ACUMEN FUND INC

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

2001

Legal Domicile

Principal Officer

JACQUELINE NOVOGRATZ

Phone

2125668821

Tax Period

2023-01-01 to 2023-12-31

ACUMEN FUND INC, founded in 2001, is a mid-sized nonprofit in the International Affairs sector that reported $53.2M in total revenue in fiscal year 2023. Revenue decreased 13% compared to the prior year. The organization ran a surplus of $23.0M, a strong 43% operating margin.

Mission

ACUMEN FUND IS SOLVING PROBLEMS OF POVERTY AND BUILDING A WORLD BASED ON DIGNITY BY INVESTING IN COMPANIES, LEADERS, AND IDEAS. WE INVEST PATIENT CAPITAL IN BUSINESSES THAT DELIVER CRITICAL, AFFORDABLE GOODS AND SERVICES TO PEOPLE LIVING IN POVERTY, IMPROVING THE LIVES OF MILLIONS IN SOUTH ASIA, EAST AND WEST AFRICA, LATIN AMERICA AND THE UNITED STATES. SINCE 2001, ACUMEN FUND HAS INVESTED $168 MILLION IN 183 SOCIAL ENTERPRISES WORKING IN RESILIENT AGRICULTURE, EDUCATION, ENERGY ACCESS FINANCIAL INCLUSION, HEALTH, HOUSING, WATER AND SANITATION, AND WORKFORCE DEVELOPMENT. THROUGH ACUMEN ACADEMY - THE WORLD'S SCHOOL FOR SOCIAL CHANGE - ENTREPRENEURS LEARN THE HARD SKILLS REQUIRED TO BUILD SCALABLE SOLUTIONS TO POVERTY AND HONE THE HARDER SKILLS OF MORAL LEADERSHIP TO REIMAGINE AND BUILD A BETTER WORLD. THROUGH 2023, ACUMEN ACADEMY BUILT ITS NETWORK OF PROGRAM ALUMNI, FOUNDRY MEMBERS, TO MORE THAN 1600 INDIVIDUALS WHO ARE WORKING ON SOLUTIONS SOLVING PROBLEMS OF POVERTY. WE ALSO TRAINED 200 FELLOWS IN OUR LEADERSHIP DEVELOPMENT PROGRAMS, AWARDED 74 EARLY-STAGE GRANTS TO FOUNDRY MEMBERS AND FACILITATED OVER 1.3 MILLION ONLINE COURSE SIGN-UPS. THROUGH ACADEMY ORGANIZATIONS AND COMPANIES, WE HAVE REACHED 54 MILLION LIVES IMPACTED.

Program Service Accomplishments

Program 1

Expenses: $13,139,364 Revenue: $1,081,496

INVESTING AND PORTFOLIO MANAGEMENT:WE INVEST ACROSS THE CAPITAL CONTINUUM TO HELP TRANSFORMATIONAL COMPANIES GROW FROM SEED TO SCALE. ACUMEN INVESTS PATIENT CAPITAL IN BUSINESS MODELS THAT DELIVER...

INVESTING AND PORTFOLIO MANAGEMENT:WE INVEST ACROSS THE CAPITAL CONTINUUM TO HELP TRANSFORMATIONAL COMPANIES GROW FROM SEED TO SCALE. ACUMEN INVESTS PATIENT CAPITAL IN BUSINESS MODELS THAT DELIVER CRITICAL, AFFORDABLE GOODS AND SERVICES TO THE WORLD'S POOR, IMPROVING THE LIVES OF MILLIONS. SINCE 2001, ACUMEN HAS INVESTED IN BUSINESSES THAT PROVIDE ACCESS TO HEALTHCARE, ENERGY, EDUCATION, WATER & SANITATION, HOUSING, FINANCIAL SERVICES, AND AGRICULTURAL SERVICES TO LOW-INCOME CUSTOMERS. OUR INVESTMENTS ARE ADDRESSING THE PROBLEMS OF POVERTY IN EAST AND WEST AFRICA, SOUTH ASIA, LATIN AMERICA, AND THE UNITED STATES. [SEE CONTINUATION ON SCHEDULE O]ACUMEN MADE 26 NEW AND FOLLOW-ON INVESTMENTS IN 2023, REACHING A CUMULATIVE $168 MILLION INVESTED IN 183 BUSINESSES SERVING THE PEOPLE LIVING IN POVERTY. WE ALSO POOL CAPITAL TO SCALE STRATEGIC SOLUTIONS TO PROBLEMS OF POVERTY IN SPECIFIC SECTORS AND GEOGRAPHIES, USING BLENDED FINANCE. OUR THREE SPONSORED FOR-PROFIS, CURRENTLY MANAGED UNDER ACUMEN CAPITAL PARTNERS INCLUDE: KAWISAFI ($67M AUM), FOCUSES ON CLEAN ENERGY AND CLIMATE MITIGATION IN EAST AFRICA; ACUMEN RESILIENT AGRICULTURE FUND ($58M AUM), FOCUSES ON CLIMATE RESILIENCE FOR SMALLHOLDER FARMERS IN EAST AND WEST AFRICA; AND ACUMEN LATIN AMERICA EARLY GROWTH FUNDS I AND II ($73M AUM), MANAGED BY ACUMEN LATAM IMPACT VENTURES, A TEAM OWNED MANAGER, FOCUSED ON ENERGY ACCESS, WORKFORCE AND AGRICULTURE.IN 2023, WE LAUNCHED THE HARDEST-TO REACH INITIATIVE FOR ENERGY ACCESS SOLUTIONS IN COUNTRIES IN SUB-SAHARAN AFRICA.

Program 2

Expenses: $5,341,386 Revenue: $89,292

FELLOWS & LEADERSHIP PROGRAMS:WE PROVIDE PATHS FOR THOSE CURIOUS ABOUT SOCIAL ENTREPRENEURSHIP AND FOR THOSE WHO ARE ACTIVELY BUILDING THEIR BUSINESSES. OUR CURRICULUM IS GROUNDED IN TWO DECADES OF EXPERIENCE, ACCOMPANYING SOCIAL ENTREPRENEURS ON THE JOURNEY FROM SEED TO SCALE. OUR ONLINE COURSES ARE FOR ANYONE, ANYWHERE LOOKING TO USE THE TOOLS OF BUSINESS TO SOLVE REAL PROBLEMS IN THEIR COMMUNITIES. THE REGIONAL, COHORT-BASED LEADERSHIP PROGRAMS ARE FOR ENTREPRENEURS SOLVING PROBLEMS OF POVERTY. WE PROVIDE OUR GLOBAL COMMUNITY OF 1,600+ ALUMNI WITH THE TOOLS, CAPITAL, AND COMMUNITY TO SCALE THEIR IMPACT.

Program 3

Expenses: $4,479,002 Revenue: $1,225

IMPACT & COMMUNICATIONS:THE GOAL OF THE INSIGHTS AND IMPACT TEAMS AT ACUMEN IS TO SUPPORT THE MISSION OF SOLVING PROBLEMS POVERTY THROUGH DATA-DRIVEN STRATEGIES. WE DO THIS BY BUILDING MODELS...

IMPACT & COMMUNICATIONS:THE GOAL OF THE INSIGHTS AND IMPACT TEAMS AT ACUMEN IS TO SUPPORT THE MISSION OF SOLVING PROBLEMS POVERTY THROUGH DATA-DRIVEN STRATEGIES. WE DO THIS BY BUILDING MODELS, SHARING THE INSIGHTS FROM OUR WORK AND HOLDING OURSELVES AND OUR PEERS ACCOUNTABLE. OUR IMPACT MEASUREMENT AND MANAGEMENT FRAMEWORK HELPS US DEFINE AND MEASURE OUR IMPACT, INCLUDING BREADTH AND DEPTH OF IMPACT. THROUGH 2023, ACUMEN HAS REACHED OVER 648 MILLION LIVES IMPACTED THROUGH OUR PATIENT CAPITAL AND FOR-PROFIT INVESTMENTS.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $50,322,993

Program Service Revenue $1,172,013

Investment Income $1,207,116

Other Revenue $506,626

TOTAL REVENUE $53,208,748

Expense Breakdown

Grants Paid $2,988,413

Salaries & Benefits $15,528,716

Fundraising Expenses $4,132,789

Program Expenses $22,959,752

Other Expenses $11,578,327

TOTAL EXPENSES $30,214,319

Year-over-Year Comparison

	2023	2022	Change
Revenue	$53,208,748	$61,117,505	-0.1%
Expenses	$30,214,319	$28,870,332	+0.0%
Net Income	$22,994,429	$32,247,173	-0.3%

Key Indicators

✓ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✓ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

133

Volunteers

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$1,363,275

Total Directors

$408,545

Key Employees

$1,603,341

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JACQUELINE NOVOGRATZ	CEO & DIRECTOR	39.50	Officer Director	$373,288	$35,257	$408,545
MARGO ALEXANDER	DIRECTOR	1.00	Director	$0	$0	$0
KATHLEEN CHEW WAI LIN	DIRECTOR	1.00	Director	$0	$0	$0
MATTHEW COUREY	DIRECTOR (AS OF 4/27/2023)	1.00	Director	$0	$0	$0
C HUNTER BOLL	DIRECTOR	1.00	Director	$0	$0	$0
NATHAN LAURELL	DIRECTOR	1.00	Director	$0	$0	$0
CRISTINA LJUNGBERG	DIRECTOR	1.00	Director	$0	$0	$0
KIRSTEN NEVILL-MANNING	DIRECTOR	1.00	Director	$0	$0	$0
KAREN PATERSON	DIRECTOR	1.00	Director	$0	$0	$0
THULASIRAJ RAVILLA	DIRECTOR (AS OF 4/27/2023)	1.00	Director	$0	$0	$0
ANDREA SOROS COLOMBEL	DIRECTOR	1.00	Director	$0	$0	$0
HANS TAPARIA	DIRECTOR	1.00	Director	$0	$0	$0
MARK TERCEK	DIRECTOR (UNTIL 5/1/2023)	1.00	Director	$0	$0	$0
SHAIZA RIZAVI	BOARD CHAIR	1.00	Officer Director	$0	$0	$0
CARLYLE SINGER JONES	PRESIDENT	39.50	Officer	$334,865	$22,772	$357,637
JACQUELINE WOO	CHIEF FINANCIAL OFFICER	39.50	Officer	$252,096	$45,684	$297,780
LYNN ROLAND	BOARD SECRETARY/GENERAL COUNSEL	35.00	Officer	$250,065	$49,248	$299,313
AMRITA BHANDARI	CHIEF OF INSIGHTS & STRATEGY	40.00	Key Emp	$257,830	$8,138	$265,968
YASMINA ZAIDMAN	CHIEF OF DEVELOPMENT & PARTNERSHIPS	40.00	Key Emp	$252,052	$41,006	$293,058
WILLIAM CHARNOCK	CHIEF OF MARKETING (UNTIL 6/30/23)	40.00	Key Emp	$240,774	$16,653	$257,427
JOANNA MCQUADE	DIRECTOR, TALENT	40.00	Key Emp	$231,674	$19,918	$251,592
AMON ANDERSON	DIRECTOR, ACUMEN AMERICA	0.00	Key Emp	$214,064	$40,381	$254,445
CATHERINE C NANDA	DIRECTOR, ACUMEN AMERICA	0.00	Key Emp	$240,008	$40,843	$280,851
ALEXANDRA TRABULSI	DIRECTOR, PHILANTHROPY	40.00	Highest	$195,286	$6,262	$201,548
SARAH BIEBER	DIRECTOR, DEVELOPMENT & PARTNERSHIPS	40.00	Highest	$190,575	$6,120	$196,695
SABRINA LEE ORTEGA SANCHEZ	HEAD OF BUSINESS DEV., FOUNDATION	40.00	Highest	$170,972	$19,623	$190,595
KEVIN LEHMAN ASSOCIATE	DIRECTOR, FUNDRAISING (UNTIL 12/7/23)	40.00	Highest	$171,667	$16,160	$187,827
MICHELLE OSORIO	INVESTMENT DIR., KAWISAFI VENTURES	0.00	Highest	$0	$47,541	$288,607

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	No data	No data	No data	No data
2023	$53,208,748	$30,214,319	$210,817,310	$22,994,429
2022	$61,117,505	$28,870,332	$187,205,036	$32,247,173
2021	$30,454,797	$22,798,953	$151,257,086	$7,655,844
2020	$28,858,136	$28,389,297	$141,486,235	$468,839
2019	$30,966,848	$26,569,877	$140,919,171	$4,396,971
2018	$34,621,633	$22,674,343	$134,799,533	$11,947,290