2019-11-15T12:46:39-06:00 2018-12-31 BDO USA LLP 8401 GREENSBORO DRIVE 800 MCLEAN VA 22102 990 2018-01-01 132535763 Accion International % LIVINGSTON PARSONS III ACCI 6176257020 10 Fawcett Street Suite 204 Cambridge MA 02138 LIVINGSTON PARSONS III CFO 6176257020 2019-11-06 true Joyce Underwood P00022361 7038930600 50.203.122.67 54621820193195000053 2019-11-15 P ADCF1B21011FF6AC20AE2DA11497418D54FCD251 9D37B491AB1CAEBFC8367D392888D1FDB5C2C65F 2018 2020-03-31 21:24:44Z MICHAEL SCHLEIN 10 FAWCETT STREET STE 204 Cambridge MA 02138 31441680 false X WWW.ACCION.ORG X 1965 NY ACCION COMBINES DECADES OF EXPERIENCE WITH INSIGHTS INTO EMERGING TECHNOLOGIES TO BUILD A FINANCIALLY INCLUSIVE WORLD AND PROMOTE ECONOMIC ACTIVITY FOR ALL. 12 12 131 17 0 39541 9423851 5279974 3832527 4006418 11737060 12578716 3574 443 24997012 21865551 2692861 3388996 0 0 16061484 15905137 0 0 1806632 9344796 10424320 28099141 29718453 -3102129 -7852902 344885942 317726550 13185918 4560263 331700024 313166287 X TO GIVE PEOPLE THE FINANCIAL TOOLS THEY NEED TO IMPROVE THEIR LIVES. false false 8117910 3162157 1699041 SEE SCHEDULE O 7189116 50000 1609908 SEE SCHEDULE O 5910183 176839 667137 SEE SCHEDULE O 2069410 0 30409 23286619 true true false false false false false false false false true false true false false true true true false true true true true false false false false true false true false false false false false false false false true false false false true true true true false false true 54 0 true 131 true true true true GH MP IN CH CO false false false false false false false false false false X 12 12 false false false false false false false true true false false true true true true true true true true true true AL AR CA FL GA HI IL IN KS KY MD MA MI MN MS NH NJ NM NY OK OR PA RI SC TN UT VA WV WI X X LIVINGSTON PARSONS III 6176257020 10 FAWCETT STREET STE 204 CAMBRIDGE MA 02138 DIANA TAYLOR CHAIR 6.0 0.0 X X 0 0 0 HENRY MILLER CO-VICE CHAIR 6.0 0.0 X X 0 0 0 TITUS BRENNINKMEIJER CO-VICE CHAIR 6.0 0.0 X X 0 0 0 TARA KENNEY TREASURER 6.0 0.0 X X 0 0 0 PAUL TREGIDGO SECRETARY 6.0 0.0 X X 0 0 0 RON HOGE TREASURER-NEW 6.0 0.0 X X 0 0 0 PHILLIP RIESE SECRETARY-NEW 6.0 0.0 X X 0 0 0 THOMAS BARRY DIRECTOR 1.0 0.0 X 0 0 0 JOSEPH HILL DIRECTOR 1.0 0.0 X 0 0 0 BARBARA LUCAS DIRECTOR 1.0 0.0 X 0 0 0 ELIZABETH McCAUL DIRECTOR 1.0 0.0 X 0 0 0 MICHAEL MIEBACH DIRECTOR 1.0 0.0 X 0 0 0 NICK TALWAR DIRECTOR 1.0 0.0 X 0 0 0 BOB ANNIBALE DIRECTOR 1.0 0.0 X 0 0 0 SHIRISH APTE DIRECTOR 1.0 0.0 X 0 0 0 MICHAEL SCHLEIN PRESIDENT & CEO, DIRECTOR 50.0 0.0 X 615167 0 30897 ESTEBAN ALTSCHUL COO 50.0 0.0 X 598764 0 60397 LIVINGSTON PARSONS III CFO 50.0 0.0 X 284708 0 46596 KEVIN SAUNDERS ASSISTANT SEC AND GENL COUNSEL 50.0 0.0 X 243052 0 53295 ELLEN BAUER ASSISTANT SECRETARY 50.0 0.0 X 72204 0 14682 BRIAN CLANCY CDO 50.0 0.0 X 274865 0 46097 JOHN FISCHER CIO 50.0 0.0 X 345992 89867 28252 ELIZABETH RHYNE CFI SENIOR VP. 50.0 0.0 X 296168 0 19594 TAHIRA DOSANI VENTURE LAB SENIOR VP. 50.0 0.0 X 238908 0 22230 VIKAS RAJ VENTURE LAB SENIOR VP. 50.0 0.0 X 231698 0 41678 VICTORIA WHITE GLAS SENIOR VP. 50.0 0.0 X 259640 0 54410 JAMES ROSENBERG CCO 50.0 0.0 X 235935 0 35736 3697101 89867 453864 39 false true false QUONA CAPITAL MANAGEMENT LTD PO BOX 1008 WILLOW HOUSE CRICKET GRAND CAYMAN 0 CJ INV. 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PORTFOLIO MGMT. 369962 ISTRATEGYLABS LLC 641 S STREET NW FL 1 WASHINGTON DC 20001 website builder 656808 SIDLEY AUSTIN LLP PO BOX 0642 CHICAGO IL 60690 legal fees 532269 REED SMITH LLP PO BOX 10096 UNIONDALE NY 11555 legal fees 194063 6 6215 5273759 48863 5279974 DIVIDENDS FROM PROGRAM INVESTMENTS 523920 647770 647770 CONTRACT REVENUE 541900 2405340 2405340 CONFERENCE FEES REVENUE 900099 406038 406038 HONORARIUM,BOARD REPRESENTATION FEES 900099 212480 212480 MEMBERSHIP FEES 541900 334790 334790 4006418 2553764 2553764 0 77 77 366 366 0 366 366 19601081 9576129 10024952 10024952 10024952 0 0 0 0 0 0 0 0 0 0 21865551 4006495 12579082 86800 86800 0 3302196 3302196 0 2776474 1460199 993042 323233 0 10482818 8766446 999666 716706 560193 413966 82110 64117 1261461 804710 350570 106181 824191 505953 205094 113144 0 453782 433575 20207 227699 41102 186597 0 0 861733 534317 327416 2775595 2517096 197640 60859 109390 61511 10442 37437 492468 272342 149338 70788 452928 249128 154568 49232 0 1219085 653311 453814 111960 1724732 1393392 245623 85717 0 870629 825655 37271 7703 89757 26524 63233 0 294304 176529 84771 33004 132840 81001 36725 15114 ALL OTHER 719378 680866 27075 11437 29718453 23286619 4625202 1806632 2123760 1412052 90155483 80012139 11059443 5297168 689529 1385014 0 0 0 0 200000 200000 0 0 758568 956127 3065125 1717763 1637436 1347362 3319440 3351551 0 0 234715708 223542365 0 0 226575 222772 344885942 317726550 4214619 3780558 0 0 271299 579705 0 0 0 0 0 0 8500000 0 200000 200000 0 0 13185918 4560263 X 315550204 300967754 16149820 12198533 0 0 331700024 313166287 344885942 317726550 X -7852902 -21183587 10502752 X X false true X true false X 14890997 13315273 14437212 9423851 5279974 57347307 0 0 14890997 13315273 14437212 9423851 5279974 57347307 29095611 28251696 2743898 2987416 3221524 3211961 2554130 14718929 0 0 72066236 22649104 0.39202 0.42431 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1939140 828004 1111136 225641 201888 23753 900344 687871 212473 1347362 BANCO SOLIDARIO S.A 95126455 C ACCION AFRICA ASIA 46671958 F GRASSLAND FINANCE LIMITED 20995612 F CREDINKA 7528628 C ACCION FRONTIER INCLUSION FUND 16896974 C AZIMO 5879246 C TEAK TREE 6781378 F DAWN MAYNMAR 5332406 F ACCION INVESTMENT IN NIGERIA 3489927 C GLOBOKASNET 3002358 C OTHER PROGRAM REL. INVESTMENT 11837423 C 223542365 0 0 X 12292735 -21183587 1094519 10516252 -9572816 21865551 21865551 30812972 1094519 1094519 29718453 29718453 Schedule D Part X Line 2 Accion is a tax-exempt organization as described in Section 501(c)(3) of the Internal Revenue Code and is generally exempt from income taxes pursuant to Section 501(a). Centro and ATA are registered charitable organizations in Colombia and India, respectively. Gateway, AFIF GP and AFIF LP, single member limited liability companies, are fully consolidated on the federal form 990 of their single member, Accion. ACC, AAIC and AINV Nigeria (see Note 2) are taxable subsidiaries of Accion, filing their own tax returns. The income tax consequences, if any, are reflected in the financial statements, and do not have a material effect, individually or in the aggregate, upon Accions financial statements. Accion believes it has taken no uncertain tax positions. Schedule D, PART XI, LINE 2D - OTHER ADJUSTMENTS: EQUITY IN INCOME OF EQUITY INVESTMENTS $10,530,943 CURRENCY GAIN (LOSS) ON CONSOLIDATION (14,691) TOTAL TO SCHEDULE D, PART XI, LINE 2D $10,516,252 true Central America and the Caribbean Program Services see part V 86246 East Asia and the Pacific 1 5 Program Services see part V 2109749 Europe (Including Iceland and Greenland) 2 Program Services see part V 170006 Middle East and North Africa Program Services see part V 3304 North America Program Services see part V 393522 South America 1 22 Program Services SEE PART v 826929 South Asia 1 13 Program Services see part V 1038293 Sub-Saharan Africa 1 8 Program Services see part V 925438 Russia and the Newly Independent States Program Services see part V 2568 Central America and the Caribbean Investments 27685949 East Asia and the Pacific Investments 26928018 Europe (Including Iceland and Greenland) Investments 5879246 North America Investments 1220000 South America Investments 104756667 South Asia Investments 1549857 Sub-Saharan Africa Investments 51235271 4 50 4 50 224811063 224811063 South America FIELD OPS 1883104 wire South Asia FIELD OPS 1191442 wire Central America and the Caribbean Program Asst 7611 wire South America Program Asst 11460 wire East Asia and the Pacific Program Asst 12350 wire Europe (Including Iceland and Greenland) Program Asst 96229 wire Europe (Including Iceland and Greenland) Program Assistance 45000 wire Sub-Saharan Africa program assistance 50000 wire 6 2 true false true false true true Schedule F, PART I, LINE 2: ACCION's Accounting and Resource Development departments oversee the receipt, Distribution and use of grant funds, and provide donors with detailed reports based thereon. Schedule F, PART I, COLUMN E: IF ACTIVITY LISTED IN PART I, COLUMN (D) IS A PROGRAM SERVICE, FOLLOWING IS THE SPECIFIC TYPE OF SERVICE IN THE REGION: MICROFINANCE-TECHNICAL ASSISTANCE, EDUCATION AND INVESTMENTS. Schedule F, PART I, II, III: THE ACCOUNTING METHOD USED FOR PARTS I, II AND III IS US GAAP/ACCRUAL BASIS. true Accion The US Network 80 Maiden Ln 903 New York NY 10038 454127501 501(c)(3) 75000 program Assistance VisionFund International 800 West Chestnut Avenue Monrovia CA 91016 223900800 501(c)(3) 11800 program assistance 2 0 Part I, Line 2: ACCION's accounting and resource development departments oversee the receipt, distribution and use of grant funds, and provide donors with detailed reports based thereon. X X X true true X X X X X X false false false false false false false true false MICHAEL SCHLEIN PRESIDENT & CEO, DIRECTOR 489039 0 123032 0 3096 0 0 0 30897 0 646064 0 0 0 ESTEBAN ALTSCHUL COO 334491 0 52673 0 211600 0 20625 0 39772 0 659161 0 0 0 LIVINGSTON PARSONS III CFO 227081 0 30825 0 26802 0 19267 0 27329 0 331304 0 0 0 KEVIN SAUNDERS ASSISTANT SEC AND GENL COUNSEL 193012 0 31500 0 18540 0 16500 0 36795 0 296347 0 0 0 BRIAN CLANCY CDO 232006 0 17137 0 25722 0 19500 0 26597 0 320962 0 0 0 JOHN FISCHER CIO 252299 54304 47415 0 46278 35563 12842 8984 1506 4920 360340 103771 0 0 ELIZABETH RHYNE CFI SENIOR VP. 246230 0 31350 0 18588 0 19594 0 0 0 315762 0 0 0 TAHIRA DOSANI VENTURE LAB SENIOR VP. 194877 0 29070 0 14961 0 15750 0 6480 0 261138 0 0 0 VIKAS RAJ VENTURE LAB SENIOR VP. 198642 0 29070 0 3986 0 15750 0 25928 0 273376 0 0 0 VICTORIA WHITE GLAS SENIOR VP. 207406 0 35344 0 16890 0 17671 0 36739 0 314050 0 0 0 JAMES ROSENBERG CCO 201421 0 25704 0 8810 0 12718 0 23018 0 271671 0 0 0 Schedule J Part I Line 1a Housing allowance, tax indemnification and once a year home leave for employees and the members of their families were provided to Esteban Altschul and John Fischer as part of an expatriate benefit package during their temporary assignment to a foreign office. Schedule J, PART I, LINE 7: Employees identified in Schedule J, Part II(A)(1,2,3,4,6,7,8,10) are eligible for limited incentive compensation based upon performance in the prior tax year. Any such compensation that is awarded is part of and subject to the total compensation review and approval process. X 7 48863 Market value false true false SCHEDULE M, PART I, COLUMN (B): EXPLANATION: REPRESENTS THE NUMBER OF CONTRIBUTIONS. FORM 990, PART III, LINE 4A: Global Programs: Three billion people are left out of or poorly served by the worlds formal financial sector. They struggle in or near poverty and lack the financial tools they need to send their children to school, launch new businesses, or manage their day-to-day lives. Accion is a global nonprofit committed to creating a financially inclusive world. Accion helps families and businesses reach their economic potential and build better lives. Our global programs include the Accion Global Advisory Solutions team, which partners with financial service providers around the world to better meet the needs of underserved individuals and small businesses. The advisory team leverages Accions global insights and provides strategic and operational support in growth strategy and planning, customer strategy, digital channels, and other core processes that maximize financial service providers impact. By assisting financial service providers to address legal, staffing, and technical issues, the advisory team helps its partners develop better, more affordable financial products and services for underserved clients. FORM 990, PART III, LINE 4B: Global Investments: Accion invests in the products and services that benefit the worlds three billion financially underserved people, catalyzing and scaling innovation to address global need. By supporting inclusive fintech startups, microfinance institutions, and other financial service providers, providing them with high-caliber governance through board oversight, and/or advising on strategic and operational challenges, we create well-run, mission-driven, and efficient organizations that create demonstration models which encourage others to work toward a financially inclusive world. Accions seed-stage impact initiative, Accion Venture Lab, invests capital in, and provides support to, innovative fintech startups that increase access to, improve the quality of, or reduce the cost of financial services for the underserved at scale. Through 2018, Venture Lab had invested in 40 early-stage startups that operate in 30 countries worldwide. Venture Lab also provides support to its portfolio companies beyond capital, meeting companies post-investment needs with operational and strategic support across a broad range of functional areas. The Accion Global Investments team invests in established financial institutions and innovative financial service providers that leverage technology to support underserved microentrepreneurs, families, and individuals in emerging markets. Over more than 20 years, the team has founded, invested in, and helped operate some of the worlds leading microfinance institutions and financial service providers. Accion is also the anchor investor, general partner, and sponsor of the Accion Frontier Inclusion Fund, a global fintech fund for the underserved. Its portfolio companies innovate to expand access to financial services to underserved consumers and businesses in emerging markets. We sponsored the Fund, which launched in 2017, to support innovators using new technologies to help create a financial system that works for everyone. Accion supported the Fund through our deep understanding of the financial needs of the underserved, global presence, strong institutional relationships in the Funds target markets, and technical specialists in its target sectors. FORM 990, PART III, LINE 4C: Center for Financial Inclusion: Launched in 2008, the Center for Financial Inclusion at Accion ("CFI") is an action-oriented think tank that engages and challenges the industry to better serve, protect, and empower clients. It develops insights, advocates on behalf of clients, and collaborates with stakeholders to achieve a comprehensive vision for financial inclusion. In 2009 CFI launched the Smart Campaign, a global consumer protection standard for the excluded and underserved; the Smart Campaign continues to work to embed client protection practices into the institutional culture and operations of the financial inclusion industry. In 2018, the Smart Campaign achieved a key milestone when it certified its 100th financial institution for adhering to the Campaigns rigorous client protection principles. At the end of 2018, the Smart Campaign had certified 106 institutions that served more than 43 million clients. Other key CFI programs include a fellowship program in governance and risk management designed for board members and CEOs of financial service providers in sub-Saharan Africa, an executive education program that provides high-level management and leadership training to those shaping the microfinance industry, and new research that addresses key industry challenges. This year, CFI published new research assessing global progress toward financial inclusion following the World Banks 2017 Global Findex dataset; how to ensure that digital financial services can meet womens needs; how to create the right infrastructure to support inclusive financial services; and many other topics. FORM 990, PART III, LINE 4D: Communications: Accions communications articulate the need to create a financial sector that works for everyone, the human needs that financial services address, and how financial inclusion accelerates both social and economic progress. Accion and CFIs new websites, both launched in 2018, articulate our theory of change, underscore how financial inclusion helps fulfill broader human needs, and connect us with the partners and organizations that can help advance our mission. Accions thought leadership and emphasis on client-centric products and services encourage peer organizations to consider how they can provide underserved families and small businesses with the tools they need to realize their economic potential: Venture Lab shared new research detailing how the worlds financial service providers grapple to balance clients preference for human interactions with the need to automate back-office operations. In the report, Venture Lab reviewed how eight of its portfolio companies calibrate their use of technology and human touch to improve customer acquisition, customer engagement, collections, and more. The advisory team shared new findings on how innovations in digital lending can enable financial service providers to offer better products to more underserved clients. Audiences around the world invited Accion to discuss our work and the global trends that we see reshaping inclusive finance. In 2018, Accion spokespeople shared our perspectives at many major speaking engagements around the world. We worked with partners to bring more than 200 inclusive fintech CEOs, policymakers, commercial and impact investors, and financial service providers together to discuss how to ensure that the digital transformation of financial services benefits the worlds underserved at the Inclusive Fintech CEO Forum and Fintech for Inclusion Summit. Likewise, Accions experts shared their insights with global media to support their coverage of inclusive fintech, impact investing, financial services for underserved MSMEs, and more. Accion also engages a passionate audience across social media, sharing stories that demonstrate the impact that our work makes on our clients and the ways that high-quality, affordable financial services help them thrive. FORM 990, Part VI Section A Line 1a: THE EXECUTIVE COMMITTEE HAS BEEN DELEGATED AUTHORITY TO ACT ON BEHALF OF THE BOARD OF DIRECTORS SUBJECT TO SUBSEQUENT RATIFICATION BY THE BOARD OF DIRECTORS. FORM 990, Part VI Section A Line 11b: PRIOR TO THE FILING OF THE FORM 990, THE FINANCE COMMITTEE OF THE BOARD OF DIRECTORS RECEIVES THE FORM 990 FOR REVIEW. EACH MEMBER OF THE BOARD OF DIRECTORS SUBSEQUENTLY RECEIVES A COPY OF THE REVIEWED FORM 990 BEFORE ACCION FILES IT WITH THE INTERNAL REVENUE SERVICE. FORM 990, Part VI Section A Line 12c: ACCION INTERNATIONAL'S CONFLICT OF INTEREST POLICY REQUIRES ANNUAL DISCLOSURE OF ACTUAL OR POTENTIAL CONFLICTS OF INTEREST, INCLUDING ALL TRANSACTIONS, FINANCIAL INTERESTS, CONTRACTS, OR POSITIONS, CONDUCTED OR HELD BY THE OFFICER, DIRECTOR, OR KEY EMPLOYEE OR IMMEDIATE MEMBER OF HIS/HER FAMILY, WITH ANY BUSINESSES, CORPORATIONS, PARTNERSHIPS, PROPRIETORSHIPS THAT CARRY OUT ANY BUSINESS ACTIVITIES WITH ACCION INTERNATIONAL OR ANY OF ITS SUBSIDIARIES, INVESTEES, AFFILIATES OR OTHER PERSONS OR INSTITUTIONS IN ANY RELATED TO ACCION INTERNATIONAL. IN ADDITION TO THE ANNUAL DISCLOSURE REQUIREMENT, OFFICERS, DIRECTORS, AND KEY EMPLOYEES MUST ALSO DISCLOSE ANY POTENTIAL OR REAL CONFLICT OF INTEREST AS THEY ARISE. EACH REAL OR POTENTIAL CONFLICT MUST BE EVALUATED BY INDEPENDENT, DISINTERESTED DIRECTORS SERVING ON THE AUDIT & GOVERNANCE COMMITTEE OF THE BOARD OF DIRECTORS, AND IF A REAL OR POTENTIAL CONFLICT OF INTEREST IS DETERMINED TO EXIST, THAT CONFLICT SITUATION MUST BE DETERMINED TO BE FAIR AND REASONABLE TO THE CORPORATION AND THUS WAIVED BEFORE THE AFFECTED OFFICER, DIRECTOR, OR KEY EMPLOYEE MAY PROCEED. FORM 990, Part VI Section A Line 15: COMPENSATION FOR OFFICERS (INCLUDING THE CEO) AND KEY EMPLOYEES MUST BE APPROVED BY THE APPROPRIATE COMMITTEE OF THE BOARD OF DIRECTORS AFTER CONSIDERATION OF DATA PROVIDED BY THIRD PARTY EXPERTS WHICH INDICATES COMPARABLE COMPENSATION FOR SIMILARLY QUALIFIED PERSONS IN FUNCTIONALLY COMPARABLE POSITIONS AT SIMILARLY SITUATED ORGANIZATIONS. THE BOARD COMMITTEE WILL MAINTAIN CONTEMPORANEOUS DOCUMENTATION AND RECORDKEEPING WITH RESPECT TO THE DELIBERATIONS AND DECISIONS REGARDING THE COMPENSATION ARRANGEMENTS. FORM 990, Part VI Line 19: ACCION INTERNATIONAL'S AUDITED FINANCIAL STATEMENTS, GOVERNING DOCUMENTS, AND CONFLICT OF INTEREST POLICY ARE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, Part XI Line 9: Equity in income of equity investments $10,530,943 Currency gain (loss) on consolidation (14,691) Minority share of return of capital (13,500) Total Other Changes in net Assets or Fund Balances $10,502,752 ACCION FRONTIER INCLUSION FUND LP LLC 10 FAWCETT ST STE 204 CAMBRIDGE MA 02138 SEE PART VII DE 0 163372 ACCION INT ACCION FRONTIER INCLUSION FUND GP LLC 10 FAWCETT ST STE 204 CAMBRIDGE MA 02138 SEE PART VII DE 0 16926609 ACCION INT ACCION GATEWAY FUND LLC 10 FAWCETT ST STE 204 CAMBRIDGE MA 02138 SEE PART VII DE 22756242 166473148 ACCION INT ACCION QUONA INCLUSION FUND GP LLC 10 FAWCETT ST STE 2014 CAMBRIDGE MA 02138 SEE PART VII DE 0 334 ACCION INT ACCION QUONA INCLUSION FUND LP LLC 10 FAWCETT ST STE 204 CAMBRIDGE MA 02138 SEE PART VII DE 0 1297342 ACCION INT FUNDACION CENTRO ACCION MICROEMPRESARIAL CARRERA 7 146-65 7TH FLOOR BOGOTA D.C. 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PROGRAM RELATED INVESTMENT 2. PROGRAM RELATED INVESTMENT 3. PROGRAM RELATED INVESTMENT 4. PROGRAM RELATED INVESTMENT 5. PROGRAM RELATED INVESTMENT Schedule R, PART II, COLUMN (B): PRIMARY ACTIVITY: 1. Technical Assistance & Education Related to Microfinance 2. Technical Assistance & Education Related to Microfinance Schedule R, PART IV, COLUMN (A): FULL NAME: 1. ACCION INVESTMENTS IN MICROFINANCE NIGERIA 3. ACCION (BEJING) CONSULTAtion SERVICES CO, LTD Schedule R, PART IV, COLUMN (B): PRIMARY ACTIVITY: 1. Program Related Investment 2. Program Related Investment 3. Technical assistance and education related to microfinance Schedule R, PART IV, COLUMN (D): Direct Controlling Entity: 1. ACCION GATEWAY FUND, LLC 2. ACCION GATEWAY FUND, LLC 3. Accion International