The National ACE Foundation (also known as Ace Foundation) is a 501(c)(3) nonprofit organization based in Washington, DC. Established in 2013 and tax-exempt since August 2014, the organization is dedicated to empowering Asian and Pacific Islander Americans (AAPI) through business education, training, research, and community development initiatives.
Financial Overview
From 2024 IRS Form 990-PF · View filing
Total Assets
$3.4M
+37.3% YoY
Annual Giving
$790K
-35.4% YoY
Grant Count
74
+0.0% YoY
Avg Grant Size
$11K
-35.4% YoY
Mission & Focus Areas
Mission: To improve the quality of life for Asian and Pacific Islander Americans by assisting the AAPI community through business education and training, research, and community development.
Primary Focus Areas:
- Business education and training for AAPI entrepreneurs
- Economic development and support for AAPI-owned businesses
- Research on AAPI business communities
- Community development initiatives
- Technical assistance on business resilience and recovery
- Access to capital and contracting education
The organization recognizes that AAPI-owned businesses represent approximately 1 in 10 businesses in the United States, operating across diverse sectors including food industry, healthcare, convenience stores, salons, manufacturing, and technology.
Grantmaking
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Geographic Focus
Where this funder awards grants
Primary grantmaking focus in Illinois, New York, and California.
Grant Distribution by State
States
Cities
Financial History
Multi-year comparison from IRS filings
Most Recent Data (2024):
- Total Assets: $3,366,612
- Total Revenue: $3,207,046
- Total Expenses: $2,300,807
- Net Income: $906,239
- Net Assets: $2,999,343
- Program Expense Ratio: 94.1%
Previous Year (2023):
- Total Revenue: $2,565,208
- Total Expenses: $2,233,333
- Total Assets: $2,452,433
| Metric | 2024 | 2023 | 2022 |
|---|---|---|---|
| Total Assets | $3,366,612 | $2,452,433 | $2,162,590 |
| Revenue | $3,207,046 | $2,565,208 | $4,126,452 |
| Expenses | $2,300,807 | $2,233,333 | $4,379,062 |
| Qualifying Distributions | — | — | — |
| Net Investment Income | $84,223 | $13,402 | — |
| Distributable Amount | — | — | — |
Giving Over Time
Total grant dollars and number of grants per year
Grant Insights
How this funder distributes its grants
Top Recipients
Top 10 recipients in 2024
Grant Size Distribution
200 grants across all recorded years
Open Grants
3 open opportunities from Ace Foundation
AAPISTRONG Restaurant Fund (2024)
ACE FOUNDATION
Amount
$5,000 - $25,000
Deadline
Rolling / Open
Capital Readiness Program (East Coast Hub)
ACE FOUNDATION
Amount
Varies
Deadline
Rolling / Open
Restaurant Accelerator and Community Fund Grant (2025)
ACE FOUNDATION
Amount
$5,000
Deadline
Rolling / Open
Giving History
Grant recipients and amounts by year
Among its reported 2024 grants, the largest include Native Fields Llc ($25,000), Nom Wah Nolita Inc ($25,000), Pho Loan Inc ($25,000).
| Recipient | Purpose | Amount |
|---|---|---|
| NATIVE FIELDS LLC WALNUT, CA | REOPENING OR CAPACITY BUILDING FOR RESTAURANTS | $25,000 |
| NOM WAH NOLITA INC NEW YORK, NY | REOPENING OR CAPACITY BUILDING FOR RESTAURANTS | $25,000 |
| PHO LOAN INC CHICAGO, IL | REOPENING OR CAPACITY BUILDING FOR RESTAURANTS | $25,000 |
| NATIONAL ACE WASHINGTON, DC | SCHOLARSHIP | $15,000 |
| 2D RESTAURANT LAKEVIEW LLC CHICAGO, IL | REOPENING OR CAPACITY BUILDING FOR RESTAURANTS | $10,000 |
| 2PEASDMD LLC SEASIDE, CA | REOPENING OR CAPACITY BUILDING FOR RESTAURANTS | $10,000 |
| 88 PLATES LLC CHICAGO, IL | REOPENING OR CAPACITY BUILDING FOR RESTAURANTS | $10,000 |
| A TASTE OF THE PHILIPPINES CHICAGO, IL | REOPENING OR CAPACITY BUILDING FOR RESTAURANTS | $10,000 |
| AMBER AGAVE LLC CHICAGO, IL | REOPENING OR CAPACITY BUILDING FOR RESTAURANTS | $10,000 |
| AMLAG & QUIBUYEN LLC SEATTLE, WA | REOPENING OR CAPACITY BUILDING FOR RESTAURANTS | $10,000 |
Leadership & Key People
Leadership team and compensation from IRS filings
- President & CEO: Chiling Tong
- Chief Operating Officer: Daniel Oliver
Compensation Overview
From 2024 IRS filing
From 2024 filing
| Name | Title | Hours | Compensation |
|---|---|---|---|
| KAREN ENG | CHAIR | 2 | — |
| JIMMY FERGUSON | VICE CHAIR | 2 | — |
| TRACEY DOI | TREASURER | 2 | — |
| AMIT BHATNAGAR | SECRETARY (THROUGH JANUARY) | 2 | — |
| CY CHEN | DIRECTOR | 1 | — |
| MELODY CHEN | DIRECTOR | 1 | — |
| SUSAN JIN DAVIS | DIRECTOR | 1 | — |
| TAMMY FUNASAKI | DIRECTOR | 1 | — |
| DENNIS HUANG | DIRECTOR | 1 | — |
| BILL IMADA | DIRECTOR | 1 | — |
| NARUMI INATSUGU | DIRECTOR | 1 | — |
| CHEWY JANG | DIRECTOR (THROUGH JANUARY) | 1 | — |
| SHAU-WAI LAM | DIRECTOR | 1 | — |
| MARTY LORENZO | DIRECTOR (THROUGH JANUARY) | 1 | — |
| IAN SO | DIRECTOR (THROUGH JANUARY) | 1 | — |
| FA'AMOANA UTA'I | DIRECTOR | 1 | — |
| BIN YU | DIRECTOR | 1 | — |
| CHILING TONG | PRESIDENT AND CEO | 2 | — |
Subject Areas
Focus areas based on grantmaking activity
Frequently Asked Questions
What does Ace Foundation fund?
**Mission:** To improve the quality of life for Asian and Pacific Islander Americans by assisting the AAPI community through business education and training, research, and community development. **Primary Focus Areas:** • Business education and training for AAPI entrepreneurs • Economic development and support for AAPI-owned businesses • Research on AAPI business communities • Community development initiatives • Technical assistance on business resilience and recovery • Access to capital and co…
How do I apply for a grant from Ace Foundation?
**Grant Characteristics:** • Typical award range: $10,000–$100,000 • Total giving (2024): $1,344,763 **Recent Grant Activity:** • Partnered with Grubhub to award $485,000 in funding to AAPI restaurant owners through the AAPISTRONG Restaurant Fund • Individual grants of $25,000 awarded to restaurateurs through the Grubhub Community Fund partnership
Where does Ace Foundation make grants?
Primary grantmaking focus in Illinois, New York, and California.
What size grants does Ace Foundation award?
In 2024, Ace Foundation awarded 74 grants totaling $790K — an average of about $11K per grant, based on its IRS Form 990 filings.
What is Ace Foundation's EIN?
Ace Foundation's EIN (Employer Identification Number) is 46-3200311. IRS Form 990 filing data is available on this page for 2020–2024.
Explore Open Grants
Browse active grant opportunities in Ace Foundation's focus areas in our free grants database
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Data last updated June 2026. Sourced from IRS Form 990-PF filings. Research dossier generated April 2026.
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