UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUND: Form 990, tax year 2009
View the entire original 990 at ProPublica ↗
- Organization
- UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUND (EIN 13-3786524)
- Tax period
- 2009-10-01 to 2010-09-30
- Filed
- 2011-08-02
- IRS object ID
- 201102149349300125
- Schema version
- 2009v1.7
- Source
- Download XML · Original 990 at ProPublica
Every field in the e-filed return. Faint text is the IRS element name, for citing.
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Timestamp | 2011-08-02T12:06:08-05:00 | Timestamp |
| Tax Period End Date | 2010-09-30 | TaxPeriodEndDate |
Preparer Firm PreparerFirm
Preparer Firm Business Name PreparerFirmBusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | KPMG LLP | BusinessNameLine1 |
Preparer Firm US Address PreparerFirmUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 345 Park Avenue | AddressLine1 |
| City | New York | City |
| State | NY | State |
| ZIP Code | 101540102 | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnType |
| Tax Period Begin Date | 2009-10-01 | TaxPeriodBeginDate |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 133786524 | EIN |
Name Name
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | WESTERN NIS ENTERPRISE FUND | BusinessNameLine1 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name Control | WEST | NameControl |
| Phone | 3129397003 | Phone |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 175 WEST JACKSON BLVD STE 2225 | AddressLine1 |
| City | CHICAGO | City |
| State | IL | State |
| ZIP Code | 60604 | ZIPCode |
Officer Officer
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name | Lenna Koszarny | Name |
| Title | CFO & Administrative Officer | Title |
| Phone | 3129397003 | Phone |
| Date Signed | 2011-08-01 | DateSigned |
| Authorize Third Party | true | AuthorizeThirdParty |
Preparer Preparer
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name | KPMG LLP | Name |
| Phone | 2127589700 | Phone |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax Year | 2009 | TaxYear |
| Build TS | 2016-02-24 21:20:13Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name Of Principal Officer Person | Natalie Jaresko | NameOfPrincipalOfficerPerson |
Address Principal Officer US AddressPrincipalOfficerUS
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 175 West Jackson Blvd STE 2225 | AddressLine1 |
| City | Chicago | City |
| State | IL | State |
| ZIP Code | 60604 | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | 2439807 | GrossReceipts |
| Group Return For Affiliates | false | GroupReturnForAffiliates |
| Organization501c | X | Organization501c |
| Web Site | WWW.WNISEF.ORG | WebSite |
| Type Of Organization Corporation | X | TypeOfOrganizationCorporation |
| Year Formation | 1994 | YearFormation |
| State Legal Domicile | IL | StateLegalDomicile |
| Activity Or Mission Description | Western NIS was created and funded by the US Congress, and is overseen by USAID, to invest in and attract private capital to Ukraine, Moldova, and Belarus, to promote entrepreneurship and open markets. | ActivityOrMissionDescription |
| Nbr Voting Members Governing Body | 8 | NbrVotingMembersGoverningBody |
| Nbr Independent Voting Members | 7 | NbrIndependentVotingMembers |
| Total Nbr Employees | 2 | TotalNbrEmployees |
| Total Nbr Volunteers | 0 | TotalNbrVolunteers |
| Total Gross UBI | 0 | TotalGrossUBI |
| Net Unrelated Business Txbl Income | 0 | NetUnrelatedBusinessTxblIncome |
| Contributions Grants Current Year | 0 | ContributionsGrantsCurrentYear |
| Program Service Revenue Prior Year | 4639044 | ProgramServiceRevenuePriorYear |
| Program Service Revenue CY | -1597200 | ProgramServiceRevenueCY |
| Investment Income Prior Year | 550532 | InvestmentIncomePriorYear |
| Investment Income Current Year | 233026 | InvestmentIncomeCurrentYear |
| Other Revenue Prior Year | 50112 | OtherRevenuePriorYear |
| Other Revenue Current Year | 53294 | OtherRevenueCurrentYear |
| Total Revenue Prior Year | 5239688 | TotalRevenuePriorYear |
| Total Revenue Current Year | -1310880 | TotalRevenueCurrentYear |
| Grants And Similar Amnts Prior Year | 0 | GrantsAndSimilarAmntsPriorYear |
| Grants And Similar Amnts CY | 0 | GrantsAndSimilarAmntsCY |
| Benefits Paid To Members Prior Year | 0 | BenefitsPaidToMembersPriorYear |
| Benefits Paid To Members CY | 0 | BenefitsPaidToMembersCY |
| Salaries Etc Prior Year | 2096327 | SalariesEtcPriorYear |
| Salaries Etc Current Year | 1126304 | SalariesEtcCurrentYear |
| Total Prof Fundrsng Exp Prior Year | 0 | TotalProfFundrsngExpPriorYear |
| Total Prof Fundrsng Exp CY | 0 | TotalProfFundrsngExpCY |
| Total Fundrsng Exp Current Year | 0 | TotalFundrsngExpCurrentYear |
| Other Expense Prior Year | 1315817 | OtherExpensePriorYear |
| Other Expenses Current Year | 583167 | OtherExpensesCurrentYear |
| Total Expenses Prior Year | 3412144 | TotalExpensesPriorYear |
| Total Expenses Current Year | 1709471 | TotalExpensesCurrentYear |
| Revenues Less Expenses Prior Year | 1827544 | RevenuesLessExpensesPriorYear |
| Revenues Less Expenses CY | -3020351 | RevenuesLessExpensesCY |
| Total Assets BOY | 90285409 | TotalAssetsBOY |
| Total Assets EOY | 104712487 | TotalAssetsEOY |
| Total Liabilities BOY | 469799 | TotalLiabilitiesBOY |
| Total Liabilities EOY | 551646 | TotalLiabilitiesEOY |
| Net Assets Or Fund Balances BOY | 89815610 | NetAssetsOrFundBalancesBOY |
| Net Assets Or Fund Balances EOY | 104160841 | NetAssetsOrFundBalancesEOY |
| Mission Description | See Schedule O, Attachment 1 | MissionDescription |
| Significant New Program Services | false | SignificantNewProgramServices |
| Significant Change | false | SignificantChange |
| Expense | 1447612 | Expense |
| Grants | 0 | Grants |
| Revenue | 647087 | Revenue |
| Description | WESTERN NIS ENCOURAGES, THROUGH LENDING, INVESTMENT, AND TECHNICAL ASSISTANCE, THE CREATION AND EXPANSION OF SMALL AND MEDIUM-SIZED ENTERPRISES IN UKRAINE AND MOLDOVA. WESTERN NIS ALSO FULFILLS ITS MISSION OF ATTRACTING ADDITIONAL PRIVATE CAPITAL TO THE REGION THROUGH ITS USAID-APPROVED ROLE AS A SPONSOR OF THE EMERGING EUROPE GROWTH FUND, LP, A PRIVATE EQUITY FUND LAUNCHED IN 2006. | Description |
| Total Program Service Expense | 1447612 | TotalProgramServiceExpense |
| Described In501 C3 | true | DescribedIn501C3 |
| Schedule B Required | false | ScheduleBRequired |
| Political Activities | false | PoliticalActivities |
| Lobbying Activities | false | LobbyingActivities |
| Donor Advised Funds | false | DonorAdvisedFunds |
| Conservation Easements | false | ConservationEasements |
| Collections Of Art | false | CollectionsOfArt |
| Credit Counseling | false | CreditCounseling |
| Term Or Permanent Endowments | false | TermOrPermanentEndowments |
| Balance Sheet Amounts Reported | true | BalanceSheetAmountsReported |
| Independent Audit Financial Stmt | false | IndependentAuditFinancialStmt |
| Consolidated Audit Financial Stmt | true | ConsolidatedAuditFinancialStmt |
| School | false | School |
| Foreign Office | true | ForeignOffice |
| Foreign Activities | true | ForeignActivities |
| More Than5000 K To Organizations | false | MoreThan5000KToOrganizations |
| More Than5000 K To Individuals | false | MoreThan5000KToIndividuals |
| Professional Fundraising | false | ProfessionalFundraising |
| Fundraising Activities | false | FundraisingActivities |
| Gaming | false | Gaming |
| Hospital | false | Hospital |
| Grants To Organizations | false | GrantsToOrganizations |
| Grants To Individuals | false | GrantsToIndividuals |
| Schedule J Required | false | ScheduleJRequired |
| Tax Exempt Bonds | false | TaxExemptBonds |
| Excess Benefit Transaction | false | ExcessBenefitTransaction |
| Prior Excess Benefit Transaction | false | PriorExcessBenefitTransaction |
| Loan To Officer Or DQP | true | LoanToOfficerOrDQP |
| Grant To Related Person | false | GrantToRelatedPerson |
| Bsnss Rltnshp With Organization | false | BsnssRltnshpWithOrganization |
| Bsnss Rltnshp Thru Family Member | false | BsnssRltnshpThruFamilyMember |
| Officer Entity With Bsnss Rltnshp | true | OfficerEntityWithBsnssRltnshp |
| Deductible Non Cash Contributions | false | DeductibleNonCashContributions |
| Deductible Contributions Of Art | false | DeductibleContributionsOfArt |
| Terminated | false | Terminated |
| Partial Liquidation | false | PartialLiquidation |
| Disregarded Entity | false | DisregardedEntity |
| Related Entity | true | RelatedEntity |
| Related Org Controlled Entity | true | RelatedOrgControlledEntity |
| Transfers To Exempt Non Chrtbl Org | false | TransfersToExemptNonChrtblOrg |
| Activities Conducted Partnership | true | ActivitiesConductedPartnership |
| Schedule O Required | true | ScheduleORequired |
| Number Forms Transmitted With1096 | 12 | NumberFormsTransmittedWith1096 |
| Number W2 G Included | 0 | NumberW2GIncluded |
| Compliance With Backup Witholding | true | ComplianceWithBackupWitholding |
| Number Of Employees | 2 | NumberOfEmployees |
| Employment Tax Returns Filed | true | EmploymentTaxReturnsFiled |
| Unrelated Business Income | false | UnrelatedBusinessIncome |
| Foreign Financial Account | true | ForeignFinancialAccount |
| Name Of Foreign Country | UP | NameOfForeignCountry |
| Name Of Foreign Country | MD | NameOfForeignCountry |
| Prohibited Tax Shelter Trans | false | ProhibitedTaxShelterTrans |
| Taxable Party Notification | false | TaxablePartyNotification |
| Non Deductible Contributions | false | NonDeductibleContributions |
| Quid Pro Quo Contributions | false | QuidProQuoContributions |
| Form8282 Property Disposed Of | false | Form8282PropertyDisposedOf |
| Funds To Pay Premiums | false | FundsToPayPremiums |
| Premiums Paid | false | PremiumsPaid |
| Nbr Voting Governing Body Members | 8 | NbrVotingGoverningBodyMembers |
| Number Independent Voting Members | 7 | NumberIndependentVotingMembers |
| Family Or Business Relationship | true | FamilyOrBusinessRelationship |
| Delegation Of Management Duties | true | DelegationOfManagementDuties |
| Changes To Organizing Docs | false | ChangesToOrganizingDocs |
| Material Diversion Or Misuse | false | MaterialDiversionOrMisuse |
| Members Or Stockholders | true | MembersOrStockholders |
| Election Of Board Members | true | ElectionOfBoardMembers |
| Decisions Subject To Approval | true | DecisionsSubjectToApproval |
| Minutes Of Governing Body | true | MinutesOfGoverningBody |
| Minutes Of Committees | true | MinutesOfCommittees |
| Officer Mailing Address | false | OfficerMailingAddress |
| Local Chapters | false | LocalChapters |
| Form990 Provided To Governing Body | true | Form990ProvidedToGoverningBody |
| Conflict Of Interest Policy | true | ConflictOfInterestPolicy |
| Annual Disclosure Covered Persons | true | AnnualDisclosureCoveredPersons |
| Regular Monitoring Enforcement | true | RegularMonitoringEnforcement |
| Whistleblower Policy | true | WhistleblowerPolicy |
| Document Retention Policy | true | DocumentRetentionPolicy |
| Compensation Process CEO | true | CompensationProcessCEO |
| Compensation Process Other | true | CompensationProcessOther |
| Investment In Joint Venture | true | InvestmentInJointVenture |
| Written Policy Or Procedure | true | WrittenPolicyOrProcedure |
| States Where Copy Of Return Is Filed | IL | StatesWhereCopyOfReturnIsFiled |
| Upon Request | X | UponRequest |
The Books Are In Care Of TheBooksAreInCareOf
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name Person | LENNA KOSZARNY | NamePerson |
| Telephone Number | 3129397003 | TelephoneNumber |
Address US AddressUS
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 175 WEST JACKSON BLVD STE 2225 | AddressLine1 |
| City | CHICAGO | City |
| State | IL | State |
| ZIP Code | 60604 | ZIPCode |
Form990 Part VII Section A Form990PartVIISectionA (12 entries)
| TitleTitle | Average Hours Per WeekAverageHoursPerWeek | Individual Trustee Or DirectorIndividualTrusteeOrDirector | OfficerOfficer | Reportable Comp From OrganizationReportableCompFromOrganization | Reportable Comp From Related OrgsReportableCompFromRelatedOrgs | Other CompensationOtherCompensation |
|---|---|---|---|---|---|---|
| NATALIE A JARESKO | ||||||
| PRESIDENT & CEO, DIRECTOR | 1.0 | X | X | 109305 | 0 | 0 |
| Dennis A Johnson | ||||||
| Chairman of the Board | 1.0 | X | X | 0 | 0 | 0 |
| Richard I Arthur | ||||||
| Director | 1.0 | X | 0 | 0 | 0 | |
| Jaroslawa Zelinsky Johnson | ||||||
| DIRECTOR | 1.0 | X | 0 | 0 | 0 | |
| Whitney MacMillan | ||||||
| DIRECTOR | 1.0 | X | 0 | 0 | 0 | |
| Patrick H Arbor | ||||||
| DIRECTOR | 1.0 | X | 0 | 0 | 0 | |
| Jeffrey C Neal | ||||||
| DIRECTOR | 1.0 | X | 0 | 0 | 0 | |
| Robert M Cotten | ||||||
| DIRECTOR | 1.0 | X | 0 | 0 | 0 | |
| MARK A IWASHKO | ||||||
| Executive VP and Chief Inv Off | 1.0 | X | 109305 | 0 | 0 | |
| LENNA KOSZARNY | ||||||
| Chief Financial & Administ Off | 1.0 | X | 67606 | 0 | 0 | |
| Peter B Charchalis | ||||||
| Assist Secret through 12/15/09 | 1.0 | X | 29913 | 0 | 0 | |
| Christina Harea | ||||||
| Moldova Country Manager | 1.0 | X | 17950 | 0 | 0 | |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | 334079 | TotalReportableCompFromOrg |
| Total Reportable Comp Frm Rltd Orgs | 0 | TotalReportableCompFrmRltdOrgs |
| Total Other Compensation | 0 | TotalOtherCompensation |
| Number Individuals GT100 K | 2 | NumberIndividualsGT100K |
| Formers Listed | false | FormersListed |
| Total Comp GT150 K | false | TotalCompGT150K |
| Compensation From Other Sources | false | CompensationFromOtherSources |
Contractor Compensation ContractorCompensation
Name Of Contractor NameOfContractor
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name Person | Horizon Capital Associates LLC | NamePerson |
Address Of Contractor AddressOfContractor
Address US AddressUS
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 175 W Jackson Boulevard Suite 222 | AddressLine1 |
| City | CHICAGO | City |
| State | IL | State |
| ZIP Code | 60604 | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Description Of Services | Management fees | DescriptionOfServices |
| Compensation | 929732 | Compensation |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Number Of Contractors GT100 K | 1 | NumberOfContractorsGT100K |
| Total Contributions | 0 | TotalContributions |
Program Service Revenue ProgramServiceRevenue (3 entries)
| DescriptionDescription | Business CodeBusinessCode | Total Revenue ColumnTotalRevenueColumn | Related Or Exempt Function IncomeRelatedOrExemptFunctionIncome |
|---|---|---|---|
| INTEREST FROM PROGRAM RELATED INVESTMENTS | 523000 | 634781 | 634781 |
| REALIZED LOSS FROM PROGRAM RELATED INVESTMENTS | 523000 | -2244287 | -2244287 |
| DIRECTOR FEES FROM PROGRAM RELATED INVESTMENTS | 523000 | 12306 | 12306 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | -1597200 | TotalProgramServiceRevenue |
Investment Income InvestmentIncome
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 227338 | TotalRevenueColumn |
| Exclusion | $227,338 | ExclusionAmount |
Income From Invest Bond Proceeds IncomeFromInvestBondProceeds
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 0 | TotalRevenueColumn |
Royalties Revenue RoyaltiesRevenue
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 0 | TotalRevenueColumn |
Gross Amount Sales Assets GrossAmountSalesAssets
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other | 5688 | Other |
Less Cost Oth Basis Sales Expenses LessCostOthBasisSalesExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other | 0 | Other |
Gain Or Loss GainOrLoss
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other | 5688 | Other |
Net Gain Or Loss Investments NetGainOrLossInvestments
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 5688 | TotalRevenueColumn |
| Exclusion | $5,688 | ExclusionAmount |
Net Income From Fundraising Events NetIncomeFromFundraisingEvents
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 0 | TotalRevenueColumn |
Net Income From Gaming NetIncomeFromGaming
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 0 | TotalRevenueColumn |
Net Income Or Loss NetIncomeOrLoss
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 0 | TotalRevenueColumn |
Other Revenue Misc OtherRevenueMisc (2 entries)
| DescriptionDescription | Business CodeBusinessCode | Total Revenue ColumnTotalRevenueColumn | ExclusionExclusionAmount |
|---|---|---|---|
| CURRENCY TRANSLATION | 900099 | 183 | $183 |
| MISCELLANEOUS | 900099 | 53111 | $53,111 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Other Revenue | 53294 | TotalOtherRevenue |
Total Revenue TotalRevenue
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | -1310880 | TotalRevenueColumn |
| Related Or Exempt Function Income | -1597200 | RelatedOrExemptFunctionIncome |
| Unrelated Business Revenue | 0 | UnrelatedBusinessRevenue |
| Exclusion | $286,320 | ExclusionAmount |
Grants To Domestic Orgs GrantsToDomesticOrgs
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Grants To Domestic Individuals GrantsToDomesticIndividuals
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Foreign Grants ForeignGrants
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Benefits To Members BenefitsToMembers
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Comp Current Officers Directors CompCurrentOfficersDirectors
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Comp Disqual Persons CompDisqualPersons
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 1008900 | Total |
| Program Services | 1008900 | ProgramServices |
| Management And General | 0 | ManagementAndGeneral |
| Fundraising | 0 | Fundraising |
Other Salaries And Wages OtherSalariesAndWages
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 77293 | Total |
| Program Services | 44629 | ProgramServices |
| Management And General | 32664 | ManagementAndGeneral |
| Fundraising | 0 | Fundraising |
Pension Plan Contributions PensionPlanContributions
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 16332 | Total |
| Program Services | 8166 | ProgramServices |
| Management And General | 8166 | ManagementAndGeneral |
| Fundraising | 0 | Fundraising |
Other Employee Benefits OtherEmployeeBenefits
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 17960 | Total |
| Program Services | 8980 | ProgramServices |
| Management And General | 8980 | ManagementAndGeneral |
| Fundraising | 0 | Fundraising |
Payroll Taxes PayrollTaxes
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 5819 | Total |
| Program Services | 3024 | ProgramServices |
| Management And General | 2795 | ManagementAndGeneral |
| Fundraising | 0 | Fundraising |
Fees For Services Management FeesForServicesManagement
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Fees For Services Legal FeesForServicesLegal
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 69207 | Total |
| Program Services | 45360 | ProgramServices |
| Management And General | 23847 | ManagementAndGeneral |
| Fundraising | 0 | Fundraising |
Fees For Services Accounting FeesForServicesAccounting
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 167131 | Total |
| Program Services | 109542 | ProgramServices |
| Management And General | 57589 | ManagementAndGeneral |
| Fundraising | 0 | Fundraising |
Fees For Services Lobbying FeesForServicesLobbying
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Fees For Services Prof Fundraising FeesForServicesProfFundraising
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Fees For Services Invst Mgmnt Fees FeesForServicesInvstMgmntFees
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Fees For Services Other FeesForServicesOther
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 28134 | Total |
| Program Services | 18440 | ProgramServices |
| Management And General | 9694 | ManagementAndGeneral |
| Fundraising | 0 | Fundraising |
Advertising Advertising
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Office Expenses OfficeExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 38535 | Total |
| Program Services | 24971 | ProgramServices |
| Management And General | 13564 | ManagementAndGeneral |
| Fundraising | 0 | Fundraising |
Information Technology InformationTechnology
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 1714 | Total |
| Program Services | 1111 | ProgramServices |
| Management And General | 603 | ManagementAndGeneral |
| Fundraising | 0 | Fundraising |
Royalties Royalties
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Occupancy Occupancy
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 29287 | Total |
| Program Services | 18915 | ProgramServices |
| Management And General | 10372 | ManagementAndGeneral |
| Fundraising | 0 | Fundraising |
Travel Travel
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 115980 | Total |
| Program Services | 69275 | ProgramServices |
| Management And General | 46705 | ManagementAndGeneral |
| Fundraising | 0 | Fundraising |
Travel Entrtnmnt Public Officials TravelEntrtnmntPublicOfficials
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Conferences Meetings ConferencesMeetings
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Interest Interest
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Payments To Affiliates PaymentsToAffiliates
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Depreciation Depletion DepreciationDepletion
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 4898 | Total |
| Program Services | 3174 | ProgramServices |
| Management And General | 1724 | ManagementAndGeneral |
Insurance Insurance
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 34900 | Total |
| Program Services | 22615 | ProgramServices |
| Management And General | 12285 | ManagementAndGeneral |
Other Expenses OtherExpenses (5 entries)
| DescriptionDescription | TotalTotal | Program ServicesProgramServices | Management And GeneralManagementAndGeneral | FundraisingFundraising |
|---|---|---|---|---|
| MEMBERSHIPS | 5761 | 3733 | 2028 | 0 |
| ANNUAL REPORT | 5727 | 3711 | 2016 | 0 |
| TEMP WORKER AND OUTSOURCING | 2880 | 1866 | 1014 | 0 |
| DUES AND SUBSCRIPTIONS | 155 | 100 | 55 | 0 |
| OTHER OPERATING EXPENSES | 78858 | 51100 | 27758 |
Total Functional Expenses TotalFunctionalExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 1709471 | Total |
| Program Services | 1447612 | ProgramServices |
| Management And General | 261859 | ManagementAndGeneral |
| Fundraising | 0 | Fundraising |
Cash Non Interest Bearing CashNonInterestBearing
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 117363 | BOY |
| EOY | 101405 | EOY |
Savings And Temp Cash Investments SavingsAndTempCashInvestments
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 18909971 | BOY |
| EOY | 13821755 | EOY |
Receivables From Disqual Persons ReceivablesFromDisqualPersons
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 151671 | BOY |
| EOY | 75836 | EOY |
Prepaid Expenses Deferred Charges PrepaidExpensesDeferredCharges
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 283464 | BOY |
| EOY | 310901 | EOY |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Buildings Equipment Basis | 246469 | LandBuildingsEquipmentBasis |
| Land Bldg Equipment Accum Deprec | 239219 | LandBldgEquipmentAccumDeprec |
Land Buildings Equipment Basis Net LandBuildingsEquipmentBasisNet
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 11010 | BOY |
| EOY | 7250 | EOY |
Investments Program Related InvestmentsProgramRelated
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 70010763 | BOY |
| EOY | 89545841 | EOY |
Other Assets Total OtherAssetsTotal
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 801167 | BOY |
| EOY | 849499 | EOY |
Total Assets TotalAssets
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 90285409 | BOY |
| EOY | 104712487 | EOY |
Accounts Payable Accrued Expenses AccountsPayableAccruedExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 102375 | BOY |
| EOY | 196377 | EOY |
Other Liabilities OtherLiabilities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 367424 | BOY |
| EOY | 355269 | EOY |
Total Liabilities TotalLiabilities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 469799 | BOY |
| EOY | 551646 | EOY |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Do Not Follow SFAS117 | X | DoNotFollowSFAS117 |
Retained Earnings Endowment Etc RetainedEarningsEndowmentEtc
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 89815610 | BOY |
| EOY | 104160841 | EOY |
Total Net Assets Fund Balances TotalNetAssetsFundBalances
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 89815610 | BOY |
| EOY | 104160841 | EOY |
Total Liab Net Assets Fund Balances TotalLiabNetAssetsFundBalances
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 90285409 | BOY |
| EOY | 104712487 | EOY |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Method Of Accounting Accrual | X | MethodOfAccountingAccrual |
| Accountant Compile Or Review | false | AccountantCompileOrReview |
| FS Audited | true | FSAudited |
| Audit Committee | true | AuditCommittee |
| Financial Statement Consolidated | X | FinancialStatementConsolidated |
| Federal Grant Audit Required | false | FederalGrantAuditRequired |
Schedule A IRS990ScheduleA
| Field | Value | IRS element (for citing) |
|---|---|---|
| Publicly Supported Org509a2 | X | PubliclySupportedOrg509a2 |
Gifts Grants Contrib Received509 GiftsGrantsContribReceived509
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | 13744125 | CurrentTaxYearMinus4Years |
| Current Tax Year Minus3 Years | 2555875 | CurrentTaxYearMinus3Years |
| Current Tax Year Minus2 Years | 0 | CurrentTaxYearMinus2Years |
| Current Tax Year Minus1 Year | 0 | CurrentTaxYearMinus1Year |
| Current Tax Year | 0 | CurrentTaxYear |
| Total | 16300000 | Total |
Gross Receipts From Admissions GrossReceiptsFromAdmissions
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | 4861229 | CurrentTaxYearMinus4Years |
| Current Tax Year Minus3 Years | 10843448 | CurrentTaxYearMinus3Years |
| Current Tax Year Minus2 Years | 1452181 | CurrentTaxYearMinus2Years |
| Current Tax Year Minus1 Year | 4639044 | CurrentTaxYearMinus1Year |
| Current Tax Year | 647087 | CurrentTaxYear |
| Total | 22442989 | Total |
Total509 Total509
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | 18605354 | CurrentTaxYearMinus4Years |
| Current Tax Year Minus3 Years | 13399323 | CurrentTaxYearMinus3Years |
| Current Tax Year Minus2 Years | 1452181 | CurrentTaxYearMinus2Years |
| Current Tax Year Minus1 Year | 4639044 | CurrentTaxYearMinus1Year |
| Current Tax Year | 647087 | CurrentTaxYear |
| Total | 38742989 | Total |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Public Support Total509 | 38742989 | PublicSupportTotal509 |
Gross Investment Income509 GrossInvestmentIncome509
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | 579784 | CurrentTaxYearMinus4Years |
| Current Tax Year Minus3 Years | 1309487 | CurrentTaxYearMinus3Years |
| Current Tax Year Minus2 Years | 718298 | CurrentTaxYearMinus2Years |
| Current Tax Year Minus1 Year | 541144 | CurrentTaxYearMinus1Year |
| Current Tax Year | 227338 | CurrentTaxYear |
| Total | 3376051 | Total |
Investment Income And UBTI InvestmentIncomeAndUBTI
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | 579784 | CurrentTaxYearMinus4Years |
| Current Tax Year Minus3 Years | 1309487 | CurrentTaxYearMinus3Years |
| Current Tax Year Minus2 Years | 718298 | CurrentTaxYearMinus2Years |
| Current Tax Year Minus1 Year | 541144 | CurrentTaxYearMinus1Year |
| Current Tax Year | 227338 | CurrentTaxYear |
| Total | 3376051 | Total |
Other Income509 OtherIncome509
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | 27172 | CurrentTaxYearMinus4Years |
| Current Tax Year Minus3 Years | 1035367 | CurrentTaxYearMinus3Years |
| Current Tax Year Minus2 Years | 44867 | CurrentTaxYearMinus2Years |
| Current Tax Year Minus1 Year | 50111 | CurrentTaxYearMinus1Year |
| Current Tax Year | 53294 | CurrentTaxYear |
| Total | 1210811 | Total |
Total Support Total TotalSupportTotal
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | 19212310 | CurrentTaxYearMinus4Years |
| Current Tax Year Minus3 Years | 15744177 | CurrentTaxYearMinus3Years |
| Current Tax Year Minus2 Years | 2215346 | CurrentTaxYearMinus2Years |
| Current Tax Year Minus1 Year | 5230299 | CurrentTaxYearMinus1Year |
| Current Tax Year | 927719 | CurrentTaxYear |
| Total | 43329851 | Total |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Public Support Percentage509 | 0.89414 | PublicSupportPercentage509 |
| Prior Year Support Percentage | 0.93006 | PriorYearSupportPercentage |
| Investment Income Percentage | 0.07791 | InvestmentIncomePercentage |
| Prior Yr Invest Income Percentage | 0.05188 | PriorYrInvestIncomePercentage |
| Thirty Three Percnt Tests CY509 | X | ThirtyThreePercntTestsCY509 |
| General Explanation | OTHER INCOME CONSISTS OF BOARD OF DIRECTORS FEES FROM PORTFOLIO COMPANIES, CURRENCY TRANSLATION GAINS, WRITE-OFFS OF FIXED ASSETS, AND EXPENSE REIMBURSEMENTS FROM INTERESTED PERSONS (AS SET FORTH IN SCHEDULE L, PART IV). | GeneralExplanation |
Schedule D IRS990ScheduleD
| Field | Value | IRS element (for citing) |
|---|---|---|
| Art Public Exhibition Amts | ArtPublicExhibitionAmts | |
| Held Works Of Art Amts | HeldWorksOfArtAmts | |
| Land | Land | |
| Buildings | Buildings |
Leasehold Improvements LeaseholdImprovements
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | 1850 | OtherCostOrOtherBasis |
| Depreciation | 593 | Depreciation |
| Book Value | 1257 | BookValue |
Equipment Equipment
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | 243615 | OtherCostOrOtherBasis |
| Depreciation | 237622 | Depreciation |
| Book Value | 5993 | BookValue |
Other Land Buildings OtherLandBuildings
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | 1004 | OtherCostOrOtherBasis |
| Depreciation | 1004 | Depreciation |
| Book Value | 0 | BookValue |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Of Book Value Land Buildings | 7250 | TotalOfBookValueLandBuildings |
Investments Program Related InvestmentsProgramRelated (2 entries)
| DescriptionDescription | Book ValueBookValue | Method Of ValuationMethodOfValuation |
|---|---|---|
| EQUITY & DEBT SECURITIES | 74307318 | F |
| EMERGING EUROPE GROWTH FUND LP | 15238523 | F |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Of Book Value Program Related | 89545841 | TotalOfBookValueProgramRelated |
| Federal Income Tax Liability | 0 | FederalIncomeTaxLiability |
Other Liabilities OtherLiabilities (3 entries)
| DescriptionDescription | AmountAmount |
|---|---|
| EXIT BASED INCENTIVE PAYABLE | $15,417 |
| DEFERRED INCOME | $14,852 |
| DEPOSITS RECEIVED ON SALE | $325,000 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Of Amounts | 355269 | TotalOfAmounts |
| Total Revenue | -1310880 | TotalRevenue |
| Total Expenses | 1709471 | TotalExpenses |
| Excess Or Deficit For Year | -3020351 | ExcessOrDeficitForYear |
| Net Unrealized GL On Investments | 17353388 | NetUnrealizedGLOnInvestments |
| Other | $12,194 | OtherAmount |
| Total Adjustments | 17365582 | TotalAdjustments |
| Excess Or Deficit Per FS | 14345231 | ExcessOrDeficitPerFS |
| Tot Revenue Etc Audited Fincl Stmt | 16054702 | TotRevenueEtcAuditedFinclStmt |
| Net Unrealized Gains Investments | 17353388 | NetUnrealizedGainsInvestments |
| Other Revenues | 12194 | OtherRevenues |
| Revenue Not Rptd F990 | 17365582 | RevenueNotRptdF990 |
| Revenue Subtotal | -1310880 | RevenueSubtotal |
| Total Revenue Per Form990 | -1310880 | TotalRevenuePerForm990 |
| Tot Expenses Etc Audited Fincl Stmt | 1709471 | TotExpensesEtcAuditedFinclStmt |
| Expenses Subtotal | 1709471 | ExpensesSubtotal |
| Total Expenses Per Form990 | 1709471 | TotalExpensesPerForm990 |
Form990 Schedule D Part XIV Form990ScheduleDPartXIV (2 entries)
| IdentifierIdentifier | Return ReferenceReturnReference | ExplanationExplanation |
|---|---|---|
| Form 990, SCH D, Part XI, Line 8 and Part XII, Line 2d | Reconciliation of Changes in Net Assets and Revenue | Deferred exit-based incentive $12,194 |
| SCHEDULE D, PART X | TAX STATUS | HISTORICALLY, THE FUND HAS BEEN EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE U.S. INTERNAL REVENUE CODE (THE CODE), AND, BECAUSE IT WAS FUNDED THROUGH U.S. GOVERNMENT GRANTS, HAS BEEN CLASSIFIED AS AN ORGANIZATION THAT IS NOT A PRIVATE FOUNDATION AS DEFINED IN SECTION 509(A)(1) OF THE CODE. DURING THE FISCAL YEAR, THE FUND CHANGED ITS CLASSIFICATION FROM AN ORGANIZATION THAT IS NOT A PRIVATE FOUNDATION UNDER SECTION 509(A)(1) TO A PUBLIC CHARITY AS DEFINED IN SECTION 509(A)(2) OF THE CODE, GIVEN THAT ITS INCOME IS NO LONGER DERIVED PRIMARILY FROM GRANTS. THE FUND CONTINUES TO MAINTAIN ITS 501(C)(3) DESIGNATION. IN ADDITION, DURING THE FISCAL YEAR, THE FUND REGISTERED AS A CHARITABLE TRUST IN ILLINOIS AND COMPLETED ALL REQUIRED FILINGS. THE FUND IS EXEMPT FROM PAYMENT OF STATE AND LOCAL INCOME TAXES. |
Schedule F IRS990ScheduleF
Accts Actvs Out US Table AcctsActvsOutUSTable (2 entries)
| RegionRegion | Number Of OfficesNumberOfOffices | Number Of EmployeesNumberOfEmployees | Type Of Activities ConductedTypeOfActivitiesConducted | Specific Services ProvidedSpecificServicesProvided | Total ExpendituresTotalExpenditures |
|---|---|---|---|---|---|
| Russia and the Newly Independent States | 2 | 8 | Program Services | General Operations | 1230437 |
| Russia and the Newly Independent States | 0 | 0 | Program Services | Debt Investments | 10000000 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Number Of Offices | 2 | TotalNumberOfOffices |
| Total Number Of Employees | 8 | TotalNumberOfEmployees |
| Total Amount Spent | 11230437 | TotalAmountSpent |
Form990 Schedule F Part IV Form990ScheduleFPartIV (2 entries)
| IdentifierIdentifier | Return ReferenceReturnReference | ExplanationExplanation |
|---|---|---|
| SCHEDULE F, PART I, LINE 3 | Foreign Activities | Western NIS has an office in the US, but most of its operations are in Ukraine and Moldova, given its tax-exempt mission. (See Schedule O for additional details.) Western NIS has one office in Ukraine and one in Moldova. We also note that the debt investments included in Part I of Schedule F are program related investments that further its charitable mission. |
| FOREIGN FORMS - SUPPLEMENTAL INFORMATION | WESTERN NIS ENTERPRISE FUND 2009 RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX STATEMENT FILED PURSUANT TO TREASURY REGULATION SECTION 1.368 BY WESTERN NIS ENTERPRISE FUND, EIN 13-3786524. UNDER INTERNAL REVENUE CODE SECTION 368(A)(1)(F), IMB GROUP PUBLIC LIMITED CHANGED ITS NAME TO PT PLATINUM PUBLIC LIMITED. |
Schedule L IRS990ScheduleL
Loan Table LoanTable
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name Person | Horizon Capital Adv | NamePerson |
| Purpose Of Loan | Fixed asset sale | PurposeOfLoan |
| Loan From Organization | X | LoanFromOrganization |
| Original Principal | $379,178 | OriginalPrincipalAmount |
| Balance Due | 75836 | BalanceDue |
| Default | false | Default |
| Approved By Board | true | ApprovedByBoard |
| Written Agreement | true | WrittenAgreement |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Balance Due | 75836 | TotalBalanceDue |
Form990 Schedule L Part IV Form990ScheduleLPartIV (4 entries)
| RelationshipRelationship | Amount Of TransactionAmountOfTransaction | Description Of TransactionDescriptionOfTransaction | Sharing Of RevenuesSharingOfRevenues |
|---|---|---|---|
| Horizon Capital Associates LLC | |||
| MGMT OVERLAP - SEE SCH O | 1054270 | Management services | false |
| Horizon Capital Advisors LLC | |||
| MGMT OVERLAP - SEE SCH O | 17111 | Fixed assets lease | false |
| Horizon Capital Advisors LLC | |||
| MGMT OVERLAP - SEE SCH O | 36000 | Use of Chicago office | false |
| Horizon Capital Advisors LLC | |||
| MGMT OVERLAP - SEE SCH O | 12306 | Portfolio inv co directors fee | false |
Schedule O IRS990ScheduleO
General Explanation GeneralExplanation (13 entries)
| IdentifierIdentifier | Return ReferenceReturnReference | ExplanationExplanation |
|---|---|---|
| Form 990, Part VI, Line 2 | Business Relationships | There was a business relationship during the year between Natalie A. Jaresko (President/CEO, and voting director), Mark A. Iwashko (Executive VP and CIO), and Lenna Koszarny (CFO & Administrative Officer), as they are owners and/or officers of Horizon Capital Associates LLC (HCA), the management company which has entered into a contract approved by the Western NIS Board of Directors and USAID, to provide management services to Western NIS. These three individuals are also owners and/or officers of Horizon Capital Advisors, LLC (HCAD), a subadvisor entity providing services to the management company. |
| Form 990, Part VI, Line 3 | Delegation of Management Duties | Western NIS has a management agreement with Horizon Capital Associates LLC to provide advice and make recommendations. See also Schedule O for Form 990, Part VI, Line 7b - Approval by Members. The Board of Directors retains full decision-making authority. |
| Form 990, Part VI, Lines 6 & 7a | Members | The corporate members of Western NIS consist of the directors who are US citizens. The members have the rights to elect and remove directors. |
| Form 990, Part VI, Line 7b | Approval by Members | USAID has the authority to, and in fact does, approve certain Western NIS' decisions, including the long-term equity incentive plan, the privatization of Horizon Capital in 2006, the terms of the HCA management agreement with Western NIS, and the contribution of certain investments to the Emerging Europe Growth Fund, LP, a regional private equity fund launched in 2006. USAID conducts semi-annual reviews of Western NIS and reviews monthly reports and annual audited financial statements and annual reports submitted by Western NIS. |
| Form 990, Part VI, Line 11 | Form 990 Review Policy | Western NIS Enterprise Fund's Form 990 is prepared by an independent accounting firm in conjunction with its finance staff. The Chief Financial Officer (CFO) reviews, edits, and approves the draft Form 990 prior to review by the President/Chief Executive Officer (CEO) and the Senior Vice-President/Chief Investment Officer (CIO). Once the CIO and CEO review the draft Form 990 and their comments are incorporated, it is distributed to a subcommittee of the Board formed to review and approve the Form 990 on behalf of the full Board of Directors. Once their comments are incorporated and the Form 990 is approved, a copy of the Form 990 that will be filed with the IRS is provided to all members of the Board of Directors, as well as external corporate counsel, prior to filing. |
| Form 990, Part VI, Line 12 | Conflict of Interest Policy | Officers are appointed on an annual basis by the Board of Directors of Western NIS Enterprise Fund, and the terms of appointment include compliance with the policies and procedures of the Fund, including the conflict of interest policy. The Grant Agreement with USAID includes the conflict of interest policy and identifies which matters must be discussed with USAID. Compliance is monitored via the annual audit process, conducted by an independent big 4 public accounting firm, through review of transactions, including related party transactions and internal control procedures. Any potential conflict would be reviewed and handled by the board of directors and outside legal counsel. If a conflict was related to a board member, then that board member would be required to abstain from discussion and vote on the conflicted matter. |
| Form 990, Part VI, Line 15 and Part IX, Lines 5 - 10 | Compensation | Western NIS has a special compensation structure that reflects its tax-exempt mission. As noted in Part III of Form 990, one of Western NIS' key accomplishments was fulfilling the directive from USAID to establish a private follow-on fund, Emerging Europe Growth Fund LP (EEGF). This directive followed the precedent of USAID-financed enterprise funds in Central and Eastern Europe, which successfully attracted significant private capital. As described in Schedule O, Western NIS is nearing its wind-down phase, and the founding of EEGF was a significant accomplishment towards Western NIS' mission. A private management company, Horizon Capital Associates LLC (HCA), was formed to manage the investments of EEGF and Western NIS until it dissolves. Following the founding of EEGF, all employees of Western NIS (except those located in the US) became employees of HCA's subadvisor entity, Horizon Capital Advisors, LLC (HCAD), resulting in the transfer of employee compensation, operating and other expenses from Western NIS to HCA and HCAD. Accordingly, Western NIS currently has no employees, other than an administrative assistant and a part-time accountant in the US. Both the formation of the Horizon Capital entities and outsourcing of management functions to HCA were approved by USAID. Western NIS pays HCA an annual management fee, as disclosed in Schedule L. The management agreement with HCA was approved by the Board of Directors of Western NIS, after review and approval of its key terms, including the management fee, by USAID, which had prior experience reviewing and approving similar management agreements entered into by other enterprise funds that it regulates. The management fee formula is identical to that in the management agreement between HCA and EEGF, which also was reviewed and approved by the WESTERN NIS Board and USAID (as well as by other investors in EEGF). In 2002, the board members of Western NIS established a long-term equity incentive plan ("LTEI"), which was based on similar arrangements at other USAID-financed enterprise funds and was approved by the US Congress and USAID. The LTEI Plan is not compensation from government grant funds but a separately USAID-approved incentive plan funded from investment sales proceeds. LTEI compensation is not contingent on revenues or net earnings, but rather on a profitable exit of a portfolio company that exceeds the baseline value set by the board of directors and approved by USAID. Upon the spin-off of employees to HCAD, the LTEI plan remains in effect as long as 1) the management agreement between Western NIS and HCA continues; 2) the specific employee remains in the employ of HCAD and 3) the board of directors does not amend, alter or terminate the plan. This is intended to maximize Western NIS' returns on its remaining portfolio. There were LTEI payments during the 2009 calendar year, as set forth in the following paragraph. The Statement of Functional Expenses in Part IX shows $12,194 of expenses under the long-term equity incentive plan that was paid out during fiscal year 2010. In the compensation sections we report $316,129 paid under the LTEI during the 2009 calendar year to current and former officers, because those sections report compensation paid during the 2009 calendar year. We also note that during the 2009 calendar year $179,199 was paid under the LTEI to former key employees, but given that no such compensation reached $100,000, these amounts are not required to be reported in Part VII. In addition, we note that the grant agreement with USAID provides that US government grant funds may not be used to compensate employees of Western NIS, or employees of an organization in which it owns a majority interest, over $150,000 per annum. The LTEI Plan is not compensation from government grant funds but a separately USAID-approved incentive plan funded from investment sales proceeds. |
| Form 990, Part VI, Line 16 | Joint Ventures | The tax-exempt mission of Western NIS Enterprise Fund established by the US Congress and USAID is directly furthered by the Fund's investments in small-to mid-sized companies in the Ukraine and Moldova, and also by its investment in EEGF, a regional private equity fund whose establishment was encouraged, reviewed and approved by USAID. Under the terms of its grant agreement from USAID, Western NIS takes a commercial approach to its investment activities in portfolio companies in the Western Newly Independent States, as a matter of operating philosophy. The written grant agreement also provides numerous terms and conditions to ensure that the portfolio companies it invests in further its tax-exempt mission and USAID guidelines. Western NIS has a written policy that requires, among other things, that all investments be in accord with the grant agreement, which expressly defines permissible investments as well as prohibited transactions consistent with Western NIS' congressionally - mandated charitable mission. In addition to this written policy, Western NIS has adopted various measures that safeguard its exempt status with respect to its investments. These measures include ensuring that investment agreements with portfolio companies are on an arm's length basis and contain provisions to assure compliance with relevant clauses within the grant agreement. USAID specifically reviewed and approved in writing Western NIS' investment in EEGF as an integral part of its tax exempt mission. |
| Form 990, Part VI, Line 19 | Disclosures | As a USAID recipient, Western NIS' governing documents, including its conflict of interest policy, and its financial statements are provided to USAID and are made available to the public through this organization. The financial statements are also posted on Western NIS' website. |
| Form 990, Part VII, Section B, Line 1 | Management Fees | Management Fees in the amount of $ 929,732 paid to Horizon Capital Associates LLC represent management fees paid in calendar year 2009 as this is the calendar year ending within Western NIS' tax year beginning 10/01/2009 and ending 09/30/2010. This amount differs from the management fee reported in Schedule L Part IV Business Transactions Involving Interested Persons as this latter amount reflects actual payments made in fiscal 2010. |
| Form 990, Schedule L, Part IV | Business Transactions with Interested Persons | Natalie Jaresko (officer and director), Mark Iwashko (officer) and Lenna Koszarny (officer) are owners and/or officers of Horizon Capital Associates LLC (HCA), the management company contracted to manage the Western NIS portfolio. As noted in Part III of Form 990, one of Western NIS' key accomplishments was fulfilling the directive from USAID to enable the establishment of a private successor fund, Emerging Europe Growth Fund LP (EEGF). A new private management company, Horizon Capital Associates LLC (HCA), was formed to support EEGF and Western NIS. This approach followed the precedent of USAID-financed enterprise funds in Central and Eastern Europe, which successfully attracted significant private capital. Western NIS is nearing its wind-down phase, and the founding of EEGF was a significant accomplishment towards fulfilling Western NIS' mission. The management agreement with HCA was entered into by Western NIS on pari passu terms as the third-party investment management agreement between HCA and Emerging Europe Growth Fund, LP to ensure that the Western NIS-HCA management agreement was in line with market terms. Under the terms of the grant agreement with USAID, Western NIS is managed by a board of directors comprised of private citizens (a majority of whom must be US citizens), who have demonstrated experience and expertise in those areas of private sector development in which the Fund is involved. The initial members were elected with the advice of the President of the United States or the President's designee, and current members now elect future members. Following the founding of EEGF, all employees of Western NIS (except those located in the US) became employees of HCA's wholly-owned subsidiary, Horizon Capital Advisors, LLC (HCAD), resulting in the transfer of employee compensation, operating and other expenses from Western NIS to HCAD. During the 9-30-10 year, Western NIS also engaged in certain business transactions with HCAD, as approved by the board of directors, and as shown in Part IV of Schedule L. |
| Form 990, Part I, Block G | In calculating the Organization's Gross Receipts, the cost of program related investments sold in the amount of $3,750,687 was added back to Form 990, Part I, Line 12. The net loss from these program related sales was recorded on Part VIII, Line 2c of the Form 990. | |
| Form 990, Part III, Line 1 | Organization Mission | The Western NIS (New Independent States) Enterprise Fund (the "Fund") is a not-for-profit corporation formed pursuant to the support for East European Democracy Act of 1989 (the "SEED Act") and the 1992 Freedom for Russia and Emerging Eurasian Democracies and Open Markets Support Act (the "Freedom Support Act"). Western NIS' primary purpose is promoting the development of the private sector, and the policies and practices conducive to such development, of the Western NIS region (the "Region"), which consists of Ukraine, Moldova and Belarus. The U.S. Congress has authorized appropriations of $150 million, which has been committed by the United States Agency for International Development ("USAID") for Western NIS program purposes and administrative expenditures (the "Grant"). Amounts received from USAID are conditioned upon Western NIS' compliance with the requirements of the grant agreement with USAID and the Seed and Freedom Support Acts, which impose certain U.S. policy objectives and reporting obligations. Western NIS is engaged in a broad private investment program in the region which, through equity investments, loans, leases, technical assistance and other measures, emphasizes a commitment to small-and medium-sized private businesses. Western NIS provides technical assistance to companies in which it has invested. Through its direct role in investments in the region's private sector, Western NIS seeks to generate profits that will further support its activities and attract investments by others. As part of its investment operations, Western NIS may obtain representation on management and supervisory councils of investee companies. Western NIS' Grant agreement with USAID states that the success of Western NIS will be characterized by the extent to which it causes or contributes to: (1) The successful establishment, or strengthening of, a wide array of small and medium-sized firms across the different sectors of the economies in the Western NIS Republics; (2) The generation of new employment opportunities in the private sector of the Western NIS Republics; (3) Investment by other private companies in sectors where Western NIS took an initial lead; (4) The completion of a wide array of transactions that develop and strengthen financial markets in the Western NIS Republics; (5) Development by Western NIS of a number of key joint ventures between private companies of the US and the Western NIS Republics; and (6) Consistent with Western NIS' sound business judgment, the conduct of activities intended to further investment in each of the Western NIS Republics. One of Western NIS' key accomplishments was fulfilling the directive from USAID to enable the establishment of a private successor fund, Emerging Europe Growth Fund LP (EEGF). A new private management company, Horizon Capital Associates LLC (HCA), was formed to support EEGF and Western NIS. This approach followed the precedent of USAID-financed enterprise funds in Central and Eastern Europe, which successfully attracted significant private capital. Western NIS is nearing its wind-down phase, and the founding of EEGF was a significant accomplishment towards fulfilling Western NIS' mission. Based on USAID and Congressional approval, Western NIS' board of directors committed $25 million to EEGF and approved the sale of certain investments to EEGF in 2006. EEGF now functions as a mid-cap private equity fund making investments in Ukraine and Moldova. WNISEF is a cornerstone limited partner in EEGF. EEGF seeks to make investments in the range of $5 to $20 million in expansion and buy-out opportunities in the following industries: financial services, fast moving consumer goods, retail and industrial goods. USAID has already distributed the full grant of $150 million to Western NIS, with the final tranche received in fiscal year 2007. According to the grant agreement, USAID may establish the date after which Western NIS shall commence the winding up of its affairs and sale of its assets. Under this authority, USAID originally established Western NIS' termination commencement date as August 26, 2009. During fiscal year 2009, Western NIS requested and was granted an extension from USAID of the termination commencement date to August 26, 2011. In January 2011, USAID further extended this date to August 26, 2013 with the condition that the legacy proposal be presented to USAID by August 26, 2011. The legacy proposal will set forth Western NIS' proposal for establishment of a legacy foundation to be funded by proceeds derived from the sale of assets. In addition, as a condition of the latest revision of the termination commencement date, USAID reiterated their understanding that WNISEF will not make any new investments or commitments, although the Fund may make follow-on investments in companies in its existing portfolio until August 26, 2013, the revised termination commencement date. |
Schedule R IRS990ScheduleR
Form990 Schedule R Part IV Form990ScheduleRPartIV (3 entries)
| Address Line1AddressUS/AddressLine1 | CityAddressUS/City | StateAddressUS/State | ZIP CodeAddressUS/ZIPCode | EINEIN | Primary ActivityPrimaryActivity | Legal Domicile StateLegalDomicileState | Business Name Line1DirectControllingEntityName/BusinessNameLine1 | Type Of EntityTypeOfEntity | Share Of Total IncomeShareOfTotalIncome | Share Of EOY AssetsShareOfEOYAssets | Percentage OwnershipPercentageOwnership | Address Line1AddressForeign/AddressLine1 | CityAddressForeign/City | Province Or StateAddressForeign/ProvinceOrState | CountryAddressForeign/Country | Legal Domicile Foreign CountryLegalDomicileForeignCountry | Postal CodeAddressForeign/PostalCode |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| WNISEF HOLDING CO #1 | |||||||||||||||||
| 175 WEST JACKSON BLVD STE 2225 | CHICAGO | IL | 60604 | 364460346 | Loans (DORMANT) | DE | NA | C-CORP | 0 | 0 | 1.00000 | ||||||
| Glass Container Prim SA | |||||||||||||||||
| MANUFACTURING | NA | N/A | 21217 | 41820547 | 0.90215 | 201 Uzinelor STr | Chisinau | Moldova | MD | MD | |||||||
| WNISEF Finance Company Ltd | |||||||||||||||||
| Loans (DORMANT) | NA | N/A | 0 | 0 | 0.99930 | 4 Muzeyny Pr | Kyiv | Ukraine | UP | UP | 01001 | ||||||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Receipt Of Int Ann Rents Royalties | true | ReceiptOfIntAnnRentsRoyalties |
| Gift Grant Or Cap Contr To Other Org | false | GiftGrantOrCapContrToOtherOrg |
| Gift Grant Or Cap Contr Fr Other Org | false | GiftGrantOrCapContrFrOtherOrg |
| Loans Or Guarantees To Other Org | true | LoansOrGuaranteesToOtherOrg |
| Loans Or Guarantees From Other Org | false | LoansOrGuaranteesFromOtherOrg |
| Sale Of Assets To Other Org | false | SaleOfAssetsToOtherOrg |
| Purchase Of Assets From Other Org | false | PurchaseOfAssetsFromOtherOrg |
| Exchange Of Assets | false | ExchangeOfAssets |
| Rental Of Facilities To Other Orgs | false | RentalOfFacilitiesToOtherOrgs |
| Rental Of Facilities Fr Other Orgs | false | RentalOfFacilitiesFrOtherOrgs |
| Perform Of Services For Other Orgs | false | PerformOfServicesForOtherOrgs |
| Perform Of Services By Other Orgs | false | PerformOfServicesByOtherOrgs |
| Sharing Of Facilities | false | SharingOfFacilities |
| Sharing Of Paid Employees | false | SharingOfPaidEmployees |
| Reimbursement Paid To Other Org | false | ReimbursementPaidToOtherOrg |
| Reimbursement Paid By Other Org | false | ReimbursementPaidByOtherOrg |
| Other Transfer To Other Org | false | OtherTransferToOtherOrg |
| Other Transfer From Other Org | false | OtherTransferFromOtherOrg |
Transactions Related Orgs Table TransactionsRelatedOrgsTable (2 entries)
| Transaction TypeTransactionType | Amount InvolvedAmountInvolved |
|---|---|
| Glass Container Prim SA | |
| a | 409411 |
| Glass Container Prim SA | |
| d | 10000000 |
Form990 Schedule R Part VI Form990ScheduleRPartVI
Name Of Business NameOfBusiness
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | Emerging Europe Growth Fund LP | BusinessNameLine1 |
Address US AddressUS
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 175 West Jackson Street Ste 2225 | AddressLine1 |
| City | Chicago | City |
| State | IL | State |
| ZIP Code | 60604 | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 202901144 | EIN |
| Primary Activity | Private Equity | PrimaryActivity |
| Legal Domicile State | DE | LegalDomicileState |
| All Partners C3 S | false | AllPartnersC3S |
| Share Of EOY Assets | 15985887 | ShareOfEOYAssets |
| Disproportionate Allocations | false | DisproportionateAllocations |
| Code V | $0 | CodeVAmount |
| General Or Managing Partner | false | GeneralOrManagingPartner |
Comments