Ace Foundation
ACE Foundation, also called the National ACE Foundation, is a Washington, DC-based public charity formed in 2013. It supports small businesses and chambers of commerce through education and training, research, and community development, with a stated aim of improving quality of life for Asian and Pacific Islander Americans and all Americans.
Ace Foundation at a glance
In short: Ace Foundation gave $95K across 1 grant in 2025 (avg $95K), mostly in New York. Source: 2025 IRS Form 990.
- Annual giving (2025)
- $95,000
- -88.0% vs 2024
- Grants made (2025)
- 1
- -98.6% vs 2024
- Average grant
- $95,000
- +789.9% vs 2024
- Median grant
- $95,000
- Total assets
- $3,478,722
- +3.3% vs 2024
- Primary geography
- New York (100% of itemized 2025 grant dollars)
- Latest 990 filing
- Form 990, 2025 View filing
Data from IRS Form 990, 2025; updated October 2026.
How to apply to Ace Foundation
- Contact
Mailing address: 1455 Pennsylvania Avenue Nw 400, Washington, DC 20004
Phone: (202) 627-6889
Website: https://nationalacefoundation.org
Application details from Grantable's research on the foundation's public materials; confirm on its website before applying.
Open Grants
3 open opportunities from Ace Foundation
AAPISTRONG Restaurant Fund (2024)
Ace Foundation
Amount
$5,000 - $25,000
Deadline
Deadline not published
Capital Readiness Program (East Coast Hub)
Ace Foundation
Amount
Varies
Deadline
Deadline not published
Restaurant Accelerator and Community Fund Grant (2025)
Ace Foundation
Amount
$5,000
Deadline
Deadline not published
Who Ace Foundation funds
How this funder distributes its grants
Top Recipients
Top recipient in 2025
The largest 2025 recipient was Asian American Arts Alliance Inc ($95K).
Grant Size Distribution
428 grants across all recorded years
The most common grant size was under $50K: 421 grants of 428 (98%).
Geographic Focus
Where this funder awards grants
The 2025 filing shows that all reported grant dollars went to a recipient in New York. Separately, the Capital Readiness Program East Coast Hub is described as serving the East Coast, initially launching in the Alexandria, Virginia area. The past 2026 Emerging Innovators Pitch Competition was limited to undergraduates enrolled at colleges in Texas.
Grant Distribution by State
Share of the 2025 grant dollars on its one itemized grant.
States
Cities
How Ace Foundation gives
- Giving fell 96% from 2022 to 2025. Method
From the foundation's IRS Form 990 filings. Methodology.
Giving History
Giving Over Time
Total grant dollars and number of grants per year
From 2021 to 2025, annual grant giving ranged from $95K (2025) to $2.1M (2022). In 2025 it made 1 grant totaling $95K.
Grants by year
Grant recipients and amounts by year
| Recipient | Purpose | Amount |
|---|---|---|
| Asian American Arts Alliance Inc New York, NY | Support the national museum of asian pacific American history and culture | $95,000 |
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Financial History
Multi-year comparison from IRS filings
| Filing year | Total Assets | Revenue | Expenses | Grants paid | Grants | Net Investment Income |
|---|---|---|---|---|---|---|
| 2025 | $3,478,722 | $2,114,265 | $1,946,901 | $95,000 | 1 | $79,176 |
| 2024 | $3,366,612 | $3,207,046 | $2,300,807 | $790,000 | 74 | $84,223 |
| 2023 | $2,452,433 | $2,565,208 | $2,233,333 | $1,223,438 | 74 | $13,402 |
| 2022 | $2,162,590 | $4,126,452 | $4,379,062 | $2,150,000 | 83 | — |
| 2021 | $2,377,771 | $4,925,952 | $3,547,528 | $1,933,000 | 196 | — |
| 2020 | $657,732 | $387,420 | $360,288 | — | — | $18 |
Research compiled by Grantable AI from public sources. Last updated October 2026.
Mission & Focus Areas
The foundation’s stated mission is to improve quality of life for Asian and Pacific Islander Americans by assisting AAPI and all small-business communities through business education and training, research, and community development.
Its filing describes education programs addressing topics such as access to capital, contracting opportunities, grant writing, retirement security, financial capacity, and challenges facing minority business owners. Its economic-development work includes educating chambers of commerce and other stakeholders and supporting programs and policies intended to foster AAPI business ownership, entrepreneurship, and corporate leadership. Its Small Business Priority program provides technical assistance on business resilience, resources on recovery, information on starting, growing, or retaining a business, and education on capital access and contracting.
The 2025 filing lists a $95,000 grant to Asian American Arts Alliance Inc. The Alliance describes its own mission as advancing representation, equity, and opportunities for Asian American artists and cultural organizations through resource sharing, promotion, and community building.
Grantmaking
The foundation reported one grant totaling $95,000 in 2025. The sole itemized award was $95,000 to Asian American Arts Alliance Inc. in New York, NY, to support the National Museum of Asian Pacific American History and Culture. The 2025 award is the only grant amount provided for that year, so it does not establish a typical award size. Earlier filing-year totals were $790,000 across 74 grants in 2024 and $1,223,438 across 74 grants in 2023.
The foundation’s website describes an Emerging Innovators Pitch Competition for Texas undergraduates, with scholarships for finalists and required attendance at the National ACE Annual Conference. The listed application deadline was June 30, 2026, so that cycle has passed. The competition is a participant award program, rather than a stated process for applying for the foundation’s grants.
Leadership & Key People
Leadership team and compensation from IRS filings
The 2025 filing lists Jimmy Ferguson as chair; Bin Yu as director through May and treasurer; and Angela Chang, Cy Chen, Melody Chen, Kevin Chow, Susan Jin Davis, Tammy Funasaki, Dennis Huang, and Bill Imada as directors.
The filing states that the Asian & Pacific Islander American Chamber of Commerce & Entrepreneurship compensated Chiling Tong, the foundation’s president and CEO.
Ace Foundation is led by Chiling Tong, President & CEO on every filing since 2020; none of the 16 officers listed in 2025 report compensation.
Officers on the 2025 filing
Chiling Tong
President & CEO
On filings since 2020
2 hrs/week
$9K (2021) → $0 (2025)
Jimmy Ferguson
Chair
Co-Chair → Vice Chair, 2023
Vice Chair → Chair, 2025
On filings since 2020
2 hrs/week
No compensation reported
Bill Imada
Director
Board Member → Director, 2021
On filings since 2020
1 hr/week
No compensation reported
Cy Chen
Director
Board Member → Director, 2021
On filings since 2020
1 hr/week
No compensation reported
Dennis Huang
Director
Co-Chair → Director, 2023
On filings since 2020
1 hr/week
No compensation reported
Shau-Wai Lam
Director
Board Member → Director, 2021
On filings since 2020
1 hr/week
No compensation reported
Bin Yu
Director & Treasurer
Director → Director & Treasurer, 2025
On filings since 2022
2 hrs/week
No compensation reported
Tammy Funasaki
Director
On filings since 2023
1 hr/week
No compensation reported
Fa'amoana Uta'i
Director
On filings since 2024
1 hr/week
No compensation reported
Melody Chen
Director
On filings since 2024
1 hr/week
No compensation reported
Narumi Inatsugu
Director
On filings since 2024
1 hr/week
No compensation reported
Susan Jin Davis
Director
On filings since 2024
1 hr/week
No compensation reported
Angela Chang
Director
New on the 2025 filing
1 hr/week
No compensation reported
Kevin Chow
Director
New on the 2025 filing
1 hr/week
No compensation reported
Michael Ty
Director
New on the 2025 filing
1 hr/week
No compensation reported
Tianyi Zhu
Director
New on the 2025 filing
1 hr/week
No compensation reported
Former officers (11)
- Former: Amit Bhatnagar (2020–2024) — Secretary
- Former: Marty Lorenzo (2020–2024) — Director
- Former: Chewy Jang (2022–2024) — Director
- Former: Ian So (2022–2024) — Director
- Former: Karen Eng (2022–2024) — Chair
- Former: Tracey Doi (2022–2024) — Treasurer
- Former: Mariko Carpenter (2023) — Director
- Former: Daniel C. Oliver (2020–2022) — Chief Operating Officer
- Former: Pat Fong Kushida (2020–2022) — Director
- Former: Grace Lee (2022) — Director
- Former: Helene Yan (2020–2021) — Director
Data from IRS Form 990 filings, 2020–2025. "On filings since" is the earliest filing we hold that lists the person; hours are average hours per week as reported.
Compensation Overview
From 2021 IRS filing
The highest reported compensation on the 2021 filing was $13K, to Daniel C Oliver (COO). 2 officers or directors reported compensation on that filing.
Frequently asked questions about Ace Foundation
How much does Ace Foundation give each year?
Ace Foundation gave $95K across 1 grant in 2025, according to its 2025 IRS Form 990. In 2024 it gave $790K across 74 grants.
How large is Ace Foundation?
Ace Foundation reported $3.5M in total assets on its 2025 IRS Form 990. Its revenue that year was $2.1M.
What does Ace Foundation fund?
The foundation’s stated mission is to improve quality of life for Asian and Pacific Islander Americans by assisting AAPI and all small-business communities through business education and training, research, and community development. See mission & focus areas ↑
How do I apply for a grant from Ace Foundation?
Ace Foundation has no public application process in the sources Grantable reviewed. Check nationalacefoundation.org for current guidelines, or contact the foundation directly before submitting a request.
Where does Ace Foundation make grants?
The 2025 filing shows that all reported grant dollars went to a recipient in New York. Separately, the Capital Readiness Program East Coast Hub is described as serving the East Coast, initially launching in the Alexandria, Virginia area. The past 2026 Emerging Innovators Pitch Competition was limited to undergraduates enrolled at colleges in Texas.
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 2020–2025.
Data last updated October 2026. Sourced from IRS Form 990 filings. Research dossier generated October 2026.
Data update history
(6)
When this profile's IRS filing data changed on Grantable
- Updated Form 990 for fiscal year 2021 (received by the IRS November 7, 2022)
- Updated Form 990 for fiscal year 2022 (received by the IRS November 8, 2023)
- Updated Form 990 for fiscal year 2023 (received by the IRS July 3, 2024)
- Updated Form 990 for fiscal year 2024 (received by the IRS June 20, 2025)
- Added Form 990 for fiscal year 2025 (received by the IRS July 30, 2026)
- IRS filings on file for fiscal years 2020–2024
Explore Open Grants
Browse active grant opportunities in Ace Foundation's focus areas in our free grants database
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Figures come from Ace Foundation's IRS filings (methodology). AI-written summaries, news items and logos are not covered by the open licence. Spot an error? Email hello@grantable.co.
Ace Foundation down — hundreds of funders to go?