Access To Capital For Entrepreneurs Inc
- Assets
- $88.8m
- Revenue
- $11.0m
- Investments
- $46.7k
- Employees
- 35
- Location
- Cleveland, GA
- Founding
- 09/1998
- Data as of
- 12/2021
- EIN
- 58-2383669
Organization Overview
Access To Capital For Entrepreneurs Inc is located in Cleveland, GA. The organization was established in 1998. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2021, Access To Capital For Entrepreneurs Inc employed 35 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Access To Capital For Entrepreneurs Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, Access To Capital For Entrepreneurs Inc generated $11.0m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 21.1% each year . All expenses for the organization totaled $5.4m during the year ending 12/2021. While expenses have increased by 13.9% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE ACCESS TO CAPITAL, EDUCATION AND BUSINESS DEVELOPMENT RESOURCES TO NEW AND EXISTING SMALL, MICRO, OR ENVIRONMENTALLY SUSTAINABLE BUSINESSES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ACCESS TO CAPITAL FOR ENTREPRENEURS, INC. (ACE) IS A NONPROFIT ORGANIZATION THAT PROVIDES LOANS TO START AND GROW BUSINESSES. ACE OFFERS ITS BORROWERS BUSINESS DEVELOPMENT RESOURCES TO CREATE FINANCIALLY AND ENVIRONMENTALLY SUSTAINABLE BUSINESSES. IN 2004, THE U.S DEPARTMENT OF TREASURY CERTIFIED ACE AS A COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION (CDFI) TO PROVIDE ACCESS TO CAPITAL FOR UNDERSERVED MARKETS INCLUDING LOW INCOME INDIVIDUALS, PEOPLE OF COLOR, AND WOMEN. IN ITS SEVENTEEN-YEAR HISTORY, ACE HAS CREATED OR MAINTAINED MORE THAN 17,012 JOBS AND HELPED MORE THAN 2,130 SMALL BUSINESSES START OR EXPAND THEIR OPERATIONS. ACE DERIVES ITS INCOME FROM LOAN INTEREST INCOME, GRANTS, AND DONATIONS.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Grace C Fricks President And Ceo/board Member | OfficerTrustee | 40 | $388,876 |
Ray Pennie Chief Of Business Advisory | 40 | $152,269 | |
Joshua Brackett CFO | Officer | 40 | $132,397 |
Martina Edwards Chief Of Strategic Partnerships | 40 | $126,453 | |
Eric Swilling Sr Credit Officer | 40 | $125,773 | |
Sandra Headley VP | 40 | $121,376 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Payment Security Corporation Ppp Application Processing Support | 12/30/21 | $230,828 |
The Crm Firm Salesforce Support | 12/30/21 | $152,138 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $3,034,379 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,566,014 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $5,600,393 |
| Total Program Service Revenue | $5,320,240 |
| Investment income | $92,607 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $11,013,240 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $100,000 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $542,050 |
| Compensation of current officers, directors, key employees. | $406,537 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,996,144 |
| Pension plan accruals and contributions | $43,208 |
| Other employee benefits | $211,520 |
| Payroll taxes | $155,385 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $72,913 |
| Fees for services: Accounting | $20,100 |
| Fees for services: Lobbying | $71,000 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $756,194 |
| Advertising and promotion | $6,936 |
| Office expenses | $101,988 |
| Information technology | $324,731 |
| Royalties | $0 |
| Occupancy | $77,896 |
| Travel | $7,226 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $12,371 |
| Interest | $742,036 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $9,303 |
| Insurance | $36,438 |
| All other expenses | $94 |
| Total functional expenses | $5,395,685 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,916,936 |
| Savings and temporary cash investments | $32,238,016 |
| Pledges and grants receivable | $2,074,040 |
| Accounts receivable, net | $24,688 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $44,346,091 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $76,067 |
| Net Land, buildings, and equipment | $38,462 |
| Investments—publicly traded securities | $103,758 |
| Investments—other securities | $46,700 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,931,356 |
| Total assets | $88,796,114 |
| Accounts payable and accrued expenses | $261,710 |
| Grants payable | $0 |
| Deferred revenue | $4,430,282 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $7,095,046 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $9,297,073 |
| Unsecured mortgages and notes payable | $18,415,728 |
| Other liabilities | $15,760,000 |
| Total liabilities | $55,259,839 |
| Net assets without donor restrictions | $30,493,346 |
| Net assets with donor restrictions | $3,042,929 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $88,796,114 |
Grants Recieved
Over the last fiscal year, we have identified 7 grants that Access To Capital For Entrepreneurs Inc has recieved totaling $1,697,505.
| Awarding Organization | Amount |
|---|---|
Rockefeller Foundation New York, NY PURPOSE: IN SUPPORT OF PROVIDING DIVERSE AND FLEXIBLE LENDING SOLUTIONS AND EDUCATIONAL RESOURCES TO HISTORICALLY DISADVANTAGED SMALL BUSINESS OWNERS IN ATLANTA, GA | $1,000,000 |
Local Initiatives Support Corporation New York, NY PURPOSE: SEE PART IV | $500,000 |
Bank Of America Charitable Foundation Inc Charlotte, NC PURPOSE: OPERATIONAL SUPPORT | $75,000 |
National Association For Latino Community Asset Builders San Antonio, TX PURPOSE: Small Business | $60,000 |
Bank Of America Charitable Foundation Inc Charlotte, NC PURPOSE: OPERATIONAL SUPPORT | $50,000 |
Association Of Womens Business Centers Washington, DC PURPOSE: GENERAL SUPPORT | $12,500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
South Alabama Regional Planning Commission Mobile, AL | $10,162,715 | $18,722,811 |
Discover Palm Beach County Inc West Palm Beach, FL | $6,257,115 | $17,672,568 |
Step Up Suncoast Inc Sarasota, FL | $3,209,226 | $16,919,808 |
Atlanta Convention & Vistors Bureau Inc Atlanta, GA | $20,280,984 | $17,066,911 |
Memphis Convention And Visitors Bureau Memphis, TN | $38,589,779 | $17,172,027 |
Tennessee Technology Development Corporation Nashville, TN | $18,062,853 | $12,109,273 |
Riverfront Development Corporation Memphis, TN | $39,591,502 | $20,233,137 |
Chattanooga Area Convention And Visitors Bureau Inc Chattanooga, TN | $6,892,228 | $12,124,566 |
Nash-Edgecombe Economic Development Inc Rocky Mount, NC | $2,214,551 | $9,450,498 |
Knoxville Convention & Visitors Bureau Inc Knoxville, TN | $5,768,468 | $5,619,069 |
South Carolina I-77 Alliance Richburg, SC | $4,361,702 | $6,505,378 |
Access To Capital For Entrepreneurs Inc Cleveland, GA | $88,796,114 | $11,013,240 |