Access to Capital for Entrepreneurs
Standards For Charity Accountability
Governance
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Board Oversight
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Board Size
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Board Meetings
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Board Compensation
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Conflict of Interest
Measuring Effectiveness
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Effectiveness Policy
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Effectiveness Report
Finances
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Program Expenses
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Fundraising Expenses
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Accumulating Funds
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Audit Report
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Detailed Expense Breakdown
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Accurate Expense Reporting
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Budget Plan
Fundraising & Info
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Truthful Materials
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Annual Report
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Website Disclosures
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Donor Privacy
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Cause Marketing Disclosures
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Complaints
Access to Capital for Entrepreneurs does not meet the following 3 Standards for Charity Accountability:
Standard 1 (Oversight of Operations and Staff)
Organizations shall have a board of directors that provides adequate oversight of the charity's operations and its staff. Indication of adequate oversight includes, but is not limited to, regularly scheduled appraisals of the CEO's performance, evidence of disbursement controls such as board approval of the budget, fund raising practices, establishment of a conflict of interest policy, and establishment of accounting procedures sufficient to safeguard charity finances.
ACE does not meet this Standard because its board of directors did not:
- Receive information about the financial arrangements made with outside fundraising firms and/or consultants hired in the past year
Standard 14 (Budget)
Have a board-approved annual budget for its current fiscal year, outlining projected expenses for major program activities, fund raising, and administration.
ACE does not meet this Standard because, when the organization provided 2024 budget information, it indicated that the budget did not identify:
- Total projected fundraising expenses.
- Total projected administrative expenses.
Standard 17 (Web Site Disclosures)
Include on any charity websites that solicit contributions, the same information that is recommended for annual reports, as well as the mailing address of the charity and electronic access to its most recent IRS Form 990.
ACE does not meet this Standard because the organization’s website, https://aceloans.org, does not include all of the recommended information for those charity websites that solicit for donations. Specifically, it does not include:
- Electronic access to the organization’s 2022 IRS Form 990.
The BBB Wise Giving Alliance requested but did not receive complete information from the organization and is unable to verify the organization's compliance with the following Standard(s) for Charity Accountability: 5, 13
Access to Capital for Entrepreneurs meets the remaining 15 Standards for Charity Accountability.
Stated Purpose:
"to help small businesses grow by removing barriers to accessing capital."
Year, State Incorporated:
1998, GA
Also Known As:
Ace Women's Business Center
Access to Capital for Entrepreneurs (ACE) is a nonprofit lender and a Community Development Financial Institution (CDFI). The organization reports providing loans and business development services to underserved people and places, with a focus on diverse entrepreneurs, including Black and indigenous people of color (BIPOC), women, veterans and low- to moderate-income businesses.
For the year ended December 31, 2022, Access to Capital for Entrepreneurs's program expenses were:
Interest expense: $969,288
In-kind program expenses: $211,955
Program expenses: $3,807,507
Total Program Expenses: $4,988,750
Chief Executive
Grace Fricks, President and Chief Executive Officer
Compensation*
$384,591
Chair of the Board
William J. Zawrotny, J.D.
Chair's Profession / Business Affiliation
Partner, Jones Day
Board Size
12
Paid Staff Size
41
*2022 compensation includes annual salary and, if applicable, benefit plans, expense accounts, and other allowances.
Method(s) Used:
Grant proposals, Internet, Direct mail appeals
Fundraising costs were 2% of related contributions. (Related contributions, which totaled $9,530,456, are donations received as a result of fundraising activities.)
This organization is tax-exempt under section 501(c)(3) of the Internal Revenue Code. It is eligible to receive contributions deductible as charitable donations for federal income tax purposes.
The following information is based on Access to Capital for Entrepreneurs's audited financial statements for the year ended December 31, 2022.
Source of Funds
| Contributions | $357,523 |
| Loan fees | $920,537 |
| Other interest income | $231,739 |
| Other fees | $119,993 |
| Unrealized loss on investment | $-27,519 |
| Grants | $8,902,154 |
| Interest income on loans | $3,228,767 |
| In-kind contributions | $270,779 |
| Total Income | $14,063,973 |
Programs: 68% Fundraising: 3% Administrative: 28%
| Total Income | $14,063,973 |
| Total expenses: | $7,291,800 |
| Program expenses | $4,988,750 |
| Fundraising expenses | $208,626 |
| Administrative expenses | $2,035,600 |
| Other expenses | $0 |
| Income in Excess of Expenses | $6,772,173 |
| Beginning Net Assets | $33,536,275 |
| Other Changes In Net Assets | $0 |
| Ending Net Assets | $40,308,448 |
| Total Liabilities | $66,034,185 |
| Total Assets | $106,342,633 |
Note: According the ACE’s 2022 audited financial statements, the organization received in-kind contributions of $270,779 in program ($211,955) and administrative ($58,824) donations.
An organization may change its practices at any time without notice. A copy of this report has been shared with the organization prior to publication. It is not intended to recommend or deprecate, and is furnished solely to assist you in exercising your own judgment. If the report is about a charity and states the charity meets or does not meet the Standards for Charity Accountability, it reflects the results of an evaluation of information and materials provided voluntarily by the charity. The name Better Business Bureau is a registered service mark of the International Association of Better Business Bureaus.
This report is not to be used for fundraising or promotional purposes.
RELATED CONTENT
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Meets Standards
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Standards Not Met
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Did Not Disclose
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Review in Progress
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Unable to Verify
Report completed by:
BBB Wise Giving Alliance