2024-11-15T14:26:09-06:00 2023-12-31 420714325 RSM US LLP 80 CITY SQUARE BOSTON MA 02129 990 2023-01-01 134166228 ACUMEN FUND INC ACUM 2125668821 40 WORTH STREET 303 NEW YORK NY 10013 CARLYLE SINGER PRESIDENT 2125668821 2024-11-15 1 0 KAREN LO P01434915 6179129000 2023 2024-10-15 13:58:12Z JACQUELINE NOVOGRATZ 40 WORTH STREET 303 NEW YORK NY 10013 56017223 0 X WWW.ACUMEN.ORG X 2001 NY ACUMEN'S MISSION IS TO CHANGE THE WAY THE WORLD TACKLES POVERTY BY INVESTING IN COMPANIES, LEADERS AND IDEAS.ACUMEN IS A GLOBAL FORCE OF ENTREPRENEURS, INVESTORS, PHILANTHROPISTS, AND SOCIAL INNOVATORS WORKING TOGETHER TO BUILD A WORLD BASED ON DIGNITY. WE WERE FOUNDED BY JACQUELINE NOVOGRATZ ON THE RADICAL IDEA THAT BUSINESS, WHEN CULTIVATED WITH MORAL IMAGINATION, CAN BREAK THE CYCLE OF POVERTY. WE INVEST IN TRANSFORMATIONAL COMPANIES, BUILD SUSTAINABLE MARKETS, AND PREPARE LEADERS WITH THE TOOLS THEY NEED TO CREATE A MORE JUST AND INCLUSIVE FUTURE. SINCE 2001, WE HAVE SCALED COMPANIES AND SHAPED MARKETS IN SOME OF THE HARDEST-TO-REACH COMMUNITIES ON THE PLANET, IMPACTING OVER HALF-A-BILLION LIVES. 13 12 133 13 0 0 59141180 50322993 954784 1172013 1345663 1207116 -324122 506626 61117505 53208748 1806288 2988413 0 0 12935309 15528716 0 118863 4132789 14128735 11578327 28870332 30214319 32247173 22994429 187205036 210817310 10806671 14566571 176398365 196250739 X SEE SCHEDULE O 0 0 13139364 1908277 1081496 INVESTING AND PORTFOLIO MANAGEMENT:WE INVEST ACROSS THE CAPITAL CONTINUUM TO HELP TRANSFORMATIONAL COMPANIES GROW FROM SEED TO SCALE. 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 HEALTHCARE, 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. [SEE CONTINUATION ON SCHEDULE O]ACUMEN MADE 26 NEW AND FOLLOW-ON INVESTMENTS IN 2023, REACHING A CUMULATIVE $168 MILLION INVESTED IN 183 BUSINESSES SERVING THE PEOPLE LIVING IN POVERTY. WE ALSO POOL CAPITAL TO SCALE STRATEGIC SOLUTIONS TO PROBLEMS OF POVERTY IN SPECIFIC SECTORS AND GEOGRAPHIES, USING BLENDED FINANCE. OUR THREE SPONSORED FOR-PROFIS, CURRENTLY MANAGED UNDER ACUMEN CAPITAL PARTNERS INCLUDE: KAWISAFI ($67M AUM), FOCUSES ON CLEAN ENERGY AND CLIMATE MITIGATION IN EAST AFRICA; ACUMEN RESILIENT AGRICULTURE FUND ($58M AUM), FOCUSES ON CLIMATE RESILIENCE FOR SMALLHOLDER FARMERS IN EAST AND WEST AFRICA; AND ACUMEN LATIN AMERICA EARLY GROWTH FUNDS I AND II ($73M AUM), MANAGED BY ACUMEN LATAM IMPACT VENTURES, A TEAM OWNED MANAGER, FOCUSED ON ENERGY ACCESS, WORKFORCE AND AGRICULTURE.IN 2023, WE LAUNCHED THE HARDEST-TO REACH INITIATIVE FOR ENERGY ACCESS SOLUTIONS IN COUNTRIES IN SUB-SAHARAN AFRICA. 5341386 1080136 89292 FELLOWS & LEADERSHIP PROGRAMS:WE PROVIDE PATHS FOR THOSE CURIOUS ABOUT SOCIAL ENTREPRENEURSHIP AND FOR THOSE WHO ARE ACTIVELY BUILDING THEIR BUSINESSES. OUR CURRICULUM IS GROUNDED IN TWO DECADES OF EXPERIENCE, ACCOMPANYING SOCIAL ENTREPRENEURS ON THE JOURNEY FROM SEED TO SCALE. OUR ONLINE COURSES ARE FOR ANYONE, ANYWHERE LOOKING TO USE THE TOOLS OF BUSINESS TO SOLVE REAL PROBLEMS IN THEIR COMMUNITIES. THE REGIONAL, COHORT-BASED LEADERSHIP PROGRAMS ARE FOR ENTREPRENEURS SOLVING PROBLEMS OF POVERTY. WE PROVIDE OUR GLOBAL COMMUNITY OF 1,600+ ALUMNI WITH THE TOOLS, CAPITAL, AND COMMUNITY TO SCALE THEIR IMPACT. 4479002 0 1225 IMPACT & COMMUNICATIONS:THE GOAL OF THE INSIGHTS AND IMPACT TEAMS AT ACUMEN IS TO SUPPORT THE MISSION OF SOLVING PROBLEMS POVERTY THROUGH DATA-DRIVEN STRATEGIES. WE DO THIS BY BUILDING MODELS, SHARING THE INSIGHTS FROM OUR WORK AND HOLDING OURSELVES AND OUR PEERS ACCOUNTABLE. OUR IMPACT MEASUREMENT AND MANAGEMENT FRAMEWORK HELPS US DEFINE AND MEASURE OUR IMPACT, INCLUDING BREADTH AND DEPTH OF IMPACT. THROUGH 2023, ACUMEN HAS REACHED OVER 648 MILLION LIVES IMPACTED THROUGH OUR PATIENT CAPITAL AND FOR-PROFIT INVESTMENTS. 22959752 1 1 0 0 0 0 0 0 0 0 1 0 1 0 1 1 0 1 0 1 1 1 0 1 0 0 0 1 0 1 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 1 0 0 1 X 40 0 1 133 1 0 1 CA UK MP IN PK CO KE NI 0 0 0 0 0 0 0 0 0 0 0 X 13 12 0 1 0 0 0 0 0 1 1 0 1 1 1 1 1 1 1 1 1 1 0 CA CO CT DC DE FL IL MD MA MN NJ NY OR PA TX VA X X X CARLYLE SINGER PRESIDENT 2125668821 40 WORTH STREET 303 NEW YORK NY 10013 JACQUELINE NOVOGRATZ CEO & DIRECTOR 39.50 0.50 X X 373288 0 35257 MARGO ALEXANDER DIRECTOR 1.00 0.00 X 0 0 0 KATHLEEN CHEW WAI LIN DIRECTOR 1.00 0.00 X 0 0 0 MATTHEW COUREY DIRECTOR (AS OF 4/27/2023) 1.00 0.00 X 0 0 0 C HUNTER BOLL DIRECTOR 1.00 0.00 X 0 0 0 NATHAN LAURELL DIRECTOR 1.00 0.00 X 0 0 0 CRISTINA LJUNGBERG DIRECTOR 1.00 0.00 X 0 0 0 KIRSTEN NEVILL-MANNING DIRECTOR 1.00 0.00 X 0 0 0 KAREN PATERSON DIRECTOR 1.00 0.00 X 0 0 0 THULASIRAJ RAVILLA DIRECTOR (AS OF 4/27/2023) 1.00 0.00 X 0 0 0 ANDREA SOROS COLOMBEL DIRECTOR 1.00 0.00 X 0 0 0 HANS TAPARIA DIRECTOR 1.00 0.00 X 0 0 0 MARK TERCEK DIRECTOR (UNTIL 5/1/2023) 1.00 0.00 X 0 0 0 SHAIZA RIZAVI BOARD CHAIR 1.00 0.00 X X 0 0 0 CARLYLE SINGER JONES PRESIDENT 39.50 0.50 X 334865 0 22772 JACQUELINE WOO CHIEF FINANCIAL OFFICER 39.50 0.50 X 252096 0 45684 LYNN ROLAND BOARD SECRETARY/GENERAL COUNSEL 35.00 5.00 X 250065 0 49248 AMRITA BHANDARI CHIEF OF INSIGHTS & STRATEGY 40.00 0.00 X 257830 0 8138 YASMINA ZAIDMAN CHIEF OF DEVELOPMENT & PARTNERSHIPS 40.00 0.00 X 252052 0 41006 WILLIAM CHARNOCK CHIEF OF MARKETING (UNTIL 6/30/23) 40.00 0.00 X 240774 0 16653 JOANNA MCQUADE DIRECTOR, TALENT 40.00 0.00 X 231674 0 19918 AMON ANDERSON DIRECTOR, ACUMEN AMERICA 0.00 40.00 X 214064 0 40381 CATHERINE C NANDA DIRECTOR, ACUMEN AMERICA 0.00 40.00 X 240008 0 40843 ALEXANDRA TRABULSI DIRECTOR, PHILANTHROPY 40.00 0.00 X 195286 0 6262 SARAH BIEBER DIRECTOR, DEVELOPMENT & PARTNERSHIPS 40.00 0.00 X 190575 0 6120 SABRINA LEE ORTEGA SANCHEZ HEAD OF BUSINESS DEV., FOUNDATION 40.00 0.00 X 170972 0 19623 KEVIN LEHMAN ASSOCIATE DIRECTOR, FUNDRAISING (UNTIL 12/7/23) 40.00 0.00 X 171667 0 16160 MICHELLE OSORIO INVESTMENT DIR., KAWISAFI VENTURES 0.00 40.00 X 0 241066 47541 3375216 241066 415606 30 0 1 0 60 DECIBELS INC 205 E 42ND STREET 20TH FL NEW YORK NY 10018 IMPACT MEASUREMENT 379807 WALL STREET IT MANAGEMENT 40 WEST 37TH STREET NEW YORK NY 10018 IT MANAGEMENT SERVICES 264768 RSM US LLP 30 S WACKER DRIVE SUITE 3300 CHICAGO IL 60606 ACCOUNTING SERVICES 203469 BRITEWEB 195 MONTAGUE ST BROOKLYN NY 11201 DESIGN, BRAND, & WEB SERVICES 179128 BRIDGE PARTNERS LLC 27 UNION SQUARE WEST SUITE 502 NEW YORK NY 10003 RECRUITING 172816 11 2483936 47839057 766866 50322993 PGM RELATED LOAN INCOME 900099 1007567 1007567 PROGRAM FEES 900099 164446 164446 1172013 1476941 1476941 2538650 2808475 -269825 -269825 -269825 REIMBURSEMENT/OTHER 900099 500626 500626 PORTFOLIO DILIGENCE FEE INCOME 900099 6000 6000 506626 53208748 1172013 0 1713742 X 1140722 1140722 1847691 1847691 3049003 2290307 425871 332825 319807 319807 9711213 6208829 1200847 2301537 389501 242721 64499 82281 982815 624221 157576 201018 1076377 665293 180647 230437 136355 82141 23823 30391 266201 204328 61872 1 152342 79911 60149 12282 118863 118863 3826689 3119873 343412 363404 267526 244507 22222 797 310471 193659 59879 56933 911322 514356 275747 121219 775767 538221 125089 112457 552889 401625 61047 90217 257350 185319 23023 49008 63544 61838 1360 346 58093 29811 19404 8878 INTERCOMPANY PROGRAM SE 3663939 3663939 PROV FOR PORTFOLIO LOSS 205030 205030 CORPORATE TAXES/OTHER 94013 85765 421 7827 MISCELLANEOUS 36796 9838 14890 12068 30214319 22959752 3121778 4132789 548169 40038 60756429 82695708 32493939 21305972 2246013 3124194 1062429 1217011 314044 416451 488767 404553 131564 84214 1654126 398740 633740 85143089 95429016 2456494 5870966 187205036 210817310 2672192 3245349 384366 226509 7750113 11094713 10806671 14566571 X 108403215 128942100 67995150 67308639 176398365 196250739 187205036 210817310 X 22994429 3468761 -6610816 X 0 1 X 1 0 X 25402570 24665203 28704639 59141180 50322993 188236585 25402570 24665203 28704639 59141180 50322993 188236585 45013206 143223379 284685 216162 64783 361136 1476941 2403707 29290 29290 491207 833789 280350 337394 506626 2449366 193118948 0.74160 0.68810 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: OTHER FEES/INCOME - 2022 AMOUNT: $ 78,100. REIMBURSEMENT/OTHER - 2019 AMOUNT: $ 41,207. 2020 AMOUNT: $ 8,096. 2021 AMOUNT: $ 280,350. 2022 AMOUNT: $ 236,294. 2023 AMOUNT: $ 500,626. DEVELOPMENT COST REIMBURSEMENT - 2019 AMOUNT: $ 450,000. 2020 AMOUNT: $ 825,693. DILIGENCE COST REIMBURSEMENT - 2022 AMOUNT: $ 23,000. 2023 AMOUNT: $ 6,000. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 41966 35344 6622 127132 113353 13779 319669 255856 63813 84214 PROGRAM RELATED DEBT INVESTMENTS - NORTH AMERICA 1925990 C PROGRAM RELATED DEBT INVESTMENTS - SUB-SAHARAN AFRICA 6754027 C PROGRAM RELATED DEBT INVESTMENTS - S.ASIA 1382765 C PROGRAM RELATED DEBT INVESTMENTS - LATIN AMERICA 1712062 C PROGRAM RELATED EQUITY INVESTMENTS - NORTH AMERICA 15676232 C PROGRAM RELATED EQUITY INVESTMENTS - SUB-SAHARAN AFRICA 24549312 C PROGRAM RELATED EQUITY INVESTMENTS - S.ASIA 16978620 C PROGRAM RELATED EQUITY INVESTMENTS - LATIN AMERICA 5709246 C PROGRAM RELATED PARTNERSHIP INVESTMENTS - NORTH AMERICA 500000 C PROGRAM RELATED PARTNERSHIP INVESTMENTS - SUB-SAHARAN AFRICA 18830534 C PROGRAM RELATED PARTNERSHIP INVESTMENTS - LATIN AMERICA 1410228 C 95429016 RETURNABLE GRANT CAPITAL 5819399 LEASE LIABILITY 5275314 11094713 X PART X, LINE 2: ACUMEN IS RECOGNIZED BY THE INTERNAL REVENUE SERVICE (IRS) AS TAX-EXEMPT ORGANIZATIONS UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. INCOME EARNED IN FURTHERANCE OF THESE ENTITIES' TAX-EXEMPT PURPOSES IS EXEMPT FROM FEDERAL AND STATE INCOME TAXES. AS SUCH, NO PROVISION FOR INCOME TAX EXPENSE HAS BEEN MADE IN THE ACCOMPANYING CONSOLIDATED FINANCIAL STATEMENTS. ACUMEN HAS ADOPTED THE ACCOUNTING STANDARD ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES. MANAGEMENT ASSESSED WHETHER THERE WERE ANY UNCERTAIN TAX POSITIONS WHICH MAY GIVE RISE TO INCOME TAX LIABILITIES AND DETERMINED THAT THERE WERE NO SUCH MATTERS REQUIRING RECOGNITION IN THE ACCOMPANYING CONSOLIDATED FINANCIAL STATEMENTS. GENERALLY, ACUMEN IS NO LONGER SUBJECT TO U.S. FEDERAL OR STATE INCOME TAX EXAMINATIONS BY TAX AUTHORITIES FOR THREE YEARS FROM THE FILING DATE OF THE RESPECTIVE RETURNS. 0 SOUTH ASIA 2 24 PROGRAM SERVICES PORTFOLIO MGMT, LEADERSHIP, IMPACT & COMMS 845741 SUB-SAHARAN AFRICA 2 29 PROGRAM SERVICES PORTFOLIO MGMT, LEADERSHIP, IMPACT & COMMS 2458198 LATIN AMERICA 1 22 PROGRAM SERVICES PORTFOLIO MGMT, LEADERSHIP, IMPACT & COMMS 995869 EUROPE 1 18 PROGRAM SERVICES PORTFOLIO MGMT, LEADERSHIP, IMPACT & COMMS 3654775 NORTH AMERICA 0 2 PROGRAM SERVICES LEADERSHIP PROGRAM 154921 SUB-SAHARAN AFRICA PROGRAM RELATED INVESTMENT 50133873 SOUTH ASIA PROGRAM RELATED INVESTMENT 18361385 LATIN AMERICA PROGRAM RELATED INVESTMENT 8831536 SOUTH ASIA GRANT MAKING TA GRANTS 514820 SUB-SAHARAN AFRICA GRANT MAKING TA GRANTS 1199209 LATIN AMERICA GRANT MAKING TA GRANTS 70000 EUROPE GRANT MAKING TA GRANTS 17742 NORTH AMERICA GRANT MAKING TA GRANTS 920 EAST ASIA AND THE PACIFIC GRANT MAKING TA GRANTS 45000 6 95 0 0 6 95 85436298 1847691 87283989 SUB-SAHARAN AFRICA TECHNICAL ASSISTANCE FOR PORTFOLIO COMPANIES 390000 WIRE TRANSFER 0 SUB-SAHARAN AFRICA PROVIDE OFF-GRID ENERGY ACCESS TO LOW-INCOME PEOPLE IN THE DEMOCRATIC REPUBLIC OF THE CONGO 178281 WIRE TRANSFER 0 SUB-SAHARAN AFRICA EXPAND AND OPTIMIZE CHLS SOURCING CAPABILITIES SUSTAINABLY BY INCREASING THE PARTICIPATION OF SMALL-HOLDER FARMERS IN COCONUT FARMING 65063 WIRE TRANSFER 0 SOUTH ASIA AID IN GROWING THE FARM-TO-HOME PLATFORM THAT HELPS IMPROVE INDIAN FARMER LIVELIHOODS 59000 WIRE TRANSFER 0 SUB-SAHARAN AFRICA PROVIDE ECONOMIC OPPORTUNITIES FOR VULNERABLE WOMEN THAT HAVE BEEN INTERNALLY DISPLACED DUE TO THE FLOODS THROUGH THE CREATION AND DEVELOPMENT OF CLEAN ENERGY BUSINESSES 56958 WIRE TRANSFER 0 SUB-SAHARAN AFRICA SET UP A NEW MARKET FOR PALM FRUITS, AND PROVIDE STARTUP CAPITAL TO WOMENS GROUPS TO ENABLE THEM TO PURCHASE THE PALM FRUITS THAT THEY CAN USE TO PRODUCE PALM OIL 53128 WIRE TRANSFER 0 SOUTH ASIA HISTORY PROJECT IN PAKISTAN 50500 WIRE TRANSFER 0 LATIN AMERICA DEVELOP AN ARTICULATED STRATEGY THAT ALLOWS THE EMPOWERMENT AND LEADERSHIP PROGRAMS TO REACH NEW TRAINERS AND YOUNG PEOPLE FROM VULNERABLE COMMUNITIES AFFECTED BY POVERTY AROUND COLOMBIA 50000 WIRE TRANSFER 0 SOUTH ASIA GROW ALOKITO TEACHERS, THE TEACHER DEVELOPMENT PLATFORM THROUGH A SCHOOL MEMBERSHIP MODEL 50000 WIRE TRANSFER 0 SUB-SAHARAN AFRICA GROW THEIR GARMENT PRODUCTION FACILITY TO PRODUCE SUSTAINABLE AFFORDABLE CLOTHING, LOCALLY 50000 WIRE TRANSFER 0 SUB-SAHARAN AFRICA IMPROVE THE QUALITY OF SERVICES BEING DELIVERED TO NIGERIAN LOW INCOME PREGNANT WOMEN 50000 WIRE TRANSFER 0 SUB-SAHARAN AFRICA EXPAND THE ANIMAL HEALTH CARE MODEL TO IMPROVE ACCESS TO ANIMAL HEALTH SERVICES IN REMOTE COMMUNITIES OF NORTHERN NIGERIA 50000 WIRE TRANSFER 0 SUB-SAHARAN AFRICA INCREASE ACCESS TO SAFE DRINKING WATER IN UNDER-SERVED RURAL COMMUNITIES IN AFRICA BY PROVIDING WATER FILTERS AND WATER FILTER MAINTENANCE 50000 WIRE TRANSFER 0 SUB-SAHARAN AFRICA TEST THE PAY-AS-YOU-GO-TECHNOLOGY INTO THE CLEAN AND AFFORDABLE INSTITUTIONAL SOLAR COOK STOVE THAT IS BEING USED BY RURAL AND MARGINALIZED SCHOOLS IN KENYA TO COOK FOOD 50000 WIRE TRANSFER 0 SUB-SAHARAN AFRICA COVER THE COST OF DELIVERING HOLISTIC RE-INTEGRATION TRAINING PACKAGES AND EXPANDING PROGRAMS TO GHANA, SIERRA LEONE, UGANDA, BOTSWANA, AND SOUTH AFRICA 50000 WIRE TRANSFER 0 SOUTH ASIA PROVIDE FINANCIAL ASSISTANCE FOR BUILDING A LEARNING AND DATA MANAGEMENT SYSTEMS (LMS) AND A TOOLS LIBRARY FOR EDUCATORS IN GOVERNMENT SCHOOLS IN INDIA 50000 WIRE TRANSFER 0 SOUTH ASIA REACH INDIAN RURAL CUSTOMERS IN DROUGHT-PRONE AND MINIMALSUNLIGHT AREAS WHERE CUSTOMERS CITE SUN-DRYING AND WASHING OF PADS AS ISSUES 50000 WIRE TRANSFER 0 SOUTH ASIA DEVELOPING THE 1000-YEAR-BREW MODEL TO EMPOWER INDIAN SMALLHOLDER COFFEE PRODUCERS TO DERIVE VALUE AND DIGNITY FROM REGENERATIVE FARMING PRACTICES, 50000 WIRE TRANSFER 0 SOUTH ASIA ENABLE ASPIRING YOUNG WEAVER-ENTREPRENEURS TO PARTICIPATE IN AND ENGAGE WITH MARKETS DIRECTLY 50000 WIRE TRANSFER 0 SOUTH ASIA MARKET LOCAL AND INDIGENOUS CROPS AND MINIMALLY PROCESSED PRODUCTS UNDER A SINGLE BRAND ACROSS INDIA 50000 WIRE TRANSFER 0 SOUTH ASIA PROVIDE FINANCIAL ASSISTANCE FOR A 2-YEAR FELLOWSHIP PROGRAM FOR RURAL YOUNG WOMEN IN INDIA 50000 WIRE TRANSFER 0 SUB-SAHARAN AFRICA ENGAGE THE EXPERTISE OF LEADING GENDER EXPERTS, VALUE FOR WOMEN, TO PROVIDE THE COMPANY COMPREHENSIVE SUPPORT IN FIRST ITERATION OF A GENDER ACTION PLAN 46198 WIRE TRANSFER 0 EAST ASIA AND THE PACIFIC ALLOW THE CAPITAL INVESTMENTS NEEDED TO IMPROVE THE CAPACITY TO FINANCE POST-SECONDARY EDUCATION OR VOCATIONAL TRAINING 25000 WIRE TRANSFER 0 SUB-SAHARAN AFRICA INCREASE THE COMPOST PRODUCTION CAPACITY AND AGGREGATING MORE COCOA HUSKS FROM THE FARMS MANAGED AND OWNED BY UNDERSERVED SMALLHOLDER COCOA FARMERS IN RURAL GHANA 25000 WIRE TRANSFER 0 SUB-SAHARAN AFRICA COVER THE COST OF INCREASING ITS PROCESSING, OPERATING, AND TRANSPORTATION CAPACITY THEREBY ENABLING THE COMPANY TO REACH MORE OFF-GRID SMALLHOLDERS FARMERS 25000 WIRE TRANSFER 0 SUB-SAHARAN AFRICA MAKE AN IMMEDIATE IMPACT ON 50 SMALL HOLDER FARMERS BY CARRYING OUT A PILOT PROGRAMME AIMED AT EXTENDING THE SHELF LIFE OF TOMATOES GROWN BY THESE FARMERS 25000 WIRE TRANSFER 0 SUB-SAHARAN AFRICA BUILD CLIMATE RESILIENCE AND ADAPTABILITY OF SMALLHOLDER FARMERS IN THE DEVELOPING WORLD BY PROVISION OF CLIMATE CONTROL SOLUTIONS THAT LEVERAGE INDIGENOUS RESOURCES 20000 WIRE TRANSFER 0 LATIN AMERICA DEVELOP A TECHNOLOGICAL PLATFORM THAT SUBSTANTIATES THE VIABILITY OF ORGANIC AND REGENERATIVE PRODUCTION IN ENSURING STABLE, SUSTAINABLE INCOMES FOR SMALLHOLDER FARMERS 20000 WIRE TRANSFER 0 EUROPE MAKE REFRIGERATION AFFORDABLE AND ACCESSIBLE TO LOW-INCOME CUSTOMERS 19494 WIRE TRANSFER 0 SOUTH ASIA REDUCE RURAL POVERTY BY IMPROVING ON FARM EFFICIENCIES AND INCREASING FARMER OUTPUTS THROUGH ACCESS TO INNOVATIVE AND AFFORDABLE MACHINERY 15000 WIRE TRANSFER 0 SOUTH ASIA PROVIDE COST-EFFECTIVE, SUSTAINABLE, AND SCALABLE SOLUTIONS THAT PRESERVE THE QUALITY OF AGRICULTURAL PRODUCE WITHOUT SPOILAGE 15000 WIRE TRANSFER 0 EUROPE MAKE REFRIGERATION AFFORDABLE AND ACCESSIBLE TO LOW-INCOME CUSTOMERS 11509 WIRE TRANSFER 0 EAST ASIA AND THE PACIFIC TO PROVIDE AFFORDABLE EDUCATION PRODUCTS TO PEOPLE OF LOW INCOME 10000 WIRE TRANSFER 0 7 26 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 COLOMBIA, PAKISTAN, INDIA, KENYA, AND NIGERIA HAVE INDEPENDENT AUDITS. IN ADDITION TO THE AUDIT, OUR CENTRAL OFFICE FINANCE DEPARTMENT IN NEW YORK HAS OVERSIGHT OF THE COUNTRY OFFICES' SPENDING. INVESTMENTS IN THIRD PARTIES ARE PRIMARILY DEBT OR EQUITY INVESTMENTS. OUTRIGHT GRANTS FOR USE BY A THIRD PARTY IS A PART OF PROGRAMMATIC SPEND, BUT GENERALLY NOT AS LARGE A COMPONENT COMPARED TO INVESTMENTS MADE. FOR ANY PROGRAM-RELATED INVESTMENTS, THE ORGANIZATION REQUIRES REGULAR SOCIAL IMPACT, FINANCIAL AND OPERATIONAL REPORTING, TYPICALLY MAINTAINS A VOTING OR OBSERVER SEAT ON THE INVESTEE COMPANY BOARD AND CONDUCTS AT LEAST ANNUAL REVIEWS OF THE PROGRESS OF THE PROGRAM. FOR ANY GRANTS TO THIRD PARTIES, A GRANT AGREEMENT IS DRAFTED OUTLINING THE SPECIFIC PURPOSE OF THE GRANT, TERMS AND CONDITIONS FOR THE USE OF GRANT MONEY. GRANT FUNDS ARE DISBURSED ONLY AFTER THE GRANTEES SIGN THE GRANT AGREEMENT. DEPENDING UPON THE AMOUNT AND TERM OF GRANT, THE GRANTEES ARE REQUIRED TO MAINTAIN DETAILED RECORDS OF THE USE OF THE GRANT AND PROVIDE PERIODIC REPORTS TO ACUMEN. THE PROGRAM STAFF WILL REVIEW THE GRANTEE REPORTS TO ENSURE COMPLIANCE. ACUMEN PROGRAM STAFF DILIGENTLY SCREENS THE PROSPECTIVE GRANTEES' TRACK RECORDS AND REPUTATIONS BEFORE AWARDING ANY GRANT, AND WHERE A NEW FUNDING RELATIONSHIP EXISTS, SCREENS GRANT RECIPIENTS AGAINST WATCH LISTS SUCH AS SANCTIONS, SPECIALLY DESIGNATED NATIONALS AND BLOCKED PERSONS, ANTI-CORRUPTION AND ANTI-MONEY LAUNDERING LISTS. THROUGHOUT THE GRANT TERM, THE PROGRAM STAFF INTERACTS WITH THE GRANTEE ORGANIZATION TO UNDERSTAND THE PROGRESS THE ORGANIZATION IS MAKING BY USE OF THE GRANT FUNDS. THEY ALSO REVIEW PERIODIC REPORTS SUBMITTED BY THE GRANTEE TO ENSURE PROPER UTILIZATION OF GRANT FUNDS BY THE GRANTEE. GRANT AGREEMENTS OFTEN REQUIRE THE RIGHT TO INSPECT AND AUDIT THE RECORDS OF THE GRANTEE REGARDING PROPER USE OF FUNDS. THE GRANT AGREEMENT SIGNED BY THE GRANTEE TYPICALLY STATES THAT ALL OR ANY PORTION OF GRANT FUNDS USED IN A MANNER OR PURPOSE OTHER THAN THOSE DESCRIBED IN THE GRANT AGREEMENT MUST BE RETURNED TO ACUMEN. PART I, LINE 3: PROGRAM-RELATED INVESTMENTS: THE ORGANIZATION HAS A COMPLEX FINANCIAL STRUCTURE THAT IS NOT EASILY SHOWN IN THE FORM 990. TO BETTER UNDERSTAND THE INFORMATION BEING PROVIDED, THE READER SHOULD APPROACH THE FINANCIAL STATEMENTS WITH TWO KEY PIECES OF INFORMATION IN MIND. FIRST, ACUMEN OPERATES PRIMARILY AS A TRADITIONAL NON-PROFIT IN THAT IT RECEIVES CONTRIBUTION REVENUE AND HAS ONGOING OPERATING EXPENSES FOR BOTH PROGRAM WORK AND ADMINISTRATIVE COSTS EACH YEAR. SECONDLY, AND UNLIKE ALMOST ALL OTHER CHARITIES, ACUMEN INVESTS A SUBSTANTIAL PORTION OF ITS ASSETS IN ENTREPRENEURIAL ORGANIZATIONS OPERATING DOMESTICALLY OR IN DEVELOPING COUNTRIES. 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. X X 1 SHANNON LOVGREN 1204 NORMAN AVENUE LAS VEGAS NV 89104 BUILDING A NEW COMMUNITY OF DONORS 0 250000 118863 131137 250000 118863 131137 1 CLIMATE POLICY INITIATIVE INC 575 MARKET ST 514 SAN FRANCISCO CA 94105 264129153 501(C)(3) 374279 0 LAUNCH AND OPERATIONALIZE THE CLIMATESHOT IMPACT INVESTING COALITION (CIIC) REFUGEE INVESTMENT NETWORK INC 1401 K ST NW STE 900 WASHINGTON DC 20005 844496089 501(C)(3) 151823 0 CONDUCT RESEARCH, EDUCATE AND ADVISE ON HOW TO BUILD AND IMPLEMENT DURABLE REFUGEE-LENS INVESTING (RLI) STRATEGIES WORLDWIDE MAZIWA 3482 GLENPROSEN CT SAN JOSE CA 95148 844804829 501(C)(3) 95566 0 CREATE ACCESS TO THE WEMA, A DISCREET, WIRELESS, AND PORTABLE BREAST PUMP, FOR VULNERABLE WORKING MOTHERS IN KENYA WORKLIFE INC 505 LAKELAND PLZ STE 321 CUMMING GA 30040 205397231 501(C)(3) 25000 0 VALIDATE THE FINANCIAL SUSTAINABILITY OF WORKLIFE, INC. PARITY LAB INC 208 W STATE STREET TRENTON NJ 08608 871751365 501(C)(3) 50000 0 BUILD A LEGAL COUNSELING HELPLINE TO SUPPORT GRASSROOT ORGANIZATIONS LED BY WOMEN IN RURAL INDIA SANERGY INC 28 PARK STREET NO 3 BROOKLINE MA 02446 364688468 501(C)(3) 50491 0 TECHNICAL ASSISTANCE FOR PORTFOLIO COMPANIES PROMETHEAN POWERS SYSTEM INC 444 SOMERVILLE AVE SOMERVILLE MA 02143 261455570 40000 0 TO SUPPORT ESTABLISHING FPO NETWORKS THROUGH SSP BIOLITE INC 65 JAY STREET FLOOR 4 BROOKLYN NY 11201 272826296 30000 0 TO EMPOWER PEOPLE AND PROTECT OUR PLANET THROUGH THE MANUFACTURE AND SALE OF AFFORDABLE OFF-GRID RENEWABLE ENERGY PRODUCTS TO LOW-INCOME CUSTOMERS SIMUSOLAR INC 1052 65TH ST OAKLAND CA 94608 472154274 50000 0 TO FURTHER THE GRANT RECIPIENT'S MISSION PROVIDING REFUGEES IN THE BIDIBIDI REFUGEE CAMP WITH LOW-COST, FINANCED, SOLAR-POWERED IRRIGATION EQUIPMENT FRESNO AREA HISPANIC FOUNDATION 1444 FULTON STREET FRESNO CA 93721 753129705 501(C)(3) 50000 0 TO PROVIDE FINANCIAL ASSISTANCE TO TERMINATED EMPLOYEES OF BW INDUSTRIES, INC., AND ITS SUBSIDIARIES (BITWISE) FARMBOX DIRECT INC 400 STUART ST PH2 BOSTON MA 02116 464673014 30000 0 TECHNICAL ASSISTANCE FOR PORTFOLIO COMPANIES FREE FROM MARKET 420 NICHOLS RD KANSAS CITY MO 64112 862943988 30000 0 TECHNICAL ASSISTANCE FOR PORTFOLIO COMPANIES CITY OF SAMARITANS PBC 1207 DELAWARE AVE 860 WILMINGTON DE 19806 475378331 60000 0 TECHNICAL ASSISTANCE FOR PORTFOLIO COMPANIES KAIZEN HEALTH INC 33 N LASALLE ST SUITE 1200 CHICAGO IL 60602 814644959 60000 0 TECHNICAL ASSISTANCE FOR PORTFOLIO COMPANIES STATEN ISLAND PERFORMING PROVIDER SYSTEM LLC ONE EDGEWATER PLAZA SUITE 700 STATEN ISLAND NY 10305 472544659 501(C)(3) 60000 0 TECHNICAL ASSISTANCE FOR PORTFOLIO COMPANIES 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 1 0 0 0 0 0 0 1 0 JACQUELINE NOVOGRATZ CEO & DIRECTOR 343309 0 29979 0 0 0 9900 0 25357 0 408545 0 0 0 CARLYLE SINGER JONES PRESIDENT 307613 0 27252 0 0 0 9900 0 12872 0 357637 0 0 0 LYNN ROLAND BOARD SECRETARY/GENERAL COUNSEL 224996 0 25069 0 0 0 7831 0 41417 0 299313 0 0 0 JACQUELINE WOO CHIEF FINANCIAL OFFICER 228666 0 23430 0 0 0 7873 0 37811 0 297780 0 0 0 YASMINA ZAIDMAN CHIEF OF DEVELOPMENT & PARTNERSHIPS 227071 0 24981 0 0 0 7819 0 33187 0 293058 0 0 0 MICHELLE OSORIO INVESTMENT DIR., KAWISAFI VENTURES 0 198666 0 42400 0 0 0 7632 0 39909 0 288607 0 0 CATHERINE C NANDA DIRECTOR, ACUMEN AMERICA 214266 0 25742 0 0 0 7522 0 33321 0 280851 0 0 0 AMRITA BHANDARI CHIEF OF INSIGHTS & STRATEGY 234810 0 23020 0 0 0 7735 0 403 0 265968 0 0 0 WILLIAM CHARNOCK CHIEF OF MARKETING (UNTIL 6/30/23) 132795 0 25594 0 82385 0 4846 0 11807 0 257427 0 0 0 AMON ANDERSON DIRECTOR, ACUMEN AMERICA 187578 0 26486 0 0 0 6795 0 33586 0 254445 0 0 0 JOANNA MCQUADE DIRECTOR, TALENT 203473 0 28201 0 0 0 7021 0 12897 0 251592 0 0 0 ALEXANDRA TRABULSI DIRECTOR, PHILANTHROPY 175630 0 19656 0 0 0 5859 0 403 0 201548 0 0 0 SARAH BIEBER DIRECTOR, DEVELOPMENT & PARTNERSHIPS 168300 0 22275 0 0 0 5717 0 403 0 196695 0 0 0 SABRINA LEE ORTEGA SANCHEZ HEAD OF BUSINESS DEV., FOUNDATION 158358 0 12614 0 0 0 5240 0 14383 0 190595 0 0 0 KEVIN LEHMAN ASSOCIATE DIRECTOR, FUNDRAISING (UNTIL 12/7/23 133395 0 0 0 38272 0 3710 0 12450 0 187827 0 0 0 PART I, LINE 4A WILLIAM CHARNOCK, CHIEF OF MARKETING, LEFT ACUMEN FUND, INC. ON 6/30/2023 AND RECEIVED SEVERANCE OF $82,385. THE SEVERANCE AMOUNT IS REPORTED IN PART II, COLUMN B(III). KEVIN LEHMAN, ASSOCIATE DIRECTOR, LEFT ACUMEN FUND, INC. ON 12/07/2023 AND RECEIVED SEVERANCE OF $38,272. THE SEVERANCE AMOUNT IS REPORTED IN PART II, COLUMN B(III). 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 13 766866 FMV 0 0 1 0 PART I, COLUMN (B): THE ORGANIZATION IS REPORTING THE NUMBER OF GIFTS IN PART I, COLUMN (B) OF SCHEDULE M. FORM 990, PART III, LINE 1, DESCRIPTION OF ORGANIZATION MISSION: ACUMEN FUND IS SOLVING PROBLEMS OF POVERTY AND BUILDING A WORLD BASED ON DIGNITY BY INVESTING IN COMPANIES, LEADERS, AND IDEAS. WE INVEST PATIENT CAPITAL IN BUSINESSES THAT DELIVER CRITICAL, AFFORDABLE GOODS AND SERVICES TO PEOPLE LIVING IN POVERTY, IMPROVING THE LIVES OF MILLIONS IN SOUTH ASIA, EAST AND WEST AFRICA, LATIN AMERICA AND THE UNITED STATES. SINCE 2001, ACUMEN FUND HAS INVESTED $168 MILLION IN 183 SOCIAL ENTERPRISES WORKING IN RESILIENT AGRICULTURE, EDUCATION, ENERGY ACCESS FINANCIAL INCLUSION, HEALTH, HOUSING, WATER AND SANITATION, AND WORKFORCE DEVELOPMENT. THROUGH ACUMEN ACADEMY - THE WORLD'S SCHOOL FOR SOCIAL CHANGE - ENTREPRENEURS LEARN THE HARD SKILLS REQUIRED TO BUILD SCALABLE SOLUTIONS TO POVERTY AND HONE THE HARDER SKILLS OF MORAL LEADERSHIP TO REIMAGINE AND BUILD A BETTER WORLD. THROUGH 2023, ACUMEN ACADEMY BUILT ITS NETWORK OF PROGRAM ALUMNI, FOUNDRY MEMBERS, TO MORE THAN 1600 INDIVIDUALS WHO ARE WORKING ON SOLUTIONS SOLVING PROBLEMS OF POVERTY. WE ALSO TRAINED 200 FELLOWS IN OUR LEADERSHIP DEVELOPMENT PROGRAMS, AWARDED 74 EARLY-STAGE GRANTS TO FOUNDRY MEMBERS AND FACILITATED OVER 1.3 MILLION ONLINE COURSE SIGN-UPS. THROUGH ACADEMY ORGANIZATIONS AND COMPANIES, WE HAVE REACHED 54 MILLION LIVES IMPACTED. 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 12/31/23 IS $121,693. 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 POTENTIAL CONFLICT OF INTEREST IS REQUIRED TO DISCLOSE THE CONFLICT AND MAY BE REQUIRED TO RECUSE HIM/HERSELF FROM THE DISCUSSION AND NOT BE PRESENT DURING ANY DELIBERATION OR VOTE ON MATTERS WHERE HE/SHE HAS AN ACTUAL CONFLICT. A DISINTERESTED PERSON MAY BE APPOINTED TO INVESTIGATE ALTERNATIVES TO THE PROPOSED TRANSACTION OR ARRANGEMENT, AND THE AUDIT & FINANCE COMMITTEE SHALL DETERMINE IF ACUMEN CAN OBTAIN WITH REASONABLE EFFORTS A MORE ADVANTAGEOUS TRANSACTION OR ARRANGEMENT THAT WOULD NOT GIVE RISE TO A CONFLICT OF INTEREST, AND IF NOT, IF THE TRANSACTION OR ARRANGEMENT IS IN ACUMEN'S BEST INTEREST FOR ITS OWN BENEFIT AND FAIR AND REASONABLE. ADDITIONALLY, THE ORGANIZATION REQUIRES ALL SUCH INDIVIDUALS TO PROMPTLY AND FULLY DISCLOSE ALL MATERIAL FACTS OF ANY ACTUAL OR POTENTIAL CONFLICT OF INTEREST THAT MAY EXIST AT THE TIME OF HIRE OR APPOINTMENT, AS APPLICABLE, AND AS THEY MAY ARISE WHILE THE INDIVIDUAL IS SERVING OR EMPLOYED IN SUCH CAPACITY BY THE ORGANIZATION. SUCH DISCLOSURES ARE REVIEWED BY THE GENERAL COUNSEL, WITH OVERSIGHT BY THE PRESIDENT AND/OR OTHER MEMBERS OF SENIOR MANAGEMENT, AND THE AUDIT & FINANCE COMMITTEE, WHERE APPROPRIATE, TO DETERMINE APPROPRIATE ACTION TO BE TAKEN, WHICH, IF ADVISABLE, MAY INCLUDE INFORMATION FIREWALLS, OVERSIGHT BY DISINTERESTED PERSONS AND/OR DISCOURAGEMENT OF THE ACTIVITY. FORM 990, PART VI, SECTION B, LINE 15 THE ORGANIZATION ANNUALLY REVIEWS COMPARABLE COMPENSATION DATA FOR ITS NON-PROFIT PEER GROUP AND SIMILAR ORGANIZATIONS IN THE FOR-PROFIT PRIVATE SECTOR. ACUMEN TALENT FOCUSES THE REVIEW ON 2-3 OFFICES AND ROTATES THE REVIEW EVERY YEAR. ACUMEN TALENT BENCHMARKS AGAINST THESE COMPARATIVE FIGURES WHEN SETTING COMPENSATION FOR ITS CHIEF EXECUTIVE OFFICER AND PRESIDENT. THE ORGANIZATION WILL ALSO CONSIDER JOB PERFORMANCE WHEN EVALUATING CEO COMPENSATION. THE COMPENSATION COMMITTEE RECOMMENDS AND THEN THE BOARD OF DIRECTORS DISCUSSES AND APPROVES, IN EXECUTIVE SESSION, THE COMPENSATION INFORMATION AND DETERMINES THE CEO AND PRESIDENT'S SALARIES AND BONUSES. THE COMPENSATION COMMITTEE IS COMPOSED SOLELY OF BOARD MEMBERS WHO DO NOT HAVE A CONFLICT OF INTEREST IN DETERMINING THE SALARY OF THE CEO. ANY BOARD MEMBERS WHO ARE CONFLICTED IN DETERMINING THE CEO'S COMPENSATION ARE RECUSED FROM THE PORTION OF THE MEETING WHERE THE CEO'S COMPENSATION IS DISCUSSED AND DETERMINED. MINUTES DOCUMENTING BOTH THE ACTIVITIES AND ACTIONS OF THE COMPENSATION COMMITTEE AND THE BOARD OF DIRECTORS, INCLUDING THE MATERIALS THEY USED IN EVALUATING COMPENSATION, ARE TAKEN AND RETAINED CONTEMPORANEOUSLY. THE CEO, IN CONSULTATION WITH THE PRESIDENT AND DIRECTOR OF TALENT, DETERMINES SALARIES OF THE OTHER MEMBERS OF SENIOR MANAGEMENT OF THE ORGANIZATION USING THE SAME PROCESSES AS DESCRIBED ABOVE. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION POSTS ITS FORM 990 AND AUDITED FINANCIAL STATEMENTS ON ITS PUBLICLY ACCESSIBLE WEBSITE WWW.ACUMEN.ORG. CURRENT YEAR INFORMATION IS POSTED AS IT BECOMES AVAILABLE AND TWO PRIOR YEAR'S RESULTS ARE MAINTAINED ONLINE. THE ORGANIZATION ALSO PROVIDES ITS INFORMATION TO CHARITY NAVIGATOR AND GUIDESTAR.ORG. PUBLIC INFORMATION ABOUT ACUMEN IS AVAILABLE ON THE WEBSITE OF THE NYS ATTORNEY GENERAL CHARITIES BUREAU, AS WELL AS UPON REQUEST. THE FORM 1023 IS MADE AVAILABLE UPON REQUEST. THE GOVERNING DOCUMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON SPECIFIC REQUEST, AND A SUMMARY OF THE CONFLICT OF INTEREST POLICY IS AVAILABLE ON THE FORM 990. THE ORGANIZATION MAKES IT GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, FORM 990 AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D). IN ADDITION, THE FORM 990 WITHOUT SCHEDULE B IS AVAILABLE VIA A LINK ON OUR WEBSITE TO THE PROFILE ON GUIDESTAR. FORM 990, PART IX, LINE 11G MEMBERSHIP FEES: PROGRAM SERVICE EXPENSES 17,964. MANAGEMENT AND GENERAL EXPENSES 4,947. FUNDRAISING EXPENSES 41,586. TOTAL EXPENSES 64,497. CONSULTANT: PROGRAM SERVICE EXPENSES 2,391,355. MANAGEMENT AND GENERAL EXPENSES 266,821. FUNDRAISING EXPENSES 318,809. TOTAL EXPENSES 2,976,985. TRAINING: PROGRAM SERVICE EXPENSES 3,995. MANAGEMENT AND GENERAL EXPENSES 829. FUNDRAISING EXPENSES 3,000. TOTAL EXPENSES 7,824. RECRUITING: PROGRAM SERVICE EXPENSES 146,150. MANAGEMENT AND GENERAL EXPENSES 70,815. FUNDRAISING EXPENSES 9. TOTAL EXPENSES 216,974. CONTRACTORS: PROGRAM SERVICE EXPENSES 560,409. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 560,409. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF CHARITABLE REMAINDER TRUST 65,483. FOREIGN CURRENCY TRANSLATION GAIN 77,732. CHANGE IN VALUE OF DEBT AND EQUITY SECURITIES -6,750,538. ACUMEN AMERICA LLC SHARE CAPITAL -3,493. 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