2017-11-15T09:32:19-06:00 2016-12-31 271728945 PKF O'CONNOR DAVIES LLP 665 FIFTH AVENUE NEW YORK NY 10022 990 2016-01-01 134166228 ACUMEN FUND INC ACUM 2125668821 40 WORTH STREET NO 303 NEW YORK NY 10013 JACQUELINE WOO CHIEF FINANCIAL OFFICER 6467473958 2017-11-15 1 GARRETT M HIGGINS P00543209 2122862600 2017-11-15 65.51.112.58 2017-11-15 10:06:54 ES P 1119991AAD7992453D156E11E4B1597BCCA1D313 EABB674C3E6C355F7E1537161DFD3A2F2A375A93 2016 2017-02-10 21:41:12Z JACQUELINE NOVOGRATZ 40 WORTH STREET NO 303 NEW YORK NY 10013 31386725 0 X WWW.ACUMEN.ORG X 2001 NY OUR MISSION IS TO CREATE A WORLD BEYOND POVERTY BY INVESTING IN COMPANIES, LEADERS, AND IDEAS.OUR VISION IS THAT ONE DAY EVERY HUMAN BEING WILL HAVE ACCESS TO THE CRITICAL GOODS AND SERVICES THEY NEED - INCLUDING AFFORDABLE HEALTH, WATER AND SANITATION, HOUSING, ENERGY, EDUCATION FINANCIAL INCLUSION, AND AGRICULTURAL INPUTS - SO THEY CAN MAKE DECISIONS AND CHOICES FOR THEMSELVES AND UNLEASH THEIR FULL HUMAN POTENTIAL. THIS IS WHERE DIGNITY STARTS - NOT JUST FOR THE POOR BUT FOR EVERYONE ON EARTH. 15 14 72 16 0 0 22558173 29176704 769446 1152170 290683 -140554 10218 175453 23628520 30363773 1238724 604271 0 0 8662728 8959868 0 0 2005687 7384046 9880543 17285498 19444682 6343022 10919091 102771968 114223148 1401512 2071343 101370456 112151805 X ACUMEN FUND IS WORKING TO CHANGE THE WAY THE WORLD TACKLES POVERTY BY INVESTING IN COMPANIES, LEADERS AND IDEAS. WE INVEST PATIENT CAPITAL IN BUSINESSES THAT DELIVER CRITICAL, AFFORDABLE GOODS AND SERVICES TO THE POOR, IMPROVING THE LIVES OF MILLIONS IN SOUTHEAST ASIA, EAST AND WEST AFRICA, LATIN AMERICA AND THE UNITED STATES.SINCE 2001, ACUMEN FUND HAS INVESTED $106 MILLION IN 96 SOCIAL ENTERPRISES WORKING ACROSS SECTORS RANGING FROM HEALTH, WATER AND SANITATION, ENERGY AND EDUCATION TO HOUSING, AGRICULTURE AND FINANCIAL INCLUSION. WE ARE BUILDING A GLOBAL COMMUNITY OF EMERGING LEADERS WHO BELIEVE IN CREATING A MORE INCLUSIVE WORLD THROUGH THE TOOLS OF BUSINESS AND PHILANTHROPY. WE ARE ALSO WORKING TO SHARE OUR LESSONS AND SPREAD INNOVATIVE IDEAS FOR POVERTY ALLEVIATION. 0 0 11084451 604271 528418 INVESTING AND PORTFOLIO MANAGEMENT:ACUMEN INVESTS PATIENT CAPITAL IN BUSINESS MODELS THAT DELIVER CRITICAL, AFFORDABLE GOODS AND SERVICES TO THE WORLD'S POOR, IMPROVING THE LIVES OF MILLIONS. SINCE 2001, ACUMEN HAS INVESTED IN BUSINESSES THAT PROVIDE ACCESS TO WATER AND SANITATION, HEALTH, ENERGY, HOUSING, EDUCATION FINANCIAL INCLUSION AND AGRICULTURAL SERVICES TO LOW-INCOME CUSTOMERS. IN ADDITION TO ACUMEN'S WORK IN EAST AND WEST AFRICA, SOUTHEAST ASIA AND LATIN AMERICA, ACUMEN HAS MOST RECENTLY EXPANDED ITS WORK TO THE UNITED STATES. ACUMEN HAS CUMULATIVELY INVESTED $106 MILLION IN 96 BUSINESSES SERVING THE POOR.POST-INVESTMENT MANAGEMENT HAS CONTINUED TO BE A KEY PRIORITY FOR ACUMEN IN 2016. IN THE FIRST QUARTER OF THIS YEAR, OUR TEAM CONDUCTED ANNUAL REVIEWS FOR ALL PORTFOLIO COMPANIES TO MEASURE ACTUAL PERFORMANCE AGAINST SOCIAL AND FINANCIAL IMPACT TARGETS AND DEVELOP DETAILED POST-INVESTMENT ENGAGEMENT AND MANAGEMENT PLANS OUTLINING THE SUPPORT AND INVOLVEMENT REQUIRED BY ACUMEN TO HELP THE COMPANIES GROW.ACUMEN HAS ALSO EXPANDED ITS WORK WITH CORPORATIONS TO LEVERAGE THEIR SKILLS AND EXPERIENCE TO SUPPORT OUR INVESTEE COMPANIES WITH TECHNICAL ASSISTANCE. 2775059 397394 IMPACT AND COMMUNICATIONSTHE GOAL OF THE IMPACT AND COMMUNICATIONS TEAMS AT ACUMEN IS TO SUPPORT THE MISSION OF CHANGING THE WAY THE WORLD TACKLES POVERTY BY SHARING THE INSIGHTS FROM OUR PORTFOLIO AND CARVING A NEW APPROACH THAT ADDRESSES POVERTY THROUGH ENTREPRENEURIAL SOLUTIONS. ACUMEN'S IMPACT TEAM CONTINUES TO ADVANCE THE ORGANIZATION'S ROLE IN UNDERSTANDING AND MEASURING SOCIAL PERFORMANCE IN THE IMPACT INVESTING INDUSTRY. BUILDING UPON THE LAUNCH OF LEAN DATA MEASUREMENT SERVICES IN 2015, WE ARE PUSHING FORWARD TO MAKE IMPACT DATA EQUALLY AS RELEVANT AND FOUNDATIONAL AS FINANCIAL DATA, TO SUPERCHARGE OUR CAPACITY TO SOLVE THE WORLD'S TOUGHEST PROBLEMS. LEAN DATA SERVICES AIM TO CLOSE THE GAP BETWEEN SOCIAL ENTERPRISES AND THEIR CUSTOMERS BY LEVERAGING TODAY'S TECHNOLOGY REVOLUTION. WE BELIEVE BY ASKING THE RIGHT QUESTIONS AND LISTENING TO THE POOR, OUR CAPACITY TO CONNECT AND AMPLIFY VOICES THAT HAVE PREVIOUSLY BEEN UNHEARD WILL SCALE UP MASSIVELY.USING OUR LEAN DATA METHOD, WE WERE ABLE TO SURVEY AND EXTRACT MEANINGFUL INSIGHTS FROM MORE THAN 20,000 CUSTOMERS ACROSS OUR PORTFOLIO THROUGH MORE THAN 40 DIFFERENT LEAN DATA PROJECTS BY Q4 2016. OUR OPPORTUNITY NOW IS TO MAKE THE LEAN DATA PROCESS EVEN SIMPLER AND MORE REPEATABLE. WE'RE STANDARDIZING OUR QUESTIONS TO CREATE SPECIFIC LEAN DATA PRODUCTS, TRIED-AND-TESTED SURVEY TOOLS THAT CAN BE EASILY ADAPTED BY ANYONE DOING THIS WORK. AS THE LEAN DATA APPROACH BECOMES WIDELY ADOPTED BOTH WITHIN AND OUTSIDE ACUMEN, WE WILL LEARN AT SCALE WHAT REALLY MATTERS TO LOW-INCOME CUSTOMERS, MAKING IT POSSIBLE FOR ACUMEN AND OTHER INVESTORS TO FOCUS CAPITAL WHERE IT WILL HAVE THE MOST IMPACT, NOT JUST WHERE IT WILL CREATE THE GREATEST FINANCIAL RETURN. THROUGHOUT THE YEAR, WE CONTINUED TO COMMUNICATE ACUMEN'S WORK AND CORE IDEAS THROUGH ACUMEN IDEAS, OUR NEW STORYTELLING PLATFORM ON MEDIUM.COM, AS WELL AS THROUGH PRESENTATIONS AT LEADING CONFERENCES, WIDELY DISSEMINATED ARTICLES AND WORKSHOPS HELD GLOBALLY THAT COVERED ISSUES RANGING FROM IMPACT TO LEADERSHIP AND TO THE CAPITAL NEEDED TO BUILD SOCIAL ENTERPRISES THAT SERVE THE POOR. ACUMEN'S WORK AND INVESTMENTS WERE FEATURED IN TOP-TIER INTERNATIONAL, MEDIA OUTLETS INCLUDING FAST COMPANY, THE FINANCIAL TIMES, FORBES, THE ECONOMIST, AND VARIOUS PUBLICATIONS IN PAKISTAN, AFRICA, INDIA AND LATIN AMERICA. OUR FOUNDER AND CEO JACQUELINE NOVOGRATZ RECEIVED THE 2016 FORBES 400 LIFETIME ACHIEVEMENT AWARD IN HONOR OF ACUMEN'S 15 YEARS OF WORK. 1256661 FELLOWS AND LEADERSHIP PROGRAMS AT THE END OF Q4 2016, WE REACHED A CUMULATIVE 385 FELLOWS, WHO TOOK PART IN ACUMEN'S GLOBAL AND REGIONAL LEADERSHIP PROGRAMS. WE RECEIVED MORE THAN 1,200 APPLICATIONS FROM 105 COUNTRIES FOR OUR 10TH CLASS OF GLOBAL FELLOWS AND WELCOMED PEOPLE FROM MORE THAN 10 NATIONS, RANGING FROM BHUTAN TO BRAZIL TO LITHUANIA, TO BECOME PART OF THE YEAR'S COHORT. WE ALSO SAW CONTINUED GROWTH AFTER THE LAUNCH OF OUR PAKISTAN AND INDIA FELLOWS PROGRAMS. THE CLASSES OF OUR REGIONAL FELLOWS IN EAST AFRICA, INDIA AND PAKISTAN WERE EQUALLY DIVERSE AND INTERESTING AS OUR GLOBAL FELLOWS, HARKING FROM A VARIETY OF DIFFERENT FIELDS INCLUDING CORPORATIONS, SOCIAL ENTERPRISES, NGOS AND GOVERNMENT.WE ALSO SAW THE RAPID EXPANSION OF +ACUMEN, OUR ONLINE LEARNING PLATFORM FOR PEOPLE LOOKING TO CREATE SOCIAL CHANGE, WHICH HAS BECOME THE LARGEST MASSIVE OPEN ONLINE COURSE PROVIDER IN THE SOCIAL SECTOR. AS OF Q4 2016, THE +ACUMEN CHAPTER NETWORK HAS EXPANDED TO 26 CHAPTERS AND +ACUMEN'S ONLINE COURSES HAS GROWN TO MORE THAN 300,000 SIGN-UPS WITH COURSE-TAKERS COMING FROM 190 COUNTRIES. IN THE PAST YEAR, +ACUMEN LAUNCHED SEVERAL NEW FREE ONLINE COURSES IN PARTNERSHIP WITH CORPORATIONS AND ORGANIZATIONS LIKE AMERICAN EXPRESS, ACCION INTERNATIONAL, IDEO.ORG, GRAMEEN FOUNDATION AND FOSSIL FOUNDATION, ALL COMMITTED TO HELPING ADVANCE THE WORK AND EDUCATION OF SOCIAL ENTREPRENEURS AND INDIVIDUALS INTERESTED IN CREATING CHANGE DOMESTICALLY AND INTERNATIONALLY. 15116171 1 1 0 0 0 0 0 0 0 0 1 0 1 0 0 1 0 1 0 1 1 1 0 0 1 0 0 1 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 1 1 1 0 0 1 X 27 0 72 0 0 1 GH IN KE PK CO CA MP 0 0 0 1 1 0 0 0 0 X 15 14 1 1 0 0 0 0 0 1 1 0 1 1 1 1 1 1 1 1 1 1 0 CA NY MA DC IL FL X X X JACQUELINE WOO CHIEF FINANCIAL OFFICER 6467473958 40 WORTH STREET NO 303 NEW YORK NY 10013 JACQUELINE NOVOGRATZ CEO & DIRECTOR 32.00 8.00 X X 351901 0 26734 ROBERT H NIEHAUS BOARD CHAIR 1.00 X X 0 0 0 MARGO ALEXANDER DIRECTOR 1.00 X 0 0 0 C HUNTER BOLL DIRECTOR 1.00 X 0 0 0 ROBERT BOB COLLYMORE DIRECTOR 1.00 X 0 0 0 STUART DAVIDSON DIRECTOR 1.00 X 0 0 0 JULIUS GAUDIO DIRECTOR 1.00 X 0 0 0 DAVID HELLER DIRECTOR 1.00 X 0 0 0 NATE LAURELL DIRECTOR 1.00 X 0 0 0 WILLIAM E MAYER DIRECTOR 1.00 X 0 0 0 PAT MITCHELL DIRECTOR 1.00 X 0 0 0 MICHAEL E NOVOGRATZ DIRECTOR THUR APRIL 2016 1.00 X 0 0 0 GV PRASAD DIRECTOR THUR APRIL 2016 1.00 X 0 0 0 THULASIRAJ RAVILLA DIRECTOR 1.00 X 0 0 0 SHAIZA RIZAVI DIRECTOR 1.00 X 0 0 0 ALI J SIDDIQUI DIRECTOR 1.00 X 0 0 0 JOSEPH E STIGLITZ DIRECTOR 1.00 X 0 0 0 CARLYLE SINGER JONES PRESIDENT 39.50 0.50 X 288153 0 23389 SACHINDRA RUDRA CHIEF INVESTMENT OFFICER 27.00 13.00 X 266563 0 15932 ALEXANDER DICHTER CHIEF INNOVATION OFFICER 39.50 0.50 X 241013 0 37238 AMRITA BHANDARI CFO UNTIL SEPTEMBER 2016/ADVISOR 34.50 5.50 X 175195 0 5566 JACQUELINE WOO CFO FROM SEPTEMBER 2016 37.50 2.50 X 59507 0 8184 LYNN ROLAND BOARD SECRETARY/GENERAL COUNSEL 23.50 16.50 X 203197 0 6468 SABRINA N DUPRE GLOBAL HEAD OF BRAND STRATEGY & COMMUNICATION 40.00 X 197396 0 16991 YASMINA ZAIDMAN DIRECTOR,STRATEGIC PARTERSHIPS 40.00 X 186291 0 5961 CATHERINE C NANDA DIRECTOR, SAN FRANCISCO 40.00 X 179793 0 29403 JO-ANN TAN LEAD ARCHITECT, +ACUMEN 40.00 X 152641 0 4951 SEAN MOORE ASSOCIATE DIRECTOR 19.00 21.00 X 139634 0 12579 AMON ANDERSON ASSOCIATE DIRECTOR 40.00 X 120293 0 11814 JOANNA OPOT HEAD OF BUSINESS DEVLEOPMENT, WEST COAST 40.00 X 114404 0 27521 2675981 0 232731 19 0 1 0 ATLAS SERVICE CORPS INC 641 S STREET NW STE 202 WASHINGTON DC 20001 GLOBAL FELLOWS PROGRAM MANAGER 526478 AIRPLUS 225 REINEKERS LN 500 ALEXANDRIA VA 22314 TRAVEL SERVICES 272666 EFRONT FINANCIAL SOLUTION INC 11 E 44TH ST STE 900 NEW YORK NY 10017 VENDOR - SOFTWARE 231700 IDINSIGHT 350 TOWNSEND ST STE 407 SAN FRANCISCO CA 94107 VENDOR - IMPACT RESEARCH 163630 ADP TOTALSOURCE GROUP INC 10200 SUNSET DRIVE MIAMI FL 33173 PEO SERVICE FEE 157226 11 2153300 2554750 24468654 237330 29176704 PROGRAMMATIC FEES 900099 807547 807547 PGM RELATED LOAN INC 900099 344623 344623 1152170 85804 85804 10961 10961 300000 526358 -226358 -226358 -226358 106520 2153300 496594 -390074 -390074 REIMBURSEMENT/REFUND 900099 529998 529998 OTHER FEES/INCOME 900099 24568 24568 554566 30363773 925812 0 261257 X 158000 158000 446271 446271 2115679 1124277 517467 473935 5756628 4175465 764739 816424 90073 66626 13194 10253 494490 352368 81304 60818 502998 326925 75541 100532 157226 101689 31423 24114 117896 98288 17533 2075 148838 85190 39367 24281 3337602 3042674 221694 73234 137448 122677 7802 6969 349666 236232 45113 68321 359837 197300 78737 83800 718458 411727 183728 123003 767863 579643 122744 65476 272577 195423 68244 8910 257857 159947 44316 53594 45135 26834 8353 9948 PROV FOR PORTFOLIO LOSS 3155599 3155599 CORPORATE TAXES 54541 53016 1525 19444682 15116171 2322824 2005687 3205098 178330 28062176 36030978 20828308 17517002 2000974 1899215 187124 462918 1680499 1101109 487414 579390 500959 500959 46829779 56335643 670136 718713 102771968 114223148 1401512 2071343 1401512 2071343 X 74601579 80247407 26768877 31904398 101370456 112151805 102771968 114223148 X 10919091 -137742 X X 0 1 X 1 0 X 9171604 15276219 18371359 22558173 29176704 94554059 9171604 15276219 18371359 22558173 29176704 94554059 18840731 75713328 116788 75451 61519 60003 96765 410526 122124 79080 5082 2151 554566 763003 95727588 4823313 0.79090 0.83220 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: OTHER FEES/INCOME - 2012 AMOUNT: $ 10,140. 2013 AMOUNT: $ 450. 2014 AMOUNT: $ 343. 2015 AMOUNT: $ 6. 2016 AMOUNT: $ 24,568. SPEAKER FEE - 2012 AMOUNT: $ 33,980. 2013 AMOUNT: $ 42,658. 2015 AMOUNT: $ 2,145. FOREIGN CURRENCY GAIN/LOSS - 2012 AMOUNT: $ 78,004. 2013 AMOUNT: $ 35,972. LOAN CLOSING FEES - 2014 AMOUNT: $ 4,739. REIMBURSEMENT/REFUND - 2016 AMOUNT: $ 529,998. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 319031 269228 49803 873867 633644 240223 487601 198237 289364 579390 PROGRAM RELATED EQUITY INVESTMENTS - S.ASIA 17848233 C PROGRAM RELATED EQUITY INVESTMENTS - SUB-SAHARAN AFRICA 13957891 C PROGRAM RELATED EQUITY INVESTMENTS - USA 13074032 C PROGRAM RELATED EQUITY INVESTMENTS - LATIN AMERICA 3046557 C PROGRAM RELATED DEBT INVESTMENTS - S.ASIA 2127232 C PROGRAM RELATED DEBT INVESTMENTS - SUB-SAHARAN AFRICA 3640787 C PROGRAM RELATED DEBT INVESTMENTS - USA 2137496 C PROGRAM RELATED DEBT INVESTMENTS - LATIN AMERICA 503415 C 56335643 X 29592186 1226202 -1787218 -561016 30153202 210571 210571 30363773 19919351 1226202 2404066 3630268 16289083 3155599 3155599 19444682 PART X, LINE 2: ACUMEN RECOGNIZES THE EFFECT OF INCOME TAX POSITIONS ONLY WHEN THEY ARE MORE THAN LIKELY THAN NOT OF BEING SUSTAINED. MANAGEMENT HAS DETERMINED THAT ACUMEN HAS NO UNCERTAIN TAX POSITIONS THAT WOULD REQUIRE FINANCIAL STATEMENT RECOGNITION OR DISCLOSURE. ACUMEN IS NO LONGER SUBJECT TO EXAMINATIONS BY THE APPLICABLE TAXING JURISDICTIONS FOR PERIODS PRIOR TO DECEMBER 31, 2013. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN VALUE OF CHARITABLE REMAINDER TRUST 27,748. RELATED PARTY REVENUE INCLUDED PER AUDIT-ACUMEN FUND INDIA 1,485,121. RELATED PARTY REVENUE INCLUDED PER AUDIT-ACUMEN FUND INDIA TRUST 34,494. RELATED PARTY REVENUE INCLUDED PER AUDIT-ACUMEN FUND PAKISTAN 515,678. RELATED PARTY REVENUE INCLUDED PER AUDIT-ACUMEN CAPITAL MARKETS I LP 149,061. RELATED PARTY REVENUE INCLUDED PER AUDIT-ACUMEN FUND CANADA 213,411. RELATED PARTY REVENUE INCLUDED PER AUDIT-ACUMEN CAPITAL PARTNERS LLC 398,404. ELIMINATING/CONSOLIDATING ENTRIES PER AUDIT -1,972,448. PROVISION FOR PORTFOLIO LOSSES RECLASSIFICATION -3,155,599. FOREIGN CURRENCY TRANSLATION GAIN INCLUDED IN AUDIT 45,081. RELATED PARTY FOREIGN CURRENCY TRANSLATION GAIN/ (LOSS) INCLUDED IN AUDIT -24,763. FUNDRAISING EXPENSES INCLUDED IN PART IX 496,594. PART XI, LINE 4B - OTHER ADJUSTMENTS: WRITE-OFF ON LOAN RECEIVABLE 210,571. PART XII, LINE 2D - OTHER ADJUSTMENTS: RELATED PARTY EXPENSES INCLUDED PER AUDIT - ACUMEN FUND INDIA 1,180,055. RELATED PARTY EXPENSES INCLUDED PER AUDIT - ACUMEN FUND INDIA TRUST 281,373. RELATED PARTY EXPENSES INCLUDED PER AUDIT - ACUMEN FUND PAKISTAN 963,149. RELATED PARTY EXPENSES INCLUDED PER AUDIT - ACUMEN CAPITAL MARKETS I LP 511,745. RELATED PARTY EXPENSES INCLUDED PER AUDIT - ACUMEN CAPITAL PARTNERS LLC 442,261. ELIMINATING/CONSOLIDATING ENTRIES PER AUDIT -1,471,111. FUNDRAISING EXPENSES INCLUDED IN PART IX 496,594. PART XII, LINE 4B - OTHER ADJUSTMENTS: PROVISION FOR PORTFOLIO LOSSES RECLASSIFICATION 3,155,599. 1 SOUTH ASIA 2 27 PROGRAM SERVICE PORTFOLIO MANAGEMENT AND FELLOWS PROGRAM 1463688 SUB-SAHARAN AFRICA 2 12 PROGRAM SERVICE PORTFOLIO MANAGEMENT AND FELLOWS PROGRAM 2014245 SOUTH AMERICA 1 5 PROGRAM SERVICE PORTFOLIO MANAGEMENT 445000 SOUTH ASIA GRANT MAKING 63000 SUB-SAHARAN AFRICA GRANT MAKING 368841 SOUTH AMERICA GRANT MAKING 14430 SOUTH ASIA PROGRAM RELATED INVESTMENTS 19975465 SUB-SAHARAN AFRICA PROGRAM RELATED INVESTMENTS 17598678 SOUTH AMERICA PROGRAM RELATED INVESTMENTS 3549972 EUROPE 1 9 PROGRAM SERVICES AND FUND RAISING - SALARY EXPENSE 804146 5 44 1 9 6 53 41943347 4354118 46297465 SOUTH ASIA TECHNICAL ASSISTANCE GRANTS 63000 WIRE TRANSFER SUB-SAHARAN AFRICA TECHNICAL ASSISTANCE GRANTS 368841 WIRE TRANSFER SOUTH AMERICA TECHNICAL ASSISTANCE GRANTS 14430 WIRE TRANSFER 8 3 1 0 1 0 1 0 PART I, LINE 2: PROGRAM-RELATED GRANTS: THE ORGANIZATION MAKES LARGE GRANTS TO ITS RELATED ENTITIES TO FUND THEIR OPERATIONS, THE ACTIVITIES OF WHICH ARE MANAGED BY THE ORGANIZATION. ACUMEN MONITORS THE ACTIVITY OF ITS RELATED ENTITIES BY ANALYZING EXPENDITURES AND COMPARING ACTUAL PERFORMANCE TO BUDGETED AMOUNTS, AND BY MAINTAINING DIRECT OVERSIGHT OF THE ACTIVITIES CONDUCTED AND EXPENDITURES INCURRED. OUR AFFILIATES IN PAKISTAN AND INDIA HAVE INDEPENDENT AUDITS. IN ADDITION TO THE AUDIT, OUR CENTRAL OFFICE FINANCE DEPT IN NEW YORK HAS OVERSIGHT OF THE COUNTRY OFFICES' SPENDING. INVESTMENTS IN THIRD PARTIES ARE PRIMARILY DEBT OR EQUITY INVESTMENTS. RELATIVELY LITTLE IS AN OUTRIGHT GRANT FOR USE BY THE THIRD PARTY. FOR ANY PROGRAM-RELATED INVESTMENTS, THE ORGANIZATION REQUIRES REGULAR SOCIAL IMPACT, FINANCIAL AND OPERATIONAL REPORTING, TYPICALLY MAINTAINS A BOARD SEAT ON THE INVESTEE COMPANY AND CONDUCTS AT LEAST ANNUAL REVIEWS OF THE PROGRESS OF THE PROGRAM. FOR ANY GRANTS TO THIRD PARTIES, A GRANT AGREEMENT IS DRAFTED OUTLINING THE SPECIFIC PURPOSE OF THE GRANT, TERMS AND CONDITIONS FOR THE USE OF GRANT MONEY. GRANT FUNDS ARE DISBURSED ONLY AFTER THE GRANTEES SIGN THE GRANT AGREEMENT. DEPENDING UPON THE AMOUNT AND TERM OF GRANT, THE GRANTEES ARE REQUIRED TO MAINTAIN DETAILED RECORDS OF THE USE OF THE GRANT AND PROVIDE PERIODIC REPORTS TO ACUMEN. THE PROGRAM STAFF WILL REVIEW THE GRANTEE REPORTS TO ENSURE COMPLIANCE. ACUMEN PROGRAM STAFF DILIGENTLY SCREENS THE PROSPECTIVE GRANTEES' TRACK RECORD AND REPUTATION BEFORE AWARDING ANY GRANT, AND WHERE A NEW FUNDING RELATIONSHIP EXISTS, SCREENS GRANT RECIPIENTS AGAINST WATCH LISTS SUCH AS SANCTIONS, SPECIALLY DESIGNATED NATIONALS AND BLOCKED PERSONS, ANTI-CORRUPTION AND ANTI-MONEY LAUNDERING LISTS. THROUGHOUT THE GRANT TERM, THE PROGRAM STAFF INTERACTS WITH THE GRANTEE ORGANIZATION TO UNDERSTAND THE PROGRESS THE ORGANIZATION IS MAKING BY USE OF THE GRANT FUNDS. THEY ALSO REVIEW ANY PERIODIC REPORTS SUBMITTED BY THE GRANTEE AS WELL AS THE ANNUAL REPORT OF THE ORGANIZATION (IF APPLICABLE) TO ENSURE PROPER UTILIZATION OF GRANT FUNDS BY THE GRANTEE. GRANT AGREEMENTS OFTEN REQUIRE THE RIGHT TO INSPECT AND AUDIT THE RECORDS OF THE GRANTEE REGARDING PROPER USE OF FUNDS. THE GRANT AGREEMENT SIGNED BY THE GRANTEE TYPICALLY STATES THAT ALL OR ANY PORTION OF GRANT FUNDS USED IN A MANNER OR PURPOSE OTHER THAN THOSE DESCRIBED IN THE GRANT AGREEMENT MUST BE RETURNED TO ACUMEN. PART I, LINE 3: PROGRAM-RELATED INVESTMENTS: THE ORGANIZATION HAS A COMPLEX FINANCIAL STRUCTURE THAT IS NOT EASILY SHOWN IN THE FORM 990. TO BETTER UNDERSTAND THE INFORMATION BEING PROVIDED, THE READER SHOULD APPROACH THE FINANCIAL STATEMENTS WITH TWO KEY PIECES OF INFORMATION IN MIND. FIRST, ACUMEN IS LIKE A TRADITIONAL NON-PROFIT IN THAT IT RECEIVES CONTRIBUTION REVENUE AND HAS ONGOING OPERATING EXPENSES FOR BOTH PROGRAM WORK AND ADMINISTRATIVE COSTS EACH YEAR. SECONDLY, AND UNLIKE ALMOST ALL OTHER CHARITIES, ACUMEN INVESTS A SUBSTANTIAL PORTION OF ITS ASSETS IN ENTREPRENEURIAL ORGANIZATIONS OPERATING IN DEVELOPING COUNTRIES. THIS WOULD INCLUDE SUPPORTING CONTRIBUTIONS TO RELATED ENTITIES AND PROGRAM-RELATED INVESTMENTS TO THIRD PARTIES AS PART OF ACUMEN'S CHARITABLE WORK. IN SUM THESE ACTIVITIES ARE SHOWN IN PARTS I AND II OF SCHEDULE F. THEY ARE ALSO INCLUDED ON FORM 990 PART X LINE 13, WHICH SHOWS THE ORGANIZATION'S TOTAL CUMULATIVE OUTSTANDING BALANCE OF PROGRAM-RELATED INVESTMENTS. ACUMEN PUTS ITS RESOURCES INTO THESE INVESTEE ORGANIZATIONS AS PROGRAMMATIC INVESTMENTS AND ATTEMPTS TO NURTURE THEM UNTIL THEY THRIVE (OR FAIL), PROVIDING MULTIPLE SPIN-OFF BENEFITS TO CUSTOMERS SERVED - TYPICALLY THE POOREST POPULATIONS WHO LIVE ON LESS THAN A FEW DOLLARS PER DAY. THE ACCOUNTING METHOD USED TO ACCOUNT FOR EXPENDITURES IS THE ACCRUAL METHOD. 15TH YEAR GALA 2259820 2153300 106520 212034 8429 7102 269029 2259820 2153300 106520 212034 8429 7102 269029 496594 -390074 1 BIOLITE INC 65 JAY STREET BROOKLYN NY 11201 272826296 87000 TECHNICAL ASSISTANCE GRANT ROOT CAPITAL 130 BISHOP ALLEN DR 2ND FLOOR CAMBRIDGE MA 02139 043478123 501(C)(3) 46000 TECHNICAL ASSISTANCE GRANT HEALTHIFY INC 1201 BROADWAY 701 NEW YORK NY 10001 463533797 25000 TECHNICAL ASSISTANCE GRANT 1 2 PART I, LINE 2: THE ORGANIZATION MAKES VERY FEW GRANTS. THOSE GRANTS MADE ARE OCCASIONALLY PASS-THROUGH GRANTS CONTRIBUTED FROM OTHER FUNDING ORGANIZATIONS. IN ALL CASES, THE ORGANIZATION HAS A THOROUGH UNDERSTANDING OF THE WORK BEING UNDERTAKEN AND A FAMILIARITY WITH THE GRANTEE UNDERTAKING THE WORK. FOLLOW UP MONITORING IS PERFORMED BY VERBAL CHECK-INS, PERIODIC PROGRESS REPORTS AND FINAL WRITTEN GRANT PERFORMANCE REPORTS AT THE CONCLUSION OF THE GRANT PERIOD. X X X X 0 0 0 0 0 0 0 1 0 JACQUELINE NOVOGRATZ CEO & DIRECTOR 335901 0 16000 0 0 0 10557 0 16177 0 378635 0 0 0 CARLYLE SINGER JONES PRESIDENT 274903 0 13250 0 0 0 8645 0 14744 0 311542 0 0 0 SACHINDRA RUDRA CHIEF INVESTMENT OFFICER 254563 0 12000 0 0 0 7997 0 7935 0 282495 0 0 0 ALEXANDER DICHTER CHIEF INNOVATION OFFICER 227998 0 13015 0 0 0 7230 0 30008 0 278251 0 0 0 AMRITA BHANDARI CFO UNTIL SEPTEMBER 2016/ADVISOR 166427 0 8768 0 0 0 5256 0 310 0 180761 0 0 0 LYNN ROLAND BOARD SECRETARY/GENERAL COUNSEL 190707 0 12490 0 0 0 6096 0 372 0 209665 0 0 0 SABRINA N DUPRE GLOBAL HEAD OF BRAND STRATEGY & COMM 184796 0 12600 0 0 0 5922 0 11069 0 214387 0 0 0 YASMINA ZAIDMAN DIRECTOR,STRATEGIC PARTERSHIPS 173576 0 12715 0 0 0 5589 0 372 0 192252 0 0 0 CATHERINE C NANDA DIRECTOR, SAN FRANCISCO 169068 0 10725 0 0 0 5394 0 24009 0 209196 0 0 0 JO-ANN TAN LEAD ARCHITECT, +ACUMEN 144047 0 8594 0 0 0 4579 0 372 0 157592 0 0 0 SEAN MOORE ASSOCIATE DIRECTOR 139634 0 0 0 0 0 4189 0 8390 0 152213 0 0 0 PART I, LINE 7 ACUMEN OFFERS A DISCRETIONARY PERFORMANCE-BASED BONUS FOR ITS EMPLOYEES WITH GUIDELINES SET BY THE MANAGEMENT COMMITTEE AND AGREED BY THE BOARD. BONUSES ARE REFLECTIVE OF ORGANIZATIONAL AND INDIVIDUAL PERFORMANCE WHICH PROVIDES COLLECTIVE ACCOUNTABILITY (INCREASING BY LEVEL), FOSTERS INCREASED COLLABORATION AND PROBLEM-SOLVING. THE ORGANIZATIONAL COMPONENT OF THE BONUS IS RECOMMENDED BY THE MANAGEMENT COMMITTEE TO THE COMPENSATION COMMITTEE, BASED ON ACHIEVEMENT OF ANNUAL GOALS, (WHICH ARE DETERMINED AT THE END OF THE PRIOR YEAR AND APPROVED BY THE BOARD), THEN REVIEWED BY THE COMPENSATION COMMITTEE AND ULTIMATELY APPROVED BY THE BOARD. EACH INDIVIDUAL'S SUPERVISOR DETERMINES THE INDIVIDUAL RATING BASED ON PERFORMANCE AGAINST INDIVIDUAL GOALS, AND THE DIRECTOR OF TALENT AND RESPECTIVE MANAGEMENT COMMITTEE MEMBER APPROVES THE RATINGS. BONUSES WERE TREATED AS TAXABLE COMPENSATION TO THE RECIPIENTS. X 10 237330 FMV 0 0 1 0 PART I, COLUMN (B): THE ORGANIZATION IS REPORTING THE NUMBER OF CONTRIBUTORS IN PART 1, COLUMN (B) OF SCHEDULE M. FORM 990, PART VI, SECTION A, LINE 2 JACQUELINE NOVOGRATZ AND MICHAEL E. NOVOGRATZ HAVE A FAMILY RELATIONSHIP. FORM 990, PART VI, SECTION A, LINE 3 BEGINNING IN 2004, THE ORGANIZATION BEGAN USING ADP TOTALSOURCE, A PROFESSIONAL EMPLOYER ORGANIZATION ("PEO"). AS A PROFESSIONAL EMPLOYER ORGANIZATION, TOTALSOURCE PROVIDES PROFESSIONAL EMPLOYER SERVICES TO ACUMEN FUND, INC. (ACUMEN). IN THE PEO RELATIONSHIP TOTALSOURCE AND ACUMEN SHARE CERTAIN RESPONSIBILITIES AND ALLOCATE OTHER EMPLOYER RESPONSIBILITIES BETWEEN EACH OTHER. ACUMEN REMAINS AN EMPLOYER OF THE WORKSITE EMPLOYEES AND TOTALSOURCE IS A CO-EMPLOYER OF ACUMEN'S EMPLOYEES. ACUMEN HAS: DIRECTION AND CONTROL OVER EMPLOYEES AS IS NECESSARY TO CONDUCT ITS BUSINESS, DISCHARGE AND 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 12/31/16 IS $157,226. 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 FULL BOARD OF DIRECTORS. AFTER SOLICITING THE BOARD'S FEEDBACK AND COMMENTS THE FORM 990 IS E-FILED WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE ORGANIZATION HAS A CONFLICT OF INTEREST POLICY WHICH IS ANNUALLY MONITORED, REQUIRING ALL OF THE ORGANIZATION'S OR ITS AFFILIATE'S BOARD MEMBERS, MEMBERS OF THE INVESTMENT COMMITTEE, OFFICERS, KEY EMPLOYEES, INDIVIDUALS IN THOSE ROLES IN THE PRIOR 5 YEARS AND EACH OF THEIR RESPECTIVE RELATIVES TO DISCLOSE ANY FINANCIAL INTEREST THAT MAY BE AN ACTUAL OR POSSIBLE CONFLICT OF INTEREST TO THE GENERAL COUNSEL, SUBJECT TO REVIEW BY THE AUDIT & FINANCE COMMITTEE OF THE BOARD. SUCH DISCLOSURES INVOLVING A TRANSACTION OR ARRANGEMENT ARE REVIEWED BY THE GENERAL COUNSEL, WITH OVERSIGHT BY THE PRESIDENT, AND REFERRED TO THE AUDIT & FINANCE COMMITTEE 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 RECUSE HIM/HERSELF FROM THE DISCUSSION AND NOT BE PRESENT DURING ANY DELIBERATION OR VOTE ON MATTERS WHERE HE/SHE HAS AN ACTUAL CONFLICT. A DISINTERESTED PERSON MAY BE APPOINTED TO INVESTIGATE ALTERNATIVES TO THE PROPOSED TRANSACTION OR ARRANGEMENT, AND THE AUDIT & FINANCE COMMITTEE SHALL DETERMINE IF ACUMEN CAN OBTAIN WITH REASONABLE EFFORTS A MORE ADVANTAGEOUS TRANSACTION OR ARRANGEMENT THAT WOULD NOT GIVE RISE TO A CONFLICT OF INTEREST, AND IF NOT, IF THE TRANSACTION OR ARRANGEMENT IS IN ACUMEN'S BEST INTEREST FOR ITS OWN BENEFIT AND FAIR AND REASONABLE. ADDITIONALLY, THE ORGANIZATION REQUIRES ALL SUCH INDIVIDUALS TO PROMPTLY AND FULLY DISCLOSE ALL MATERIAL FACTS OF ANY ACTUAL OR POTENTIAL CONFLICT OF INTEREST THAT MAY EXIST AT THE TIME OF HIRE OR APPOINTMENT, AS APPLICABLE, AND AS THEY MAY ARISE WHILE THE INDIVIDUAL IS SERVING OR EMPLOYED IN SUCH CAPACITY BY THE ORGANIZATION. SUCH DISCLOSURES ARE REVIEWED BY THE GENERAL COUNSEL, WITH OVERSIGHT BY THE PRESIDENT AND/OR OTHER MEMBERS OF SENIOR MANAGEMENT, AND THE AUDIT & FINANCE COMMITTEE, WHERE APPROPRIATE, TO DETERMINE APPROPRIATE ACTION TO BE TAKEN, WHICH, IF ADVISABLE, MAY INCLUDE INFORMATION FIREWALLS, OVERSIGHT BY DISINTERESTED PERSONS AND/OR DISCOURAGEMENT OF THE ACTIVITY. FORM 990, PART VI, SECTION B, LINE 15 THE ORGANIZATION ANNUALLY REVIEWS COMPARABLE COMPENSATION DATA FOR ITS NON-PROFIT PEER GROUP AND SIMILAR ORGANIZATIONS IN THE FOR-PROFIT PRIVATE SECTOR. IT SEEKS TO BENCHMARK AGAINST THESE COMPARATIVE FIGURES WHEN SETTING COMPENSATION FOR ITS CHIEF EXECUTIVE OFFICER AND PRESIDENT. THE ORGANIZATION WILL ALSO CONSIDER JOB PERFORMANCE AND ALTERNATIVE EMPLOYMENT OFFERS WHEN EVALUATING CEO COMPENSATION. THE COMPENSATION COMMITTEE RECOMMENDS AND THEN THE BOARD OF DIRECTORS DISCUSSES AND APPROVES, IN EXECUTIVE SESSION, THE COMPENSATION INFORMATION AND DETERMINES THE CEO AND PRESIDENT'S SALARIES. THE COMPENSATION COMMITTEE IS COMPRISED SOLELY OF BOARD MEMBERS WHO DO NOT HAVE A CONFLICT OF INTEREST IN DETERMINING THE SALARY OF THE CEO. ANY BOARD MEMBERS WHO ARE CONFLICTED IN DETERMINING THE CEO'S COMPENSATION ARE RECUSED FROM THE PORTION OF THE MEETING WHERE COMPENSATION IS DISCUSSED AND DETERMINED. MINUTES DOCUMENTING BOTH THE ACTIVITIES AND ACTIONS OF THE COMPENSATION COMMITTEE AND THE BOARD OF DIRECTORS, INCLUDING THE MATERIALS THEY USED IN EVALUATING COMPENSATION, ARE TAKEN AND RETAINED CONTEMPORANEOUSLY. THIS PROCESS WAS LAST UNDERTAKEN IN 2016. THE CEO, IN CONSULTATION WITH THE PRESIDENT AND HEAD OF TALENT, DETERMINES SALARIES OF THE OTHER MEMBERS OF SENIOR MANAGEMENT OF THE ORGANIZATION USING THE SAME PROCESSES AS DESCRIBED ABOVE. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION POSTS ITS FORM 990 AND AUDITED FINANCIAL STATEMENTS ON ITS PUBLICLY ACCESSIBLE WEBSITE WWW.ACUMEN.ORG. CURRENT YEAR INFORMATION IS POSTED AS IT BECOMES AVAILABLE AND TWO PRIOR YEAR'S RESULTS ARE MAINTAINED ONLINE. THE ORGANIZATION ALSO PROVIDES ITS INFORMATION TO CHARITY NAVIGATOR AND GUIDESTAR.ORG. PUBLIC INFORMATION ABOUT ACUMEN IS AVAILABLE ON THE WEBSITE OF THE NYS ATTORNEY GENERAL CHARITIES BUREAU, AS WELL AS UPON REQUEST. THE FORM 1023 IS MADE AVAILABLE UPON REQUEST. THE GOVERNING DOCUMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON SPECIFIC REQUEST, AND A SUMMARY OF THE CONFLICT OF INTEREST POLICY IS AVAILABLE ON THE FORM 990. FORM 990, PART IX, LINE 11G PROGRAM CONSULTANTS: PROGRAM SERVICE EXPENSES 1,195,223. MANAGEMENT AND GENERAL EXPENSES 56,125. FUNDRAISING EXPENSES 53,701. TOTAL EXPENSES 1,305,049. WEB MEDIA & DESIGN CONSULTANTS: PROGRAM SERVICE EXPENSES 212,853. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 212,853. INDIA PROGRAM SERVICE FEE: PROGRAM SERVICE EXPENSES 1,463,688. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 1,463,688. CONFERENCE AND MEMBERSHIP FEES: PROGRAM SERVICE EXPENSES 26,271. MANAGEMENT AND GENERAL EXPENSES 13,300. FUNDRAISING EXPENSES 19,233. TOTAL EXPENSES 58,804. RECRUITING FEES: PROGRAM SERVICE EXPENSES 29,849. MANAGEMENT AND GENERAL EXPENSES 137,501. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 167,350. TRAINING FEES: PROGRAM SERVICE EXPENSES 114,790. MANAGEMENT AND GENERAL EXPENSES 14,768. FUNDRAISING EXPENSES 300. TOTAL EXPENSES 129,858. FORM 990, PART XI, LINE 9: FOREIGN CURRENCY TRANSLATION GAIN 45,081. CHANGE IN VALUE OF CHARITABLE REMAINDER TRUST 27,748. WRITE-OFF ON LOAN RECEIVABLE -210,571. FORM 990, PART XII, LINE 2C: ACUMEN FUND, INC. HAS A COMMITTEE THAT ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT. THIS PROCESS DID NOT CHANGE FROM 2015. 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