Acumen Fund INC EIN 13-4166228 Form 990 (PDF) Claim this org

Acumen Fund INC

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Invests in social enterprises and trains leaders to deliver critical services like healthcare, clean energy, and education to people living in poverty worldwide. For fiscal year 2024 it reported $46.4M in revenue, $34.2M in expenses, and $204.1M in net assets.Pt I

Founded
2001
Type
Public charity (501(c)(3)) · International
Location
New York, NY
Website
www.acumen.org
Filings
5 on file (2020–2024)
Revenue
$46.4MFY2024
Expenses
$34.2M
Net assets
$204.1M
People
27
Filings
5
Updates
0
More identity details & actions ⌄
EIN  13-4166228 Public charity (501(c)(3)) New York, NY Founded 2001
Form 990 (PDF)
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Figures match the IRS filing checked 7/9/26 · see original: IRS
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Size
$10–100M
What they do
Invests in social enterprises and trains leaders to deliver critical services like healthcare, clean energy, and education to people living in poverty worldwide.
Leadership
Jacqueline Novogratz · CEO & Director · $393K
Money in and out
$46.4M revenue, $34.2M expenses
Bottom line
77% program efficiency
Where the money goes · FY2024
Total revenue
$46.4M
Pt VIII · Ln 12
Total expenses
$34.2M
Pt IX · Ln 25
Net assets
$204.1M
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): $12.2M
Where spending went · Part IX cols B–D
Program services $0.77 Management & general $0.12 Fundraising $0.11
Program efficiency
77%
of spending reaches programs▲ +2% vs prior filing year
Operating runway
28.4mo
months of highly liquid reserves at operating expense rate▼ -16% vs prior filing year
Surplus margin
+26%
revenue over expenses, this year▼ -39% vs prior filing year

Summary of the Filing

Part I · fiscal year 2024 · Form 990
Revenue
$46.4M
FY2024▼ -13%
Expenses
$34.2M
FY2024▲ +13%
Total assets
$217.5M
FY2024▲ +3%
Total liabilities
$13.4M
FY2024▼ -8%
Total revenue
$46.4M
Pt VIII · Ln 12
Total expenses
$34.2M
Pt IX · Ln 25
Net assets
$204.1M
Pt X · Ln 32
Revenue less expensesPt I · Ln 19$12.2M
Total assetsPt X · Ln 16$217.5M
Program-expense ratioPt IX · col B77%
Voting members of governing bodyPt I · Ln 312
Independent voting membersPt I · Ln 411
Mission & Programs · Part III

Where the work happens

3 program services account for $26.5M of program spending, described in the organization's own filed words · FY2024.
01

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.

$17.8Mprogram expense
02

Insights & Impact

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.

$4.5Mprogram expense
03

Fellows & Leadership Programs

We prepare leaders with the tools, capital and community they need to build scalable solutions to poverty. Our recently launched-learning engagement platform offers a full-service space for entrepreneurs and fellows to engage with each other.

$4.2Mprogram expense

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Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item CAcumen Fund INC
EINHdr · item D13-4166228
Principal addressHdr · item CNew York, NY
WebsiteHdr · item Jwww.acumen.org
Year of formationHdr · item L2001
State of legal domicileHdr · item MNY
Exempt statusHdr · item I501(c)(3) · active
NTEE classificationIRS BMFInternational (Q123)
Ruling yearIRS BMFJul 2001

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a12
Independent voting membersPt VI · Ln 1b11
Conflict-of-interest policyPt VI · Ln 12aYes
Whistleblower policyPt VI · Ln 13Yes
Document retention policyPt VI · Ln 14Yes
CEO/top-official compensation independently reviewedPt VI · Ln 15aYes
Family or business relationships among officers/directorsPt VI · Ln 2No

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation
CEO & Director
$393,218Pt VII · Sec A
$352,317Pt VII · Sec A
Chief of Insights & Strategy
$293,177Pt VII · Sec A
Board Secretary/General Counsel
$284,047Pt VII · Sec A
Chief of Development & Partnerships
$282,481Pt VII · Sec A
Chief of Academy
$269,689Pt VII · Sec A
Director, Acumen America
$251,547Pt VII · Sec A
Chief of Strategic Initiatives
$247,230Pt VII · Sec A

Jacqueline Novogratz’s $393K as CEO & Director is at the 77th percentile of top reported officer pay among 344 $10–100M international nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 8 named individuals · Part VII

NameFY2024FY2023FY2022FY2021FY2020
Jacqueline Novogratz$393,218$373,288$356,530$319,600$355,766
Carlyle Singer Jones$352,317$334,865$325,418$272,988$303,345
Amrita Bhandari$293,177$257,830$255,799$222,600$225,889
Lynn Roland$284,047$250,065$244,540$207,305$224,053
Yasmina Zaidman$282,481$252,052$250,997
William Charnock$240,774$279,462$248,436$269,710
Katherine Parker$269,689
Jacqueline Woo$194,146$252,096$248,928$216,048$229,287

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Statement of Revenue

Part VIII
Contributions & grants$44.1M · 95%
Program service revenue$1.5M · 3%
Investment income$273K · 1%
Other revenue$506K · 1%
Contributions & grants95%$44.1M
Program service revenue3%$1.5M
Investment income1%$273K
Other revenue1%$506K
— government grantsLn 1e$3.7M
Total revenueLn 12$46.4M

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.77 Management & general $0.12 Fundraising $0.11
Program services77%$26.5M
Management & general12%$4.0M
Fundraising11%$3.7M
Total functional expensesLn 25$34.2M

Balance Sheet

Part X · end of year
CashLn 1$80.2M
Total assetsLn 16$217.5M
Total liabilitiesLn 26$13.4M
Total net assetsLn 32$204.1M
Months of cash on handcomputed28.1

Financial Metrics

Form 990 · FY2024 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $80.8M · Operating expenses (Pt IX) $34.2M · Less non-cash grants $114K · Cash operating expenses/yr $34.1M
28.4 months
Where the money goes
Program services
Program services $26.5M · Total expenses $34.2M
77%
Management & General
Management & general $4.0M · Total expenses $34.2M
12%
Fundraising
Fundraising $3.7M · Total expenses $34.2M
11%
Cost to raise $1
Fundraising expense (3-yr avg) $3.8M · Solicited contributions (3-yr avg) $48.7M
$0.08 to raise $1 (3-yr avg)
Where the money comes from
Contribution dependence
Contributions & grants $44.1M · Total revenue $46.4M
95%
Government reliance
Government grants $3.7M · Total revenue $46.4M
8%
Earned-income share
Program service revenue $1.5M · Total revenue $46.4M
3%
Investment reliance
Investment income $273K · Total revenue $46.4M
+0.6%
Program self-sufficiency
Program service revenue $1.5M · Total expenses $34.2M
4%
Growth & trend
Revenue growth (YoY)
This year $46.4M · Prior year $53.2M
-13%
Revenue CAGR
FY2020 $28.9M · FY2024 $46.4M
+13%
Net-asset trend (YoY)
End of year $204.1M · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $46.4M · Expenses $34.2M
+26%
Liabilities-to-Assets
Total liabilities — · Total assets $217.5M
Net-asset ratio
Net assets $204.1M · Total assets $217.5M
94%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) — · Other securities (Pt X, ln 12) $642K · Total assets (Pt X, ln 16) $217.5M
0.3%
People & payroll
Highest Reported Total Compensation
Individual Jacqueline Novogratz · Reported title CEO & DIRECTOR · Highest reported compensation $393K · Total expenses $34.2M
1%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $16.5M · Total expenses $34.2M
48%
Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

MetricThis orgPeer medianPercentile
Program ratio 77%
Overhead ratio 12%
Fundraising cost ratio 8%
Revenue growth -13%
Legal fee ratio 1%
Accounting fee ratio 0.5%
Fundraising fee ratio 0.2%

Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.

Grants

Schedule I · received and paid
Grants received · FY2025
Visionary WomenFY2025$10K
Total grants receivedfrom 1 funder$10K
Grants paid · 73 grants · $7.7M · 2020–2024
Acumen Capital Partners LLCFY2024$412,278
Refugee Investment Network INCDC · FY2024$333,163
City of Samaritans PbcFY2024$25,000
Kaizen Health INCFY2024$25,000
Zeraki INCFY2024$10,000
Rasa Public Benefit CorporationFY2024$10,000
Farmbox Direct INCFY2024$10,000
Free from MarketFY2024$10,000
Climate Policy Initiative INCCA · FY2023$374,279
Refugee Investment Network INCDC · FY2023$151,823
MaziwaCA · FY2023$95,566
Kaizen Health INCFY2023$60,000
City of Samaritans PbcFY2023$60,000
Sanergy INCMA · FY2023$50,491
Simusolar INCFY2023$50,000
See all 73 grants →

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Filings & Schedule Manifest

Part IV
III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
FY2024 (Latest)$46.4M revenue · viewing · ⤓ 990 PDF
FY2023$53.2M revenue · ⤓ 990 PDF
FY2022$61.1M revenue · ⤓ 990 PDF
FY2021$30.5M revenue · ⤓ 990 PDF
FY2020$28.9M revenue · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2024IRS
Classification, formation year, addressIRS Business Master File
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