UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUND: Form 990, tax year 2024

View the entire original 990 at ProPublica ↗

Organization: UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUND (EIN 13-3786524)
Tax period: 2024-10-01 to 2025-09-30
Filed: 2026-08-10
IRS object ID: 202602229349301520
Schema version: 2024v5.5
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
Form 990
Schedule A
Schedule B
Schedule D
Schedule F
Schedule I
Schedule J
Schedule L
Schedule O
Schedule R

Return header ReturnHeader

Field	Value	IRS element (for citing)
Return	2026-08-10T13:46:17-05:00	ReturnTs
Tax Period End	2025-09-30	TaxPeriodEndDt

Preparer Firm PreparerFirmGrp

Field	Value	IRS element (for citing)
Preparer Firm EIN	135565207	PreparerFirmEIN

Preparer Firm Name PreparerFirmName

Field	Value	IRS element (for citing)
Business Name Line1	KPMG LLP	BusinessNameLine1Txt

Preparer US Address PreparerUSAddress

Field	Value	IRS element (for citing)
Address Line1	8350 BROAD ST SUITE 900	AddressLine1Txt
City	MCLEAN	CityNm
State Abbreviation	VA	StateAbbreviationCd
ZIP	22102	ZIPCd

Field	Value	IRS element (for citing)
Return Type	990	ReturnTypeCd
Tax Period Begin	2024-10-01	TaxPeriodBeginDt

Filer Filer

Field	Value	IRS element (for citing)
EIN	133786524	EIN

Business Name BusinessName

Field	Value	IRS element (for citing)
Business Name Line1	UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUND	BusinessNameLine1Txt

Field	Value	IRS element (for citing)
Business Name Control	UKRA	BusinessNameControlTxt
Phone	3129397003	PhoneNum

US Address USAddress

Field	Value	IRS element (for citing)
Address Line1	175 WEST JACKSON BLVD STE 1640	AddressLine1Txt
City	CHICAGO	CityNm
State Abbreviation	IL	StateAbbreviationCd
ZIP	60604	ZIPCd

Business Officer BusinessOfficerGrp

Field	Value	IRS element (for citing)
Person	JAROSLAWA Z JOHNSON	PersonNm
Person Title	PRESIDENT & CEO	PersonTitleTxt
Phone	3129397003	PhoneNum
Signature	2026-08-10	SignatureDt
Discuss With Paid Preparer	Yes (1)	DiscussWithPaidPreparerInd

Field	Value	IRS element (for citing)
IRS Responsible Prty Info Curr	Yes (1)	IRSResponsiblePrtyInfoCurrInd

Preparer Person PreparerPersonGrp

Field	Value	IRS element (for citing)
Preparer Person	BRIAN KEARNS	PreparerPersonNm
PTIN	P02061479	PTIN
Phone	7032868399	PhoneNum
Preparation	2026-08-07	PreparationDt

Field	Value	IRS element (for citing)
Tax	2024	TaxYr
Build TS	2025-03-06 01:10:19Z	BuildTS

Form 990 IRS990

Field	Value	IRS element (for citing)
Principal Officer	JAROSLAWA Z JOHNSON	PrincipalOfficerNm

US Address USAddress

Field	Value	IRS element (for citing)
Address Line1	175 WEST JACKSON BLVD STE 1640	AddressLine1Txt
City	CHICAGO	CityNm
State Abbreviation	IL	StateAbbreviationCd
ZIP	60604	ZIPCd

Field	Value	IRS element (for citing)
Gross Receipts	$63,382,379	GrossReceiptsAmt
Group Return For Affiliates	0	GroupReturnForAffiliatesInd
Organization501c3	Yes (X)	Organization501c3Ind
Website Address	WWW.UMAEF.ORG	WebsiteAddressTxt
Type Of Organization Corp	Yes (X)	TypeOfOrganizationCorpInd
Formation	1994	FormationYr
Legal Domicile State	IL	LegalDomicileStateCd
Activity Or Mission	SEE SCHEDULE O	ActivityOrMissionDesc
Voting Members Governing Body	7	VotingMembersGoverningBodyCnt
Voting Members Independent	6	VotingMembersIndependentCnt
Total Employee	2	TotalEmployeeCnt
Total Volunteers	0	TotalVolunteersCnt
Total Gross UBI	$0	TotalGrossUBIAmt
Net Unrelated Bus Txbl Incm	$0	NetUnrelatedBusTxblIncmAmt
PY Contributions Grants	$0	PYContributionsGrantsAmt
CY Contributions Grants	$49,852,000	CYContributionsGrantsAmt
PY Program Service Revenue	$3,782,256	PYProgramServiceRevenueAmt
CY Program Service Revenue	$2,524,877	CYProgramServiceRevenueAmt
PY Investment Income	$19,486,781	PYInvestmentIncomeAmt
CY Investment Income	$10,631,731	CYInvestmentIncomeAmt
PY Other Revenue	$36,000	PYOtherRevenueAmt
CY Other Revenue	$35,999	CYOtherRevenueAmt
PY Total Revenue	$23,305,037	PYTotalRevenueAmt
CY Total Revenue	$63,044,607	CYTotalRevenueAmt
PY Grants And Similar Paid	$10,007,113	PYGrantsAndSimilarPaidAmt
CY Grants And Similar Paid	$20,738,246	CYGrantsAndSimilarPaidAmt
PY Benefits Paid To Members	$0	PYBenefitsPaidToMembersAmt
CY Benefits Paid To Members	$0	CYBenefitsPaidToMembersAmt
PY Salaries Comp Emp Bnft Paid	$3,330,798	PYSalariesCompEmpBnftPaidAmt
CY Salaries Comp Emp Bnft Paid	$3,521,077	CYSalariesCompEmpBnftPaidAmt
PY Total Prof Fndrsng Expns	$0	PYTotalProfFndrsngExpnsAmt
CY Total Prof Fndrsng Expns	$0	CYTotalProfFndrsngExpnsAmt
CY Total Fundraising Expense	$0	CYTotalFundraisingExpenseAmt
PY Other Expenses	$2,722,355	PYOtherExpensesAmt
CY Other Expenses	$2,821,341	CYOtherExpensesAmt
PY Total Expenses	$16,060,266	PYTotalExpensesAmt
CY Total Expenses	$27,080,664	CYTotalExpensesAmt
PY Revenues Less Expenses	$7,244,771	PYRevenuesLessExpensesAmt
CY Revenues Less Expenses	$35,963,943	CYRevenuesLessExpensesAmt
Total Assets BOY	$244,561,208	TotalAssetsBOYAmt
Total Assets EOY	$285,854,402	TotalAssetsEOYAmt
Total Liabilities BOY	$630,818	TotalLiabilitiesBOYAmt
Total Liabilities EOY	$767,231	TotalLiabilitiesEOYAmt
Net Assets Or Fund Balances BOY	$243,930,390	NetAssetsOrFundBalancesBOYAmt
Net Assets Or Fund Balances EOY	$285,087,171	NetAssetsOrFundBalancesEOYAmt
Info In Schedule O Part III	Yes (X)	InfoInScheduleOPartIIIInd
Mission	SEE SCHEDULE O	MissionDesc
Significant New Program Srvc	0	SignificantNewProgramSrvcInd
Significant Change	0	SignificantChangeInd
Expense	$25,231,338	ExpenseAmt
Grant	$20,738,246	GrantAmt
Revenue	$2,524,877	RevenueAmt
Desc	IN SEPTEMBER 2025, UMAEF RECEIVED NEW FUNDING OF $49,852,000 FROM U.S. GOVERNMENT, AS SET FORTH IN GRANT MODIFICATION #29 ISSUED JANUARY 2025.	Desc

Prog Srvc Accom Acty2 ProgSrvcAccomActy2Grp

Field	Value	IRS element (for citing)
Expense	$1,253,862	ExpenseAmt
Revenue	$8,683,847	RevenueAmt
Desc	SEE SCHEDULE O	Desc

Field	Value	IRS element (for citing)
Total Program Service Expenses	$26,485,200	TotalProgramServiceExpensesAmt
Described In Section501c3	Yes (1)	DescribedInSection501c3Ind
Schedule B Required	Yes (1)	ScheduleBRequiredInd
Political Campaign Acty	0	PoliticalCampaignActyInd
Lobbying Activities	0	LobbyingActivitiesInd
Subject To Proxy Tax	0	SubjectToProxyTaxInd
Donor Advised Fund	0	DonorAdvisedFundInd
Conservation Easements	0	ConservationEasementsInd
Collections Of Art	0	CollectionsOfArtInd
Credit Counseling	0	CreditCounselingInd
Donor Rstr Or Quasi Endowments	0	DonorRstrOrQuasiEndowmentsInd
Report Land Building Equipment	Yes (1)	ReportLandBuildingEquipmentInd
Report Investments Other Sec	0	ReportInvestmentsOtherSecInd
Report Program Related Invst	Yes (1)	ReportProgramRelatedInvstInd
Report Other Assets	0	ReportOtherAssetsInd
Report Other Liabilities	Yes (1)	ReportOtherLiabilitiesInd
Include FIN48 Footnote	Yes (1)	IncludeFIN48FootnoteInd
Independent Audit Fincl Stmt	Yes (1)	IndependentAuditFinclStmtInd
Consolidated Audit Fincl Stmt	0	ConsolidatedAuditFinclStmtInd
School Operating	0	SchoolOperatingInd
Foreign Office	Yes (1)	ForeignOfficeInd
Foreign Activities	Yes (1)	ForeignActivitiesInd
More Than5000 K To Org	Yes (1)	MoreThan5000KToOrgInd
More Than5000 K To Individuals	0	MoreThan5000KToIndividualsInd
Professional Fundraising	0	ProfessionalFundraisingInd
Fundraising Activities	0	FundraisingActivitiesInd
Gaming Activities	0	GamingActivitiesInd
Operate Hospital	0	OperateHospitalInd
Grants To Organizations	Yes (1)	GrantsToOrganizationsInd
Grants To Individuals	0	GrantsToIndividualsInd
Schedule J Required	Yes (1)	ScheduleJRequiredInd
Tax Exempt Bonds	0	TaxExemptBondsInd
Engaged In Excess Benefit Trans	0	EngagedInExcessBenefitTransInd
PY Excess Benefit Trans	0	PYExcessBenefitTransInd
Loan Outstanding	0	LoanOutstandingInd
Grant To Related Person	0	GrantToRelatedPersonInd
Business Rln With Org Mem	0	BusinessRlnWithOrgMemInd
Business Rln With Fam Mem	0	BusinessRlnWithFamMemInd
Business Rln With35 Ctrl Ent	Yes (1)	BusinessRlnWith35CtrlEntInd
Deductible Non Cash Contri	0	DeductibleNonCashContriInd
Deductible Art Contribution	0	DeductibleArtContributionInd
Terminate Operations	0	TerminateOperationsInd
Partial Liquidation	0	PartialLiquidationInd
Disregarded Entity	0	DisregardedEntityInd
Related Entity	Yes (1)	RelatedEntityInd
Related Organization Ctrl Ent	0	RelatedOrganizationCtrlEntInd
Trnsfr Exmpt Non Chrtbl Rltd Org	0	TrnsfrExmptNonChrtblRltdOrgInd
Activities Conducted Prtshp	Yes (1)	ActivitiesConductedPrtshpInd
Schedule O Required	Yes (1)	ScheduleORequiredInd
IRP Document	9	IRPDocumentCnt
IRP Document W2 G	0	IRPDocumentW2GCnt
Backup Wthld Compliance	Yes (1)	BackupWthldComplianceInd
Employee	2	EmployeeCnt
Employment Tax Returns Filed	Yes (1)	EmploymentTaxReturnsFiledInd
Unrelated Bus Incm Over Limit	0	UnrelatedBusIncmOverLimitInd
Foreign Financial Account	Yes (1)	ForeignFinancialAccountInd
Foreign Country	UP	ForeignCountryCd
Foreign Country	UK	ForeignCountryCd
Prohibited Tax Shelter Trans	0	ProhibitedTaxShelterTransInd
Taxable Party Notification	0	TaxablePartyNotificationInd
Nondeductible Contributions	0	NondeductibleContributionsInd
Quid Pro Quo Contributions	0	QuidProQuoContributionsInd
Form8282 Property Disposed Of	0	Form8282PropertyDisposedOfInd
Rcv Fnds To Pay Prsnl Bnft Cntrct	0	RcvFndsToPayPrsnlBnftCntrctInd
Pay Premiums Prsnl Bnft Cntrct	0	PayPremiumsPrsnlBnftCntrctInd
Indoor Tanning Services	0	IndoorTanningServicesInd
Subj To Tax Rmnrtn Ex Prcht Pymt	0	SubjToTaxRmnrtnExPrchtPymtInd
Subject To Excs Tax Net Invst Inc	0	SubjectToExcsTaxNetInvstIncInd
Info In Schedule O Part VI	Yes (X)	InfoInScheduleOPartVIInd
Governing Body Voting Members	7	GoverningBodyVotingMembersCnt
Independent Voting Member	6	IndependentVotingMemberCnt
Family Or Business Rln	Yes (1)	FamilyOrBusinessRlnInd
Delegation Of Mgmt Duties	0	DelegationOfMgmtDutiesInd
Change To Org Documents	0	ChangeToOrgDocumentsInd
Material Diversion Or Misuse	0	MaterialDiversionOrMisuseInd
Members Or Stockholders	Yes (1)	MembersOrStockholdersInd
Election Of Board Members	Yes (1)	ElectionOfBoardMembersInd
Decisions Subject To Approva	Yes (1)	DecisionsSubjectToApprovaInd
Minutes Of Governing Body	Yes (1)	MinutesOfGoverningBodyInd
Minutes Of Committees	Yes (1)	MinutesOfCommitteesInd
Officer Mailing Address	0	OfficerMailingAddressInd
Local Chapters	0	LocalChaptersInd
Form990 Provided To Gvrn Body	Yes (1)	Form990ProvidedToGvrnBodyInd
Conflict Of Interest Policy	Yes (1)	ConflictOfInterestPolicyInd
Annual Disclosure Covered Prsn	Yes (1)	AnnualDisclosureCoveredPrsnInd
Regular Monitoring Enfrc	Yes (1)	RegularMonitoringEnfrcInd
Whistleblower Policy	Yes (1)	WhistleblowerPolicyInd
Document Retention Policy	Yes (1)	DocumentRetentionPolicyInd
Compensation Process CEO	Yes (1)	CompensationProcessCEOInd
Compensation Process Other	Yes (1)	CompensationProcessOtherInd
Investment In Joint Venture	Yes (1)	InvestmentInJointVentureInd
Written Policy Or Procedure	Yes (1)	WrittenPolicyOrProcedureInd
States Where Copy Of Return Is Fld	IL	StatesWhereCopyOfReturnIsFldCd
Upon Request	Yes (X)	UponRequestInd

Books In Care Of Detail BooksInCareOfDetail

Business Name BusinessName

Field	Value	IRS element (for citing)
Business Name Line1	NATALIA KOVALENKO	BusinessNameLine1Txt

Field	Value	IRS element (for citing)
Phone	3129397003	PhoneNum

US Address USAddress

Field	Value	IRS element (for citing)
Address Line1	175 WEST JACKSON BLVD STE 1640	AddressLine1Txt
City	CHICAGO	CityNm
State Abbreviation	IL	StateAbbreviationCd
ZIP	60604	ZIPCd

Field	Value	IRS element (for citing)
Info In Schedule O Part VII	Yes (X)	InfoInScheduleOPartVIIInd

Form990 Part VII Section A Form990PartVIISectionAGrp (18 entries)

TitleTitleTxt	Average Hours Per WeekAverageHoursPerWeekRt	Average Hours Per Week Rltd OrgAverageHoursPerWeekRltdOrgRt	Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd	OfficerOfficerInd	Reportable Comp From OrgReportableCompFromOrgAmt	Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt	Other CompensationOtherCompensationAmt	Highest Compensated EmployeeHighestCompensatedEmployeeInd
JAROSLAWA ZELINSKY JOHNSON
PRESIDENT & CEO	40.00	0.00	Yes (X)	Yes (X)	$281,505	$0	$53,018
MARTA FARION
DIRECTOR	1.00	0.00	Yes (X)		$0	$0	$0
JOHN E HERBST
DIRECTOR	1.00	0.00	Yes (X)		$0	$0	$0
DENNIS A JOHNSON
DIRECTOR	1.00	0.00	Yes (X)		$0	$0	$0
JEFFREY C NEAL
DIRECTOR	1.00	0.00	Yes (X)		$0	$0	$0
DANIEL F RUNDE
DIRECTOR	1.00	0.00	Yes (X)		$0	$0	$0
MARGOT ELLIS
DIRECTOR	1.00	0.00	Yes (X)		$0	$0	$0
DAN BRYANT
DIRECTOR	1.00	0.00	Yes (X)		$0	$0	$0
DAVID COWLES
DIRECTOR	1.00	0.00	Yes (X)		$0	$0	$0
ELAINE MCCORMACK
SECRETARY	36.00	0.00		Yes (X)	$100,414	$0	$22,500
LENNA KOSZARNY
EXECUTIVE VICE PRESIDENT	1.00	0.00		Yes (X)	$32,900	$0	$0
ANDREW T KARRON
SENIOR VP AND OUTSIDE GEN. COUNSEL	1.00	0.00		Yes (X)	$0	$0	$0
NATALIA KOVALENKO
CFAO & TREASURER	1.00	0.00		Yes (X)	$2,468	$0	$0
ANDRII SOROKHAN
VENTURE DIRECTOR, UVENTURES	40.00	0.00			$142,031	$0	$0	Yes (X)
ANTON WASCHUK
INNOVATION, EDU. AND ENT. DIRECTOR	40.00	0.00			$126,640	$0	$0	Yes (X)
IRYNA OZYMOK
LOCAL ECONOMIC DEVLOPMENT DIRECTOR	40.00	0.00			$125,423	$0	$0	Yes (X)
VASYL NAZARUK
IMPACT INVESTING PROGRAM DIRECTOR	40.00	0.00			$116,124	$0	$0	Yes (X)
ROMAN TYCHKIVSKYY
STRATEGIC INITATIVES DIRECTOR	40.00	0.00			$115,124	$0	$0	Yes (X)

Field	Value	IRS element (for citing)
Total Reportable Comp From Org	$1,042,629	TotalReportableCompFromOrgAmt
Tot Reportable Comp Rltd Org	$0	TotReportableCompRltdOrgAmt
Total Other Compensation	$75,518	TotalOtherCompensationAmt
Indiv Rcvd Greater Than100 K	7	IndivRcvdGreaterThan100KCnt
Former Ofcr Employees Listed	Yes (1)	FormerOfcrEmployeesListedInd
Total Comp Greater Than150 K	Yes (1)	TotalCompGreaterThan150KInd
Compensation From Other Srcs	0	CompensationFromOtherSrcsInd

Contractor Compensation ContractorCompensationGrp (4 entries)

Address Line1ContractorAddress/USAddress/AddressLine1Txt	CityContractorAddress/USAddress/CityNm	State AbbreviationContractorAddress/USAddress/StateAbbreviationCd	ZIPContractorAddress/USAddress/ZIPCd	ServicesServicesDesc	CompensationCompensationAmt	Address Line1ContractorAddress/ForeignAddress/AddressLine1Txt	CityContractorAddress/ForeignAddress/CityNm	CountryContractorAddress/ForeignAddress/CountryCd	Foreign PostalContractorAddress/ForeignAddress/ForeignPostalCd
HORIZON CAPITAL ASSOCIATES LCC
175 W JACKSON BLVD STE 1640	CHICAGO	IL	60604	SHARED SERVICES FEES AND INVESTMENT MGMT	$820,307
JP MORGAN CHASE BANK
500 STANTON CHRISTIANA RD NCC1 FL	NEWARK	NJ	19713	INVESTMENT ACCOUNT MANAGEMENT FEE	$379,905
UKRAINE HOUSE FOUNDATION
175 W JACKSON BLVD 160	CHICAGO	IL	60604	CO ORG SVC FOR UKR HOUSE DAVOS	$224,322
DAVOSWORKS BRAND SERVICES GMBH
				BOOKING AND RENTAL SERVICES DURING UHD 2	$121,366	PROMENADE 76	DAVOS PLATZ	SZ	CH7270

Field	Value	IRS element (for citing)
Cntrct Rcvd Greater Than100 K	4	CntrctRcvdGreaterThan100KCnt
Government Grants	$49,852,000	GovernmentGrantsAmt
Total Contributions	$49,852,000	TotalContributionsAmt

Program Service Revenue ProgramServiceRevenueGrp

Field	Value	IRS element (for citing)
Desc	INTEREST FROM PRIS	Desc
Business	523000	BusinessCd
Total Revenue Column	$2,524,877	TotalRevenueColumnAmt
Related Or Exempt Func Income	$2,524,877	RelatedOrExemptFuncIncomeAmt

Field	Value	IRS element (for citing)
Total Program Service Revenue	$2,524,877	TotalProgramServiceRevenueAmt

Investment Income InvestmentIncomeGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$1,947,884	TotalRevenueColumnAmt
Exclusion	$1,947,884	ExclusionAmt

Gross Amount Sales Assets GrossAmountSalesAssetsGrp

Field	Value	IRS element (for citing)
Securities	$9,021,619	SecuritiesAmt

Less Cost Oth Basis Sales Expnss LessCostOthBasisSalesExpnssGrp

Field	Value	IRS element (for citing)
Securities	$337,772	SecuritiesAmt

Gain Or Loss GainOrLossGrp

Field	Value	IRS element (for citing)
Securities	$8,683,847	SecuritiesAmt

Net Gain Or Loss Investments NetGainOrLossInvestmentsGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$8,683,847	TotalRevenueColumnAmt
Related Or Exempt Func Income	$8,683,847	RelatedOrExemptFuncIncomeAmt

Other Revenue Misc OtherRevenueMiscGrp

Field	Value	IRS element (for citing)
Desc	MISCELLANEOUS	Desc
Business	900099	BusinessCd
Total Revenue Column	$35,999	TotalRevenueColumnAmt
Exclusion	$35,999	ExclusionAmt

Field	Value	IRS element (for citing)
Other Revenue Total	$35,999	OtherRevenueTotalAmt

Total Revenue TotalRevenueGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$63,044,607	TotalRevenueColumnAmt
Related Or Exempt Func Income	$11,208,724	RelatedOrExemptFuncIncomeAmt
Unrelated Business Revenue	$0	UnrelatedBusinessRevenueAmt
Exclusion	$1,983,883	ExclusionAmt

Foreign Grants ForeignGrantsGrp

Field	Value	IRS element (for citing)
Total	$20,738,246	TotalAmt
Program Services	$20,738,246	ProgramServicesAmt

Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp

Field	Value	IRS element (for citing)
Total	$310,375	TotalAmt
Program Services	$258,500	ProgramServicesAmt
Management And General	$51,875	ManagementAndGeneralAmt

Comp Disqual Persons CompDisqualPersonsGrp

Field	Value	IRS element (for citing)
Total	$1,259,063	TotalAmt
Program Services	$1,259,063	ProgramServicesAmt

Other Salaries And Wages OtherSalariesAndWagesGrp

Field	Value	IRS element (for citing)
Total	$1,480,318	TotalAmt
Program Services	$1,376,306	ProgramServicesAmt
Management And General	$104,012	ManagementAndGeneralAmt

Pension Plan Contributions PensionPlanContributionsGrp

Field	Value	IRS element (for citing)
Total	$76,941	TotalAmt
Program Services	$65,222	ProgramServicesAmt
Management And General	$11,719	ManagementAndGeneralAmt

Other Employee Benefits OtherEmployeeBenefitsGrp

Field	Value	IRS element (for citing)
Total	$254,213	TotalAmt
Program Services	$230,847	ProgramServicesAmt
Management And General	$23,366	ManagementAndGeneralAmt

Payroll Taxes PayrollTaxesGrp

Field	Value	IRS element (for citing)
Total	$140,167	TotalAmt
Program Services	$120,753	ProgramServicesAmt
Management And General	$19,414	ManagementAndGeneralAmt

Fees For Services Legal FeesForServicesLegalGrp

Field	Value	IRS element (for citing)
Total	$296,568	TotalAmt
Program Services	$229,768	ProgramServicesAmt
Management And General	$66,800	ManagementAndGeneralAmt

Fees For Services Accounting FeesForServicesAccountingGrp

Field	Value	IRS element (for citing)
Total	$187,373	TotalAmt
Program Services	$140,530	ProgramServicesAmt
Management And General	$46,843	ManagementAndGeneralAmt

Fees For Services Other FeesForServicesOtherGrp

Field	Value	IRS element (for citing)
Total	$431,947	TotalAmt
Program Services	$420,430	ProgramServicesAmt
Management And General	$11,517	ManagementAndGeneralAmt

Office Expenses OfficeExpensesGrp

Field	Value	IRS element (for citing)
Total	$52,300	TotalAmt
Program Services	$42,732	ProgramServicesAmt
Management And General	$9,568	ManagementAndGeneralAmt

Information Technology InformationTechnologyGrp

Field	Value	IRS element (for citing)
Total	$57,616	TotalAmt
Program Services	$46,051	ProgramServicesAmt
Management And General	$11,565	ManagementAndGeneralAmt

Occupancy OccupancyGrp

Field	Value	IRS element (for citing)
Total	$136,076	TotalAmt
Program Services	$102,057	ProgramServicesAmt
Management And General	$34,019	ManagementAndGeneralAmt

Travel TravelGrp

Field	Value	IRS element (for citing)
Total	$909,074	TotalAmt
Program Services	$762,273	ProgramServicesAmt
Management And General	$146,801	ManagementAndGeneralAmt

Conferences Meetings ConferencesMeetingsGrp

Field	Value	IRS element (for citing)
Total	$545	TotalAmt
Program Services	$409	ProgramServicesAmt
Management And General	$136	ManagementAndGeneralAmt

Interest InterestGrp

Field	Value	IRS element (for citing)
Total	$17,831	TotalAmt
Program Services	$17,831	ProgramServicesAmt

Depreciation Depletion DepreciationDepletionGrp

Field	Value	IRS element (for citing)
Total	$10,913	TotalAmt
Program Services	$8,185	ProgramServicesAmt
Management And General	$2,728	ManagementAndGeneralAmt

Insurance InsuranceGrp

Field	Value	IRS element (for citing)
Total	$120,116	TotalAmt
Program Services	$90,100	ProgramServicesAmt
Management And General	$30,016	ManagementAndGeneralAmt

Other Expenses OtherExpensesGrp (4 entries)

DescDesc	TotalTotalAmt	Program ServicesProgramServicesAmt	Management And GeneralManagementAndGeneralAmt
OTHER OPERATING EXPENSE	$576,485	$556,238	$20,247
MEMBERSHIP FEES	$12,008	$10,277	$1,731
BANK FEES	$10,973	$8,245	$2,728
FIXED ASSET EXPENSES	$1,516	$1,137	$379

Total Functional Expenses TotalFunctionalExpensesGrp

Field	Value	IRS element (for citing)
Total	$27,080,664	TotalAmt
Program Services	$26,485,200	ProgramServicesAmt
Management And General	$595,464	ManagementAndGeneralAmt
Fundraising	$0	FundraisingAmt

Cash Non Interest Bearing CashNonInterestBearingGrp

Field	Value	IRS element (for citing)
BOY	$33,373,869	BOYAmt
EOY	$101,187,294	EOYAmt

Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp

Field	Value	IRS element (for citing)
BOY	$483,922	BOYAmt
EOY	$724,720	EOYAmt

Field	Value	IRS element (for citing)
Land Bldg Equip Cost Or Other Bss	$213,414	LandBldgEquipCostOrOtherBssAmt
Land Bldg Equip Accum Deprec	$167,956	LandBldgEquipAccumDeprecAmt

Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp

Field	Value	IRS element (for citing)
BOY	$27,763	BOYAmt
EOY	$45,458	EOYAmt

Investments Program Related InvestmentsProgramRelatedGrp

Field	Value	IRS element (for citing)
BOY	$210,323,930	BOYAmt
EOY	$183,299,990	EOYAmt

Other Assets Total OtherAssetsTotalGrp

Field	Value	IRS element (for citing)
BOY	$351,724	BOYAmt
EOY	$596,940	EOYAmt

Total Assets TotalAssetsGrp

Field	Value	IRS element (for citing)
BOY	$244,561,208	BOYAmt
EOY	$285,854,402	EOYAmt

Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp

Field	Value	IRS element (for citing)
BOY	$402,904	BOYAmt
EOY	$528,222	EOYAmt

Other Liabilities OtherLiabilitiesGrp

Field	Value	IRS element (for citing)
BOY	$227,914	BOYAmt
EOY	$239,009	EOYAmt

Total Liabilities TotalLiabilitiesGrp

Field	Value	IRS element (for citing)
BOY	$630,818	BOYAmt
EOY	$767,231	EOYAmt

Field	Value	IRS element (for citing)
Organization Follows FASB117	Yes (X)	OrganizationFollowsFASB117Ind

Donor Restriction Net Assets DonorRestrictionNetAssetsGrp

Field	Value	IRS element (for citing)
BOY	$243,930,390	BOYAmt
EOY	$285,087,171	EOYAmt

Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp

Field	Value	IRS element (for citing)
BOY	$243,930,390	BOYAmt
EOY	$285,087,171	EOYAmt

Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp

Field	Value	IRS element (for citing)
BOY	$244,561,208	BOYAmt
EOY	$285,854,402	EOYAmt

Field	Value	IRS element (for citing)
Reconcilation Revenue Expnss	$35,963,943	ReconcilationRevenueExpnssAmt
Net Unrlzd Gains Losses Invst	$5,192,838	NetUnrlzdGainsLossesInvstAmt
Other Changes In Net Assets	$0	OtherChangesInNetAssetsAmt
Method Of Accounting Accrual	Yes (X)	MethodOfAccountingAccrualInd
Accountant Compile Or Review	0	AccountantCompileOrReviewInd
FS Audited	Yes (1)	FSAuditedInd

FS Audited Basis FSAuditedBasisGrp

Field	Value	IRS element (for citing)
Separate Basis Fincl Stmt	Yes (X)	SeparateBasisFinclStmtInd

Field	Value	IRS element (for citing)
Audit Committee	Yes (1)	AuditCommitteeInd
Federal Grant Audit Required	0	FederalGrantAuditRequiredInd

Schedule A IRS990ScheduleA

Field	Value	IRS element (for citing)
Publicly Supported Org509a2	Yes (X)	PubliclySupportedOrg509a2Ind

Gifts Grants Contris Rcvd509 GiftsGrantsContrisRcvd509Grp

Field	Value	IRS element (for citing)
Current Tax Year Minus4 Years	$110,020	CurrentTaxYearMinus4YearsAmt
Current Tax Year Minus2 Years	$134,380,106	CurrentTaxYearMinus2YearsAmt
Current Tax Year	$49,852,000	CurrentTaxYearAmt
Total	$184,342,126	TotalAmt

Gross Receipts Admissions GrossReceiptsAdmissionsGrp

Field	Value	IRS element (for citing)
Current Tax Year Minus4 Years	$101,428	CurrentTaxYearMinus4YearsAmt
Current Tax Year Minus3 Years	$40,031	CurrentTaxYearMinus3YearsAmt
Current Tax Year Minus2 Years	$2,277,019	CurrentTaxYearMinus2YearsAmt
Current Tax Year Minus1 Year	$3,782,256	CurrentTaxYearMinus1YearAmt
Current Tax Year	$2,524,877	CurrentTaxYearAmt
Total	$8,725,611	TotalAmt

Total509 Total509Grp

Field	Value	IRS element (for citing)
Current Tax Year Minus4 Years	$211,448	CurrentTaxYearMinus4YearsAmt
Current Tax Year Minus3 Years	$40,031	CurrentTaxYearMinus3YearsAmt
Current Tax Year Minus2 Years	$136,657,125	CurrentTaxYearMinus2YearsAmt
Current Tax Year Minus1 Year	$3,782,256	CurrentTaxYearMinus1YearAmt
Current Tax Year	$52,376,877	CurrentTaxYearAmt
Total	$193,067,737	TotalAmt

Amounts Rcvd Dsqlfy Person AmountsRcvdDsqlfyPersonGrp

Field	Value	IRS element (for citing)
Total	$0	TotalAmt

Substantial Contributors Amt SubstantialContributorsAmtGrp

Field	Value	IRS element (for citing)
Total	$0	TotalAmt

Subst And Dsqlfy Prsns Tot SubstAndDsqlfyPrsnsTotGrp

Field	Value	IRS element (for citing)
Total	$0	TotalAmt

Field	Value	IRS element (for citing)
Public Support Total509	$193,067,737	PublicSupportTotal509Amt

Gross Investment Income509 GrossInvestmentIncome509Grp

Field	Value	IRS element (for citing)
Current Tax Year Minus4 Years	$55	CurrentTaxYearMinus4YearsAmt
Current Tax Year Minus3 Years	$69	CurrentTaxYearMinus3YearsAmt
Current Tax Year Minus2 Years	$13,430	CurrentTaxYearMinus2YearsAmt
Current Tax Year Minus1 Year	$517,654	CurrentTaxYearMinus1YearAmt
Current Tax Year	$1,947,884	CurrentTaxYearAmt
Total	$2,479,092	TotalAmt

Investment Income And UBTI InvestmentIncomeAndUBTIGrp

Field	Value	IRS element (for citing)
Current Tax Year Minus4 Years	$55	CurrentTaxYearMinus4YearsAmt
Current Tax Year Minus3 Years	$69	CurrentTaxYearMinus3YearsAmt
Current Tax Year Minus2 Years	$13,430	CurrentTaxYearMinus2YearsAmt
Current Tax Year Minus1 Year	$517,654	CurrentTaxYearMinus1YearAmt
Current Tax Year	$1,947,884	CurrentTaxYearAmt
Total	$2,479,092	TotalAmt

Other Income509 OtherIncome509Grp

Field	Value	IRS element (for citing)
Current Tax Year Minus4 Years	$36,201	CurrentTaxYearMinus4YearsAmt
Current Tax Year Minus3 Years	$36,415	CurrentTaxYearMinus3YearsAmt
Current Tax Year Minus2 Years	$36,409	CurrentTaxYearMinus2YearsAmt
Current Tax Year Minus1 Year	$36,000	CurrentTaxYearMinus1YearAmt
Current Tax Year	$36,000	CurrentTaxYearAmt
Total	$181,025	TotalAmt

Total Support Calendar Year TotalSupportCalendarYearGrp

Field	Value	IRS element (for citing)
Current Tax Year Minus4 Years	$247,704	CurrentTaxYearMinus4YearsAmt
Current Tax Year Minus3 Years	$76,515	CurrentTaxYearMinus3YearsAmt
Current Tax Year Minus2 Years	$136,706,964	CurrentTaxYearMinus2YearsAmt
Current Tax Year Minus1 Year	$4,335,910	CurrentTaxYearMinus1YearAmt
Current Tax Year	$54,360,761	CurrentTaxYearAmt
Total	$195,727,854	TotalAmt

Field	Value	IRS element (for citing)
Public Support CY509	0.98640	PublicSupportCY509Pct
Public Support PY509	0.99500	PublicSupportPY509Pct
Investment Income CY	0.01270	InvestmentIncomeCYPct
Investment Income PY	0.00370	InvestmentIncomePYPct
Thirty Thr Pct Suprt Tests CY509	Yes (X)	ThirtyThrPctSuprtTestsCY509Ind

Form990 Schedule A Part VI Form990ScheduleAPartVIGrp

Field	Value	IRS element (for citing)
Form And Line Reference	PART III, SECTION B, LINE 12	FormAndLineReferenceDesc
Explanation	OTHER INCOME OTHER INCOME REPRESENTS EXPENSE REIMBURSEMENT.	ExplanationTxt

Schedule B IRS990ScheduleB

Contributor Information ContributorInformationGrp

Field	Value	IRS element (for citing)
Contributor	RESTRICTED	ContributorNum

Contributor Business Name ContributorBusinessName

Field	Value	IRS element (for citing)
Business Name Line1	RESTRICTED	BusinessNameLine1

Contributor US Address ContributorUSAddress

Field	Value	IRS element (for citing)
Address Line1	RESTRICTED	AddressLine1
Address Line2	RESTRICTED	AddressLine2
City	RESTRICTED	City
State	RESTRICTED	State
ZIP Code	RESTRICTED	ZIPCode

Field	Value	IRS element (for citing)
Total Contributions	RESTRICTED	TotalContributionsAmt

Schedule D IRS990ScheduleD

Leasehold Improvements LeaseholdImprovementsGrp

Field	Value	IRS element (for citing)
Other Cost Or Other Basis	$4,646	OtherCostOrOtherBasisAmt
Depreciation	$4,646	DepreciationAmt
Book Value	$0	BookValueAmt

Equipment EquipmentGrp

Field	Value	IRS element (for citing)
Other Cost Or Other Basis	$208,768	OtherCostOrOtherBasisAmt
Depreciation	$163,310	DepreciationAmt
Book Value	$45,458	BookValueAmt

Field	Value	IRS element (for citing)
Total Book Value Land Buildings	$45,458	TotalBookValueLandBuildingsAmt

Invst Program Related Org InvstProgramRelatedOrgGrp (4 entries)

DescDesc	Book ValueBookValueAmt	Method ValuationMethodValuationCd
EQUITY & DEBT SECURITIES	$119,178,589	F
OTHER FINANCIAL ASSETS	$2,405,000	F
EMERGING EUR. GROWTH FUND III	$57,952,733	F
HORIZON CAPITAL GROWTH FUND IV	$3,763,668	F

Field	Value	IRS element (for citing)
Total Book Value Program Rltd	$183,299,990	TotalBookValueProgramRltdAmt

Other Liabilities Org OtherLiabilitiesOrgGrp

Field	Value	IRS element (for citing)
Desc	THIRD-PARTY FRAMEWORK AGREEMENT	Desc
Amt	$239,009	Amt

Field	Value	IRS element (for citing)
Total Liability	$239,009	TotalLiabilityAmt
Footnote Text	Yes (X)	FootnoteTextInd
Total Rev Etc Audited Fincl Stmt	$68,237,445	TotalRevEtcAuditedFinclStmtAmt
Net Unrealized Gains Invst	$5,192,838	NetUnrealizedGainsInvstAmt
Revenue Not Reported	$5,192,838	RevenueNotReportedAmt
Revenue Subtotal	$63,044,607	RevenueSubtotalAmt
Revenue Not Reported Fincl Stmt	$0	RevenueNotReportedFinclStmtAmt
Total Revenue Per Form990	$63,044,607	TotalRevenuePerForm990Amt
Tot Expns Etc Audited Fincl Stmt	$27,080,664	TotExpnsEtcAuditedFinclStmtAmt
Expenses Not Reported	$0	ExpensesNotReportedAmt
Expenses Subtotal	$27,080,664	ExpensesSubtotalAmt
Expenses Not Rpt Fincl Stmt	$0	ExpensesNotRptFinclStmtAmt
Total Expenses Per Form990	$27,080,664	TotalExpensesPerForm990Amt

Supplemental Information Detail SupplementalInformationDetail

Field	Value	IRS element (for citing)
Form And Line Reference	PART X, LINE 2:	FormAndLineReferenceDesc
Explanation	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. THE FUND CHANGED ITS CLASSIFICATION DURING 2010 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 AND IS EXEMPT FROM PAYMENT OF STATE AND LOCAL INCOME TAXES. THE FUND IS REGISTERED AS A CHARITABLE TRUST IN ILLINOIS.	ExplanationTxt

Schedule F IRS990ScheduleF

Field	Value	IRS element (for citing)
Grant Records Maintained	Yes (1)	GrantRecordsMaintainedInd

Account Activities Outside US AccountActivitiesOutsideUSGrp (3 entries)

RegionRegionTxt	OfficesOfficesCnt	EmployeeEmployeeCnt	Type Of Activities ConductedTypeOfActivitiesConductedTxt	Specific Services ProvidedSpecificServicesProvidedTxt	Region Total ExpendituresRegionTotalExpendituresAmt
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	2	17	PROGRAM SERVICES	GENERAL OPERATIONS	$5,188,220
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,			GRANTMAKING/SCHOLARSHIPS		$20,738,246
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,			INVESTMENTS		$61,469,651

Field	Value	IRS element (for citing)
Subtotal Offices	2	SubtotalOfficesCnt
Subtotal Employees	17	SubtotalEmployeesCnt
Continuation Total Office	0	ContinuationTotalOfficeCnt
Continuation Total Employee	0	ContinuationTotalEmployeeCnt
Total Office	2	TotalOfficeCnt
Total Employee	17	TotalEmployeeCnt
Subtotal Spent	$87,396,117	SubtotalSpentAmt
Continuation Spent	$0	ContinuationSpentAmt
Total Spent	$87,396,117	TotalSpentAmt

Grants To Org Outside US GrantsToOrgOutsideUSGrp (91 entries)

RegionRegionTxt	Purpose Of GrantPurposeOfGrantTxt	Cash GrantCashGrantAmt	Manner Of Cash DisbursementMannerOfCashDisbursementTxt	Non Cash AssistanceNonCashAssistanceAmt
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	YOUTH LEADERSHIP DEVELOPMENT	$2,000,000	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	INCLUSIVE HIGHER EDUCATION	$1,863,000	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	LEADERSHIP ACADEMY	$1,348,000	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	WORKFORCE RESKILLING	$999,935	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	SUPPORT WOMEN-OWNED BUSINESSES	$900,000	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	SUPPORTS INNOVATIVE PROJECTS AND TECH STARTUPS IN UKRAINE.	$794,538	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	PROJECTS ON INCLUSIVENESS	$517,594	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	RENOVATION OF THE LVIV CAMPUS OF THE LEADERSHIP ACADEMY	$467,000	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	ROBOTICS RESEARCH AND INNOVATION	$450,000	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	AGRIBUSINESS ENTREPRENEURSHIP TRAINING	$450,000	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	SCHOOL MODERNIZATION	$430,114	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	INSTITUTIONAL CAPACITY BUILDING	$407,750	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	TOURISM AND INVESTMENT PROMOTION	$394,000	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	STARTUP ACCELERATION	$376,168	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	VETERAN ENTREPRENEURSHIP SUPPORT	$360,000	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	ECONOMIC REFORM SUPPORT	$359,220	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	DIGITAL AND ECONOMIC REFORMS	$326,000	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	DIGITAL AND ECONOMIC REFORMS	$324,933	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	VETERAN SOCIAL INCLUSION	$308,139	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	VETERAN SOCIAL INCLUSION	$295,448	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	COMMUNITY RECOVERY	$280,000	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	EXPORT PROMOTION FOR FRUIT PRODUCERS	$263,909	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	SUPPORT FOR VETERANS' FAMILIES	$257,000	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	EARLY-STAGE STARTUP INVESTMENT	$250,000	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	EDUCATION	$250,000	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	SUPPORT FOR IDEA-STAGE COMPANIES	$249,900	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	ORGANIZATIONAL CAPACITY BUILDING	$219,995	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	BUILDING THE CAPACITY OF SME OWNERS AND EMPLOYEES	$214,265	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	INVESTMENT ATTRACTION SUPPORT	$213,136	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	EDUCATION REFORM SUPPORT	$192,297	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	COMMUNITY INNOVATION SUPPORT	$190,000	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	YOUTH CIVIC LEADERSHIP	$190,000	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	INTERNATIONAL TECH PROMOTION	$182,630	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	CAREGIVER WORKFORCE TRAINING	$179,431	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	SUPPORT STRATEGIC INITIATIVES	$168,680	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	SUPPORT THE DEVELOPMENT OF ENTERPRISES	$168,350	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	DIGITAL TRANSFORMATION SUPPORT	$164,723	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	LOCAL COMMUNITY DEVELOPMENT	$153,548	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	PARTNERSHIP AND CAPACITY BUILDING	$150,000	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	EDUCATION	$150,000	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	INNOVATION AND ENTREPRENEURSHIP HUB	$149,956	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	URBAN INNOVATION AND COMMUNITY DEVELOPMENT	$140,000	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	AGRI-TECH INNOVATION ECOSYSTEM	$119,887	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	YOUTH ENTREPRENEURSHIP SUPPORT	$117,200	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	IT SECTOR DEVELOPMENT	$110,816	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	STARTUP FUNDING AND ACCELERATION	$109,920	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	STARTUP INCUBATION	$107,496	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	EDUCATION SYSTEM RESILIENCE	$107,050	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	SUPPORT OF EARLY-STATE TECH STARTUPS	$103,910	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	HIGH-GROWTH ENTREPRENEURSHIP SUPPORT	$100,000	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	PAIRING LOCAL STARTUPS WITH INTERNATIONAL DIASPORA EXPERTS	$96,507	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	SCHOLARSHIPS FOR MILITARY FAMILIES	$96,000	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	CREATIVE ENTREPRENEURSHIP ACCELERATION	$93,700	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	SUPPORT OF EVENT ORGANISATION	$91,725	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	SUPPORT HIGH-GROWTH ENTREPRENEURS	$90,000	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	SUPPORT OF PROJECT	$88,536	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	SUPPORT OF TRAINING REGARDING DIGITALIZATION FOR SMES	$86,940	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	DRONE SKILLS DEVELOPMENT	$80,000	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	SUPPORT FOR ORGANIZATION OF EVENTS FOR DONORS AND INVESTORS	$80,000	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	WOMEN'S LEADERSHIP DEVELOPMENT	$70,000	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	HEALTHCARE INNOVATION HUB	$68,784	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	VETERAN SUPPORT AND REINTEGRATION	$68,000	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	REGIONAL DEVELOPMENT COOPERATION	$65,966	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	MUNICIPAL COOPERATION	$65,000	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	CO-FINANCING SME PARTICIPATION IN TRADE SHOWS AND FAIRS	$60,500	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	SUPPORTING COMMUNITY STARTUPS	$59,313	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	EDUCATION	$58,215	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	STARTUP INVESTMENT READINESS	$55,886	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	SUPPORT OF STARTUPS	$55,800	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	DIASPORA INVESTMENT PROMOTION	$50,000	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	SUPPORT WOMEN-LED BUSINESSES	$50,000	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	EDUCATION SCHOLARSHIPS	$50,000	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	CREATIVE INDUSTRIES DEVELOPMENT	$49,787	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	YOUTH URBAN ENGAGEMENT	$49,496	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	DIGITAL PLATFORM DEVELOPMENT	$47,080	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	EARLY-STAGE STARTUP FUNDING	$46,000	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	EXECUTIVE LEADERSHIP TRAINING	$45,000	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	SPONSORING OF LEDP`S EVENTS	$41,615	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	SCIENCE COMMUNICATION	$40,000	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	TECHNOLOGY AND INNOVATION PROMOTION	$38,950	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	TECH ECOSYSTEM DEVELOPMENT	$32,000	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	MUNICIPAL LEADERSHIP DEVELOPMENT	$30,000	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	TECH EDUCATION SUPPORT	$30,000	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	VETERAN REINTEGRATION SUPPORT	$30,000	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	EXECUTIVE ENTREPRENEURSHIP TRAINING	$27,750	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	MUNICIPAL GRANT CAPACITY BUILDING	$25,320	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	EDUCATION	$23,000	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	PROFESSIONAL EDUCATION SCHOLARSHIPS	$15,000	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	COMMUNICATIONS AND OUTREACH	$7,200	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	EU PROJECT DEVELOPMENT	$5,286	WIRE	$0
RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS,	SUPPORT THE DEVELOPMENT OF ENTERPRISES	$52,049	WIRE	$0

Field	Value	IRS element (for citing)
Total501c3 Org	0	Total501c3OrgCnt
Total Other Org	91	TotalOtherOrgCnt
Transfer To Foreign Corp	Yes (1)	TransferToForeignCorpInd
Interest In Foreign Trust	0	InterestInForeignTrustInd
Foreign Corp Ownership	Yes (1)	ForeignCorpOwnershipInd
Passive Foreign Investmest Co	0	PassiveForeignInvestmestCoInd
Foreign Partnership	Yes (1)	ForeignPartnershipInd
Boycott Countries	0	BoycottCountriesInd

Supplemental Information Detail SupplementalInformationDetail (2 entries)

Form And Line ReferenceFormAndLineReferenceDesc

ExplanationExplanationTxt

PART I, LINE 2:

GRANT MONITORING REGULAR AND RIGOROUS REVIEW IS CONDUCTED BY UMAEF TO DETERMINE PROGRESS AND ASSESS WHETHER VALUE FOR MONEY HAS BEEN ACHIEVED. THIS INCLUDES REGULAR PROGRESS REPORTS BY THE FUNDING RECIPIENT AGAINST AGREED PERFORMANCE MEASURES OR MILESTONES AND/OR SITE VISITS BY A UMAEF PROGRAM MANAGER. PERFORMANCE MEASURES ARE DEVELOPED IN THE PLANNING PHASE OF A PROJECT AND USED FOR MONITORING DURING THE LIFE CYCLE OF THE GRANT AND TO EVALUATE THE PROJECT AS A WHOLE. RECIPIENT ORGANIZATIONS ARE REQUIRED TO SUBMIT TO UMAEF WRITTEN INTERIM AND/OR FINAL REPORTS TO REFLECT THE PROGRESS ON ACTIVITIES AND PROJECT'S RESULTS AND IMPACT TO DATE. UMAEF SPELLS OUT THE FREQUENCY AND INFORMATION TO BE INCLUDED IN THE REPORT. RECIPIENT ORGANIZATIONS ARE REQUIRED TO MAINTAIN NECESSARY FINANCIAL AND OPERATIONAL RECORDS IN RELATION TO THE OPERATION OF THE PROJECT AND TO SUBMIT TO UMAEF A FINANCIAL REPORT FOR USE OF FUNDS TO DETERMINE EXPENDITURE AGAINST THE FUNDING AGREEMENT.

PART I, LINE 3:

FOREIGN ACTIVITIES CONSISTENT WITH UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUND GRANT AGREEMENT, THE FUND'S ACTIVITIES ARE FOCUSED ON UKRAINE AND MOLDOVA AND DO NOT INCLUDE ACTIVITIES IN RUSSIA AND BELARUS. UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUND HAS AN OFFICE IN THE U.S., BUT MOST OF ITS OPERATIONS ARE IN UKRAINE AND MOLDOVA, GIVEN ITS TAX-EXEMPT MISSION. (SEE SCHEDULE O FOR ADDITIONAL DETAILS.) UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUND HAS ONE OFFICE IN UKRAINE AND ONE IN MOLDOVA. PART I, LINE 3, COLUMN (F) ACCOUNTING METHOD PROGRAM SERVICE EXPENDITURES INCLUDE DIRECT EXPENSES RECORDED USING THE ACCRUAL BASIS DURING FISCAL YEAR 2025. NO INDIRECT EXPENSE ALLOCATIONS HAVE BEEN MADE.

Schedule I IRS990ScheduleI

Field	Value	IRS element (for citing)
Grant Records Maintained	Yes (1)	GrantRecordsMaintainedInd

Recipient Table RecipientTable

Recipient Business Name RecipientBusinessName

Field	Value	IRS element (for citing)
Business Name Line1	UKRAINIAN LEADERSHIP FOUNDATION	BusinessNameLine1Txt

US Address USAddress

Field	Value	IRS element (for citing)
Address Line1	175 W JACKSON BLVD STE 1640	AddressLine1Txt
City	CHICAGO	CityNm
State Abbreviation	IL	StateAbbreviationCd
ZIP	60604	ZIPCd

Field	Value	IRS element (for citing)
Recipient EIN	831321813	RecipientEIN
IRC Section	501(C)(3)	IRCSectionDesc
Cash Grant	$2,000,000	CashGrantAmt
Non Cash Assistance	$0	NonCashAssistanceAmt
Valuation Method Used	N/A	ValuationMethodUsedDesc
Purpose Of Grant	GEN SUPPORT	PurposeOfGrantTxt

Field	Value	IRS element (for citing)
Total501c3 Org	1	Total501c3OrgCnt
Total Other Org	0	TotalOtherOrgCnt

Supplemental Information Detail SupplementalInformationDetail

Field	Value	IRS element (for citing)
Form And Line Reference	PART II, LINE 1A:	FormAndLineReferenceDesc
Explanation	IN SEPTEMBER 2025, BASED ON THE BOARD OF DIRECTORS APPROVAL PROVIDED EARLIER, UMAEF PROVIDED $2,000,000 TO CHICAGO COMMUNITY FOUNDATION FOR SUPPORT TO THE UKRAINIAN LEADERSHIP FOUNDATION BASED IN CHICAGO, IL ("ULF"), FOR CHARITABLE PURPOSES INCLUDING SUPPORT TO THE UKRAINIAN LEADERSHIP ACADEMY IN UKRAINE.	ExplanationTxt

Schedule J IRS990ScheduleJ

Field	Value	IRS element (for citing)
Housing Allowance Or Residence	Yes (X)	HousingAllowanceOrResidenceInd
Written Policy Ref T And E Expnss	Yes (1)	WrittenPolicyRefTAndEExpnssInd
Substantiation Required	Yes (1)	SubstantiationRequiredInd
Board Or Committee Approval	Yes (X)	BoardOrCommitteeApprovalInd
Severance Payment	0	SeverancePaymentInd
Supplemental Nonqual Rtr Plan	0	SupplementalNonqualRtrPlanInd
Equity Based Comp Arrngm	0	EquityBasedCompArrngmInd
Comp Based On Revenue Of Flng Org	0	CompBasedOnRevenueOfFlngOrgInd
Comp Bsd On Rev Related Orgs	0	CompBsdOnRevRelatedOrgsInd
Comp Bsd Net Earns Flng Org	0	CompBsdNetEarnsFlngOrgInd
Comp Bsd Net Earns Rltd Orgs	0	CompBsdNetEarnsRltdOrgsInd
Any Non Fixed Payments	0	AnyNonFixedPaymentsInd
Initial Contract Exception	0	InitialContractExceptionInd

Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp

Field	Value	IRS element (for citing)
Person	JAROSLAWA ZELINSKY JOHNSON	PersonNm
Title	PRESIDENT & CEO	TitleTxt
Base Compensation Filing Org	$204,000	BaseCompensationFilingOrgAmt
Compensation Based On Rltd Orgs	$0	CompensationBasedOnRltdOrgsAmt
Bonus Filing Organization	$32,900	BonusFilingOrganizationAmount
Bonus Related Organizations	$0	BonusRelatedOrganizationsAmt
Other Compensation Filing Org	$44,605	OtherCompensationFilingOrgAmt
Other Compensation Rltd Orgs	$0	OtherCompensationRltdOrgsAmt
Deferred Compensation Flng Org	$53,018	DeferredCompensationFlngOrgAmt
Deferred Comp Rltd Orgs	$0	DeferredCompRltdOrgsAmt
Nontaxable Benefits Filing Org	$0	NontaxableBenefitsFilingOrgAmt
Nontaxable Benefits Rltd Orgs	$0	NontaxableBenefitsRltdOrgsAmt
Total Compensation Filing Org	$334,523	TotalCompensationFilingOrgAmt
Total Compensation Rltd Orgs	$0	TotalCompensationRltdOrgsAmt
Comp Report Prior990 Filing Org	$0	CompReportPrior990FilingOrgAmt
Comp Report Prior990 Rltd Orgs	$0	CompReportPrior990RltdOrgsAmt

Supplemental Information Detail SupplementalInformationDetail

Field	Value	IRS element (for citing)
Form And Line Reference	PART I, LINE 1A	FormAndLineReferenceDesc
Explanation	A HOUSING ALLOWANCE IS PROVIDED TO THE PRESIDENT/CEO. THIS ALLOWANCE IS TREATED AS TAXABLE COMPENSATION.	ExplanationTxt

Schedule L IRS990ScheduleL

Bus Tr Involve Interested Prsn BusTrInvolveInterestedPrsnGrp (3 entries)

Relationship DescriptionRelationshipDescriptionTxt	TransactionTransactionAmt	TransactionTransactionDesc	Sharing Of RevenuesSharingOfRevenuesInd
HORIZON CAPITAL ASSOCIATES LLC
MGMT OVERLAP-SCH O	$650,000	PROGRAM MGMT	0
HORIZON CAPITAL ASSOCIATES LLC
MGMT OVERLAP-SCH O	$290,927	INVEST MGMT	0
ANDREW T KARRON
SENIOR VP	$195,131	LEGAL FEES AND EXPENSES INCURRED	0

Supplemental Information Detail SupplementalInformationDetail

Field	Value	IRS element (for citing)
Form And Line Reference	BUSINESS TRANSACTIONS WITH INTERESTED PERSONS	FormAndLineReferenceDesc
Explanation	SCHEDULE L, PART IV - DURING THE YEAR ENDED SEPTEMBER 30, 2025, LENNA KOSZARNY (OFFICER) WAS OWNER AND/OR OFFICER OF HORIZON CAPITAL ASSOCIATES LLC (HCA), THE INVESTMENT MANAGEMENT COMPANY CONTRACTED TO MANAGE THE UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUND PORTFOLIO. AS NOTED IN PART III OF FORM 990, ONE OF UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUNDS' 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 INVESTMENT MANAGEMENT COMPANY, HORIZON CAPITAL ASSOCIATES LLC (HCA), WAS FORMED TO SUPPORT EEGF AND UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUND. THIS APPROACH FOLLOWED THE PRECEDENT OF USAID-FINANCED ENTERPRISE FUNDS IN CENTRAL AND EASTERN EUROPE, WHICH SUCCESSFULLY ATTRACTED SIGNIFICANT PRIVATE CAPITAL. THE FOUNDING OF EEGF WAS A SIGNIFICANT ACCOMPLISHMENT TOWARDS FULFILLING UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUNDS' MISSION. THE INVESTMENT MANAGEMENT AGREEMENT WITH HCA WAS ENTERED INTO BY UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUND ON PARI PASSU TERMS AS THE THIRD-PARTY INVESTMENT MANAGEMENT AGREEMENT BETWEEN HCA AND EMERGING EUROPE GROWTH FUND, LP TO ENSURE THAT THE UMAEF-HCA INVESTMENT MANAGEMENT AGREEMENT WAS IN LINE WITH MARKET TERMS. IN AUGUST 2022, THE BOARD OF DIRECTORS APPROVED A COMMITMENT OF $10 MILLION TO HORIZON CAPITAL GROWTH FUND IV, L.P. ("HCGF IV") AT ITS FIRST CLOSING, AT PARI-PASSU TERMS WITH THIRD PARTY INVESTORS, THUS HELPING TO CATALYZE $105 MILLION OF CAPITAL FROM DEVELOPMENT FINANCIAL INSTITUTIONS ("DFIS"). THE FUND ENTERED INTO SUBSCRIPTION DOCUMENTS FOR HCGF IV AS OF SEPTEMBER 26, 2022, THUS COMMITTING $10 MILLION TO HCGF IV IN A FIRST CLOSING TOTALING $125 MILLION. BASED ON THE FUND'S SUPPORT, AS WELL AS THAT OF OTHER INVESTORS, HCGF IV EXCEEDED ITS TARGET OF $250 MILLION BY $100 MILLION, REACHING ITS HARD CAP OF $350 MILLION IN AGGREGATE COMMITMENTS AND HOLDING A FINAL CLOSING IN FEBRUARY 2024. UMAEF CONTINUES TO FUND, AS LEGALLY REQUIRED, ITS UNFUNDED COMMITMENTS TO EEGF III AND HCGF IV.UNDER THE TERMS OF THE GRANT AGREEMENT WITH USAID, UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUND IS MANAGED BY A BOARD OF DIRECTORS COMPRISED OF PRIVATE CITIZENS (A MAJORITY OF WHOM MUST BE U.S. 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 ADVICE OF THE PRESIDENT OF THE UNITED STATES OR THE PRESIDENT'S DESIGNEE, AND NEW MEMBERS ARE RECOMMENDED BY CURRENT BOARD MEMBERS TO USAID WHO MUST OBTAIN SUBSEQUENT APPROVAL FROM PRESIDENTIAL ADMINISTRATION PRIOR TO THE NEW MEMBERS' COMMENCING BOARD PARTICIPATION. RE-ELECTION OF ANY CURRENT DIRECTOR ALSO REQUIRES APPROVAL FROM BOTH, USAID AND PRESIDENTIAL ADMINISTRATION. FOLLOWING THE FOUNDING OF EEGF, ALL EMPLOYEES OF UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUND (EXCEPT THOSE LOCATED IN THE U.S.) 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 UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUND TO HCAD. HOWEVER, DURING 2015, AS A RESULT OF THE LAUNCH OF THE LEGACY PROGRAMS AND NEED TO HIRE COMMITTED RESOURCES TO MANAGE THESE PROGRAMS, THE FUND RECOMMENCED HIRING OF EMPLOYEES DIRECTLY, BEGINNING WITH THE PRESIDENT AND CHIEF EXECUTIVE OFFICER, PROGRAM MANAGERS AS WELL AS CERTAIN FULL-TIME SUPPORT PERSONNEL. THE INVESTMENT MANAGEMENT FUNCTION IS DELEGATED TO HCA ON THE BASIS OF THE UMAEF-HCA INVESTMENT MANAGEMENT AGREEMENT. IN FEBRUARY 2015, THE FUND ALSO ENTERED INTO A SHARED SERVICES AGREEMENT WITH HCA, APPROVED BY THE BOARD OF DIRECTORS, TO PROVIDE SUPPORT TO THE FUND IN THE FORM OF ADDITIONAL PROGRAM MANAGEMENT AND ADMINISTRATIVE SERVICES FOR LEGACY PROGRAMS. THIS AGREEMENT PROVIDES THE FUND WITH ACCESS TO A FULL RANGE OF HCAD HR, LEGAL, ADMINISTRATIVE, COMMUNICATIONS, MGMT AND OTHER RESOURCES RATHER THAN EXPEND SIGNIFICANT TIME, COST AND EFFORT TO SET-UP THESE RESOURCES IN-HOUSE.	ExplanationTxt

Schedule O IRS990ScheduleO

Supplemental Information Detail SupplementalInformationDetail (15 entries)

Form And Line ReferenceFormAndLineReferenceDesc	ExplanationExplanationTxt
FORM 990, PART I, LINE 1	UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUND WAS CREATED AND FUNDED BY THE U.S. CONGRESS, TO INVEST IN AND ATTRACT PRIVATE CAPITAL TO UKRAINE, MOLDOVA, AND BELARUS, TO PROMOTE ENTREPRENEURSHIP AND OPEN MARKETS.
FORM 990, PART III, LINE 1	NAME CHANGE: IN FISCAL 2023, BASED ON APPROVAL BY THE BOARD OF DIRECTORS, THE FUND INITIATED THE PROCESS OF CHANGING ITS LEGAL NAME TO UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUND. THIS CHANGE WAS RECORDED IN THE DELAWARE SECRETARY OF STATE'S CERTIFICATE ISSUED IN OCTOBER 2023. IN JANUARY 2024, USAID ISSUED GRANT MODIFICATION #27 CONFIRMING THE CHANGE OF CORPORATE NAME. THE NEW NAME REFLECTS THE FUND'S ACTUAL HISTORICAL AND ONGOING OPERATIONS IN UKRAINE AND MOLDOVA, AND INCLUDES THE COUNTRIES OF OPERATION, CONSISTENT WITH THE PRACTICE OF OTHER ENTERPRISE FUNDS. ORGANIZATION MISSION - THE UKRAINE-MOLDOVA AMERICAN 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"). UMAEF'S 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 AUTHORIZED APPROPRIATIONS OF $150 MILLION, WHICH WERE COMMITTED BY THE UNITED STATES AGENCY FOR INTERNATIONAL DEVELOPMENT ("USAID") FOR UMAEF PROGRAM PURPOSES AND ADMINISTRATIVE EXPENDITURES (THE "GRANT"). AMOUNTS RECEIVED FROM USAID WERE CONDITIONED UPON UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUNDS' COMPLIANCE WITH THE REQUIREMENTS OF THE GRANT AGREEMENT WITH USAID AND THE SEED AND FREEDOM SUPPORT ACTS, WHICH IMPOSED CERTAIN U.S. POLICY OBJECTIVES AND REPORTING OBLIGATIONS. UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUND 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. UMAEF PROVIDES TECHNICAL ASSISTANCE TO COMPANIES IN WHICH IT HAS INVESTED. THROUGH ITS DIRECT ROLE IN INVESTMENTS IN THE REGION'S PRIVATE SECTOR, UKRAINE-MOLDOVA AMERICAN ENTERPRISE SEEKS TO GENERATE PROFITS THAT WILL FURTHER SUPPORT ITS ACTIVITIES AND ATTRACT INVESTMENTS BY OTHERS. AS PART OF ITS INVESTMENT OPERATIONS, UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUND MAY OBTAIN REPRESENTATION ON MANAGEMENT AND SUPERVISORY COUNCILS OF INVESTEE COMPANIES. UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUNDS' GRANT AGREEMENT WITH USAID STATES THAT THE SUCCESS OF UMAEF 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 UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUND 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 UMAEF 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 UMAEF OF A NUMBER OF KEY JOINT VENTURES BETWEEN PRIVATE COMPANIES OF THE U.S. AND THE WESTERN NIS REPUBLICS; AND (6) CONSISTENT WITH UMAEF'S SOUND BUSINESS JUDGMENT, THE CONDUCT OF ACTIVITIES INTENDED TO FURTHER INVESTMENT IN EACH OF THE WESTERN NIS REPUBLICS. ONE OF UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUNDS' 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 INVESTMENT MANAGEMENT COMPANY, HORIZON CAPITAL ASSOCIATES LLC (HCA), WAS FORMED TO SUPPORT EEGF AND UMAEF. THIS APPROACH FOLLOWED THE PRECEDENT OF USAID-FINANCED ENTERPRISE FUNDS IN CENTRAL AND EASTERN EUROPE, WHICH SUCCESSFULLY ATTRACTED SIGNIFICANT PRIVATE CAPITAL. BASED ON USAID AND CONGRESSIONAL APPROVAL, UMAEF'S 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, MOLDOVA, AND BELARUS. UMAEF IS A CORNERSTONE LIMITED PARTNER IN EEGF. EEGF HAS INVESTED BETWEEN $5 TO $25 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 UMAEF, WITH THE FINAL TRANCHE RECEIVED IN FISCAL YEAR 2007. ACCORDING TO THE GRANT AGREEMENT, USAID MAY ESTABLISH THE DATE AFTER WHICH UMAEF SHALL COMMENCE THE WINDING UP OF ITS AFFAIRS AND SALE OF ITS ASSETS. UNDER THIS AUTHORITY, USAID ORIGINALLY ESTABLISHED UMAEF'S TERMINATION COMMENCEMENT DATE AS AUGUST 26, 2009. DURING FISCAL YEAR 2009, UMAEF 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 SET FORTH UMAEF'S PROPOSAL FOR THE ESTABLISHMENT OF A LEGACY FOUNDATION TO BE FUNDED BY PROCEEDS DERIVED FROM THE SALE OF ASSETS. THE FUND'S PROPOSAL WAS SUBMITTED TO USAID AS REQUIRED, INCLUDING CONFIRMATION THAT AS OF AUGUST 26, 2011, UMAEF 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. IN JUNE 2013, USAID ESTABLISHED A TARGET LIQUIDATION DATE OF AUGUST 26, 2016 AS THE DATE BY WHICH THE FUND MUST HAVE COMPLETED THE WIND-UP AND LIQUIDATION OF ALL OF ITS ASSETS. THE GRANT AGREEMENT BETWEEN UMAEF AND USAID WAS AMENDED TO REFLECT THIS TARGET LIQUIDATION DATE OF AUGUST 26, 2016 AND FURTHER STATED THAT THIS DATE MAY ONLY BE EXTENDED WITH THE PRIOR WRITTEN APPROVAL OF USAID. EFFECTIVE JANUARY 28, 2015, USAID APPROVED THE FUND'S PROPOSAL TO CONTINUE THE MISSION OF THE FREEDOM SUPPORT ACT OF 1992 AND THE FOREIGN ASSISTANCE ACT OF 1961, THROUGH THE EXISTING UMAEF STRUCTURE. AS SUCH, THE GRANT AGREEMENT WAS AMENDED TO CHANGE THE TERMINATION COMMENCEMENT DATE FROM AUGUST 26, 2013 TO DECEMBER 31, 2017 AND CHANGE THE TARGET LIQUIDATION DATE FROM AUGUST 26, 2016 TO DECEMBER 31, 2018 TO ALLOW THE FUND TO CARRY OUT THE PROGRAM ACTIVITIES DESCRIBED IN ITS PROPOSAL. THE TLD MAY ONLY BE EXTENDED WITH THE PRIOR WRITTEN APPROVAL OF USAID. THE FUND'S PROPOSAL ENVISIONED A $30 MILLION THREE-YEAR LEGACY PROGRAM FUNDED BY A PORTION OF THE REFLOWS EARNED BY THE FUND FROM ITS INVESTMENT ACTIVITIES. THE GOALS AND OBJECTIVES OF THE LEGACY PROGRAM ARE TO ASSIST UKRAINE AND MOLDOVA WITH FURTHER DEVELOPMENT OF SOUND ECONOMIC POLICIES AND LEADERSHIP DURING THIS CRITICAL TIME IN THEIR RESPECTIVE HISTORIES. BOTH UKRAINE AND MOLDOVA RECENTLY SIGNED DEEP AND COMPREHENSIVE FREE TRADE AGREEMENTS (DCFTA) WITH THE EUROPEAN UNION (EU) AND MUST NOW UNDERTAKE SIGNIFICANT CHANGES TO THEIR ECONOMIC POLICIES AND TO BUILD CADRES OF WELL-TRAINED LEADERS TO FULLY BENEFIT FROM THE DCFTA. THE FOUR PROGRAMS SET FORTH IN THE FUND'S PROPOSAL TO USAID FOCUS ON I) MOBILIZING CAPITAL TO ADDRESS COMPLEX SOCIAL ISSUES (IMPACT INVESTING PROGRAM); II) DEVELOPING INNOVATIVE MARKET-BASED SOLUTIONS LINKING LOCAL GOVERNMENT AND THE BUSINESS COMMUNITY TO IMPROVE THE PROVISION OF SERVICES TO CITIZENS WHILE SUPPORTING THE SME SECTOR (LOCAL ECONOMIC DEVELOPMENT PROGRAM); III) INVESTING IN PEOPLE TO BROADEN AND DEEPEN THE HUMAN CAPACITY NECESSARY TO ADVANCE PRIVATE SECTOR DEVELOPMENT IN UKRAINE AND MOLDOVA (ECONOMIC LEADERSHIP PROGRAM); AND IV) IMPROVING THE ABILITY OF UKRAINIAN EXPORTERS TO ACCESS NEW MARKETS (EXPORT PROMOTION POLICY PROGRAM). EFFECTIVE APRIL 14, 2016, USAID ADDITIONALLY MODIFIED THE GRANT TO CHANGE THE TERMINATION COMMENCEMENT DATE FROM DECEMBER 31, 2017 TO DECEMBER 31, 2022 AND CHANGE THE TARGET LIQUIDATION DATE FROM DECEMBER 31, 2018 TO DECEMBER 31, 2023. THE TARGET LIQUIDATION DATE MAY ONLY BE EXTENDED WITH THE PRIOR WRITTEN APPROVAL OF USAID. THE AMENDED GRANT AGREEMENT ALLOWS THE FUND: I) TO DISBURSE $5 MILLION TO MAKE NEW INVESTMENTS AND COMMITMENTS IN UKRAINE AND MOLDOVA TO ENCOURAGE THE CREATION AND EXPANSION OF SMALL AND MEDIUM ENTERPRISES (SMES); II) TO APPLY AN ADDITIONAL $5 MILLION FOR ITS LEGACY PROGRAMS, THEREBY INCREASING TOTAL ALLOWABLE FROM $30 MILLION TO $35 MILLION; III) TO COMMIT $30 MILLION OF PROGRAM INCOME AS ANCHOR INVESTOR, ON PARI PASSU TERMS WITH PRIVATE INVESTORS, IN THE EMERGING EUROPE GROWTH FUND III, L.P., A U.S.-DOMICILED FUND LAUNCHED BY HORIZON CAPITAL THAT RAISED $200 MILLION AFTER FINAL CLOSING TO PROVIDE LOANS, EQUITY AND FINANCIAL SUPPORT TO SMES IN UKRAINE AND MOLDOVA.
FORM 990, PART III, LINE 1	EFFECTIVE MARCH 23, 2022, USAID ADDITIONALLY MODIFIED THE GRANT TO CHANGE THE TCD FROM DECEMBER 31, 2022 TO DECEMBER 31, 2030 AND CHANGE THE TLD FROM DECEMBER 31, 2023 TO DECEMBER 31, 2031 (GRANT MODIFICATION #25). THE AMENDED GRANT AGREEMENT (I) ENABLED THE FUND TO MAKE NEW INVESTMENTS AND COMMITMENTS AT THE DISCRETION OF ITS BOARD TO ENCOURAGE THE CREATION AND EXPANSION OF SMALL AND MEDIUM ENTERPRISES (SMES) IN UKRAINE AND MOLDOVA; II) FIXED THE BUDGET OF THE FUND'S LEGACY PROGRAMS AT $5 MILLION PER YEAR SUBJECT TO THE AVAILABILITY OF FUNDS. ADDITIONALLY, AS A RESPONSE TO FULL-SCALE RUSSIA'S INVASION TO UKRAINE, USAID AMENDED THE STRUCTURE OF ALLOWABLE EXPENDITURES. IN FEBRUARY 2022, PRIOR TO THE ONSET OF THE FULL-FLEDGED RUSSIA'S INVASION OF UKRAINE, THE FUND IMPLEMENTED ITS BUSINESS CONTINUITY PLAN, INCLUDING SECURING ACCOMMODATION IN WESTERN UKRAINE AND SUPPORTING FUND PERSONNEL AND FAMILY MEMBERS TO RELOCATE TO WESTERN UKRAINE AND THEN TO THE EUROPEAN UNION GIVEN THE HIGH PRIORITY ACCORDED TO THE SAFETY AND SECURITY OF EMPLOYEES AND PARTNERS ON-THE-GROUND IN UKRAINE. BASED ON THE USAID APPROVAL GRANTED BY THE GRANT MODIFICATION #25, UMAEF HAS INCURRED ASSOCIATED RELOCATION COSTS AND PROVIDED ADDITIONAL ASSISTANCE REQUIRED. THE UKRAINIAN LEADERSHIP ACADEMY PROGRAM STAFF AND IMMEDIATE FAMILY MEMBERS AND STUDENTS WERE ALSO RELOCATED TO WESTERN UKRAINE, WITH EXPENSES RELATED TO THEIR RELOCATION ALSO INCURRED BY THE FUND.
FORM 990, PART III, LINE 2	IN FEBRUARY 2015 THE FUND STARTED LEGACY PROGRAMS SPECIFIED BY PROPOSAL THAT ENVISIONED A $30 MILLION THREE-YEAR LEGACY PROGRAM FUNDED BY A PORTION OF THE REFLOWS EARNED BY THE FUND FROM ITS INVESTMENT ACTIVITIES. IN APRIL 2016, AS A RESULT OF A GRANT MODIFICATION, THE FUND WAS ALLOWED TO USE AN ADDITIONAL $5 MILLION FOR LEGACY PROGRAMS, INCREASING TOTAL ALLOWABLE TO $35 MILLION. THE GOALS AND OBJECTIVES OF THE LEGACY PROGRAM ARE TO ASSIST UKRAINE AND MOLDOVA WITH FURTHER DEVELOPMENT OF SOUND ECONOMIC POLICIES AND LEADERSHIP DURING THIS CRITICAL TIME IN THEIR RESPECTIVE HISTORIES. BOTH UKRAINE AND MOLDOVA SIGNED DEEP AND COMPREHENSIVE FREE TRADE AGREEMENTS (DCFTA) WITH THE EUROPEAN UNION (EU) AND MUST NOW UNDERTAKE SIGNIFICANT CHANGES TO THEIR ECONOMIC POLICIES AND TO BUILD CADRES OF WELL-TRAINED LEADERS TO FULLY BENEFIT FROM THE DCFTA. THE FOUR PROGRAMS SET FORTH IN THE FUND'S PROPOSAL TO USAID FOCUS ON: I) MOBILIZING CAPITAL TO ADDRESS COMPLEX SOCIAL ISSUES (IMPACT INVESTING PROGRAM); II) DEVELOPING INNOVATIVE MARKET-BASED SOLUTIONS LINKING LOCAL GOVERNMENT AND THE BUSINESS COMMUNITY TO IMPROVE THE PROVISION OF SERVICES TO CITIZENS WHILE SUPPORTING THE SME SECTOR (LOCAL ECONOMIC DEVELOPMENT PROGRAM); III) INVESTING IN PEOPLE TO BROADEN AND DEEPEN THE HUMAN CAPACITY NECESSARY TO ADVANCE PRIVATE SECTOR DEVELOPMENT IN UKRAINE AND MOLDOVA (ECONOMIC LEADERSHIP PROGRAM); AND IV) IMPROVING THE ABILITY OF UKRAINIAN EXPORTERS TO ACCESS NEW MARKETS (EXPORT PROMOTION POLICY PROGRAM).
FORM 990, PART III, LINE 1 (CONT.)	IN SEPTEMBER 2025, UMAEF RECEIVED NEW FUNDING OF $49,852,000 FROM U.S. GOVERNMENT, AS SET FORTH IN GRANT MODIFICATION #29 ISSUED JANUARY 2025. IN SEPTEMBER 2025, BASED ON APPROVAL BY THE BOARD OF DIRECTORS, THE FUND INITIATED THE PROCESS OF LIQUIDATING OF THE REPRESENTATIVE OFFICE OF WESTERN NIS ENTERPRISE FUND (WNISEF) IN MOLDOVA. THE REPRESENTATIVE OFFICE OF WNISEF HAS NOT BEEN OPERATIONAL IN MOLDOVA SINCE 2014 AND THE LEGISLATION OF THE REPUBLIC OF MOLDOVA DOES NOT ANY LONGER RECOGNIZE A REPRESENTATIVE OFFICE AS A FORM OF LEGAL REPRESENTATION OF A FOREIGN LEGAL ENTITY IN MOLDOVA. IN ADDITION, INACTIVE REPRESENTATIVE OFFICE IS NOT NEEDED FOR THE FUND TO OPERATE IN MOLDOVA, AND ITS REGISTRATION THERE NO LONGER SERVES ANY USEFUL PURPOSE. UMAEF CONTINUES OPERATING IN MOLDOVA IN A FORM OF AN INTERNATIONAL TECHNICAL ASSISTANCE PROJECT AND PERFORMING ITS FUNCTIONS PURSUANT TO THE BILATERAL AGREEMENT AND OTHER APPLICABLE INTERNATIONAL AND LOCAL LEGISLATIVE ACTS. EFFECTIVE JULY 1, 2025, GRANT AND COOPERATIVE AGREEMENT MODIFICATION #2 CHANGED THE TCD TO JULY 1, 2035 AND THE TLD TO DECEMBER 1, 2035.
FORM 990, PART VI, SECTION A, LINE 2	LENNA KOSZARNY AND NATALIA KOVALENKO HAD A BUSINESS RELATIONSHIP.
FORM 990, PART VI, SECTION A, LINE 6	MEMBERS THE CORPORATE MEMBERS OF UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUND CONSIST OF THE DIRECTORS WHO ARE U.S. CITIZENS.
FORM 990, PART VI, SECTION A, LINE 7A	THE MEMBERS HAVE THE RIGHTS TO ELECT AND REMOVE DIRECTORS.
FORM 990, PART VI, SECTION A, LINE 7B	APPROVAL BY MEMBERS USAID HAD THE AUTHORITY TO, AND IN FACT DID APPROVE CERTAIN UMAEF'S DECISIONS, INCLUDING THE LONG-TERM EQUITY INCENTIVE PLAN, THE PRIVATIZATION OF HORIZON CAPITAL IN 2006, THE TERMS OF THE HCA INVESTMENT MANAGEMENT AND SHARED SERVICES AGREEMENTS WITH UMAEF, AND THE CONTRIBUTION OF CERTAIN INVESTMENTS TO THE EMERGING EUROPE GROWTH FUND, LP, A REGIONAL PRIVATE EQUITY FUND LAUNCHED IN 2006 AND SALE AT COST OF TWO WAREHOUSED INVESTMENTS TO EEGF III, LP, A REGIONAL PRIVATE EQUITY FUND LAUNCHED IN 2017. USAID CONDUCTED SEMI-ANNUAL REVIEWS OF UMAEF AND REVIEWED MONTHLY REPORTS AND ANNUAL AUDITED FINANCIAL STATEMENTS AND ANNUAL REPORT SUBMITTED BY UMAEF. FOLLOWING THE IMPLEMENTATION OF A SERIES OF ADMINISTRATIVE CHANGES BY NEW ADMINISTRATION OF USA DURING THE FISCAL 2025, THE OVERSIGHT FOR UMAEF ACTIVITIES HAS BEEN TRANSFERRED FROM USAID TO THE U.S. DEPARTMENT OF STATE. THE CORRESPONDING CHANGE WAS RECORDED IN THE GRANT AND COOPERATIVE AGREEMENT MODIFICATION #1 ISSUED IN JULY 2025.
FORM 990, PART VI, SECTION B, LINE 11B	FORM 990 REVIEW POLICY UKRAINE-MOLDOVA AMERICAN 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). ONCE THE CEO COMPLETES REVIEW OF THE DRAFT FORM 990 AND ANY REVISIONS ARE INCORPORATED, THE DRAFT FORM 990 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, SECTION B, LINE 12C	CONFLICT OF INTEREST POLICY OFFICERS ARE APPOINTED ON AN ANNUAL BASIS BY THE BOARD OF DIRECTORS OF UMAEF, 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 ABSTAIN FROM VOTING ON THE CONFLICTED MATTER.
FORM 990, PART VI, SECTION B, LINE 15	COMPENSATION UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUND HAS A SPECIAL COMPENSATION STRUCTURE THAT REFLECTS ITS TAX-EXEMPT MISSION. AS NOTED IN PART III OF FORM 990, ONE OF UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUNDS' 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, UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUND WAS NEARING ITS WIND-DOWN PHASE, AND THE FOUNDING OF EEGF WAS A SIGNIFICANT ACCOMPLISHMENT TOWARDS UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUNDS' MISSION. A PRIVATE INVESTMENT MANAGEMENT COMPANY, HORIZON CAPITAL ASSOCIATES LLC (HCA), WAS FORMED TO MANAGE THE INVESTMENTS OF EEGF AND UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUND. FOLLOWING THE FOUNDING OF EEGF, ALL EMPLOYEES OF UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUND (EXCEPT THOSE LOCATED IN THE U.S.) BECAME EMPLOYEES OF HCA'S SUBADVISOR ENTITY, HORIZON CAPITAL ADVISORS, LLC (HCAD), RESULTING IN THE TRANSFER OF EMPLOYEE COMPENSATION, OPERATING AND OTHER EXPENSES FROM UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUND TO HCA AND HCAD. ACCORDINGLY UNTIL JANUARY 2015, UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUND DID NOT HAVE EMPLOYEES, OTHER THAN AN ADMINISTRATIVE ASSISTANT AND A PART-TIME ACCOUNTANT IN THE U.S.. HOWEVER, DURING FISCAL 2015 THE FUND HAS HIRED CERTAIN EMPLOYEES FOR LEGACY PROGRAMS REALIZATION. BOTH THE FORMATION OF THE HORIZON CAPITAL ENTITIES AND OUTSOURCING OF INVESTMENT MANAGEMENT FUNCTIONS TO HCA WERE APPROVED BY USAID. UMAEF PAYS HCA AN ANNUAL MANAGEMENT FEE, AS DISCLOSED IN SCHEDULE L. THE INVESTMENT MANAGEMENT AGREEMENT WITH HCA WAS APPROVED BY THE BOARD OF DIRECTORS OF UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUND, AFTER REVIEW AND APPROVAL OF ITS KEY TERMS, INCLUDING THE MANAGEMENT FEE, BY USAID, WHICH HAD PRIOR EXPERIENCE REVIEWING AND APPROVING SIMILAR INVESTMENT MANAGEMENT AGREEMENTS ENTERED INTO BY OTHER ENTERPRISE FUNDS THAT IT REGULATES. THE MANAGEMENT FEE FORMULA IS IDENTICAL TO THAT IN THE INVESTMENT MANAGEMENT AGREEMENT BETWEEN HCA AND EEGF, WHICH ALSO WAS REVIEWED AND APPROVED BY THE UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUND BOARD AND USAID (AS WELL AS BY OTHER INVESTORS IN EEGF). IN FEBRUARY 2015, THE FUND ENTERED INTO A SHARED SERVICES AGREEMENT WITH HCA, APPROVED BY THE BOARD OF DIRECTORS, TO PROVIDE ADDITIONAL PROGRAM MANAGEMENT AND ADMINISTRATIVE SERVICES FOR LEGACY PROGRAMS. UMAEF PAYS HCA AN ANNUAL PROGRAM MANAGEMENT FEE, AS DISCLOSED IN SCHEDULE L. THE FUND BECAME AN ANCHOR INVESTOR OF EEGF III, THE THIRD PRIVATE FUND LAUNCHED BY HORIZON CAPITAL. BASED ON USAID APPROVAL, IN 2016, THE BOARD OF DIRECTORS OF THE FUND COMMITTED $30 MILLION TO EEGF III AND APPROVED THE WAREHOUSING OF UP TO 100% OF ITS $30 MILLION COMMITMENT OF INVESTMENTS WITHIN UMAEF, WHICH SUBSEQUENTLY WERE TRANSFERRED TO EEGF III AT COST UPON ITS FIRST CLOSING. IN AUGUST 2022, THE BOARD OF DIRECTORS APPROVED A COMMITMENT OF $10 MILLION TO HORIZON CAPITAL GROWTH FUND IV, L.P. ("HCGF IV") AT ITS INITIAL CLOSING, AT PARI-PASSU TERMS WITH THIRD PARTY INVESTORS. THE FUND ENTERED INTO SUBSCRIPTION DOCUMENTS FOR HCGF IV AS OF SEPTEMBER 26, 2022, THUS COMMITTING $10 MILLION IN AN INITIAL CLOSING TOTALING $125 MILLION. HCGF IV REACHED ITS HARD CAP OF $350 MILLION IN AGGREGATE COMMITMENTS AND HELD A FINAL CLOSING IN FEBRUARY 2024. UMAEF CONTINUES TO FUND, AS LEGALLY REQUIRED, ITS UNFUNDED COMMITMENTS TO EEGF III AND HCGF IV. IN 2002, THE BOARD MEMBERS OF UMAEF 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 U.S. 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 INVESTMENT MANAGEMENT AGREEMENT BETWEEN UMAEF AND HCA CONTINUES; 2) THE SPECIFIC EMPLOYEE REMAINS IN THE EMPLOY OF UMAEF OR HCAD AND 3) THE BOARD OF DIRECTORS DOES NOT AMEND, ALTER OR TERMINATE THE PLAN. THIS IS INTENDED TO MAXIMIZE UMAEF'S RETURNS ON ITS REMAINING PORTFOLIO. WE NOTE THAT THE GRANT AGREEMENT WITH USAID PROVIDES THAT U.S. GOVERNMENT GRANT FUNDS (NOT INCLUDING REFLOWS FROM INVESTMENTS) MAY NOT BE USED TO COMPENSATE EMPLOYEES OF UMAEF, OR EMPLOYEES OF AN ORGANIZATION IN WHICH IT OWNS A MAJORITY INTEREST, OVER $150,000 PER ANNUM. THE U.S. GOVERNMENT HAS APPROVED THE USE OF REFLOWS TO PROVIDE ADDITIONAL COMPENSATON OVER $150,000 TO THE FUND'S CEO CONSISTENT WITH AMOUNTS SHOWN IN THIS RETURN. THE LTEI PLAN IS NOT COMPENSATION FROM GOVERNMENT GRANT FUNDS, BUT A SEPARATELY USAID-APPROVED INCENTIVE PLAN FUNDED FROM INVESTMENT SALES UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUND 13-3786524 PROCEEDS.
FORM 990, PART VI, SECTION C, LINE 19	DISCLOSURES AS A USAID RECIPIENT, UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUND' 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.
FORM 990, PART VI, SECTION B, LINE 16	JOINT VENTURES THE TAX-EXEMPT MISSION OF UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUND ESTABLISHED BY THE U.S. 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 INVESTMENTS IN EEGF, EEGF III AND HCGF IV, REGIONAL PRIVATE EQUITY FUNDS WHOSE ESTABLISHMENT WAS ENCOURAGED, REVIEWED AND APPROVED BY USAID. UNDER THE TERMS OF ITS GRANT AGREEMENT FROM USAID, UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUND 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. UKRAINE-MOLDOVA AMERICAN ENTERPISE FUND 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 UMAEF'S CONGRESSIONALLY-MANDATED CHARITABLE MISSION. IN ADDITION TO THIS WRITTEN POLICY, UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUND 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 UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUNDS' INVESTMENTS IN EEGF, EEGF III, HORIZON CAPITAL GROWTH FUND IV AND AS AN INTEGRAL PART OF ITS TAX EXEMPT MISSION.
FORM 990, PART VII, SECTION B, LINE 1	INVESTMENT MANAGEMENT FEES INVESTMENT MANAGEMENT FEES IN THE AMOUNT OF $170,307 PAID TO HORIZON CAPITAL ASSOCIATES LLC REPRESENT INVESTMENT MANAGEMENT FEES PAID IN CALENDAR YEAR 2024 AS THIS IS THE CALENDAR YEAR ENDING WITHIN UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUNDS' TAX YEAR BEGINNING 10/01/2024 AND ENDING 9/30/2025. THIS AMOUNT DIFFERS FROM THE INVESTMENT MANAGEMENT FEES REPORTED IN SCHEDULE L PART IV BUSINESS TRANSACTIONS INVOLVING INTERESTED PERSONS AS THIS LATTER AMOUNT REFLECTS ACTUAL PAYMENTS MADE IN FISCAL 2025.

Schedule R IRS990ScheduleR

Id Related Tax Exempt Org IdRelatedTaxExemptOrgGrp

Disregarded Entity Name DisregardedEntityName

Field	Value	IRS element (for citing)
Business Name Line1	UKRAINIAN LEADERSHIP FOUNDATION	BusinessNameLine1Txt

US Address USAddress

Field	Value	IRS element (for citing)
Address Line1	175 W JACKSON BLVD STE 1640	AddressLine1Txt
City	CHICAGO	CityNm
State Abbreviation	IL	StateAbbreviationCd
ZIP	60604	ZIPCd

Field	Value	IRS element (for citing)
EIN	831321813	EIN
Primary Activities	SCIENCE AND EDUCATION	PrimaryActivitiesTxt
Legal Domicile State	IL	LegalDomicileStateCd
Exempt Code Section	501(C)(3)	ExemptCodeSectionTxt
Public Charity Status	7	PublicCharityStatusTxt

Direct Controlling Entity Name DirectControllingEntityName

Field	Value	IRS element (for citing)
Business Name Line1	UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUND	BusinessNameLine1Txt

Field	Value	IRS element (for citing)
Controlled Organization	0	ControlledOrganizationInd

Field	Value	IRS element (for citing)
Receipt Of Int Annts Rnts Rylts	0	ReceiptOfIntAnntsRntsRyltsInd
Gift Grnt Or Cap Contri To Oth Org	Yes (1)	GiftGrntOrCapContriToOthOrgInd
Gift Grnt Cap Contri From Oth Org	0	GiftGrntCapContriFromOthOrgInd
Loans Or Guarantees To Other Org	0	LoansOrGuaranteesToOtherOrgInd
Loans Or Guarantees From Oth Org	0	LoansOrGuaranteesFromOthOrgInd
Div Related Organization	0	DivRelatedOrganizationInd
Asset Sale To Other Org	0	AssetSaleToOtherOrgInd
Asset Purchase From Other Org	0	AssetPurchaseFromOtherOrgInd
Asset Exchange	0	AssetExchangeInd
Rental Of Facilities To Oth Org	0	RentalOfFacilitiesToOthOrgInd
Rental Of Fclts From Oth Org	0	RentalOfFcltsFromOthOrgInd
Perform Of Services For Oth Org	0	PerformOfServicesForOthOrgInd
Perform Of Services By Other Org	0	PerformOfServicesByOtherOrgInd
Sharing Of Facilities	0	SharingOfFacilitiesInd
Paid Employees Sharing	0	PaidEmployeesSharingInd
Reimbursement Paid To Other Org	0	ReimbursementPaidToOtherOrgInd
Reimbursement Paid By Other Org	0	ReimbursementPaidByOtherOrgInd
Transfer To Other Org	0	TransferToOtherOrgInd
Transfer From Other Org	0	TransferFromOtherOrgInd

Transactions Related Org TransactionsRelatedOrgGrp

Other Organization Name OtherOrganizationName

Field	Value	IRS element (for citing)
Business Name Line1	UKRAINIAN LEADERSHIP FOUNDATION	BusinessNameLine1Txt

Field	Value	IRS element (for citing)
Transaction Type	B	TransactionTypeTxt
Involved	$2,000,000	InvolvedAmt
Method Of Amount Determination	N/A	MethodOfAmountDeterminationTxt

Unrelated Org Txbl Partnership UnrelatedOrgTxblPartnershipGrp (2 entries)

Address Line1USAddress/AddressLine1Txt	CityUSAddress/CityNm	State AbbreviationUSAddress/StateAbbreviationCd	ZIPUSAddress/ZIPCd	EINEIN	Primary ActivitiesPrimaryActivitiesTxt	Legal Domicile StateLegalDomicileStateCd	Predominate IncomePredominateIncomeDesc	All Partners C3 SAllPartnersC3SInd	Share Of Total IncomeShareOfTotalIncomeAmt	Share Of EOY AssetsShareOfEOYAssetsAmt	Disproportionate AllocationsDisproportionateAllocationsInd	General Or Managing PartnerGeneralOrManagingPartnerInd	OwnershipOwnershipPct
EEGF III
175 W JACKSON	CHICAGO	IL	60604	384008850	PRIVATE EQUITY	DE	EXCLUDED	0	$18,522,999	$15,140,742	0	0	0.13250
HCGF IV
175 W JACKSON	CHICAGO	IL	60604	874502434	PRIVATE EQUITY	DE	EXCLUDED	0	$0	$2,870,576	0	0	0.03120