2019-11-15T16:08:50-06:00 2018-12-31 271728945 PKF O'CONNOR DAVIES LLP 665 FIFTH AVENUE NEW YORK NY 10022 990 2018-01-01 134166228 ACUMEN FUND INC ACUM 2125668821 40 WORTH STREET NO 303 NEW YORK NY 10013 JACQUELINE WOO CHIEF FINANCIAL OFFICER 6467473958 2019-11-15 1 GARRETT M HIGGINS P00543209 2122862600 2019-11-15 4.15.211.182 2019-11-15 16:05:39 ES P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 6C9B1A35775087DBDB8A6D25ECA509C7F6C27838 2018 2020-04-17 16:48:07Z JACQUELINE NOVOGRATZ 40 WORTH STREET NO 303 NEW YORK NY 10013 43116497 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 71 13 77583 84616 27693548 35753189 1697425 2431762 146781 -3790315 105234 226997 29642988 34621633 872127 1623579 0 0 9568132 11761818 0 0 2441128 11496539 9288946 21936798 22674343 7706190 11947290 121695515 134799533 1899357 3117746 119796158 131681787 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 $117 MILLION IN 116 SOCIAL ENTERPRISES WORKING IN HEALTH CARE, ENERGY, EDUCATION/WORKFORCE DEVELOPMENT, WATER & SANITATION, HOUSING, FINANCIAL INCLUSION, AND AGRICULTURE. WE ALSO INVEST IN BUILDING A GLOBAL COMMUNITY OF EMERGING LEADERS WHO BELIEVE IN CREATING A MORE INCLUSIVE 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 0 9892742 753704 2431762 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 EIGHT NEW COMPANIES IN 2018, REACHING A CUMULATIVE $117 MILLION INVESTED IN 116 BUSINESSES SERVING THE POOR. [SEE CONTINUATION ON SCHEDULE O]ACUMEN'S PATIENT CAPITAL APPROACH YIELDED EXITS ACROSS OUR PIONEER PORTFOLIO THIS YEAR. OUR LONG-TIME CLEAN ENERGY INVESTEE D.LIGHT DESIGN CLOSED $41 MILLION IN A SERIES E EQUITY RAISE, ALLOWING ACUMEN TO EXIT ITS SERIES A SHARES; POULTRY FARMING INVESTEE ETHIOCHICKEN REPAID ITS LOAN TO ACUMEN THREE YEARS AHEAD OF SCHEDULE WITH OUTSIZED SOCIAL IMPACT; AND ACUMEN EXITED THE FLAGSHIP PROJECT OF AFFORDABLE HOUSING INVESTEE ANSAAR MANAGEMENT COMPANY IN PAKISTAN. THESE EXITS SERVE AS PROOF OF ACUMEN'S ABILITY TO RECYCLE RETURNS FROM ITS INVESTMENTS AND OF THE IMPORTANCE OF PHILANTHROPICALLY BACKED PATIENT CAPITAL TO GROW OUR COMPANIES OVER TIME.ALONG WITH NEW INVESTMENTS AND EXITS, POST-INVESTMENT SUPPORT HAS CONTINUED TO BE A KEY PRIORITY FOR ACUMEN. IN THE FIRST QUARTER OF THIS YEAR, 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 ALSO DIRECTLY SUPPORTED COMPANIES IN 2018 THROUGH OUR PARTICIPATION ON 51 COMPANY BOARDS, PROVIDING 12 NEW TECHNICAL ASSISTANCE GRANTS ALLOWING COMPANIES TO EXPERIMENT WITH HIGH-IMPACT PROJECTS AND PRODUCTS AND HOSTING TWO INVESTEE CAPACITY-BUILDING SEMINARS. 7246096 869875 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.ACUMEN'S WORK IN IMPACT HAS CONTINUED TO ADVANCE THE ORGANIZATION'S ROLE IN UNDERSTANDING AND MEASURING SOCIAL PERFORMANCE IN THE IMPACT INVESTING INDUSTRY. [SEE CONTINUATION ON SCHEDULE O]BUILDING UPON THE LAUNCH OF LEAN DATA MEASUREMENT SERVICES IN 2015, WE AIM TO MAKE IMPACT DATA EQUALLY AS RELEVANT AND FOUNDATIONAL AS FINANCIAL DATA TO SUPERCHARGE OUR CAPACITY TO SOLVE THE WORLD'S TOUGHEST PROBLEMS. THE LEAN DATA METHODOLOGY LEVERAGES MODERN TECHNOLOGY TO LISTEN TO THE POOR, CLOSING THE COMMUNICATION GAP BETWEEN SOCIAL ENTERPRISES AND THEIR CUSTOMERS AND AMPLIFYING VOICES PREVIOUSLY UNHEARD. SUBSEQUENT TO YEAR END 2018, IN SERVICE OF WORKING TOWARD A NEW STANDARD FOR IMPACT MEASUREMENT AND SERVE THE SECTOR WITH OBJECTIVITY, ACUMEN CARVED OUT LEAN DATA AS A STANDALONE SOCIAL ENTERPRISE, 60 DECIBELS. ACUMEN WILL CONTINUE TO USE LEAN DATA AS A TOOL AMONG OTHERS THAT WE ARE DEVELOPING AND WILL BE AN ADVOCATE FOR THE GROWTH OF 60 DECIBELS ACROSS THE SECTOR. ACUMEN PUBLISHED TWO REPORTS FUELED BY THE LEAN DATA METHOD IN 2018, INCLUDING A DEEP DIVE INTO OUR ENERGY PORTFOLIO IN WHICH WE SPOKE TO MORE THAN 5,500 CUSTOMERS ACROSS 11 COUNTRIES TO BETTER UNDERSTAND HOW OUR INVESTMENTS IN CLEAN ENERGY ARE IMPACTING LOW-INCOME POPULATIONS. WE PUBLISHED THE RESULTS OF THIS STUDY IN OUR 2018 ENERGY IMPACT REPORT, IN WHICH A KEY FINDING WAS THAT OUR $22.1 MILLION INVESTMENTS IN 20 CLEAN ENERGY COMPANIES HAVE IMPACTED 81 MILLION LIVES OVER THE LAST DECADE. THIS DATA IS A FIRST FOR IMPACT INVESTING AND PROVIDES THE ENERGY SECTOR WITH BENCHMARKS FOR IMPACT PERFORMANCE BASED ON REAL CUSTOMER DATA.ACUMEN BELIEVES THAT SHARING OUR LESSONS LEARNED SUCH AS THOSE IN THE ENERGY IMPACT REPORT IS CORE TO SUPPORTING THE DEVELOPMENT OF THE BROADER IMPACT INVESTING COMMUNITY. TO THAT END, ACUMEN PUBLISHED ACCELERATING ENERGY ACCESS: THE ROLE OF PATIENT CAPITAL IN 2018, A REPORT ASSESSING THE DIFFERENT TYPES OF CAPITAL IN THE ENERGY SECTOR AND THE PATIENT CAPITAL NEEDED TO CLOSE THE FUNDING GAP FOR EARLY-STAGE BUSINESSES BRINGING ENERGY TO THE OFF-GRID POOR. IN ADDITION TO IDENTIFYING THIS FUNDING GAP, THE REPORT AIMS TO ENCOURAGE EXPANDED AND CONTINUED CATALYTIC FUNDING OF THESE ENTERPRISES.ACUMEN SHARES PROGRESS OF ITS WORK IN OTHER WAYS, SUCH AS THE PRODUCTION AND DISSEMINATION OF SEVERAL VIDEOS IN 2018, INCLUDING A SERIES ON ACUMEN'S RECENT SIERRA LEONE-BASED ENERGY INVESTEE EASY SOLAR AND A VIDEO CAMPAIGN, #ONEGREATIDEA. THIS CAMPAIGN SHOWCASED THE WORK OF FOUR ACUMEN PORTFOLIO COMPANIES AND THREE ACUMEN FELLOWS. THE CAMPAIGN RAN FROM GIVING TUESDAY THROUGH NEW YEAR'S EVE, INCLUDING WEEKLY VIDEO RELEASES IN ACUMEN'S NEWSLETTERS AND SOCIAL MEDIA CHANNELS. 1722287 FELLOWS AND LEADERSHIP PROGRAMS ACUMEN'S FELLOWSHIP PROGRAM IN EAST 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. THIS YEAR, ACUMEN LAUNCHED FELLOWSHIP PROGRAMS IN TWO ADDITIONAL REGIONS, COLOMBIA AND WEST AFRICA. BY THE END OF Q4 2018, WE HAD REACHED A CUMULATIVE 442 ACUMEN FELLOWS WORLDWIDE. [SEE CONTINUATION ON SCHEDULE O]IN ADDITION, WE CONTINUED TO GROW +ACUMEN, OUR ONLINE LEARNING PLATFORM FOR SOCIAL CHANGE. WE OFFERED 19 FREE COURSES AND 20 MASTER CLASSES, GROWING OUR ONLINE COMMUNITY TO ROUGHLY 450,000 COURSE-TAKERS FROM 192 COUNTRIES. WE INCREASED THE DEPTH OF THIS ONLINE CONTENT AS WELL BY LAUNCHING ACCELERATORS, OR STRUCTURED OFFERINGS FOR INNOVATORS TO DEVELOP NEW BUSINESS MODELS AND INITIATIVES THROUGH CURATED CURRICULA, COACHING AND PEER NETWORKS. OUR PARTNERS SUCH AS AMERICAN EXPRESS, ACCION INTERNATIONAL, IDEO.ORG, GRAMEEN FOUNDATION, AND FOSSIL FOUNDATION MAKE THIS POSSIBLE. IN 2018, ACUMEN CONDUCTED OUR FIRST-EVER IN-DEPTH SURVEY TO ASSESS ACUMEN'S IMPACT ON FELLOWS, FELLOWS' IMPACT ON THEIR COMMUNITIES AND AMPLIFICATION OF OUR CURRICULUM CONTENT THROUGH THE FELLOWS. WE PLAN TO PUBLISH THE RESULTS IN EARLY 2019 IN OUR LEADERSHIP REPORT.ALONGSIDE THIS WORK, ACUMEN BEGAN TO LAY THE FOUNDATION FOR THE FUTURE OF OUR LEADERSHIP WORK, ACUMEN ACADEMY, A GLOBAL UNIVERSITY REIMAGINED, INTEGRATING THE TRANSFORMATIONAL DEPTH OF OUR IN-PERSON FELLOWS PROGRAM WITH THE SCALE OF +ACUMEN TO EQUIP THOUSANDS WITH THE TOOLS, FRAMEWORKS AND ECOSYSTEM NEEDED TO CREATE CHANGE IN THEIR COMMUNITIES. 18861125 1 1 0 0 0 0 0 0 0 0 1 0 1 0 0 1 0 1 0 1 1 1 0 0 1 0 0 1 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 1 1 1 0 0 1 X 56 0 71 1 1 1 1 GH IN KE PK CO CA UK MP 0 0 0 1 1 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 352347 0 27639 DAVID HELLER BOARD CHAIR 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 ROBERT BOB COLLYMORE DIRECTOR 1.00 X 0 0 0 ANDREA SOROS COLOMBEL DIRECTOR 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 THULASIRAJ RAVILLA DIRECTOR 1.00 X 0 0 0 SHAIZA RIZAVI DIRECTOR 1.00 X 0 0 0 CARLYLE SINGER JONES PRESIDENT 39.00 1.00 X 289558 0 31486 SACHINDRA RUDRA CHIEF INVESTMENT OFFICER 40.00 X 260036 0 0 ALEXANDER DICHTER CHIEF INNOVATION OFFICER 40.00 X 259352 0 36546 YASMINA ZAIDMAN CHIEF STRATEGIC PARTNERSHIPS OFFICER 40.00 X 217884 0 6909 LYNN ROLAND BOARD SECRETARY / GENERAL COUNSEL 31.50 8.50 X 217338 0 17650 JACQUELINE WOO CHIEF FINANCIAL OFFICER 36.50 3.50 X 216435 0 33595 AMRITA BHANDARI CHIEF OF BUSINESS DEVELOPMENT 40.00 X 175950 0 5651 CATHERINE C NANDA DIRECTOR, ACUMEN AMERICA 40.00 X 188341 0 29705 ALBERTO GOMEZ OBREGON DIRECTOR, PORTFOLIO 39.50 0.50 X 180190 0 23018 JO-ANN TAN DIRECTOR, +ACUMEN 40.00 X 163848 0 5287 AMON ANDERSON DIRECTOR, ACUMEN AMERICA 40.00 X 153535 0 13802 BATOOL HASSAN DIRECTOR, LEADERSHIP 40.00 X 150911 0 4899 JOANNA MCQUADE DIRECTOR, TALENT 40.00 X 146439 0 11768 ELEANOR MURPHY HEAD OF BUSINESS DEVELOPMENT, EAST COAST 39.50 0.50 X 144337 0 18743 VIRGILIO BARCO LATIN AMERICA DIRECTOR 40.00 X 142356 0 21660 3258857 0 288358 23 0 1 0 ADECCO INDIA PVT LTD NO 2 NAL WIND TUNNEL ROAD BENGALURU IN STAFFING SERVICES 339921 ADP TOTALSOURCE GROUP INC 10200 SUNSET DRIVE MIAMI FL 33173 PEO SERVICE FEE 160944 BRIDGE PARTNERS 1501 BROADWAY SUITE 2605 NEW YORK NY 10012 RECRUITING SERVICES 158002 EFRONT FINANCIAL SOLUTIONS INC 11 E 44TH ST 1500 NEW YORK NY 10017 VENDOR - SOFTWARE 111161 PKF O'CONNOR DAVIES LLP 665 FIFTH AVE NEW YORK NY 10022 PROFESSIONAL SERVICES 107750 5 163265 298836 35291088 357587 35753189 PROGRAMMATIC FEES 900099 1872728 1872728 PGM RELATED LOAN INC 900099 544034 544034 PORTFOLIO DILIGENCE FEE INCOME 900099 15000 15000 2431762 78195 77583 612 4529356 8397866 -3868510 -3868510 -3868510 46275 163265 69753 -23478 -23478 5009 27245 -22236 -22236 EARLY TERMINATION FEE 900099 205171 205171 REIMBURSEMENT/REFUND 900099 65133 65133 OTHER FEES/INCOME 900099 2407 2407 272711 34621633 2431762 77583 -3640901 X 1095734 1095734 527845 527845 2738765 2341461 142009 255295 7565060 5693008 489830 1382222 277273 209804 20724 46745 491508 372201 27257 92050 689212 537250 39325 112637 174273 133409 8685 32179 170457 101423 69032 2 123079 99911 23168 2462235 2114678 302275 45282 253204 250125 3079 216481 163844 5843 46794 639617 512930 59525 67162 852083 654402 49718 147963 878202 738159 57024 83019 279076 242017 11934 25125 246584 185278 14349 46957 86426 62533 6360 17533 UBI TAX PAYMENT 6000 6000 PROV FOR PORTFOLIO LOSS 2772481 2772481 CORPORATE TAXES 61420 47643 931 12846 PROV FOR CONTINGENT LIA 60000 60000 7328 4989 1269 1070 22674343 18861125 1372090 2441128 456525 404673 35073080 44833592 21417847 28758865 1157247 1797371 294560 292461 1940708 1646044 421059 294664 500959 500959 61608951 57189634 765287 727314 121695515 134799533 1899357 3117746 1899357 3117746 X 82044415 80406347 37751743 51275440 119796158 131681787 121695515 134799533 X 11947290 40441 -102102 X X 0 1 X 1 0 X 18371359 22558173 29176704 27693548 35753189 133552973 18371359 22558173 29176704 27693548 35753189 133552973 24812565 108740408 61519 60003 96765 73572 78195 370054 60770 60770 5082 2151 554566 162649 272711 997159 134980956 6794256 0.80560 0.84640 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: OTHER FEES/INCOME - 2014 AMOUNT: $ 343. 2015 AMOUNT: $ 6. 2016 AMOUNT: $ 24,568. 2017 AMOUNT: $ 2,596. 2018 AMOUNT: $ 2,407. SPEAKER FEE - 2015 AMOUNT: $ 2,145. LOAN CLOSING FEES - 2014 AMOUNT: $ 4,739. REIMBURSEMENT/REFUND - 2016 AMOUNT: $ 529,998. 2017 AMOUNT: $ 10,053. 2018 AMOUNT: $ 65,133. EARLY TERMINATION FEE - 2017 AMOUNT: $ 150,000. 2018 AMOUNT: $ 205,171. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 315449 314984 465 977483 822065 155418 647776 508995 138781 294664 PROGRAM RELATED EQUITY INVESTMENTS - USA 13842234 C PROGRAM RELATED EQUITY INVESTMENTS - SUB-SAHARAN AFRICA 17399661 C PROGRAM RELATED EQUITY INVESTMENTS - S.ASIA 16323261 C PROGRAM RELATED EQUITY INVESTMENTS - LATIN AMERICA 4080662 C PROGRAM RELATED DEBT INVESTMENTS - USA 1984045 C PROGRAM RELATED DEBT INVESTMENTS - SUB-SAHARAN AFRICA 1982158 C PROGRAM RELATED DEBT INVESTMENTS - S.ASIA 1320949 C PROGRAM RELATED DEBT INVESTMENTS - LATIN AMERICA 256664 C 57189634 X 36683717 1714726 347358 2062084 34621633 0 34621633 23729022 1714726 2112434 3827160 19901862 2772481 2772481 22674343 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, 2015. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN VALUE OF CHARITABLE REMAINDER TRUST -39,203. RELATED PARTY REVENUE INCLUDED PER AUDIT-ACUMEN FUND INDIA 1,125,422. RELATED PARTY REVENUE INCLUDED PER AUDIT-ACUMEN FUND INDIA TRUST 33,528. RELATED PARTY REVENUE INCLUDED PER AUDIT-ACUMEN FUND PAKISTAN 841,574. RELATED PARTY REVENUE INCLUDED PER AUDIT-ACUMEN CAPITAL MARKETS I LP 149,910. RELATED PARTY REVENUE INCLUDED PER AUDIT-ACUMEN FUND CANADA 102,749. RELATED PARTY REVENUE INCLUDED PER AUDIT-ACUMEN CAPITAL PARTNERS LLC 2,466,310. ELIMINATING/CONSOLIDATING ENTRIES PER AUDIT -1,657,449. PROVISION FOR PORTFOLIO LOSSES RECLASSIFICATION -2,772,481. FUNDRAISING EXPENSES INCLUDED IN PART IX 96,998. PART XII, LINE 2D - OTHER ADJUSTMENTS: RELATED PARTY EXPENSES INCLUDED PER AUDIT - ACUMEN FUND INDIA 742,388. RELATED PARTY EXPENSES INCLUDED PER AUDIT - ACUMEN FUND INDIA TRUST 239,659. RELATED PARTY EXPENSES INCLUDED PER AUDIT - ACUMEN FUND PAKISTAN 680,345. RELATED PARTY EXPENSES INCLUDED PER AUDIT - ACUMEN CAPITAL MARKETS I LP 447,984. RELATED PARTY EXPENSES INCLUDED PER AUDIT - ACUMEN CANADA 11,685. RELATED PARTY EXPENSES INCLUDED PER AUDIT - ACUMEN CAPITAL PARTNERS LLC 1,551,721. ELIMINATING/CONSOLIDATING ENTRIES PER AUDIT -1,658,346. FUNDRAISING EXPENSES INCLUDED IN PART IX 96,998. PART XII, LINE 4B - OTHER ADJUSTMENTS: PROVISION FOR PORTFOLIO LOSSES RECLASSIFICATION 2,772,481. 1 SOUTH ASIA 2 21 PROGRAM SERVICE PORTFOLIO MANAGEMENT AND FELLOWS PROGRAM 1169409 SUB-SAHARAN AFRICA 2 19 PROGRAM SERVICE PORTFOLIO MANAGEMENT AND FELLOWS PROGRAM 3322318 SOUTH AMERICA 1 7 PROGRAM SERVICE PORTFOLIO MANAGEMENT 725922 EUROPE 1 14 PROGRAM SERVICES AND FUND RAISING - SALARY EXPENSE PORTFOLIO MANAGEMENT AND FELLOWS PROGRAM 1080699 SOUTH ASIA 0 0 PROGRAM RELATED INVESTMENTS 17644210 SUB-SAHARAN AFRICA 0 0 PROGRAM RELATED INVESTMENTS 19381819 SOUTH AMERICA 0 0 PROGRAM RELATED INVESTMENTS 4337326 SOUTH ASIA 0 0 GRANT MAKING 381120 SUB-SAHARAN AFRICA 0 0 GRANT MAKING 129475 SOUTH AMERICA 0 0 GRANT MAKING 17250 6 61 0 0 6 61 48042823 146725 48189548 SOUTH ASIA OPERATING SUPPORT 260000 WIRE TRANSFER SUB-SAHARAN AFRICA IMPACT ASSESSMENTS 40797 WIRE TRANSFER SUB-SAHARAN AFRICA ENGAGING A CONSULTANT TO SUPPORT ITS FINANCE FUNCTION AND DEVELOP GREATER INTERNAL CAPACITY 12370 WIRE TRANSFER SUB-SAHARAN AFRICA FACILITATION OF BOARD STRATEGY SESSION, INCREASING ADOPTION OF THE KUNIOKOA BY SMALL HOLDER TEA FARMERS IN UNILEVER'S SUPPLY CHAIN 28250 WIRE TRANSFER SOUTH ASIA SUPPORT WITH PRODUCT LAUNCH - SOLAR POWERED UV WATER PURIFICATION AND COOLING DEVICE 47000 WIRE TRANSFER SOUTH ASIA ENGAGING A CONSULTANT FOR B2B STRATEGY 28000 WIRE TRANSFER SUB-SAHARAN AFRICA PILOT A PARTNERSHIP WITH VILLAGE SAVINGS AND LOANS ASSOCIATIONS TO PROVIDE MORE SERVICES TO FEMALE CUSTOMERS 20740 WIRE TRANSFER SUB-SAHARAN AFRICA CALL CENTER IMPROVEMENTS FOR PEG GHANA 7430 WIRE TRANSFER SOUTH ASIA CREATING A STRATEGY FOR NEW REVENUE SOURCES AND PLANS FOR NEW CLINIC EXPANSION 9000 WIRE TRANSFER SUB-SAHARAN AFRICA ENGAGING A STRATEGY CONSULTANT 5286 WIRE TRANSFER SOUTH ASIA BEE FLORA VALUE CHAINS PROJECT 28560 WIRE TRANSFER LATIN AMERICA BRAND STRATEGY AND EXECUTIVE COACHING 16250 WIRE TRANSFER 1 11 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 ANY PERIODIC REPORTS SUBMITTED BY THE GRANTEE AS WELL AS THE ANNUAL REPORT OF THE ORGANIZATION (IF APPLICABLE) 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 IN DEVELOPING COUNTRIES. THIS 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 SPIN-OFF 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. SCHEDULE F, PART IV, LINE 1, 3 AND LINE 5 THE ORGANIZATION IS REQUIRED TO FILE FORMS 926, 5471, AND FORM 8865. YOUNG BENEFACTOR BASH 179540 154265 25275 17735 38975 12549 FACE OF ACUMEN - PHOTO EXHIBIT 30000 9000 21000 494 209540 163265 46275 17735 38975 13043 69753 -23478 1 BIOLITE INC 65 JAY STREET BROOKLYN NY 11201 272826296 140000 1) CREATING A DIAGNOSTIC CENTER TO REPAIR PRODUCTS, IMPROVING CUSTOMER SERVICE $40,000 2) R&D FOR SOLARHOME EXPANSION PACK PRODUCT $100,000 HELLORESOLVE INC 1111 BROADWAY 5TH FLOOR OAKLAND CA 94607 821027243 13505 HIRING AN EXTERNAL CONSULTANT TO ASSIST WITH BUILDING OUT THEIR INTERNAL TECHNOLOGY NEEDS EARNUP 2370 MARKET STREET SUITE 203 SAN FRANCISCO CA 94114 463307882 35000 TESTING NEW HOMEBUYER EDUCATION SUPPORT PROGRAM CONSEJOSANO 5200 LANKERSHIM BLVD STE 310 NORTH HOLLWOOD CA 91601 815164953 37500 PRODUCT STRATEGY AND ROADMAP ANALYSIS TANAGER 50 F ST NW STE 1075 WASHINGTON DC 20001 521826242 501(C)(3) 225209 SUPPORT THREE POULTRY COMPANIES IMPROVE HOUSEHOLD NUTRITION AND EMPOWER WOMEN THROUGH THEIR BUSINESS MODELS IDINSIGHT 576 SACRAMENTO STREET 1ST FLOOR SAN FRANCISCO CA 94111 274933181 501(C)(3) 543009 ETHIOCHICKEN IMPACT EVALUATIONS VIRGINIA ORGANIZING INC 703 CONCORD AVENUE CHARLOTTESVILLE VA 22903 541674992 501(C)(3) 50000 RESEARCH BEST PRACTICES FOR INVESTING THAT CREATES COMMUNITY EMPOWERMENT IN POST-CONFLICT COLOMBIA THE BUSARA CENTER FOR BEHAVIORAL ECONOMICS INC PO BOX 1340 PRINCETON NJ 08542 462695042 501(C)(3) 50000 IMPACT ASSESSMENTS 4 4 PART I, LINE 2: THE ORGANIZATION MAKES VERY FEW DOMESTIC GRANTS AND THOSE GRANTS ARE USUALLY SUBAWARDS CONTRIBUTED FROM OTHER FUNDING ORGANIZATIONS. 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 320347 0 32000 0 0 0 10710 0 16929 0 379986 0 0 0 CARLYLE SINGER JONES PRESIDENT 263058 0 26500 0 0 0 9045 0 22441 0 321044 0 0 0 SACHINDRA RUDRA CHIEF INVESTMENT OFFICER 237931 0 22105 0 0 0 0 0 0 0 260036 0 0 0 ALEXANDER DICHTER CHIEF INNOVATION OFFICER 234052 0 25300 0 0 0 8109 0 28437 0 295898 0 0 0 YASMINA ZAIDMAN CHIEF STRATEGIC PARTNERSHIPS OFFICER 199359 0 18525 0 0 0 6537 0 372 0 224793 0 0 0 LYNN ROLAND BOARD SECRETARY / GENERAL COUNSEL 196698 0 20640 0 0 0 6619 0 11031 0 234988 0 0 0 JACQUELINE WOO CHIEF FINANCIAL OFFICER 195935 0 20500 0 0 0 6765 0 26830 0 250030 0 0 0 AMRITA BHANDARI CHIEF OF BUSINESS DEVELOPMENT 175950 0 0 0 0 0 5279 0 372 0 181601 0 0 0 CATHERINE C NANDA DIRECTOR, ACUMEN AMERICA 169366 0 18975 0 0 0 5819 0 23886 0 218046 0 0 0 ALBERTO GOMEZ OBREGON DIRECTOR, PORTFOLIO 164432 0 15758 0 0 0 5573 0 17445 0 203208 0 0 0 JO-ANN TAN DIRECTOR, +ACUMEN 150000 0 13848 0 0 0 4915 0 372 0 169135 0 0 0 AMON ANDERSON DIRECTOR, ACUMEN AMERICA 137910 0 15625 0 0 0 4669 0 9133 0 167337 0 0 0 BATOOL HASSAN DIRECTOR, LEADERSHIP 138000 0 12911 0 0 0 4527 0 372 0 155810 0 0 0 JOANNA MCQUADE DIRECTOR, TALENT 146439 0 0 0 0 0 4439 0 7329 0 158207 0 0 0 ELEANOR MURPHY HEAD OF BUSINESS DEVELOPMENT, EAST COAST 120837 0 11000 0 12500 0 4080 0 14663 0 163080 0 0 0 VIRGILIO BARCO LATIN AMERICA DIRECTOR 125867 0 16489 0 0 0 4420 0 17240 0 164016 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 10 330505 AVG SELLING PRICE X TICKETS/GIFT CARD/ENTERTAINMENT 24 27082 COST 0 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 VI, SECTION A, LINE 3 BEGINNING IN 2004, THE ORGANIZATION BEGAN USING 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 12/31/18 IS $160,944. 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 MEMBERS OF SENIOR MANAGEMENT AND INTERNAL LEGAL STAFF MEMBERS REVIEW THE INFORMATION AND A DRAFT FORM 990 IS CIRCULATED ELECTRONICALLY BY E-MAIL TO THE FULL 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 AFFILIATE'S 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 REFERRED TO THE AUDIT & FINANCE COMMITTEE WHERE APPROPRIATE TO DETERMINE WHETHER ACTION NEEDS 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. IT SEEKS TO BENCHMARK AGAINST THESE COMPARATIVE FIGURES WHEN SETTING COMPENSATION FOR ITS CHIEF EXECUTIVE OFFICER AND PRESIDENT. THE ORGANIZATION WILL ALSO CONSIDER JOB PERFORMANCE AND ALTERNATIVE EMPLOYMENT OFFERS 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 COMPRISED 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 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. FORM 990, PART IX, LINE 11G PROGRAM CONSULTANTS: PROGRAM SERVICE EXPENSES 806,773. MANAGEMENT AND GENERAL EXPENSES 86,638. FUNDRAISING EXPENSES 13,479. TOTAL EXPENSES 906,890. INDIA PROGRAM SERVICE FEE: PROGRAM SERVICE EXPENSES 1,169,409. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 1,169,409. CONFERENCE AND MEMBERSHIP FEES: PROGRAM SERVICE EXPENSES 55,971. MANAGEMENT AND GENERAL EXPENSES 4,211. FUNDRAISING EXPENSES 29,243. TOTAL EXPENSES 89,425. RECRUITING FEES: PROGRAM SERVICE EXPENSES 29,388. MANAGEMENT AND GENERAL EXPENSES 173,151. FUNDRAISING EXPENSES 13. TOTAL EXPENSES 202,552. TRAINING FEES: PROGRAM SERVICE EXPENSES 9,308. MANAGEMENT AND GENERAL EXPENSES 38,275. FUNDRAISING EXPENSES 2,547. TOTAL EXPENSES 50,130. OTHER MANAGEMENT FEE: PROGRAM SERVICE EXPENSES 43,829. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 43,829. FORM 990, PART XI, LINE 9: FOREIGN CURRENCY TRANSLATION LOSS -62,899. CHANGE IN VALUE OF CHARITABLE REMAINDER TRUST -39,203. 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 2017. FORM 990, PART XI, LINE 8, PRIOR PERIOD ADJUSTMENTS: THE BEGINNING BALANCE OF ACUMEN FUND, INC. NET ASSET WAS ADJUSTED BY $40,441 DUE TO INTERCOMPANY ADJUSTMENT BETWEEN ACUMEN FUND, INC. AND ACUMEN CAPITAL PARTNERS, LLC. ACUMEN (PAKISTAN) 11-C 4TH FL1ST COMMERCIAL LANE S KARACHI PK INVESTING IN SOCIAL ENTERPRISES PK 501(C)(3) LINE 7 ACUMEN FUND INC 1 ACUMEN FUND CANADA 700 WEST GEORGIA STREET 25TH FLOOR VANCOUVER CA V7Y 1B3 ALLEVIATE POVERTY CA 501(C)(3) LINE 7 ACUMEN FUND INC 1 AF TRUST 201 DHEERAJI PLAZA HILL ROAD BAN MUMBAI IN 400050 LEADERSHIP IN 501(C)(3) LINE 7 ACUMEN FUND INC 1 ACUMEN CAPITAL MARKETS ILP 40 WORTH STREET STE 303 NEW YORK NY 10013 263831409 INVESTING IN SOCIAL ENTERPRISES DE ACUMEN FUND INC RELATED 67482 4909676 0 77583 1 0.14490 ACUMEN CAPITAL MARKETS INVESTMENTS LLC 40 WORTH STREET STE 303 NEW YORK NY 10013 364796906 CARRY VEHICLE DE ACUMEN CAPITAL PARTNERS LLC RELATED 0 1 KAWISAFI VENTURES LIMITED C/O ESTERA MANAGEMENT MAURITIUS L PORT LOUIS MP 320466550 INVESTING IN SOCIAL ENTERPRISES MP ACUMEN CAPITAL PARTNERS LLC RELATED 13245 5228676 0 1 0.28540 ACUMEN LATIN AMERICA EARLY GROWTH FUND LP 40 WORTH STREET STE 303 NEW YORK NY 10013 981364491 INVESTING IN SOCIAL ENTERPRISES CA ACUMEN CAPITAL MARKETS LATIN AMERICA EARLY GROWTH LLC RELATED 200961 0 1 0.04960 ACUMEN CAPITAL MARKETS LATIN AMERICA EARLY GROWTH LLC 40 WORTH STREET STE 303 NEW YORK NY 10013 820973614 CARRY VEHICLE DE ACUMEN CAPITAL PARTNERS LLC RELATED 0 1 ACUMEN FUND ADVISORY SERVICES INDIA PVT LTD 203 DHEERAJ PLAZA HILL ROAD BANDRA WEST MUMBAI IN 400050 ADVISORY SERVICES IN ACUMEN FUND INC C 1125422 2025851 0.99900 1 ACUMEN CAPITAL PARTNERS LLC 40 WORTH STREET STE 303 NEW YORK NY 10013 320450985 FUND MANAGER DE ACUMEN FUND INC C 2466310 1442035 1.00000 1 ACUMEN CAPITAL HOLDING LLC 40 WORTH STREET STE 303 NEW YORK NY 10013 820758236 HOLDING COMPANY DE ACUMEN FUND INC C -28337 56260 1.00000 1 UNDER THE MANGO TREE A 412 BYCULLA SERVICE INDUSTRIES C BYCULLA MUMBAI IN BEEKEEPING IN ACUMEN FUND INC C 123272 87271 0.82140 0 ACUMEN LATIN AMERICA CAPITAL PARTNERS COLOMBIA SAS DIAGONAL 76 1-29 BOGOTA DC CUNDINAMARCA CO 981503546 INVESTING IN SOCIAL ENTERPRISES CO ACUMEN LATIN AMERICA CAPITAL PARTNERS LLC C 0 ACUMEN LATAM CAPITAL PARTNERS LLC 40 WORTH STREET STE 303 NEW YORK NY 10013 822358039 FUND MANAGER DE ACUMEN CAPITAL PARTNERS LLC C 0 0 1 0 0 0 0 0 0 0 0 0 1 1 1 1 0 0 0 0 ACUMEN FUND ADVISORY SERVICES INDIA PRIVATE LIMITED M 1169409 FMV ACUMEN (PAKISTAN) B 260000 COST ACUMEN CAPITAL MARKETS I LP L 228937 FMV ACUMEN CAPITAL PARTNERS LLC L 155479 FMV