2022-11-15T14:39:06-06:00 2021-12-31 420714325 RSM US LLP 80 CITY SQUARE BOSTON MA 02129 990 2021-01-01 134166228 ACUMEN FUND INC ACUM 2125668821 40 WORTH STREET 303 NEW YORK NY 10013 JACQUELINE WOO CHIEF FINANCIAL OFFICER 2125668821 2022-11-15 1 JACQUELINE WOO XXX-XX-XXXX LYNNE JOHNSON P00757336 6179129000 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z JACQUELINE NOVOGRATZ 40 WORTH STREET 303 NEW YORK NY 10013 33988252 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'S 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. 14 13 87 14 -25709 0 24665203 28852496 2833283 3028714 525861 -1754763 833789 328350 28858136 30454797 7644532 2697986 0 0 9893930 11286964 0 0 2794288 10850835 8814003 28389297 22798953 468839 7655844 141486235 151257086 5408376 6885479 136077859 144371607 X ACUMEN FUND, INC. IS WORKING TO CHANGE THE WAY THE WORLD TACKLES POVERTY BY INVESTING IN COMPANIES, LEADERS AND IDEAS. [SEE CONTINUATION ON SCHEDULE O]ACUMEN INVESTS 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 HAS INVESTED $146 MILLION IN 151 SOCIAL ENTERPRISES WORKING IN THE FOLLOWING SECTORS: AGRICULTURE, EDUCATION, ENERGY, FINANCIAL INCLUSION, HEALTH, HOUSING, WATER AND SANITATION, AND WORKFORCE DEVELOPMENT.ACUMEN ALSO INVESTS IN BUILDING A GLOBAL COMMUNITY OF EMERGING LEADERS WORKING TO CREATE A MORE JUST, INCLUSIVE, AND SUSTAINABLE WORLD THROUGH ACUMEN ACADEMY - THE WORLD'S SCHOOL FOR SOCIAL CHANGE - WHICH WAS LAUNCHED IN 2020 AND INCLUDES THE FELLOWS PROGRAM AND THE PREVIOUSLY NAMED +ACUMEN ONLINE COURSES.THROUGH THESE EFFORTS, ACUMEN IS WORKING TO CREATE LONG TERM, SUSTAINABLE SOLUTIONS TO POVERTY 0 0 9416693 1917877 2835482 INVESTING AND PORTFOLIO MANAGEMENT:ACUMEN FUND, INC. ("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 16 NEW COMPANIES IN 2021, REACHING A CUMULATIVE $146 MILLION INVESTED IN 151 BUSINESSES SERVING THE POOR. [SEE CONTINUATION ON SCHEDULE O]ACUMEN ALSO EXITED FIVE COMPANIES RETURNING A TOTAL OF $1.6 MILLION.IN SEPTEMBER, THE ENERGY ACCESS RELIEF FUND ("EARF") WAS LAUNCHED. EARF IS A FIRST-OF-ITS-KIND RELIEF FUND LAUNCHED WITH A FIRST CLOSE OF $68 MILLION AND A TARGET OF OVER $80 MILLION TO PROTECT ENERGY ACCESS FOR AT LEAST 20 MILLION PEOPLE IN SUB-SAHARAN AFRICA AND ASIA. THE ENERGY ACCESS RELIEF FUND (EARF) IS THE CULMINATION OF AN UNPRECEDENTED PARTNERSHIP CONVENED BY ACUMEN, INCLUDING CDC GROUP, U.S. INTERNATIONAL DEVELOPMENT FINANCE CORPORATION (DFC), FMO, GREEN CLIMATE FUND (GCF), SHELL FOUNDATION, IKEA FOUNDATION, THE ROCKEFELLER FOUNDATION, WORLD BANK, INTERNATIONAL FINANCE CORPORATION (IFC), SWEDISH INTERNATIONAL DEVELOPMENT COOPERATION AGENCY (SIDA), SWISS AGENCY FOR DEVELOPMENT AND COOPERATION (SDC), THE UK FOREIGN, COMMONWEALTH AND DEVELOPMENT OFFICE (FCDO), USAID, AND POWER AFRICA. THE EARF, MANAGED BY SOCIAL INVESTMENT MANAGERS AND ADVISORS (SIMA), PROVIDES RELIEF CAPITAL IN THE FORM OF SHORT-TERM LOANS TO AN ESTIMATED 90 ENERGY ACCESS COMPANIES IN SUB-SAHARAN AFRICA AND ASIA STILL STRUGGLING WITH DISRUPTIONS WROUGHT BY COVID-19.2021 WAS THE LAST YEAR OF ACUMEN'S 5-YEAR PIONEER ENERGY INVESTMENT INITIATIVE ("PEII"). FIVE YEARS AGO, PEII SET OUT TO EXPAND ENERGY ACCESS FOR THOSE LIVING IN LOW-INCOME REGIONS WITHOUT ELECTRIFICATION. TODAY, ACUMEN IS THE WORLD'S LARGEST INVESTOR IN OFF-GRID SOLAR. 5006962 780109 193232 FELLOWS AND LEADERSHIP PROGRAMS:IN 2021, ACUMEN ACADEMY MADE STRIDES IN DEVELOPING OUR CURRICULUM AND LEARNING PLATFORM: WE RAN NINE NEW FELLOWSHIP PROGRAMS WITH 236 DIVERSE FELLOWS FROM COLOMBIA, THE UNITED KINGDOM, SPAIN, WEST AFRICA, EAST AFRICA, INDIA, PAKISTAN, BANGLADESH AND MALAYSIA; WE LAUNCHED THE ROCKEFELLER FOUNDATION-ACUMEN FOOD SYSTEMS FELLOWSHIP WITH 1,056 APPLICATIONS FROM AROUND THE WORLD; WE COMPLETED FOUR ACCELERATORS WITH 42 ORGANIZATIONS AND NINE SOCIAL SECTOR LEADERS. OUR GOAL IS TO CATALYZE INNOVATIVE BUSINESS MODELS THAT PROVIDE DIGNITY TO WORKERS WHILE FURTHERING ENVIRONMENTAL SUSTAINABILITY. 3939050 IMPACT AND COMMUNICATIONS:THE 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, PROMOTING AN ENTREPRENEURIAL, MARKETS-BASED APPROACH TO SOLVING POVERTY, AND SHIFTING PUBLIC PERCEPTION TO SEE THE POTENTIAL OF ENTREPRENEURIAL SOLUTIONS TO MEET THE NEEDS OF LOW-INCOME PEOPLE.IN Q1 2021, ACUMEN ADDED RESOURCES TO ITS IMPACT AND COMMUNICATIONS WORK TO ENHANCE ITS IMPACT MEASUREMENT AND INSIGHTS CONTENT GENERATION. [SEE CONTINUATION ON SCHEDULE O]RESOURCES INCLUDE A GLOBAL ENERGY SECTOR LEAD, A GLOBAL AGRICULTURE SECTOR LEAD, AND DEEPENING THE BENCH TO SUPPORT OUR IMPACT WORK.IN Q2 2021, ACUMEN EMBARKED ON A YEAR-LONG PROJECT TO STUDY AND ANALYZE THE SUCCESSES AND CHALLENGES OF OUR PATIENT CAPITAL WORK OVER THE PAST 20 YEARS. THE RESULTS OF THIS PROJECT WILL BE SHARED IN 2022. 18362705 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 0 0 0 0 0 1 0 0 0 1 1 1 1 0 0 1 X 55 0 1 87 1 0 1 CA UK MP IN PK CO GH KE 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 CT FL GA IL MD MA MI NJ NY PA WA DC X X X JACQUELINE WOO CHIEF FINANCIAL OFFICER 6467473958 40 WORTH STREET 303 NEW YORK NY 10013 JACQUELINE NOVOGRATZ CEO & DIRECTOR 39.00 1.00 X X 319600 0 29930 CARLYLE SINGER JONES PRESIDENT 39.00 1.00 X 272988 0 18607 MICHELLE OSORIO INVESTMENT DIR., KAWISAFI VENTURES 0.00 40.00 X 0 238931 42022 WILLIAM CHARNOCK CHIEF MARKETING OFFICER 40.00 0.00 X 248436 0 17911 LYNN ROLAND BOARD SECRETARY/GENERAL COUNSEL 35.00 5.00 X 207305 0 37283 AMRITA BHANDARI CHIEF OF BUSINESS DEVELOPMENT 40.00 0.00 X 222600 0 7081 JACQUELINE WOO CHIEF FINANCIAL OFFICER 35.50 4.50 X 216048 0 7174 CATHERINE C NANDA DIRECTOR, ACUMEN AMERICA 40.00 0.00 X 179970 0 36190 YASMINA ZAIDMAN CHIEF STRATEGIC PARTNERSHIPS OFFICER 40.00 0.00 X 207800 0 6637 JOANNA MCQUADE DIRECTOR, TALENT 40.00 0.00 X 185388 0 15994 AMON ANDERSON DIRECTOR, ACUMEN AMERICA 40.00 0.00 X 164964 0 31040 ELEANOR MURPHY DIRECTOR, FUNDRAISING 39.50 0.50 X 169913 0 22828 JO-ANN TAN DIRECTOR, LEADERSHIP 40.00 0.00 X 159800 0 5197 SABRINA LEE ORTEGA SANCHEZ HEAD OF BUSINESS DEV., FOUNDATIONS 40.00 0.00 X 148529 0 14696 BATOOL HASSAN DIRECTOR, LEADERSHIP 40.00 0.00 X 146400 0 4795 MARGO ALEXANDER DIRECTOR 1.00 0.00 X 0 0 0 C HUNTER BOLL DIRECTOR 1.00 0.00 X 0 0 0 KATHLEEN CHEW WAI LIN DIRECTOR 1.00 0.00 X 0 0 0 STUART DAVIDSON DIRECTOR 1.00 0.00 X 0 0 0 JULIUS GAUDIO 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 1.00 0.00 X 0 0 0 ANDREA SOROS COLOMBEL DIRECTOR 1.00 0.00 X 0 0 0 MARK TERCEK DIRECTOR 1.00 0.00 X 0 0 0 SHAIZA RIZAVI BOARD CHAIR 1.00 0.00 X X 0 0 0 2849741 238931 297385 24 0 1 0 60 DECIBELS INC 205 E 42ND ST FLOOR 20 NEW YORK NY 10017 DATABASE MANAGEMENT 387377 PUBLISEZ INC 27 PARK PL BROOKLYN NY 11217 PUBLIC RELATIONS AGENCY 225046 WALL STREET IT MANAGEMENT 40 WEST 37TH ST NEW YORK NY 10018 IT MANAGEMENT SERVICES 194558 DALBERG CONSULTING US LLC 155 W 23RD ST 6TH FLOOR NEW YORK NY 10011 STRATEGY CONSULTANTS 181000 ADP TOTALSOURCE GROUP INC 10200 SUNSET DR MIAMI FL 33173 PEO SERVICE ORGANIZATION 144282 7 2487287 26365209 1666805 28852496 PGM RELATED LOAN INCOME 900099 2666206 2666206 PROGRAM FEES 900099 362508 362508 3028714 39074 -25709 64783 1739618 3533455 -1793837 -1793837 -1793837 REIMBURSEMENT/OTHER 900099 280350 280350 PORTFOLIO DILIGENCE FEE INCOME 48000 48000 328350 30454797 3028714 -25709 -1400704 X 726397 726397 1971589 1971589 2401939 1944411 218759 238769 381027 381027 6791180 4630329 503599 1657252 267759 192971 20660 54128 644818 465060 54203 125555 800241 585066 67915 147260 144282 100310 11667 32305 258691 118789 139902 161581 75779 64457 21345 2535468 2179921 179456 176091 70333 69585 748 198833 103052 25598 70183 656225 415881 147239 93105 637670 470324 37644 129702 66054 58554 3401 4099 31380 16631 7230 7519 87683 70275 11858 5550 81019 57029 6883 17107 INTERCOMPANY PROGRAM SE 2439482 2439482 PROV FOR PORTFOLIO LOSS 1044637 1044637 INTERCOMPANY COST REIMB 199975 199975 CORPORATE TAXES/OTHER 198909 44162 141179 13568 1781 1469 310 2 22798953 18362705 1641960 2794288 627646 403036 47907426 49888421 13088483 13223420 1319585 2319154 750000 1062429 278918 288017 360345 299845 152265 60500 610261 393640 75846773 82810788 904878 807681 141486235 151257086 2211182 3033863 648534 364349 2548660 3487267 5408376 6885479 X 99487137 109410109 36590722 34961498 136077859 144371607 141486235 151257086 X 7655844 659010 -21106 X 0 1 X 1 0 X 27693548 35753189 25402570 24665203 28704639 142219149 27693548 35753189 25402570 24665203 28704639 142219149 26925181 115293968 73572 78195 284685 216162 64783 717397 60770 29290 90060 162649 272711 491207 833789 280350 2040706 145067312 0.79480 0.75380 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: OTHER FEES/INCOME - 2017 AMOUNT: $ 2,596. 2018 AMOUNT: $ 2,407. REIMBURSEMENT/OTHER - 2017 AMOUNT: $ 10,053. 2018 AMOUNT: $ 65,133. 2019 AMOUNT: $ 41,207. 2020 AMOUNT: $ 8,096. 2021 AMOUNT: $ 280,350. EARLY TERMINATION FEE - 2017 AMOUNT: $ 150,000. 2018 AMOUNT: $ 205,171. DEVELOPMENT COST REIMBURSEMENT - 2019 AMOUNT: $ 450,000. 2020 AMOUNT: $ 825,693. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 43189 29902 13287 100885 104819 -3934 216271 165124 51147 60500 PROGRAM RELATED DEBT INVESTMENTS - CENTRAL AMERICA AND THE CARRIBEAN 168750 C PROGRAM RELATED DEBT INVESTMENTS - EUROPE 1900000 C PROGRAM RELATED DEBT INVESTMENTS - NORTH AMERICA 5626463 C PROGRAM RELATED DEBT INVESTMENTS - SUB-SAHARAN AFRICA 2087500 C PROGRAM RELATED DEBT INVESTMENTS - S.ASIA 641793 C PROGRAM RELATED DEBT INVESTMENTS - LATIN AMERICA 1549432 C PROGRAM RELATED EQUITY INVESTMENTS - NORTH AMERICA 25497616 C PROGRAM RELATED EQUITY INVESTMENTS - SUB-SAHARAN AFRICA 2908275 C PROGRAM RELATED EQUITY INVESTMENTS - S.ASIA 19048990 C PROGRAM RELATED EQUITY INVESTMENTS - LATIN AMERICA 3883101 C PROGRAM RELATED EQUITY INVESTMENTS - EUROPE 2797412 C PROGRAM RELATED PARTNERSHIP INVESTMENTS - NORTH AMERICA 1814612 C PROGRAM RELATED PARTNERSHIP INVESTMENTS - SUB-SAHARAN AFRICA 14886844 C 82810788 RETURNABLE GRANT CAPITAL 3487267 3487267 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. 1 SOUTH ASIA 2 33 PROGRAM SERVICES PORTFOLIO MANAGEMENT AND LEADERSHIP PROGRAM 766431 SUB-SAHARAN AFRICA 2 41 PROGRAM SERVICES PORTFOLIO MANAGEMENT AND LEADERSHIP PROGRAM 1673051 LATIN AMERICA 1 46 PROGRAM SERVICES PORTFOLIO MANAGEMENT AND LEADERSHIP PROGRAM 901121 EUROPE 1 25 PROGRAM SERVICES LEADERSHIP PROGRAM AND FUNDRAISING 1230305 NORTH AMERICA 0 5 PROGRAM SERVICES LEADERSHIP PROGRAM 122533 SOUTH ASIA 0 0 PROGRAM RELATED INVESTMENT 19690783 SUB-SAHARAN AFRICA 0 0 PROGRAM RELATED INVESTMENT 19882619 LATIN AMERICA 0 0 PROGRAM RELATED INVESTMENT 5432533 EUROPE 0 0 PROGRAM RELATED INVESTMENT 4697412 NORTH AMERICA 0 0 PROGRAM RELATED INVESTMENT 1441119 CENTRAL AMERICA AND THE CARIBBEAN 0 0 PROGRAM RELATED INVESTMENT 168750 SOUTH ASIA 0 0 GRANT MAKING EMERGENCY FACILITY AND TA GRANTS 205000 SUB-SAHARAN AFRICA 0 0 GRANT MAKING EMERGENCY FACILITY AND TA GRANTS 1327395 LATIN AMERICA 0 0 GRANT MAKING EMERGENCY FACILITY AND TA GRANTS 241694 EUROPE 0 0 GRANT MAKING EMERGENCY FACILITY AND TA GRANTS 97500 EAST ASIA AND THE PACIFIC 0 0 GRANT MAKING EMERGENCY FACILITY AND TA GRANTS 50000 CENTRAL AMERICA AND THE CARIBBEAN 0 0 GRANT MAKING EMERGENCY FACILITY AND TA GRANTS 50000 6 150 0 0 6 150 49699376 8278870 57978246 SUB-SAHARAN AFRICA TO FURTHER ASSIST PORTFOLIO'S RUNNING OPERATIONS 734686 WIRE TRANSFER 0 SOUTH ASIA TO IDENTIFY, CONNECT AND CATALYZE EXCEPTIONAL LEADERS FROM ACROSS BANGLADESH WHO ARE BUILDING THE SOLUTIONS TO TACKLE THE TOUGHEST PROBLEMS OF OUR TIME 65000 WIRE TRANSFER 0 SUB-SAHARAN AFRICA TO SUPPORT THE GRANT RECIPIENTS PILOT PHASE DURING WHICH PERIOD THE GRANT RECIPIENT INTENDS TO ISSUE TERM LOANS OF BETWEEN 6 TO 18 MONTHS TENOR AND UP TO $20,000 EACH TO EARLY STAGE SOCIAL ENTERPRISES IN UGANDA 56000 WIRE TRANSFER 0 LATIN AMERICA COVID-19 EMERGENCY RELIEF GRANT 9109 WIRE TRANSFER 0 LATIN AMERICA TO FURTHER THE GRANT RECIPIENTS MISSION BY PROVIDING HOLISTIC VALUE CHAIN SUPPORT THAT ALLOWS THE COMPANY TO STRENGTHEN FARMERS PRODUCTION TO CREATE A NEW PORTFOLIO OF PRODUCTS AND DEVELOP A NEW VALUE PROPOSITION FOR CUSTOMERS 70000 WIRE TRANSFER 0 LATIN AMERICA TO IMPROVE THE ECONOMIC AND SOCIAL STATUS OF SMALLHOLDER FARMERS THROUGH PROVIDING TRAINING, COACHING, BUSINESS SUPPORT, MARKET LINKAGE AND FINANCIAL SERVICES 35313 WIRE TRANSFER 0 SUB-SAHARAN AFRICA TO FURTHER THE GRANT RECIPIENTS MISSION BY STRENGTHENING RELATIONSHIP BUILDING AND DEPTH OF ENGAGEMENT WITH FARMERS AND SMALL-BUSINESS NETWORKS. 50000 WIRE TRANSFER 0 LATIN AMERICA TO FURTHER THE GRANT RECIPIENTS MISSION BY SUPPORTING THE FUNCTIONING, OPERATION AND EXECUTION OF THE WORK ACTIONS ESTABLISHED FOR THE FIRST YEAR OF THE ORGANIZATION 13000 WIRE TRANSFER 0 SUB-SAHARAN AFRICA TO FURTHER THE GRANT RECIPIENTS MISSION BY EXPLORING THE HUMANITARIAN SECTOR AS A SALES CHANNEL IN SERVICE OF BRINGING CLEAN POWER AND LIGHT TO FORCIBLY DISPLACED POPULATIONS 38209 WIRE TRANSFER 0 SOUTH ASIA TO FURTHER THE GRANT RECIPIENTS MISSION BY HELPING PEOPLE IN PAKISTAN, A COUNTRY WITH MORE THAN 100 MILLION YOUNG PEOPLE, FIND GOOD EMPLOYMENT OPPORTUNITIES IN THE DIGITAL SPACE 50000 WIRE TRANSFER 0 SUB-SAHARAN AFRICA ENABLING THE FURTHER DEVELOPMENT AND SCALING UP OF VACCIBOX, A PORTABLE SOLAR POWERED VACCINE REFRIGERATOR, TO MEET THE NEEDS OF RURAL AND OFF-GRID HEALTH FACILITIES, IN ORDER TO PROVIDE AFFORDABLE, RELIABLE, AND SUFFICIENT COLD STORAGE FOR VACCINES, DRUGS, BLOOD FOR TRANSFUSION, AND OTHER HEALTHCARE USES 50000 WIRE TRANSFER 0 SUB-SAHARAN AFRICA TO FURTHER THE GRANT RECIPIENTS MISSION BY PILOTING A NEW PRODUCT WITH LOAN CLIENTS TO IMPROVE STUDENT LEARNING OUTCOMES 10500 WIRE TRANSFER 0 SUB-SAHARAN AFRICA TO FURTHER THE GRANT RECIPIENTS MISSION BY DEVELOPING A GRASSROOTS COMMUNITY BASED - APPROACH TRAINING MODEL, THAT RECRUITS INDIVIDUALS TO BE TOTS PROVIDING THEM WITH ONLINE RESOURCES AND FACE TO FACE PRACTICAL SKILLS NECESSARY TO TRAIN AND UPSKILL YOUTHS IN THEIR COMMUNITIES 50000 WIRE TRANSFER 0 SUB-SAHARAN AFRICA TO FURTHER THE GRANT RECIPIENTS MISSION BY IMPROVING OUR TECH PLATFORM, FULLY AUTOMATING PAYMENTS IN OUR E-WALLET, INVESTING IN MARKETING TO RAISE AWARENESS, INVESTING IN WORKPLACE READINESS TRAINING AND IN THE GROWTH AND RETENTION OF THE TEAM 50000 WIRE TRANSFER 0 EAST ASIA AND THE PACIFIC TO FURTHER THE GRANT RECIPIENTS MISSION BY IMPROVING ITS SUBSCRIPTION AND CONTENT OFFERINGS THROUGH STRATEGIC HIRES 50000 WIRE TRANSFER 0 SUB-SAHARAN AFRICA TO ADVANCE THE ACHIEVEMENT OF THE PROJECT OF "TO BE KENYA'S FIRST WHOLLY INTEGRATED BAMBOO BUSINESS AND SUPPORT SMALLHOLDER FARMERS" 25000 WIRE TRANSFER 0 SOUTH ASIA ENGAGES THE CONSULTANT TO (A) DESIGN ALTERNATIVE MODELS FOR INTERNATIONAL PHILANTHROPIC ORGANIZATIONS SUCH AS ITSELF THAT CAN BE USED TO PROVIDE SUCCESS-BASED FINANCING FOR PROGRAMS THAT PROVIDE SOCIAL SECURITY SCHEMES AND (B) PROVIDE AN ANALYSIS ON THE CHANGING NATURE OF SOCIAL SECURITY SCHEMES IN INDIA 40000 WIRE TRANSFER 0 SUB-SAHARAN AFRICA TO IMPROVE THE ECONOMIC AND SOCIAL STATUS OF SMALLHOLDER FARMERS THROUGH PROVIDING TRAINING, COACHING, BUSINESS SUPPORT, MARKET LINKAGE AND FINANCIAL SERVICES 25000 WIRE TRANSFER 0 SUB-SAHARAN AFRICA TO FURTHER THE GRANT RECIPIENTS MISSION BY OPTIMIZING EXISTING SOLAR DRYING HUBS WITH ELECTRICITY AND BETTER DRYERS TO ENABLE THE WOMEN WHO MANAGE THE HUBS GENERATE BETTER INCOME THAT THEY WOULD USE TO SUPPORT THEIR CHILDREN AND EXTENDED FAMILIES 50000 WIRE TRANSFER 0 SUB-SAHARAN AFRICA TO FURTHER THE GRANT RECIPIENTS MISSION BY SUPPORTING PEG SENEGAL AND COTE DIVOIRE TO IDENTIFY AND TAKE UP OPPORTUNITIES ACROSS GEOGRAPHIES TO ESTABLISH GENDER-SMART POLICIES AND PRACTICES, FEMALE-FOCUSED FACILITIES, AND DRIVE TARGETED EFFORTS TO ENSURE FEMALE REPRESENTATION AT ALL LEVELS OF PEGS WORKFORCE 12000 WIRE TRANSFER 0 SUB-SAHARAN AFRICA WINDGEN POWER USA INTERNAL MECS CAPACITY BUILDING; PURCHASE OF EPC UNITS TO BE USED IN ON -BILL -FINANCING AND OTHER PILOTS 68000 WIRE TRANSFER 0 SOUTH ASIA COVID-19 EMERGENCY RELIEF GRANT 50000 WIRE TRANSFER 0 EUROPE FUNDING THE ACQUISITION AND DISTRIBUTION OF EPCS TO RVE.SOLS CUSTOMERS THROUGH AN INNOVATIVE FINANCING APPROACH - MILESTONS PAYMENT 97500 WIRE TRANSFER 0 LATIN AMERICA GRANT FOR COVID-19 EMERGENCY ASSISTANCE 100000 WIRE TRANSFER 0 LATIN AMERICA TO FURTHER THE GRANT RECIPIENTS MISSION BY IMPLEMENTING A LOWER COST SOLUTION, WITH A MONTHLY PAYMENT OF USD$8, SO THAT THE COMPANY CAN INCREASE ITS OUTREACH, SERVING A LARGER POPULATION AND FACILITATING THE ACCESS TO ENERGY TO POORER POPULATIONS 10000 WIRE TRANSFER 0 SUB-SAHARAN AFRICA TO FURTHER THE GRANT RECIPIENTS MISSION BY FUNDING THE PILOT OF RE-NOVATE, TRIBES PILOT ANNUAL ENTREPRENEURSHIP ACADEMY FOR HIGH SCHOOL STUDENTS 50000 WIRE TRANSFER 0 CENTRAL AMERICA AND THE CARIBBEAN GRANT FOR COVID-19 EMERGENCY ASSISTANCE 50000 WIRE TRANSFER 0 SUB-SAHARAN AFRICA TO PARTIALLY FINANCE A CRM SOFTWARE INSTALLATION PROJECT THAT WILL INTEGRATE WITH THE GRANT RECIPIENTS ACCOUNTING (QUICKBOOKS) AND BANKING PLATFORMS 8000 WIRE TRANSFER 0 SUB-SAHARAN AFRICA TO FURTHER THE GRANT RECIPIENTS MISSION BY PROVIDING/EXPANDING INFRASTRUCTURE AND TECHNOLOGY THAT GIVES RURAL SMALLHOLDER FARMERS DIRECT ACCESS TO THE FORMAL ECONOMY 50000 WIRE TRANSFER 0 0 29 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, INDIA, KENYA, AND NIGERIA 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 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. IN 2020, ACUMEN LAUNCHED A COVID-19 EMERGENCY FACILITY TO DEPLOY MUCH-NEEDED CAPITAL TO ACUMEN'S INVESTEES AND FELLOWS, BRIDGING THE CRISIS FOR THEIR VENTURES AND STAFF, AND FUNDING THEIR EFFORTS TO SUPPORT THE MOST VULNERABLE. ENTREPRENEURS APPLIED FOR EMERGENCY FUNDING AND THE APPLICATIONS WERE REVIEWED IN ACCORDANCE WITH ACUMEN'S GRANT DISTRIBUTION PROCEDURES. FUNDING WAS DISBURSED IN 2020 AND 2021. 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. 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: 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 E 42ND STREET 20TH FLOOR NEW YORK NY 10017 832847769 94922 0 SUBAWARD TO USE STATISTICALLY RIGOROUS METHODS TO EXPLORE THE CAUSAL LINKS BETWEEN THE THREE POULTRY COMPANIES (THE APMI COMPANIES) AND IMPROVEMENTS IN WELL-BEING FOR FARMER HOUSEHOLDS REARING THEIR CHICKENS AZIMUTH GROUP CORP 1B GRAND ARMY PLAZA BROOKLYN NY 11238 812651720 112825 0 IMPROVING SALES STRATEGY BIOLITE INC 65 JAY ST FLOOR 4 BROOKLYN NY 11201 272826296 122000 0 EXPLORE FINANCING OPPORTUNITIES FOR MODERN COOKING SOLUTIONS AND BETTER UNDERSTAND THE POTENTIAL FOR SCALE BOULDER CARE INC 208 SW HARVEY MILK ST SUITE 200 PORTLAND OR 97204 822784808 50000 0 GRANT FOR ACUMEN AMERICA COVID-19 EMERGENCY RELIEF BURN MANUFACTURING CO 18850 103RD AVENUE SW SUITE 220 CITY OF VASHON COUNTY WA 98070 453247706 98650 0 SUPPORT BURNS PREPARATION TO LAUNCH COMMERCIAL PAYG EPCS AND A PILOT OF 100 PAYG EPCS HELLO FUTURE 245 8TH AVE 149 NEW YORK NY 10011 814922460 501(C)(3) 50000 0 GRANT FOR DIGITIZING EXISTING CURRICULUM INTO A PRODUCT THAT OTHER INSTRUCTORS AND ORGANIZATIONS CAN ACCESS, AS WELL AS DEVELOP A TRAIN-THE-TRAINER MODEL AND TEST THIS FIRST STEP IN SCALING OUR WORK IN ANOTHER SITE PROMETHEAN POWERS SYSTEM INC 444 SOMERVILLE AVE SOMERVILLE MA 02143 261455570 45000 0 GRANT FOR DEVELOPING, TESTING AND IMPLEMENTING A DIGITAL PLATFORM TO SUPPORT DELIVERY OF SMALL HOLDER DAIRY FAMER RELATED SERVICES FROM VILLAGE LEVEL REFRIGERATION HUBS REEMA HEALTH INC 40 S 7TH ST 212-202 MINNEAPOLIS MN 55406 843489447 87000 0 GRANT FOR ACUMEN AMERICA COVID-19 EMERGENCY RELIEF SANERGY INC PO BOX 550288 ATLANTA GA 30355 274528974 35000 0 GRANT FOR FUNDING THE STRENGTHENING FEMALE PARTICIPATION IN THE CIRCULAR ECONOMY THROUGH EMPOWERING WOMEN IN PRODUCTION AND DISTRIBUTION OF AGRICULTURAL INPUTS SIMUSOLAR INC 2810 N CHURCH ST PMB 76691 WILMINGTON DE 19802 472154274 30000 0 FUNDING THE RESEARCH ON HOW GENDER DIENSIONS OF SMALLHOLDER FARMERS IMPACT THEIR ADOPTION OF SOLAR IRRIGATION 1 9 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. IN 2020, ACUMEN LAUNCHED THE ACUMEN AMERICA COVID-19 EMERGENCY FACILITY TO DEPLOY MUCH-NEEDED CAPITAL TO ACUMEN'S DOMESTIC INVESTEES AND FELLOWS, BRIDGING THE CRISIS FOR THEIR VENTURES AND STAFF, AND FUNDING THEIR EFFORTS TO SUPPORT THE MOST VULNERABLE. ENTREPRENEURS APPLIED FOR EMERGENCY FUNDING AND THE APPLICATIONS WERE REVIEWED IN ACCORDANCE WITH ACUMEN'S GRANT DISTRIBUTION PROCEDURES. FUNDS WERE DISBURSED IN 2020 AND 2021. X X X X 0 0 0 0 0 0 0 1 0 JACQUELINE NOVOGRATZ CEO & DIRECTOR 319600 0 0 0 0 0 9750 0 20180 0 349530 0 0 0 CARLYLE SINGER JONES PRESIDENT 272988 0 0 0 0 0 8250 0 10357 0 291595 0 0 0 MICHELLE OSORIO INVESTMENT DIR., KAWISAFI VENTURES 0 199225 0 39706 0 0 0 7551 0 34471 0 280953 0 0 WILLIAM CHARNOCK CHIEF MARKETING OFFICER 248436 0 0 0 0 0 7617 0 10294 0 266347 0 0 0 LYNN ROLAND BOARD SECRETARY/GENERAL COUNSEL 207305 0 0 0 0 0 6492 0 30791 0 244588 0 0 0 AMRITA BHANDARI CHIEF OF BUSINESS DEVELOPMENT 222600 0 0 0 0 0 6678 0 403 0 229681 0 0 0 JACQUELINE WOO CHIEF FINANCIAL OFFICER 216048 0 0 0 0 0 6771 0 403 0 223222 0 0 0 CATHERINE C NANDA DIRECTOR, ACUMEN AMERICA 179970 0 0 0 0 0 5664 0 30526 0 216160 0 0 0 YASMINA ZAIDMAN CHIEF STRATEGIC PARTNERSHIPS OFFICER 207800 0 0 0 0 0 6234 0 403 0 214437 0 0 0 JOANNA MCQUADE DIRECTOR, TALENT 185388 0 0 0 0 0 5622 0 10372 0 201382 0 0 0 AMON ANDERSON DIRECTOR, ACUMEN AMERICA 164964 0 0 0 0 0 5170 0 25870 0 196004 0 0 0 ELEANOR MURPHY DIRECTOR, FUNDRAISING 154653 0 15260 0 0 0 5246 0 17582 0 192741 0 0 0 JO-ANN TAN DIRECTOR, LEADERSHIP 159800 0 0 0 0 0 4794 0 403 0 164997 0 0 0 SABRINA LEE ORTEGA SANCHEZ HEAD OF BUSINESS DEV., FOUNDATIONS 142228 0 6301 0 0 0 4518 0 10178 0 163225 0 0 0 BATOOL HASSAN DIRECTOR, LEADERSHIP 146400 0 0 0 0 0 4392 0 403 0 151195 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 15 1666805 FMV 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 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 12/31/21 IS $144,282. 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. 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 18,224. MANAGEMENT AND GENERAL EXPENSES 4,424. FUNDRAISING EXPENSES 19,138. TOTAL EXPENSES 41,786. CONSULTANT: PROGRAM SERVICE EXPENSES 2,158,802. MANAGEMENT AND GENERAL EXPENSES 137,738. FUNDRAISING EXPENSES 156,953. TOTAL EXPENSES 2,453,493. TRAINING: PROGRAM SERVICE EXPENSES 2,895. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 2,895. RECRUITING: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 37,294. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 37,294. FORM 990, PART XI, LINE 9: FOREIGN CURRENCY TRANSLATION GAIN 37,827. CHANGE IN VALUE OF CHARITABLE REMAINDER TRUST -58,933. 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DIRECTLY INVESTS IN KAWISAFI VENTURES LIMITED ("KAWISAFI"). ACUMEN CAPITAL PARTNERS, LLC ("ACP") WHICH IS SOLELY OWNED BY ACUMEN FUND, INC. IS A MANAGING MEMBER OF KAWISAFI AND ACP OWNS 100% OF ACUMEN CAPITAL MARKETS INVESTMENT, LLC WHICH WAS ESTABLISHED TO HOLD SHARES IN KAWISAFI. ACUMEN FUND, INC. DIRECTLY INVESTS IN ACUMEN LATIN AMERICA EARLY GROWTH FUND, LP ("ALEG"). ACP WHICH IS SOLELY OWNED BY ACUMEN FUND, INC. OWNS 49% OF ACUMEN CAPITAL MARKETS LATIN AMERICA EARLY GROWTH LLC WHICH IS A GENERAL PARTNER OF ALEG. ACUMEN FUND, INC. THROUGH ACP THROUGH ACUMEN RESILIENT AGRICULTURE CAPITAL INVESTMENTS LLC (A DISREGARDED ENTITY TO ACP) IS A GENERAL PARTNER TO ACUMEN RESILIENT AGRICULTURE FUND LP.