2024-07-03T10:00:02-05:00 2023-12-31 HAN GROUP LLC 1020 19TH STREET NW SUITE 800 WASHINGTON DC 20036 990 2023-01-01 463200311 ACE FOUNDATION ACEF 2022042579 1300 PENNSYLVANIA AVENUE NW 700 WASHINGTON DC 20004 CHILING TONG PRESIDENT AND CEO 2022042579 2024-07-03 1 CHILING TONG 999009999 1 JENNIFER S HAN P00633304 2022937000 2024-07-03 2 AAL1 IAL1 2023 2023-04-26 12:10:37Z X NATIONAL ACE FOUNDATION CHILING TONG 1300 PENNSYLVANIA AVENUE NW 700 WASHINGTON DC 20004 2565208 0 X WWW.NATIONALACE.ORG X 2013 DC IMPROVE THE QUALITY OF LIFE FOR ASIAN AND PACIFIC ISLANDER AMERICANS THROUGH BUSINESS EDUCATION. 14 14 0 14 0 0 3854681 2549006 271771 0 0 13402 0 2800 4126452 2565208 2302000 1343438 0 0 0 0 0 0 0 2077062 889895 4379062 2233333 -252610 331875 2162590 2452433 409949 353996 1752641 2098437 X 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 1320000 1320000 AAPISTRONG: AAPISTRONG IS A NATIONAL CALL-TO-ACTION PROGRAM POWERED BY THE NATIONAL ASIAN/PACIFIC ISLANDER AMERICAN CHAMBER OF COMMERCE AND ENTREPRENEURSHIP (NATIONAL ACE). THE PROGRAM'S PRIMARY GOAL IS TO CONVENE OUR NETWORK OF AFFILIATE ASIAN AMERICAN AND PACIFIC ISLANDER (AAPI) BUSINESS ORGANIZATIONS, ENTREPRENEURS, CORPORATE LEADERS, AND STAKEHOLDERS TO ADVANCE EQUITY, JUSTICE, AND OPPORTUNITY FOR AAPI COMMUNITIES EVERYWHERE.AAPI-OWNED BUSINESSES ARE ABSOLUTELY ESSENTIAL TO THE HEALTH OF NATIONAL AND LOCAL ECONOMIES. 1 IN 10 BUSINESSES IN THE COUNTRY ARE AAPI-OWNED, AND WE OPERATE IN THE FOOD INDUSTRY, HEALTHCARE, CONVENIENCE STORES, SALONS, MANUFACTURING, AND TECHNOLOGY. THE AAPISTRONG PROGRAM FOSTERS THE WELLBEING OF THESE VITAL INSTITUTIONS BY PROVIDING TECHNICAL ASSISTANCE ON BUSINESS RESILIENCE, RESOURCES ON BUSINESS RECOVERY, INFORMATION ON STARTING, GROWING, OR RETAINING A BUSINESS, AND CREATING AVENUES FOR EDUCATION ON ACCESS TO CAPITAL AND CONTRACTING. TOGETHER, WITH OUR PUBLIC AND PRIVATE PARTNERS, WE ARE STANDING UP AGAINST RACIAL DISCRIMINATION WHILE BUILDING COMMUNITY AND SHARING RESOURCES ON HOW AAPI ENTREPRENEURS CAN OVERCOME THE MOST PRESSING CHALLENGES AND BECOME MORE RESILIENT. FROM ANTI-ASIAN HATE TO HEALTH EQUITY, SUSTAINABILITY, AND DIGITAL ADOPTION, THE AAPISTRONG PROGRAM WILL CONTINUE WORKING WITH LOCAL PARTNERS TO PROVIDE BUSINESSES WITH MUCH-NEEDED SERVICES, RESOURCES, AND CONNECTIONS. 213245 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. 213245 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. 23438 23438 OTHER PROGRAMS 23438 23438 1769928 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 0 0 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 X 14 14 0 1 0 0 0 0 0 1 1 0 0 1 1 1 1 0 0 0 0 0 CA IL NY X CHILING TONG 2022042579 1300 PENNSYLVANIA AVENUE NW NO 700 WASHINGTON DC 20004 X KAREN ENG CHAIR 2.00 X X 0 0 0 JIMMY FERGUSON VICE CHAIR 2.00 X X 0 0 0 TRACEY DOI TREASURER 2.00 X X 0 0 0 AMIT BHATNAGAR SECRETARY 2.00 X X 0 0 0 MARIKO CARPENTER DIRECTOR (FROM JUNE THRU DEC 2023) 1.00 X 0 0 0 CY CHEN DIRECTOR 1.00 X 0 0 0 TAMMY FUNASAKI DIRECTOR (AS OF OCT 2023) 1.00 X 0 0 0 DENNIS HUANG DIRECTOR 1.00 X 0 0 0 BILL IMADA DIRECTOR 1.00 X 0 0 0 CHEWY JANG DIRECTOR 1.00 X 0 0 0 SHAU-WAI LAM DIRECTOR 1.00 X 0 0 0 MARTY LORENZO DIRECTOR 1.00 X 0 0 0 IAN SO DIRECTOR 1.00 X 0 0 0 BIN YU DIRECTOR 1.00 X 0 0 0 CHILING TONG PRESIDENT AND CEO 2.00 X 0 0 0 0 0 0 0 0 0 1 NATIONAL ACE 1300 PENSYLVANIA AVE NW 700 WASHINGTON DC 20004 MANAGEMENT & ADMINISTRATIVE SVCS 760000 1 2549006 2549006 13402 13402 MISCELLANEOUS REVENUE 900099 1800 1800 SPEAKER FEES 900099 1000 1000 2800 2565208 0 0 16202 1343438 1343438 460000 460000 2 2 126490 126490 300000 300000 1366 1366 SUBSCRIPTIONS 2037 2037 2233333 1769928 463405 0 1949351 872561 48438 135900 558 2338 1527321 76781 1775 2162590 2452433 63333 23438 409949 267225 409949 353996 X 1357641 1988437 395000 110000 1752641 2098437 2162590 2452433 331875 13921 0 X X 0 1 X 1 0 X 311710 297402 4902722 3854681 2549006 11915521 311710 297402 4902722 3854681 2549006 11915521 7815236 4100285 18 13402 13420 2800 2800 11931741 385001 0.34360 0.36490 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: MISCELLANEOUS REVENUE - 2023 AMOUNT: $ 1,000. SPEAKER FEES - 2023 AMOUNT: $ 1,800. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 DUE TO AFFILIATE 267225 267225 X 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, 2023 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. THE STATUTE OF LIMITATIONS GENERALLY REMAINS OPEN FOR THREE TAX YEARS WITH THE U.S. FEDERAL JURISDICTION OR THE VARIOUS STATES AND LOCAL JURISDICTIONS IN WHICH THE ORGANIZATION FILES TAX RETURNS. 1 ALOHA ISLAND MARKET AZ 454 N LINDSAY RD A2 MESA AZ 85213 854071080 50000 0 REOPENING OR CAPACITY BUILDING FOR RESTAURANTS RANKEN NOODLE HOUSE LLC 133 COMMERCE SQUARE PL GAITHERSBURG MD 20878 841777220 50000 0 REOPENING OR CAPACITY BUILDING FOR RESTAURANTS SUNHEE'S FARM AND KITCHEN LLC 95-97 FERRY STREET TROY NY 12180 811221282 50000 0 REOPENING OR CAPACITY BUILDING FOR RESTAURANTS ASIAN & PACIFIC ISLANDER AMERICAN CHAMBER OF COMMERCE & ENTREPRENEURSHIP 1300 PENNSYLVANIA AVENUE NW SUITE 700 WASHINGTON DC 20004 462071116 501(C)(6) 23438 0 GENERAL SUPPORT A VERY GOOD FOOD COMPANY LLC 9623 FAIRFAX BLVD FAIRFAX VA 22031 882229020 15000 0 REOPENING OR CAPACITY BUILDING FOR RESTAURANTS ADOBO LLC 4086 COVINGTON HIGHWAY STE 600 DECATUR GA 30032 842091345 15000 0 REOPENING OR CAPACITY BUILDING FOR 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THE ORGANIZATION ASKS RECIPIENTS TO DESCRIBE HOW THEY USE THE FUNDS AND HOW THE FUNDS HAVE IMPACTED THEIR BUSINESS. RECIPIENTS ARE ALSO REQUIRED TO SUBMIT PHOTOS OF ANY IMPROVEMENTS MADE. THE FOLLOWING IS THE LIST OF QUESTIONS ASKED TO RECIPIENTS: (1)HOW DID YOU USE THE FUNDS? (2)HOW DID THE FUNDS IMPACT YOUR BUSINESS? (3)CAN YOU GIVE ANY SPECIFIC EXAMPLES OF HOW THE FUNDS HELPED YOU ACHIEVE A BUSINESS GOAL OR GROW IN CAPACITY? (4)PLEASE INCLUDE ANY PHOTOS OF IMPROVEMENTS MADE WITH THE FUNDS TO YOUR BUSINESS, OR A PHOTO OF YOU IN FRONT OF YOUR PLACE OF BUSINESS. IF YOU ARE FAMILY-RUN, SHARE A PHOTO OF YOU AND YOUR FAMILY IN THE RESTAURANT. 0 0 0 0 0 0 0 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), AN AFFILIATED ORGANIZATION EXEMPT UNDER SECTION 501(C)(6). ACE'S BOARD OF DIRECTORS ESTABLISHES AND APPROVES THE COMPENSATION FOR ITS PRESIDENT & CEO. ACE'S BOARD OF DIRECTORS CREATES A COMPENSATION COMMITTEE TO REVIEW COMPENSATION FINDINGS AND PROVIDE RECOMMENDATIONS AND GUIDANCE ON THE COMPENSATION PACKAGE. AFTER REVIEWING THE REPORT FINDINGS AND CONSIDERING THE DATA REGARDING COMPARABLE COMPENSATION FOR SIMILARLY QUALIFIED INDIVIDUALS IN FUNCTIONALLY COMPARABLE POSITIONS AT SIMILARLY SITUATED ORGANIZATIONS, THE COMPENSATION COMMITTEE TAKES ACTION AND RECOMMENDS THE COMPENSATION PACKAGE FOR THE CEO. THE PROCESS WAS LAST CONDUCTED IN NOVEMBER 2021. FORM 990, PART VI, SECTION A, LINE 3 THE MANAGEMENT AND ADMINISTRATIVE SERVICES AGREEMENT ("AGREEMENT") IS MADE BY AND BETWEEN THE ASIAN & PACIFIC ISLANDER AMERICAN CHAMBER OF COMMERCE AND ENTREPRENEURSHIP, A DISTRICT OF COLUMBIA NONPROFIT CORPORATION ("ACE") AND THE ACE FOUNDATION, A DISTRICT OF COLUMBIA NONPROFIT CORPORATION (THE "FOUNDATION"). MANAGEMENT AND ADMINISTRATIVE SERVICES INCLUDES, BUT IS NOT LIMITED TO: (A) SUPERVISION OF ALL PERSONS WHO PERFORM COMPENSATED SERVICES ON BEHALF OF THE FOUNDATION (B) ADMINISTRATION OF ALL FUNDS RECEIVED BY THE FOUNDATION (C) MAINTENANCE OF ACCURATE, COMPLETE, AND SEPARATE FINANCIAL RECORDS (D) ACKNOWLEDGMENT OF CONTRIBUTIONS (E) CONTROL FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS PREPARED BY OUTSIDE ACCOUNTANTS AND REVIEWED BY THE PRESIDENT & CEO AND THE BOARD OF DIRECTORS BEFORE FILING WITH THE INTERNAL REVENUE SERVICE. 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 FOUNDATION DOES NOT DIRECTLY HIRE OR COMPENSATE EMPLOYEES. ALL EMPLOYEES ARE EMPLOYEES OF ASIAN & PACIFIC ISLANDER AMERICAN CHAMBER OF COMMERCE & ENTREPRENEURSHIP (ACE), AN AFFILIATED ORGANIZATION EXEMPT UNDER SECTION 501(C)(6). ACE'S BOARD OF DIRECTORS ESTABLISHES AND APPROVES THE COMPENSATION FOR ITS PRESIDENT & CEO. ACE'S BOARD OF DIRECTORS CREATES A COMPENSATION COMMITTEE TO REVIEW COMPENSATION FINDINGS AND PROVIDE RECOMMENDATIONS AND GUIDANCE ON THE COMPENSATION PACKAGE. AFTER REVIEWING THE REPORT FINDINGS AND CONSIDERING THE DATA REGARDING COMPARABLE COMPENSATION FOR SIMILARLY QUALIFIED INDIVIDUALS IN FUNCTIONALLY COMPARABLE POSITIONS AT SIMILARLY SITUATED ORGANIZATIONS, THE COMPENSATION COMMITTEE TAKES ACTION AND RECOMMENDS THE COMPENSATION PACKAGE FOR THE CEO. THE PROCESS WAS LAST CONDUCTED IN NOVEMBER 2021. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES AVAILABLE UPON REQUEST THE FOLLOWING: 1. GOVERNING DOCUMENTS 2. CONFLICT OF INTEREST POLICY 3. FINANCIAL STATEMENTS FORM 990, PART XI, LINE 2C: THE ORGANIZATION DID NOT CHANGE EITHER ITS OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE TAX YEAR.