X 62 0 78 1 0 1 GH IN KE PK CO CA UK MP 0 0 0 0 0 0 0 0 0 0 X 14 13 0 1 0 0 0 0 0 1 1 0 1 1 1 1 1 1 1 1 1 1 0 CA FL GA IL MD MA MI NJ NY PA WA DC X X X JACQUELINE WOO CHIEF FINANCIAL OFFICER 6467473958 40 WORTH STREET NO 303 NEW YORK NY 10013 JACQUELINE NOVOGRATZ CEO & DIRECTOR 38.00 2.00 X X 359281 0 28347 CARLYLE SINGER JONES PRESIDENT 39.00 1.00 X 303864 0 22053 LYNN ROLAND BOARD SECRETARY / GENERAL COUNSEL 29.50 10.50 X 223512 0 33682 JACQUELINE WOO CHIEF FINANCIAL OFFICER 36.50 3.50 X 223645 0 33076 YASMINA ZAIDMAN CHIEF STRATEGIC PARTNERSHIPS OFFICER 40.00 X 229100 0 7245 CATHERINE C NANDA DIRECTOR, ACUMEN AMERICA 40.00 X 191628 0 30669 AMRITA BHANDARI CHIEF OF BUSINESS DEVELOPMENT 40.00 X 206423 0 6565 ALBERTO GOMEZ OBREGON DIRECTOR, PORTFOLIO 39.50 0.50 X 184643 0 22507 JOANNA MCQUADE DIRECTOR, TALENT 40.00 X 189526 0 14753 WILLIAM CHARNOCK CHIEF MARKETING OFFICER AS OF APRIL 2019 40.00 X 183875 0 17011 ELEANOR MURPHY HEAD OF BUSINESS DEVELOPMENT, EAST COAST 39.50 0.50 X 173541 0 20588 JO-ANN TAN DIRECTOR, LEADERSHIP 40.00 X 173506 0 5577 AMON ANDERSON DIRECTOR, ACUMEN AMERICA 40.00 X 163050 0 13893 VIRGILIO BARCO DIRECTOR, LATIN AMERICA 40.00 X 148031 0 22182 BATOOL HASSAN DIRECTOR, LEADERSHIP 40.00 X 154627 0 5011 ALEXANDRA TRABULSI HEAD OF BUSINESS DEVELOPMENT, WEST COAST 40.00 X 150000 0 3747 ALEXANDER DICHTER CHIEF INNOVATION OFFICER THRU MARCH 2019 40.00 X 105769 0 9505 SHAIZA RIZAVI BOARD CHAIR 1.00 X X 0 0 0 DAVID HELLER BOARD CHAIR THRU APRIL 2019 1.00 X X 0 0 0 MARGO ALEXANDER DIRECTOR 1.00 X 0 0 0 C HUNTER BOLL DIRECTOR 1.00 X 0 0 0 KATHLEEN CHEW WAI LIN DIRECTOR 1.00 X 0 0 0 ROBERT BOB COLLYMORE DIRECTOR THRU JULY 2019 1.00 X 0 0 0 STUART DAVIDSON DIRECTOR 1.00 X 0 0 0 JULIUS GAUDIO DIRECTOR 1.00 X 0 0 0 NATE LAURELL DIRECTOR 1.00 X 0 0 0 CRISTINA LJUNBERG DIRECTOR 1.00 X 0 0 0 PAT MITCHELL DIRECTOR 1.00 X 0 0 0 KIRSTEN NEVILL-MANNING DIRECTOR 1.00 X 0 0 0 KAREN PATERSON DIRECTOR 1.00 X 0 0 0 THULASIRAJ RAVILLA DIRECTOR 1.00 X 0 0 0 ANDREA SOROS COLOMBEL DIRECTOR 1.00 X 0 0 0 3364021 0 296411 25 1 1 0 TAMER EL-RAGHY 68 ALBOSTAN COMPOUND OCTOBER CITY GIZA EG CONSULTANT FOR ARAF 249354 WALL STREET IT MANAGEMENT 111 W 33RD STREET NEW YORK NY 10001 TECHNOLOGY 236745 ADP TOTAL SOURCE GROUP INC 10200 SUNSET DRIVE MIAMI FL 33173 PEO SERVICE FEE 160180 THE BUSARA CENTER FOR BEHAVIORAL ECONOMI DAYKIO PLAZA 5TH FL NGONG LANE NAIROBI KE BEHAVIORAL SCIENCE CONSULTING 145222 PKF O'CONNOR DAVIES LLP 665 FIFTH AVE NEW YORK NY 10022 PROFESSIONAL SERVICES 136250 6 2949421 22453149 567116 25402570 PROGRAMMATIC FEES 900099 1432198 1432198 LEAN DATA FEES 900099 518795 518795 PGM RELATED LOAN INCOME 900099 316034 316034 PORTFOLIO DILIGENCE FEE INCOME 900099 50000 50000 2317027 284685 284685 1512281 3082531 2123453 0 -611172 3082531 2471359 2471359 DEVELOPMENT COST REIMBURSEMENT 900099 450000 450000 REIMBURSEMENT/OTHER 900099 41207 41207 491207 30966848 2317027 0 3247251 2676813 2676813 1737 1737 441336 441336 2690488 1918192 287277 485019 417804 417804 8154033 5787272 524729 1842032 321394 227975 26180 67239 485300 329900 23053 132347 732359 513935 60749 157675 177183 118596 13239 45348 331694 173532 153134 5028 164377 106507 25448 32422 2252495 2138117 90204 24174 198810 176322 21900 588 245292 153862 36964 54466 1010813 806795 105684 98334 876364 597197 87324 191843 790222 645442 64237 80543 259634 213912 23630 22092 191731 141467 13191 37073 77777 50112 8868 18797 PROV FOR PORTFOLIO LOSS 3965162 3965162 CORPORATE TAXES/OTHER 89324 66084 2333 20907 OTHER DIRECT OPERATING 17735 14163 2819 753 26569877 21682234 1570963 3316680 404673 487896 44833592 44765207 28758865 24288449 1797371 1841125 0 3413075 292461 378654 2136005 1830824 294664 305181 500959 500959 57189634 64055890 727314 882735 134799533 140919171 3117746 2847209 804470 0 1388133 3117746 5039812 X 80406347 86591977 51275440 49287382 131681787 135879359 134799533 140919171 X 4396971 -199399 X X 0 1 X 1 0 X 22558173 29176704 27693548 35753189 25402570 140584184 22558173 29176704 27693548 35753189 25402570 140584184 39083280 101500904 60003 96765 73572 78195 284685 593220 60770 60770 2151 554566 162649 272711 491207 1483284 142721458 8367830 0.71120 0.80560 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: OTHER FEES/INCOME - 2015 AMOUNT: $ 6. 2016 AMOUNT: $ 24,568. 2017 AMOUNT: $ 2,596. 2018 AMOUNT: $ 2,407. SPEAKER FEE - 2015 AMOUNT: $ 2,145. REIMBURSEMENT/OTHER - 2016 AMOUNT: $ 529,998. 2017 AMOUNT: $ 10,053. 2018 AMOUNT: $ 65,133. 2019 AMOUNT: $ 41,207. EARLY TERMINATION FEE - 2017 AMOUNT: $ 150,000. 2018 AMOUNT: $ 205,171. DEVELOPMENT COST REIMBURSEMENT - 2019 AMOUNT: $ 450,000. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 364765 324490 40275 1029650 901239 128411 741590 605095 136495 305181 PROGRAM RELATED EQUITY INVESTMENTS - NORTH AMERICA 21509425 C PROGRAM RELATED EQUITY INVESTMENTS - SUB-SAHARAN AFRICA 13958557 C PROGRAM RELATED EQUITY INVESTMENTS - S.ASIA 14184579 C PROGRAM RELATED EQUITY INVESTMENTS - LATIN AMERICA 3805003 C PROGRAM RELATED EQUITY INVESTMENTS - EUROPE 1668528 C PROGRAM RELATED DEBT INVESTMENTS - CENTRAL AMERICA AND THE CARRIBEAN 275000 C PROGRAM RELATED DEBT INVESTMENTS - NORTH AMERICA 5119563 C PROGRAM RELATED DEBT INVESTMENTS - SUB-SAHARAN AFRICA 1609736 C PROGRAM RELATED DEBT INVESTMENTS - S.ASIA 1285089 C PROGRAM RELATED DEBT INVESTMENTS - LATIN AMERICA 640410 C 64055890 RETURNABLE GRANT CAPITAL 1388133 1388133 X 33424194 2764836 33212 2798048 30626146 340702 340702 30966848 28795303 2764836 3425752 6190588 22604715 3965162 3965162 26569877 PART X, LINE 2: ACUMEN RECOGNIZES THE EFFECT OF INCOME TAX POSITIONS ONLY WHEN THEY ARE MORE THAN LIKELY THAN NOT OF BEING SUSTAINED. MANAGEMENT HAS DETERMINED THAT ACUMEN HAS NO UNCERTAIN TAX POSITIONS THAT WOULD REQUIRE FINANCIAL STATEMENT RECOGNITION OR DISCLOSURE. ACUMEN IS NO LONGER SUBJECT TO EXAMINATIONS BY APPLICABLE TAXING JURISDICTIONS FOR PERIODS PRIOR TO DECEMBER 31, 2016. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN VALUE OF CHARITABLE REMAINDER TRUST 246,965. RELATED PARTY REVENUE INCLUDED PER AUDIT-ACUMEN FUND INDIA 596,968. RELATED PARTY REVENUE INCLUDED PER AUDIT-ACUMEN FUND INDIA TRUST 968,502. RELATED PARTY REVENUE INCLUDED PER AUDIT-ACUMEN FUND PAKISTAN 157,300. RELATED PARTY REVENUE INCLUDED PER AUDIT-ACUMEN CAPITAL MARKETS I LP 262. RELATED PARTY REVENUE INCLUDED PER AUDIT-ACUMEN FUND CANADA 204,812. RELATED PARTY REVENUE INCLUDED PER AUDIT-ACUMEN CAPITAL PARTNERS LLC 1,937,700. ELIMINATING/CONSOLIDATING ENTRIES PER AUDIT -114,135. PROVISION FOR PORTFOLIO LOSSES RECLASSIFICATION -3,965,162. PART XI, LINE 4B - OTHER ADJUSTMENTS: LOSS ON DISPOSAL OF FIXED ASSETS 5,138. UNREALIZED INVESTMENT LOSS ALLOCATION 335,564. PART XII, LINE 2D - OTHER ADJUSTMENTS: RELATED PARTY EXPENSES INCLUDED PER AUDIT - ACUMEN FUND INDIA 830,294. RELATED PARTY EXPENSES INCLUDED PER AUDIT - ACUMEN FUND INDIA TRUST 244,555. RELATED PARTY EXPENSES INCLUDED PER AUDIT - ACUMEN FUND PAKISTAN 502,561. RELATED PARTY EXPENSES INCLUDED PER AUDIT - ACUMEN CAPITAL MARKETS I LP 890,062. RELATED PARTY EXPENSES INCLUDED PER AUDIT - ACUMEN CANADA 1,247. RELATED PARTY EXPENSES INCLUDED PER AUDIT - ACUMEN CAPITAL PARTNERS LLC 1,586,928. ELIMINATING/CONSOLIDATING ENTRIES PER AUDIT -629,895. PART XII, LINE 4B - OTHER ADJUSTMENTS: PROVISION FOR PORTFOLIO LOSSES RECLASSIFICATION 3,965,162. 1 SOUTH ASIA 2 40 PROGRAM SERVICE PORTFOLIO MANAGEMENT AND LEADERSHIP PROGRAM 628197 SUB-SAHARAN AFRICA 2 109 PROGRAM SERVICE PORTFOLIO MANAGEMENT AND LEADERSHIP PROGRAM 2001680 SOUTH AMERICA 1 34 PROGRAM SERVICE PORTFOLIO MANAGEMENT AND LEADERSHIP PROGRAM 1088335 EUROPE 1 24 PROGRAM SERVICES LEADERSHIP PROGRAM AND FUNDRAISING 1565813 NORTH AMERICA 0 2 PROGRAM SERVICE LEADERSHIP PROGRAM 121999 SOUTH ASIA 0 0 PROGRAM RELATED INVESTMENTS 15469669 SUB-SAHARAN AFRICA 0 0 PROGRAM RELATED INVESTMENTS 15568293 SOUTH AMERICA 0 0 PROGRAM RELATED INVESTMENTS 4445414 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM RELATED INVESTMENTS 1668528 NORTH AMERICA 0 0 PROGRAM RELATED INVESTMENTS 405401 CENTRAL AMERICA AND THE CARIBBEAN 0 0 PROGRAM RELATED INVESTMENTS 275000 SOUTH ASIA 0 0 GRANT MAKING 30000 SUB-SAHARAN AFRICA 0 0 GRANT MAKING 321245 SOUTH AMERICA 0 0 GRANT MAKING 56104 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 GRANT MAKING 8987 NORTH AMERICA 0 0 GRANT MAKING 25000 6 209 0 0 6 209 40889400 2790265 43679665 SUB-SAHARAN AFRICA IMPACT ASSESSMENTS 264261 WIRE TRANSFER LATIN AMERICA TECHNICAL ASSISTANCE 6547 WIRE TRANSFER SOUTH ASIA ENGAGING A CONSULTANT TO EXPLORE IMPACT AND BUSINESS OPPORTUNITY 20000 WIRE TRANSFER LATIN AMERICA BRAND STRATEGY AND IMPLEMENTATION OF A SUCCESSFUL GO TO MARKET PLAN FOR ENTRY INTO INTERNATIONAL MARKETS 10000 WIRE TRANSFER SUB-SAHARAN AFRICA TEST NEW PRODUCT AND BEGIN NEW COUNTRY OPERATIONS 11000 WIRE TRANSFER NORTH AMERICA TO ADVANCE THE ACHIEVEMENT OF CHANGING SOCIAL AND ENVIRONMENTAL IMPACT OF PLASTIC WASTE 25000 WIRE TRANSFER SUB-SAHARAN AFRICA ENGAGE AN ADVISOR TO PROVIDE LEGAL AND TAX ADVISORY SERVICES FOR ESTABLISHING A PAN AFRICAN HOLDING COMPANY 25000 WIRE TRANSFER SOUTH ASIA DESIGN AND PILOT MINI MILK CHILLERS AND REFRIGERATED TRUCKS FOR VILLAGE COLLECTION CENTERS 10000 WIRE TRANSFER SUB-SAHARAN AFRICA SUPPORT TOWARDS MAKING RESIDENTIAL RECYCLING MORE ACCESSIBLE, INCLUSIVE AND REWARDING 15000 WIRE TRANSFER EUROPE FINANCE THE CREATION OF CUSTOMER SURVEYING TOOLS AND PRACTICES 8000 WIRE TRANSFER LATIN AMERICA ENGAGE A STRATEGY CONSULTANT 10000 WIRE TRANSFER LATIN AMERICA SUPPORT TO INCREASE OPPORTUNITIES FOR SOCIOECONOMIC DEVELOPMENT THROUGH SUSTAINABLE ATTITUDES 25000 WIRE TRANSFER 0 12 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 AND INDIA HAVE INDEPENDENT AUDITS. IN ADDITION TO THE AUDIT, OUR CENTRAL OFFICE FINANCE DEPT IN NEW YORK HAS OVERSIGHT OF THE COUNTRY OFFICES' SPENDING. INVESTMENTS IN THIRD PARTIES ARE PRIMARILY DEBT OR EQUITY INVESTMENTS. RELATIVELY LITTLE IS AN OUTRIGHT GRANT FOR USE BY THE THIRD PARTY. FOR ANY PROGRAM-RELATED INVESTMENTS, THE ORGANIZATION REQUIRES REGULAR SOCIAL IMPACT, FINANCIAL AND OPERATIONAL REPORTING, TYPICALLY MAINTAINS A BOARD SEAT ON THE INVESTEE COMPANY 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 RECORD AND REPUTATION 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 IS LIKE 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: SCHEDULE F, PART IV, LINE 1, 3 AND LINE 5 THE ORGANIZATION IS REQUIRED TO FILE FORMS 926, 5471, AND FORM 8865. 1 60 DECIBELS INC 205 EAST 42 STREET FL 20 NEW YORK NY 10017 832847769 838153 STRENGTHENING IMPACT INVESTING MARKETS FOR AGRICULTURE (SIIMA) AND AFRICA POULTRY MULTIPLICATION INITIATIVE (APMI) AZAHAR COFFEE COMPANY LLC 325 E 77TH STREET APT 6G NEW YORK NY 10075 453537132 40000 SUPPORT DEVELOPMENT OF A GUIDE TO DRIVE INCREASED INCOME FOR SMALLHOLDER COFFEE FARMERS AZIMUTH GROUP CORP 1 GRAND ARMY PLAZA APT 14B BROOKLYN NY 11238 812651720 18230 INCREASE EFFECTIVENESS OF SALES TEAM, PROCESSES AND TRAINING METHODS BIOLITE INC 65 JAY STREET BROOKLYN NY 11201 272826296 20000 DEVELOP, FIELD TEST AND MANUFACTURE A COMPREHENSIVE SOLAR-ENABLED HOME ENERGY SYSTEM IDINSIGHT 576 SACRAMENTO STREET 1ST FLOOR SAN FRANCISCO CA 94111 274933181 501(C)(3) 472274 ETHIOCHICKEN IMPACT EVALUATIONS/AFRICA POULTRY MULTIPLICATION INITIATIVE MASSACHUSETTS INSTITUTE OF TECHNOLOGY 77 MASSACHUSETTS AVE NE49-31 CAMBRIDGE MA 02139 042103594 501(C)(3) 95000 SUPPORT NEXT GENERATION OF SOCIAL INNOVATORS THROUGH BIG IDEAS REGENTS OF THE UNIVERSITY OF CALIFORNIA 1156 HIGH ST SANTA CRUZ CA 95064 941539563 501(C)(3) 700000 SUPPORT NEXT GENERATION OF SOCIAL INNOVATORS THROUGH BIG IDEAS REGENTS OF THE UNIVERSITY OF MICHIGAN 500 S STATE STREET ANN ARBOR MI 48109 386006309 501(C)(3) 40000 SUPPORT NEXT GENERATION OF SOCIAL INNOVATORS THROUGH BIG IDEAS SANERGY INC PO BOX 550288 ATLANTA GA 30355 274528974 20000 DEVELOP A MARKETING STRATEGY TO SUPPORT THE EFFORTS OF RESELLERS SHIMMY TECHNOLOGIES GROUP INC 19 MORRIS AVE BROOKLYN NY 11205 364863487 50000 SUPPORT RESOURCING EXPENSES TO INCREASE BUSINESS DEVELOPMENT AND SALES LEADS SIMUSOLAR INC 548 MARKET STREET UNIT 76691 SAN FRANCISCO CA 94104 472154274 27500 IMPLEMENT LOAN MANAGEMENT TOOL AND FINANCE DEVELOPMENT COSTS OF 2ND GENERATION FISHING LIGHTS TANAGER 50 F STREET NW NO 1000 WASHINGTON DC 20001 521826242 501(C)(3) 135767 SUPPORT POULTRY COMPANIES IMPROVE HOUSEHOLD NUTRITION AND EMPOWER WOMEN THROUGH THEIR BUSINESS MODELS THE RESOLUTION PROJECT 420 LEXINGTON AVENUE 1626 NEW YORK NY 10170 264394051 501(C)(3) 30000 SUPPORT NEXT GENERATION OF SOCIAL INNOVATORS THROUGH BIG IDEAS UPCHIEVE INC 150 COURT ST FLOOR 2 BROOKLYN NY 11201 824456163 501(C)(3) 50000 FINANCE OPERATING EXPENSES TO SUPPORT MISSION UNIVERSITY OF SAN DIEGO 5998 ALCALA PARK SAN DIEGO CA 92110 952544535 501(C)(3) 125000 SUPPORT NEXT GENERATION OF SOCIAL INNOVATORS THROUGH BIG IDEAS 8 7 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 320281 0 39000 0 0 0 10920 0 17427 0 387628 0 0 0 CARLYLE SINGER JONES PRESIDENT 270864 0 33000 0 0 0 9240 0 12813 0 325917 0 0 0 LYNN ROLAND BOARD SECRETARY / GENERAL COUNSEL 196512 0 27000 0 0 0 6948 0 26734 0 257194 0 0 0 JACQUELINE WOO CHIEF FINANCIAL OFFICER 201095 0 22550 0 0 0 6977 0 26099 0 256721 0 0 0 YASMINA ZAIDMAN CHIEF STRATEGIC PARTNERSHIPS OFFICER 204600 0 24500 0 0 0 6873 0 372 0 236345 0 0 0 CATHERINE C NANDA DIRECTOR, ACUMEN AMERICA 173909 0 17719 0 0 0 5932 0 24737 0 222297 0 0 0 AMRITA BHANDARI CHIEF OF BUSINESS DEVELOPMENT 180030 0 26393 0 0 0 6193 0 372 0 212988 0 0 0 ALBERTO GOMEZ OBREGON DIRECTOR, PORTFOLIO 169088 0 15555 0 0 0 5687 0 16820 0 207150 0 0 0 JOANNA MCQUADE DIRECTOR, TALENT 173588 0 15938 0 0 0 5740 0 9013 0 204279 0 0 0 WILLIAM CHARNOCK CHIEF MARKETING OFFICER AS OF APRIL 2019 183875 0 0 0 0 0 3750 0 13261 0 200886 0 0 0 ELEANOR MURPHY HEAD OF BUSINESS DEVELOPMENT, EAST COAST 145619 0 15422 0 12500 0 5338 0 15250 0 194129 0 0 0 JO-ANN TAN DIRECTOR, LEADERSHIP 155000 0 18506 0 0 0 5205 0 372 0 179083 0 0 0 AMON ANDERSON DIRECTOR, ACUMEN AMERICA 147825 0 15225 0 0 0 4957 0 8936 0 176943 0 0 0 VIRGILIO BARCO DIRECTOR, LATIN AMERICA 128953 0 19078 0 0 0 4588 0 17594 0 170213 0 0 0 BATOOL HASSAN DIRECTOR, LEADERSHIP 142000 0 12627 0 0 0 4639 0 372 0 159638 0 0 0 ALEXANDRA TRABULSI HEAD OF BUSINESS DEVELOPMENT, WEST COAST 150000 0 0 0 0 0 3375 0 372 0 153747 0 0 0 ALEXANDER DICHTER CHIEF INNOVATION OFFICER THRU MARCH 2019 70489 0 35280 0 0 0 3231 0 6274 0 115274 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. 60 DECIBELS PART V PART V X 2750000 2750000 0 1 1 60 DECIBELS PART V PART V X 662500 662500 0 1 1 JO-ANN TAN PART V PART V X 575 575 0 0 0 3413075 60 DECIBELS SEE PART V 681202 SEE PART V SEE PART V 60 DECIBELS SEE PART V 156951 SEE PART V 60 DECIBELS SEE PART V 255000 SEE PART V 0 FORM 990, SCHEDULE L, PART II NAME OF INTERESTED PERSON: 60 DECIBELSRELATIONSHIP WITH ORGANIZATION: ENTITY > 35% OWNED BY ALEXANDER DICHTER, FORMER CHIEF INNOVATION OFFICER THROUGH MARCH 2019PURPOSE OF LOAN: CONVERTIBLE NOTE RECEIVABLE IN EXCHANGE FOR SALE OF THE ORGANIZATION'S LEAN DATA SOCIAL IMPACT MEASUREMENT PROGRAM TO A NEW COMPANY, IN ORDER TO MAKE A CONTRIBUTION TO THE WIDER SECTOR.BALANCE DUE: $2,750,000NAME OF INTERESTED PERSON: 60 DECIBELSRELATIONSHIP WITH ORGANIZATION: ENTITY > 35% OWNED BY ALEXANDER DICHTER, FORMER CHIEF INNOVATION OFFICER THROUGH MARCH 2019PURPOSE OF LOAN: CONVERTIBLE NOTE RECEIVABLE IN EXCHANGE FOR ADDITIONAL FUNDING PROVIDED TO COMPANYBALANCE DUE: $662,500NAME OF INTERESTED PERSON: JO-ANN TANRELATIONSHIP WITH ORGANIZATION: KEY EMPLOYEE OF ACUMEN FUNDPURPOSE OF LOAN: CASH ADVANCE TO COORDINATE AN EVENT OF THE ORGANIZATIONBALANCE DUE: $575 FORM 990, SCHEDULE L, PART III: NAME OF INTERESTED PERSON: 60 DECIBELSRELATIONSHIP BETWEEN THE INTERESTED PERSON AND ORGANIZATION: ENTITY > 35% OWNED BY ALEXANDER DICHTER, FORMER CHIEF INNOVATION OFFICER THROUGH MARCH 2019TYPE: SUBAWARDPURPOSE OF ASSISTANCE: STRENGTHENING IMPACT INVESTING MARKETS FOR AGRICULTURE (SIIMA) SUBAWARD FROM UK DEPARTMENT FOR INTERNATIONAL DEVELOPMENT AMOUNT OF TRANSACTION: $681,202NAME OF INTERESTED PERSON: 60 DECIBELSRELATIONSHIP BETWEEN THE INTERESTED PERSON AND ORGANIZATION: ENTITY > 35% OWNED BY ALEXANDER DICHTER, FORMER CHIEF INNOVATION OFFICER THROUGH MARCH 2019TYPE: SUBAWARDPURPOSE OF ASSISTANCE: AFRICA POULTRY MULTIPLICATION INITIATIVE SUBAWARD FROM BILL & MELINDA GATES FOUNDATIONAMOUNT OF TRANSACTION: $156,951 FORM 990, SCHEDULE L, PART IV: NAME OF INTERESTED PERSON: 60 DECIBELSRELATIONSHIP BETWEEN THE INTERESTED PERSON AND ORGANIZATION: ENTITY > 35% OWNED BY ALEXANDER DICHTER, FORMER CHIEF INNOVATION OFFICER THROUGH MARCH 2019DESCRIPTION OF TRANSACTION: PAYMENT IN EXCHANGE FOR SOCIAL IMPACT MEASUREMENT SERVICESAMOUNT OF TRANSACTION: $255,000 X 12 567116 AVG SELLING PRICE 0 1 0 PART I, COLUMN (B): THE ORGANIZATION IS REPORTING THE NUMBER OF CONTRIBUTORS IN PART I, COLUMN (B) OF SCHEDULE M. FORM 990, PART III, LINE 3 LEAN DATA, OUR APPROACH TO SOCIAL IMPACT MEASUREMENT, WAS CREATED IN 2014 BY ACUMEN, A NOT FOR PROFIT PATIENT CAPITAL INVESTOR. ACUMEN SOUGHT TO BUILD A WAY TO MEASURE IMPACT THAT BOTH MET ITS NEEDS AS AN INVESTOR AND CREATED SIGNIFICANT VALUE FOR ITS INVESTEES. AFTER LOTS OF EXPERIMENTATION, MUCH OF IT FOCUSED ON FINDING THE BEST WAYS TO MEASURE IMPACT USING MOBILE PHONES, BY 2015, ACUMEN HAD CROSS-PORTFOLIO, COMPARABLE IMPACT DATA THAT WENT BEYOND BASIC MEASURES SUCH AS "LIVES IMPACTED." AS IMPORTANT, ACUMEN'S INVESTEES FOUND THAT LEAN DATA HELPED THEM UNDERSTAND AND BETTER SERVE THEIR CUSTOMERS. IN EARLY 2019, RECOGNIZING THE POTENTIAL TO MAKE A POSITIVE CONTRIBUTION TO THE WIDER SECTOR BY SCALING THIS NEW APPROACH TO MEASURING IMPACT, ACUMEN CARVED OUT LEAN DATA TO CREATE A NEW COMPANY, 60 DECIBELS, FOUNDED BY THE TEAM THAT BUILT LEAN DATA AT ACUMEN. 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 12/31/19 IS $171,546. 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 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. THIS PROCESS WAS LAST COMPLETED IN 2019. 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. THIS PROCESS WAS LAST COMPLETED IN 2019. 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. FORM 990, PART XI, LINE 9: FOREIGN CURRENCY TRANSLATION LOSS -105,662. CHANGE IN VALUE OF CHARITABLE REMAINDER TRUST 246,965. LOSS ON DISPOSAL OF FIXED ASSETS -5,138. UNREALIZED INVESTMENT LOSS ALLOCATION -335,564. FORM 990, PART XII, LINE 2C: ACUMEN FUND, INC. HAS A COMMITTEE THAT ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT. THIS PROCESS DID NOT CHANGE FROM 2018. 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