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
Giving History
Grant recipients and amounts by year
No grants recorded for .
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
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Data last updated April 2026. Sourced from IRS Form 990-PF filings. Research dossier generated April 2026.
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