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TASME EXPANDED ITS INVESTMENTS (AVERAGE OF $1 MILLION IN LOAN AND EQUITY PER COMPANY) IN TUNISIA'S SMALL TO MEDIUM SIZED ENTERPRISES. - TUNISIAN AMERICAN SEARCH FUND, TAEF'S SUBSIDIARY RUN BY AN EXPERIENCED ENTREPRENEUR AND MANAGER, ACQUIRED A MANUFACTURING COMPANY POISED FOR GROWTH IN THE FIRST SEARCH FUND TRANSACTION IN TUNISIA. - FUND OF FUNDS: TAEF WAS INVESTED IN TWO PRIVATE EQUITY FUNDS TARGETTING TUNISIAN SMES. IN ADDITION, TAEF COFOUNDED A PRIVATE DEBT VEHICLE AND COMMITTED $10 MILLION. IT IS EXPECTED TO CLOSE IN MID 2020.- START-UPS: TAEF CONTINUED WITH AN ACTIVE ROLE IN FLAT 6 LABS AND ANAVA SEED FUND. THE ACCELERATOR HAS NOW WORKED WITH OVER 50 DIGITAL AND TECHNOLOGY START-UPS. ANAVA SEED FUND INVESTS IN START-UPS THROUGH THE PRE SERIES A STAGE. - MFIS: IN 2019, TAEF WAS INVESTED IN TWO MICROFINANCE INSTITUTIONS. THESE INVESTMENTS SUPPORT TUNISIA'S WORKING MICRO-ENTREPRENEURS THROUGHOUT THE COUNTRY. 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TASME INVESTS:- IN SUSTAINABLE AND GROWING SMES- IN A VARIETY OF INDUSTRIAL AND SERVICE SECTORS- THROUGHOUT THE COUNTRY- WITH AN INTEREST IN COMPANIES THAT ARE LED BY AND CREATE EMPLOYMENT FOR WOMEN AND YOUTH- AN INVESTMENT TICKET OF UP TO TND 5 MILLION (EXCEPTIONS POSSIBLE UP TO TND 7 MILLION)- TASF: ONE OF TAEF'S KEY STRATEGIES IS TO IDENTIFY FINANCING INNOVATIONS TO MEET EXISTING NEEDS AMONG TUNISIA'S SME ENTREPRENEURS. THE SEARCH FUND MODEL IS ONE SUCH INNOVATION THAT SUPPORTS ENTREPRENEURSHIP THROUGH ACQUISITION. TASF, THE TUNISIAN AMERICAN SEARCH FUND, HAS BEEN A PIONEER AS THE FIRST SEARCH FUND IN TUNISIA. IT SUPPORTS EXPERIENCED AND DYNAMIC ENTREPRENEURS AS THEY SEARCH FOR, ACQUIRE, MANAGE AND GROW COMPANIES THAT HAVE REAL GROWTH POTENTIAL AND THAT HAVE OWNERS LOOKING TO EXIT.IN 2019, AFTER TWO YEARS OF INTENSIVE SEARCH, TASF'S FIRST SEARCH ENTREPRENEUR CLOSED ON AN ACQUISITION OF A MANUFACTURING COMPANY LOCATED IN ZAGHOUAN. 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CYCLES 3 AND 4 (WITH 7 AND 8 START-UPS RESPECTIVELY) COMPLETED THE ACCELERATOR PROGRAM AND PRESENTED THEIR COMPANIES' GROWTH PLANS TO POTENTIAL INVESTORS AT DEMO DAYS. ALTHOUGH MOST OF THESE START-UPS ARE IN THE DIGITAL INNOVATION SPACE, THEY WORK IN A WIDE VARIETY OF SECTORS INCLUDING: EDUCATION, FINANCIAL TECHNOLOGY, LOGISTICS, FASHION, AUTOMOBILE SALES AND TRAVEL. ANAVA SEED FUND, THE INVESTMENT FUND AFFILIATED WITH FLAT6LABS, INVESTS IN START-UPS ALONG OUTSIDE INVESTORS FROM SEED TO PRE-SERIES A. 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THE PERFORMANCE-BASED BONUS FRAMEWORK FOR TAEF AND TAEF SUBSIDIARIES HAS BEEN APPROVED BY USAID."}]},"ScheduleL":{"business_transactions_involving_interested_persons":[{"person_name":"LOUISE STONER CRAWFORD","relationship":"SPOUSE OF BOARD MEMBER","description":"PERFORMANCE OF SERVICE AS MANAGING DIRECTOR","amount":140960,"sharing_of_revenues":false,"name":"LOUISE STONER CRAWFORD"}]},"ScheduleR":{"taxable_corporations_and_trusts":[{"business_name_line1":"TAEF ADVISORY COMPANY","primary_activity":"INVESTMENT ADVISOR","ownership_percentage":0.999,"share_of_total_income":205422,"share_of_end_of_year_assets":310844,"legal_domicile_foreign_country":"TS","direct_controlling_business_name_line1":"TAEF","foreign_address_line1":"IMMEUBLE ZENITH RUE DE LA BOURSE","foreign_city":"TUNIS","foreign_postal_code":"1053","foreign_country":"TS","controlled_organization_indicator":true,"name":"TAEF ADVISORY COMPANY","foreign_address":"IMMEUBLE ZENITH RUE DE LA BOURSE, TUNIS, 1053, TS"},{"business_name_line1":"SME CONSULTING COMPANY","primary_activity":"INVESTMENT ADVISOR","ownership_percentage":0.999,"share_of_total_income":916518,"share_of_end_of_year_assets":1202610,"legal_domicile_foreign_country":"TS","direct_controlling_business_name_line1":"TUNISIAN AMERICAN SME COMPANY","foreign_address_line1":"IMMEUBLE ZENITH RUE DE LA BOURSE","foreign_city":"TUNIS","foreign_postal_code":"1053","foreign_country":"TS","controlled_organization_indicator":true,"name":"SME CONSULTING COMPANY","foreign_address":"IMMEUBLE ZENITH RUE DE LA BOURSE, TUNIS, 1053, TS"},{"business_name_line1":"TUNISIAN AMERICAN SME COMPANY","primary_activity":"INVESTMENT FUND","ownership_percentage":1.0,"share_of_total_income":2988673,"share_of_end_of_year_assets":44321353,"legal_domicile_foreign_country":"MP","direct_controlling_business_name_line1":"TAEF","foreign_address_line1":"C/O TRIDENT TRUST COMPANY 5TH FLOO","foreign_city":"PORT LOUIS","foreign_country":"MP","controlled_organization_indicator":true,"name":"TUNISIAN AMERICAN SME COMPANY","foreign_address":"C/O TRIDENT TRUST COMPANY 5TH FLOO, PORT LOUIS, MP"},{"business_name_line1":"TASF","primary_activity":"INVESTMENT FUND","ownership_percentage":0.9,"share_of_total_income":292985,"share_of_end_of_year_assets":8197240,"legal_domicile_foreign_country":"TS","direct_controlling_business_name_line1":"TAEF","foreign_address_line1":"IMMEUBLE ZENITH RUE DE LA BOURSE","foreign_city":"TUNIS","foreign_postal_code":"1053","foreign_country":"TS","controlled_organization_indicator":true,"name":"TASF","foreign_address":"IMMEUBLE ZENITH RUE DE LA BOURSE, TUNIS, 1053, TS"}],"transaction_flags":{"dividends_from_related_organization_indicator":false,"gift_grant_or_capital_contribution_from_other_org":false,"gift_grant_or_capital_contribution_to_other_org":false,"loans_or_guarantees_from_other_org":false,"loans_or_guarantees_to_other_org":false,"performance_of_services_by_other_orgs":false,"performance_of_services_for_other_orgs":false,"sharing_of_facilities":false,"sharing_of_paid_employees":false,"reimbursement_paid_by_other_org":false,"reimbursement_paid_to_other_org":false,"rental_of_facilities_from_other_orgs":false,"rental_of_facilities_to_other_orgs":false,"purchase_of_assets_from_other_org":false,"sale_of_assets_to_other_org":false,"exchange_of_assets":false,"receipt_of_interest_annuities_rents_royalties":false,"other_transfer_from_other_org":false,"other_transfer_to_other_org":true},"transactions":[{"business_name_line1":"TAEF ADVISORY COMPANY","amount_involved":205628,"method_of_amount_determination":"COST","transaction_type":"R","name":"TAEF ADVISORY COMPANY"},{"business_name_line1":"TUNISIAN AMERICAN SME COMPANY","amount_involved":30485835,"method_of_amount_determination":"COST","transaction_type":"R","name":"TUNISIAN AMERICAN SME COMPANY"}]},"source_xml":"202003179349303940_public.xml"},{"Organization":{"Hours":[0],"Total Compensation":[0],"Direct compensation":[0],"Other compensation":[0]},"Basic":{"mission":"Support tunisian economy by investing in small and medium sized enterprises.","primary_activities":"For taef, like the rest of the world, the covid-19 pandemic has been the dominant story of 2020. Our work of investing in tunisia's smes was affected profoundly and was more important than ever in a faltering economy. Taef's work focused on maintaining ongoing close communications with each investee to assess needs, provide and source technical assistance, and work side by side to plan for uncertain futures, including finding a buyer for a struggling company. In 2020 taef's investments in tunisian sme companies remained steady. It was a year of supporting existing investees: most investments were made in the form of follow-on loans to provide covid-related support to companies.highlights follow. For a detailed report, our 2020 annual report is posted on our website: taefund.org.growing smes: tasme, our sme investment subsidiary that is fully funded at $50 million, provided covid-follow-on loans to several individual sme companies and invested in one new company, a solar pane installation company. At the end of 2020 tasme's portfolio consisted of 20 companies, disbursed investment of $ 24.9 m. Taef has invested in 3 investment funds financing a total of 13 companies. - tuninvest croissance, a private equity fund investing in mid-larger smes (taef at 15.5%). This fund is fully invested and is in the monitoring, growth, and exit stage. Taef investment: $2.13 m equity.- inma holding, a private equity investment fund targeting mid-large smes, (taef at 30%). In 2020, inma holding invested in a third growing sme company, in the education sector. Taef has committed $6.038 m equity and disbursed $2.4 m at the end of 2020.- inma finance (taef at 79.65%), taef is a co-founder of this newly created private debt vehicle. This fund experienced severe covid-related delays resulting from a government shutdown and a subsequent slow-down in approvals for new initiatives. It will be active in 2021. Taef has committed $10 m equity. Microentrepreneurs: taef, with its investment in two mfis (cfe and enda), maintained close communication with each throughout the year. By the end of 2020, both institutions had adapted to the changed environment, resumed their development plan, maintained their staff, and were well positioned to enter 2021. At the end of 2020 taef was invested in 2 mfis providing access to finance to over 403,000 microentrepreneurs nationwide, with 57% of them being women microentrepreneurs.- cfe. Taef has invested $6.4 m of equity, loan, follow-on covid loan, and technical assistance- enda. Taef has invested $5.2 million in a loan. Digital entrepreneurs: taef continued its support of flat6labs and anava seed fund's investment in digital start-up companies. 2020 had an uneven impact on flat6lab start-ups: some in industries like events and tourism have been hard hit; some have pivoted their business model; some have been accelerated by covid such as online delivery of entertainment and delivery of products. - flat6labs has been actively involved in providing support, mentors, and technical assistance to all of its startups.- anava seed fund, the affiliated investment fund, disbursed its first pre-series a investment in a company that offers innovative training programs for coding, technology, and digital jobs. At the end of 2020 flat6labs & anava seed fund had accelerated and provided seed funding to 42 startups in 6 cycles. One company received a pre-series a investment.taef investment in flat6labs & anava seed fund: committed $4.42 m; disbursed $2.45 m. Women employed in the startups: 16%. Youth employed in the startups: 59%entrepreneur searchers (tunisian american search fund - tasf 2 & 3): in 2020, taef replicated the successful search model and onboarded two new searchers who are looking for promising and impactful smes to acquire, develop, and grow.tasf 1 completed acquisition of one company, with an investment of $ 6.05 m equity. More detail including ataef investment map, our 2020 impact investing report, and annual report are available on our website: taefund.org.","year":2020,"name":"TUNISIAN-AMERICAN ENTERPRISE FUND","phone":"2027652383","website":"WWW.TAEFUND.ORG","type":"990","foreign_countries":["Algeria","Angola","Azerbaijan","Bahrain","Benin","Botswana","Burkina Faso","Burundi","Cameroon","Cape Verde","Central African Republic","Chad","Comoros","Congo","Congo, Democratic Republic of the","Cote d'Ivoire","Djibouti","Egypt","Equatorial Guinea","Eritrea","Ethiopia","Gabon","Gambia","Ghana","Guinea","Guinea-Bissau","Iran","Iraq","Israel","Jordan","Kenya","Kuwait","Lebanon","Lesotho","Liberia","Libya","Madagascar","Malawi","Mali","Mauritania","Mauritius","Mayotte","Morocco","Mozambique","Namibia","Niger","Nigeria","Oman","Qatar","Rwanda","Saint Helena","Sao Tome and Principe","Saudi Arabia","Senegal","Seychelles","Sierra Leone","Somalia","South Africa","South Sudan","Sudan","Swaziland","Syria","Tanzania","Togo","Tunisia","Turkey","Uganda","United Arab Emirates","Uzbekistan","Western Sahara","Yemen","Zambia","Zimbabwe"],"principal_officer":"LOUISE STONER CRAWFORD","year_formation":2013,"state_legal_domicile":"DE","total_volunteers":9,"tax_period_begin":"2020-01-01T00:00:00","tax_period_end":"2020-12-31T00:00:00","address":"2000 PENNSYLVANIA AVENUE NW NO 7, WASHINGTON, DC, 20006, USA","city":"WASHINGTON","state":"DC","country":"USA","zip_code":"20006"},"Governance":{"501c3 determination":true,"Number of voting members":9,"Number of independent voting members":8,"Number of employees total":1,"Total Gross UBI":0,"Net unrelated business taxable income":0,"Number of employees":1,"Prohibited tax shelter transactions":false,"Taxable party notification":false,"Funds to pay premiums":false,"Premiums Paid":false,"Family or business relationship":true,"Delegation of management duties":false,"Conflict of interest policy":true,"Whistle blower policy":true,"Compensation process for CEO":true,"Compensation process for other employees":true,"Changes to organizing documents":false,"Material diversion or misuse":false,"Members or stockholders":false,"Election of board members":false,"Decisions subject to approval":false,"Minutes of governing body":true,"Local chapters":false,"Form 990 provided to governing body":true,"Document retention policy":true,"Investment in joint venture":false,"Independent audit financial statements":false,"Consolidated audit financial statements":true,"Accountant compile or review":false,"Financial statements audited by independent accountant":true,"Audit committee":true,"Federal grant audit required":false,"Audited financial statements consolidated":true,"Political activities":false,"Donor advised funds":false,"Conservation easements":false,"Collections of art":false,"School":false,"Hospital":false,"Foreign activities":true,"Foreign office":true,"Gaming":false,"Fundraising activities":false,"Professional fundraising":false,"Loan to officer or DQP":false,"Grant to related person":false,"Business relationship through family member":true,"Business relationship with organization":false,"Transfers to exempt non-charitable organization":false},"Revenues":{"value":6858231,"Contributions":{"value":4642387,"Grant revenue":4642387},"Program revenue":{"value":1344433,"Total revenue":1344433},"Investment income":{"value":59497,"Investment income total":59497},"Other revenues":{"value":811914,"Other total":811914}},"Expenses":{"value":2911043,"Grant expense":{"value":530470,"Foreign grants":530470},"Total professional fundraising expense":{"value":0},"Benefits paid to members":{"value":0},"Salaries":{"value":642179,"Current officers":578902,"Other salaries and wages":51247,"Other employee benefits":513,"Payroll taxes":11517},"Other expenses":{"value":1738394,"Legal":10553,"Accounting":126100,"Investment management fees":9514,"Other services":5909,"Office expenses":8391,"Information technology":28488,"Occupancy":16800,"Travel":21,"Depreciation and depletion":438,"Insurance":24028,"Itemized Expenses":{"value":1508152,"BAD DEBT EXPENSE":1504291,"MISCELLANEOUS EXPENSE":2927,"FOREIGN TAXES":934}},"Functional Expenses":{"Program Service Expenses":2432731,"Management And General Expenses":478312,"Fundraising Expenses":0}},"Assets":{"value":75042874,"Non-interest bearing cash":22476,"Savings and temp cash investments":20850,"Accounts receivable":0,"Other net note and loans":8718929,"Land, building, equipment":802,"Investments publicly traded":4717979,"Investments program related":38592144,"Other assets":22969694},"Liabilities":{"value":2329288,"Accounts payable, accrued":27464,"Deferred, revenue":22835,"Other liabilities":2278989},"Fund balance":{"value":72713586,"Net assets without donor restriction":72713586},"Form990Details":{"program_service_accomplishments":[{"description":"FOR TAEF, LIKE THE REST OF THE WORLD, THE COVID-19 PANDEMIC HAS BEEN THE DOMINANT STORY OF 2020. OUR WORK OF INVESTING IN TUNISIA'S SMES WAS AFFECTED PROFOUNDLY AND WAS MORE IMPORTANT THAN EVER IN A FALTERING ECONOMY. TAEF'S WORK FOCUSED ON MAINTAINING ONGOING CLOSE COMMUNICATIONS WITH EACH INVESTEE TO ASSESS NEEDS, PROVIDE AND SOURCE TECHNICAL ASSISTANCE, AND WORK SIDE BY SIDE TO PLAN FOR UNCERTAIN FUTURES, INCLUDING FINDING A BUYER FOR A STRUGGLING COMPANY. IN 2020 TAEF'S INVESTMENTS IN TUNISIAN SME COMPANIES REMAINED STEADY. IT WAS A YEAR OF SUPPORTING EXISTING INVESTEES: MOST INVESTMENTS WERE MADE IN THE FORM OF FOLLOW-ON LOANS TO PROVIDE COVID-RELATED SUPPORT TO COMPANIES.HIGHLIGHTS FOLLOW. FOR A DETAILED REPORT, OUR 2020 ANNUAL REPORT IS POSTED ON OUR WEBSITE: TAEFUND.ORG.GROWING SMES: TASME, OUR SME INVESTMENT SUBSIDIARY THAT IS FULLY FUNDED AT $50 MILLION, PROVIDED COVID-FOLLOW-ON LOANS TO SEVERAL INDIVIDUAL SME COMPANIES AND INVESTED IN ONE NEW COMPANY, A SOLAR PANE INSTALLATION COMPANY. AT THE END OF 2020 TASME'S PORTFOLIO CONSISTED OF 20 COMPANIES, DISBURSED INVESTMENT OF $ 24.9 M. TAEF HAS INVESTED IN 3 INVESTMENT FUNDS FINANCING A TOTAL OF 13 COMPANIES. - TUNINVEST CROISSANCE, A PRIVATE EQUITY FUND INVESTING IN MID-LARGER SMES (TAEF AT 15.5%). THIS FUND IS FULLY INVESTED AND IS IN THE MONITORING, GROWTH, AND EXIT STAGE. TAEF INVESTMENT: $2.13 M EQUITY.- INMA HOLDING, A PRIVATE EQUITY INVESTMENT FUND TARGETING MID-LARGE SMES, (TAEF AT 30%). IN 2020, INMA HOLDING INVESTED IN A THIRD GROWING SME COMPANY, IN THE EDUCATION SECTOR. TAEF HAS COMMITTED $6.038 M EQUITY AND DISBURSED $2.4 M AT THE END OF 2020.- INMA FINANCE (TAEF AT 79.65%), TAEF IS A CO-FOUNDER OF THIS NEWLY CREATED PRIVATE DEBT VEHICLE. THIS FUND EXPERIENCED SEVERE COVID-RELATED DELAYS RESULTING FROM A GOVERNMENT SHUTDOWN AND A SUBSEQUENT SLOW-DOWN IN APPROVALS FOR NEW INITIATIVES. IT WILL BE ACTIVE IN 2021. TAEF HAS COMMITTED $10 M EQUITY. MICROENTREPRENEURS: TAEF, WITH ITS INVESTMENT IN TWO MFIS (CFE AND ENDA), MAINTAINED CLOSE COMMUNICATION WITH EACH THROUGHOUT THE YEAR. BY THE END OF 2020, BOTH INSTITUTIONS HAD ADAPTED TO THE CHANGED ENVIRONMENT, RESUMED THEIR DEVELOPMENT PLAN, MAINTAINED THEIR STAFF, AND WERE WELL POSITIONED TO ENTER 2021. AT THE END OF 2020 TAEF WAS INVESTED IN 2 MFIS PROVIDING ACCESS TO FINANCE TO OVER 403,000 MICROENTREPRENEURS NATIONWIDE, WITH 57% OF THEM BEING WOMEN MICROENTREPRENEURS.- CFE. TAEF HAS INVESTED $6.4 M OF EQUITY, LOAN, FOLLOW-ON COVID LOAN, AND TECHNICAL ASSISTANCE- ENDA. TAEF HAS INVESTED $5.2 MILLION IN A LOAN. DIGITAL ENTREPRENEURS: TAEF CONTINUED ITS SUPPORT OF FLAT6LABS AND ANAVA SEED FUND'S INVESTMENT IN DIGITAL START-UP COMPANIES. 2020 HAD AN UNEVEN IMPACT ON FLAT6LAB START-UPS: SOME IN INDUSTRIES LIKE EVENTS AND TOURISM HAVE BEEN HARD HIT; SOME HAVE PIVOTED THEIR BUSINESS MODEL; SOME HAVE BEEN ACCELERATED BY COVID SUCH AS ONLINE DELIVERY OF ENTERTAINMENT AND DELIVERY OF PRODUCTS. - FLAT6LABS HAS BEEN ACTIVELY INVOLVED IN PROVIDING SUPPORT, MENTORS, AND TECHNICAL ASSISTANCE TO ALL OF ITS STARTUPS.- ANAVA SEED FUND, THE AFFILIATED INVESTMENT FUND, DISBURSED ITS FIRST PRE-SERIES A INVESTMENT IN A COMPANY THAT OFFERS INNOVATIVE TRAINING PROGRAMS FOR CODING, TECHNOLOGY, AND DIGITAL JOBS. AT THE END OF 2020 FLAT6LABS & ANAVA SEED FUND HAD ACCELERATED AND PROVIDED SEED FUNDING TO 42 STARTUPS IN 6 CYCLES. ONE COMPANY RECEIVED A PRE-SERIES A INVESTMENT.TAEF INVESTMENT IN FLAT6LABS & ANAVA SEED FUND: COMMITTED $4.42 M; DISBURSED $2.45 M. WOMEN EMPLOYED IN THE STARTUPS: 16%. YOUTH EMPLOYED IN THE STARTUPS: 59%ENTREPRENEUR SEARCHERS (TUNISIAN AMERICAN SEARCH FUND - TASF 2 & 3): IN 2020, TAEF REPLICATED THE SUCCESSFUL SEARCH MODEL AND ONBOARDED TWO NEW SEARCHERS WHO ARE LOOKING FOR PROMISING AND IMPACTFUL SMES TO ACQUIRE, DEVELOP, AND GROW.TASF 1 COMPLETED ACQUISITION OF ONE COMPANY, WITH AN INVESTMENT OF $ 6.05 M EQUITY. MORE DETAIL INCLUDING ATAEF INVESTMENT MAP, OUR 2020 IMPACT INVESTING REPORT, AND ANNUAL REPORT ARE AVAILABLE ON OUR WEBSITE: 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Digital entrepreneurs: taef continued its support of flat6labs and anava seed fund's investment in digital start-up companies. As of the end of 2023, ten cycles of digital companies, atotal of 75 startups, had completed the accelerator program and presented their companies at a demo day. At the end of 2023, 43% of the start-ups had raised additional follow-on funding, thus leveraging anava seed fund's investment by tnd 46.7m. In addition to financial resources, flat6labs leverages one of tunisia's greatest assets, its talented and resourceful youth.taef investment in flat6labs & anava seed fund: committed $4.2 m. Women employed in the startups: 55%. Youth employed in the startups: 39%entrepreneur searchers - tasf 1 . Our entrepreneur searched completed acquisition of propann with an investment of $ 6.05 m equity. 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THE PERFORMANCE OF THESE ENTITIES IS CLOSELY MONITORED AND, WITH EQUITY INVESTMENTS, THE FUND USUALLY HAS A SEAT ON THE BOARD.","form_and_line_reference":"PART I, LINE 2:"}},"ScheduleJ":{"benefits_and_procedures":{"tax_indemnification_and_gross_up_payments":true,"substantiation_required":true,"written_policy_travel_and_entertainment":true},"compensation_process":{"board_or_committee_approval":true},"compensation_arrangements":{"compensation_based_on_revenue_filing_org":false,"compensation_based_on_revenue_related_orgs":false,"compensation_based_on_net_earnings_filing_org":false,"compensation_based_on_net_earnings_related_orgs":false,"nonfixed_payments":true,"initial_contract_exception":false,"severance_payment":false,"supplemental_nonqualified_retirement_plan":false,"equity_based_compensation_arrangement":false},"compensation":[{"person_name":"HELA KADDOUR FOURATI","title":"PRESIDENT","base_compensation_filing_org":271301,"bonus_filing_org":240625,"bonus_related_orgs":0,"compensation_based_on_related_orgs":0,"comp_report_prior_990_filing_org":0,"comp_report_prior_990_related_orgs":0,"deferred_compensation_filing_org":0,"deferred_compensation_related_orgs":0,"nontaxable_benefits_filing_org":0,"nontaxable_benefits_related_orgs":0,"other_compensation_filing_org":56881,"other_compensation_related_orgs":0,"total_compensation_filing_org":568807,"total_compensation_related_orgs":0,"name":"HELA KADDOUR FOURATI"},{"person_name":"LOUISE STONER CRAWFORD","title":"SECRETARY - MANAGING DIRECTOR","base_compensation_filing_org":192500,"bonus_filing_org":60000,"bonus_related_orgs":0,"compensation_based_on_related_orgs":0,"comp_report_prior_990_filing_org":0,"comp_report_prior_990_related_orgs":0,"deferred_compensation_filing_org":0,"deferred_compensation_related_orgs":0,"nontaxable_benefits_filing_org":0,"nontaxable_benefits_related_orgs":0,"other_compensation_filing_org":0,"other_compensation_related_orgs":0,"total_compensation_filing_org":252500,"total_compensation_related_orgs":0,"name":"LOUISE STONER CRAWFORD"}],"supplemental_information":[{"form_and_line_reference":"PART I, LINE 1A","explanation":"HELA KADDOUR FOURATI, COO AND MANAGING DIRECTOR, RECEVIED TAX REIMBURSEMENT OF $56,881 FOR THE YEAR 2023."},{"form_and_line_reference":"PART I, LINE 1B","explanation":"THE DECISION TO PROVIDE TAX REIMBURSEMENT AND GROSS-UP PAYMENTS TO MS. FOURATI WAS DISCUSSED, UNANIMOUSLY APPROVED, AND DOCUMENTED IN WRITING BY THE BOARD, BUT THIS BENEFIT IS NOT EXPRESSED IN A WRITTEN POLICY."},{"form_and_line_reference":"PART I, LINE 7","explanation":"IN 2023, HELA KADDOUR FOURATI, COO - MANAGING DIRECTOR, AND LOUISE STONER CRAWFORD, SECRETARY - MANAGING DIRECTOR, EACH RECEIVED A BONUS DETERMINED UPON THE DISCRETION OF THE BOARD OF DIRECTORS. THE PERFORMANCE-BASED BONUS FRAMEWORK FOR TAEF AND TAEF SUBSIDIARIES HAS BEEN APPROVED BY USAID."}]},"ScheduleL":{"business_transactions_involving_interested_persons":[{"person_name":"GIL CRAWFORD","relationship":"SPOUSE OF LOUISE STONER CRAWFORD, OFFICER","description":"PERFORMANCE OF SERVICE AS MANAGING DIRECTOR","amount":252500,"sharing_of_revenues":false,"name":"GIL CRAWFORD"}]},"ScheduleR":{"taxable_corporations_and_trusts":[{"business_name_line1":"TAEF ADVISORY COMPANY","primary_activity":"INVESTMENT ADVISOR","ownership_percentage":0.999,"share_of_total_income":230686,"share_of_end_of_year_assets":333224,"legal_domicile_foreign_country":"TS","direct_controlling_business_name_line1":"TAEF","foreign_address_line1":"IMMEUBLE ZENITH RUE DE LA BOURSE","foreign_city":"TUNIS","foreign_postal_code":"01053","foreign_country":"TS","controlled_organization_indicator":true,"name":"TAEF ADVISORY COMPANY","foreign_address":"IMMEUBLE ZENITH RUE DE LA BOURSE, TUNIS, 01053, TS"},{"business_name_line1":"SME CONSULTING COMPANY","primary_activity":"INVESTMENT ADVISOR","ownership_percentage":0.999,"share_of_total_income":791999,"share_of_end_of_year_assets":2873662,"legal_domicile_foreign_country":"TS","direct_controlling_business_name_line1":"TUNISIAN AMERICAN SME COMPANY","foreign_address_line1":"IMMEUBLE ZENITH RUE DE LA BOURSE","foreign_city":"TUNIS","foreign_postal_code":"01053","foreign_country":"TS","controlled_organization_indicator":true,"name":"SME CONSULTING COMPANY","foreign_address":"IMMEUBLE ZENITH RUE DE LA BOURSE, TUNIS, 01053, TS"},{"business_name_line1":"TUNISIAN AMERICAN SME COMPANY","primary_activity":"INVESTMENT FUND","ownership_percentage":1.0,"share_of_total_income":1799159,"share_of_end_of_year_assets":38447451,"legal_domicile_foreign_country":"MP","direct_controlling_business_name_line1":"TAEF","foreign_address_line1":"C/O TRIDENT TRUST COMPANY 5TH FLOO","foreign_city":"PORT LOUIS","foreign_country":"MP","controlled_organization_indicator":true,"name":"TUNISIAN AMERICAN SME COMPANY","foreign_address":"C/O TRIDENT TRUST COMPANY 5TH FLOO, PORT LOUIS, MP"},{"business_name_line1":"TUNISIAN AMERICAN SEARCH FUND","primary_activity":"INVESTMENT FUND","ownership_percentage":0.9,"share_of_total_income":869408,"share_of_end_of_year_assets":8842179,"legal_domicile_foreign_country":"TS","direct_controlling_business_name_line1":"TAEF","foreign_address_line1":"IMMEUBLE ZENITH RUE DE LA BOURSE","foreign_city":"TUNIS","foreign_postal_code":"01053","foreign_country":"TS","controlled_organization_indicator":true,"name":"TUNISIAN AMERICAN SEARCH FUND","foreign_address":"IMMEUBLE ZENITH RUE DE LA BOURSE, TUNIS, 01053, TS"}],"transaction_flags":{"dividends_from_related_organization_indicator":false,"gift_grant_or_capital_contribution_from_other_org":false,"gift_grant_or_capital_contribution_to_other_org":true,"loans_or_guarantees_from_other_org":false,"loans_or_guarantees_to_other_org":false,"performance_of_services_by_other_orgs":false,"performance_of_services_for_other_orgs":false,"sharing_of_facilities":false,"sharing_of_paid_employees":false,"reimbursement_paid_by_other_org":false,"reimbursement_paid_to_other_org":false,"rental_of_facilities_from_other_orgs":false,"rental_of_facilities_to_other_orgs":false,"purchase_of_assets_from_other_org":false,"sale_of_assets_to_other_org":false,"exchange_of_assets":false,"receipt_of_interest_annuities_rents_royalties":false,"other_transfer_from_other_org":false,"other_transfer_to_other_org":false},"transactions":[{"business_name_line1":"TAEF ADVISORY COMPANY","amount_involved":230686,"method_of_amount_determination":"CASH","transaction_type":"B","name":"TAEF ADVISORY COMPANY"}]},"source_xml":"202433179349302548_public.xml"},{"Organization":{"Hours":[0],"Total Compensation":[0],"Direct compensation":[0],"Other compensation":[0]},"Basic":{"mission":"Support tunisian economy by investing in small and medium sized enterprises.","primary_activities":"In 2024, taef continued our work of finding and investing in tunisia's most promising small and medium sized entrepreneurs. We worked closely with existing investees while seeking new opportunities for growth. Taef investment strategy taef's tailors proven, innovative financing mechanisms to meet the needs of tunisian entrepreneurs and to address gaps in the country's small and medium sized enterprises (sme) financing environment. Taef seeks talented entrepreneurs and business people as partners who bring strong experience, commitment and vision for growth to their companies. Taef invests in smes throughout their life cycle from start-up to early growth and maturity up to succession. We invest: - directly in smes through two platforms: our own dedicated fund for smes in growth stage (tasme), and our search fund for smes in succession stage (tasf) - in partnership with tunisian investment firms as a complement to tasme's work and a way to provide equity or private debt infusions to businesses - in microfinance institutions that reach the smallest of tunisia's business owners - in digital technology and knowledge-based start-ups through an integrated platform: an accelerator flat6 labs and venture capital investment vehicle anava seed fund. Tasme: mezzanine & royalty based financing for tunisian smes tasme offers unique financing to tunisian smes with a combination of debt and equity tailored to their needs. Tasme seeks well run companies in value-adding sectors expected to have strong growth. Through tasme, taef has created a unique financing platform, built a talented team, and expanded tunisia's domestic sme financing. At the end of 2024, tasme had invested in 21 companies in a large variety of sectors with investment tickets averaging $1.1m. The team also continued to work closely with existing portfolio companies as they navigate challenges and prepare for exits. Tasf: tunisia's first search fund taef adapted the us search fund model to tunisia to match the needs of mature business owners looking for succession plans for their companies with seasoned managers who have the skills to grow the business. Tasf catalyzes entrepreneurship through acquisition. Our first searcher completed the acquisition of propann, a company that produces manufactured board for furniture and interior finishing in 2019. Since acquisition, he has upgraded and optimized operations, refined the company's strategy with attention to product mix, developed new sources for raw materials, and worked on creating new markets locally and internationally. In 2024, propann and its strong management continued to perform well in a challenging environment.fund of funds investments: strengthening tunisia's investment ecosystem taef believes that a strong sme financing ecosystem made up of diversified investment vehicles with talented management teams is essential to drive economic growth and generate impact. By investing alongside others, taef has leveraged our funds to achieve greater impact and to expand financing options available to talented entrepreneurs investing in growth. Tuninvest croissance (tc), a single country fund created in 2013, provided growth capital to 10 tunisian smes. Fully invested since 2016, tc works actively with investees as they move towards exit. At the end of 2024, five exits had been finalized, three are planned for exit in 2025, and one for later in 2026. Inma holding, a new fund, was seeded by taef in 2017 to expand sme investment options in tunisia. By the end of 2024, inma holding had invested in 5 companies and successfully exited from one, generating a 13.9% irr. Taef expects to continue to support these fund investments as they exit initial investments, manage ongoing active investments, and develop managerial talent. Inma finance: tunisia's first private debt fund taef co-created inma finance, the first private debt vehicle in tunisia. This fund was created in direct response to sme's expressed needs for an alternative to the traditional banking system. Inma finance seeks investments in stable and growing companies that are creating value in tunisia in 2024 inma finance had loans to three companies: two microfinance institutions and a real estate development company, which negotiated a second revolving loan upon termination of the first. Inma finance also continued to source new investments.microfinance: expanding access to finance for micro-entrepreneurs aan early supporter of microfinance institutions in tunisia, taef views support of these institutions as an effective way to fill a critical gap in access to finance for micro enterprises. Our goal is to support strong and resilient institutions that provide nation-wide access to finance to tunisian micro-entrepreneurs. Taef deliberately invested in mfis serving different parts of the microenterprise ecosystem with average loans ranging from tnd 3,000 (enda) to tnd 3,000 - 40,000 (daam). In 2024, taef continued its active involvement with daam and had begun exit negotiations with other shareholders. Flat6labs & anava seed fund: integrated vc platform dedicated to startups taef was an anchor investor in bringing this innovative and proven start-up accelerator and early-stage investor model to tunisia. Since inception, ten cycles of digital companies, a total of 75 startups, have been selected from hundreds of applicants to complete the accelerator program and present their companies to investors at a demo day. At the end of 2024, 44% of the start-ups had raised additional follow-on funding, thus leveraging anava seed capital's investment by tnd 68 m. In addition to financial resources, flat6labs leverages one of tunisia's greatest assets, its talented and resourceful youth.","year":2024,"name":"TUNISIAN-AMERICAN ENTERPRISE FUND","phone":"2027652383","website":"WWW.TAEFUND.ORG","type":"990","foreign_countries":["Algeria","Azerbaijan","Bahrain","Egypt","Iran","Iraq","Israel","Jordan","Kuwait","Lebanon","Libya","Morocco","Oman","Qatar","Saudi Arabia","Sudan","Syria","Tunisia","Turkey","United Arab Emirates","Uzbekistan","Western Sahara","Yemen"],"principal_officer":"LOUISE STONER CRAWFORD","year_formation":2013,"state_legal_domicile":"DE","total_volunteers":8,"tax_period_begin":"2024-01-01T00:00:00","tax_period_end":"2024-12-31T00:00:00","address":"2000 PENNSYLVANIA AVENUE NW 7000, WASHINGTON, DC, 20006, USA","city":"WASHINGTON","state":"DC","country":"USA","zip_code":"20006"},"Governance":{"501c3 determination":true,"Number of voting members":8,"Number of independent voting members":8,"Number of employees total":1,"Total Gross UBI":0,"Net unrelated business taxable income":0,"Number of employees":1,"Prohibited tax shelter transactions":false,"Taxable party notification":false,"Funds to pay premiums":false,"Premiums Paid":false,"Family or business relationship":false,"Delegation of management duties":false,"Conflict of interest policy":true,"Whistle blower policy":true,"Compensation process for CEO":true,"Compensation process for other employees":true,"Changes to organizing documents":false,"Material diversion or misuse":false,"Members or stockholders":false,"Election of board members":false,"Decisions subject to approval":false,"Minutes of governing body":true,"Local chapters":false,"Form 990 provided to governing body":true,"Document retention policy":true,"Investment in joint venture":false,"Independent audit financial statements":false,"Consolidated audit financial statements":true,"Accountant compile or review":false,"Financial statements audited by independent accountant":true,"Audit committee":true,"Federal grant audit required":false,"Audited financial statements consolidated":true,"Political activities":false,"Donor advised funds":false,"Conservation easements":false,"Collections of art":false,"School":false,"Hospital":false,"Foreign activities":true,"Foreign office":true,"Gaming":false,"Fundraising activities":false,"Professional fundraising":false,"Loan to officer or DQP":false,"Grant to related person":false,"Business relationship through family member":false,"Business relationship with organization":false,"Transfers to exempt non-charitable organization":false},"Revenues":{"value":-215168,"Contributions":{"value":274920,"Grant revenue":274920},"Program revenue":{"value":3255,"Total revenue":3255},"Investment income":{"value":806161,"Investment income total":806089,"Net investment gain":72},"Other revenues":{"value":-1299504,"Other total":-1299504}},"Expenses":{"value":1513230,"Grant expense":{"value":273504,"Foreign grants":273504},"Total professional fundraising expense":{"value":0},"Benefits paid to members":{"value":0},"Salaries":{"value":874559,"Current officers":853864,"Other employee benefits":1775,"Payroll taxes":18920},"Other expenses":{"value":365167,"Legal":25574,"Accounting":131914,"Investment management fees":59689,"Other services":6500,"Office expenses":7467,"Information technology":58886,"Occupancy":16800,"Travel":17510,"Conferences and meetings":15569,"Depreciation and depletion":390,"Insurance":24868},"Functional Expenses":{"Program Service Expenses":697165,"Management And General Expenses":816065,"Fundraising Expenses":0}},"Assets":{"value":87805960,"Non-interest bearing cash":51147,"Savings and temp cash investments":935357,"Prepaid expenses deferred charges":21167,"Land, building, equipment":1040,"Investments publicly traded":15250196,"Investments program related":49169826,"Other assets":22377227},"Liabilities":{"value":3453624,"Accounts payable, accrued":68460,"Other liabilities":3385164},"Fund balance":{"value":84352336,"Net assets without donor restriction":84352336},"Form990Details":{"program_service_accomplishments":[{"description":"IN 2024, TAEF CONTINUED OUR WORK OF FINDING AND INVESTING IN TUNISIA'S MOST PROMISING SMALL AND MEDIUM SIZED ENTREPRENEURS. WE WORKED CLOSELY WITH EXISTING INVESTEES WHILE SEEKING NEW OPPORTUNITIES FOR GROWTH. TAEF INVESTMENT STRATEGY TAEF'S TAILORS PROVEN, INNOVATIVE FINANCING MECHANISMS TO MEET THE NEEDS OF TUNISIAN ENTREPRENEURS AND TO ADDRESS GAPS IN THE COUNTRY'S SMALL AND MEDIUM SIZED ENTERPRISES (SME) FINANCING ENVIRONMENT. TAEF SEEKS TALENTED ENTREPRENEURS AND BUSINESS PEOPLE AS PARTNERS WHO BRING STRONG EXPERIENCE, COMMITMENT AND VISION FOR GROWTH TO THEIR COMPANIES. TAEF INVESTS IN SMES THROUGHOUT THEIR LIFE CYCLE FROM START-UP TO EARLY GROWTH AND MATURITY UP TO SUCCESSION. WE INVEST: - DIRECTLY IN SMES THROUGH TWO PLATFORMS: OUR OWN DEDICATED FUND FOR SMES IN GROWTH STAGE (TASME), AND OUR SEARCH FUND FOR SMES IN SUCCESSION STAGE (TASF) - IN PARTNERSHIP WITH TUNISIAN INVESTMENT FIRMS AS A COMPLEMENT TO TASME'S WORK AND A WAY TO PROVIDE EQUITY OR PRIVATE DEBT INFUSIONS TO BUSINESSES - IN MICROFINANCE INSTITUTIONS THAT REACH THE SMALLEST OF TUNISIA'S BUSINESS OWNERS - IN DIGITAL TECHNOLOGY AND KNOWLEDGE-BASED START-UPS THROUGH AN INTEGRATED PLATFORM: AN ACCELERATOR FLAT6 LABS AND VENTURE CAPITAL INVESTMENT VEHICLE ANAVA SEED FUND. TASME: MEZZANINE & ROYALTY BASED FINANCING FOR TUNISIAN SMES TASME OFFERS UNIQUE FINANCING TO TUNISIAN SMES WITH A COMBINATION OF DEBT AND EQUITY TAILORED TO THEIR NEEDS. TASME SEEKS WELL RUN COMPANIES IN VALUE-ADDING SECTORS EXPECTED TO HAVE STRONG GROWTH. THROUGH TASME, TAEF HAS CREATED A UNIQUE FINANCING PLATFORM, BUILT A TALENTED TEAM, AND EXPANDED TUNISIA'S DOMESTIC SME FINANCING. AT THE END OF 2024, TASME HAD INVESTED IN 21 COMPANIES IN A LARGE VARIETY OF SECTORS WITH INVESTMENT TICKETS AVERAGING $1.1M. THE TEAM ALSO CONTINUED TO WORK CLOSELY WITH EXISTING PORTFOLIO COMPANIES AS THEY NAVIGATE CHALLENGES AND PREPARE FOR EXITS. TASF: TUNISIA'S FIRST SEARCH FUND TAEF ADAPTED THE US SEARCH FUND MODEL TO TUNISIA TO MATCH THE NEEDS OF MATURE BUSINESS OWNERS LOOKING FOR SUCCESSION PLANS FOR THEIR COMPANIES WITH SEASONED MANAGERS WHO HAVE THE SKILLS TO GROW THE BUSINESS. TASF CATALYZES ENTREPRENEURSHIP THROUGH ACQUISITION. OUR FIRST SEARCHER COMPLETED THE ACQUISITION OF PROPANN, A COMPANY THAT PRODUCES MANUFACTURED BOARD FOR FURNITURE AND INTERIOR FINISHING IN 2019. SINCE ACQUISITION, HE HAS UPGRADED AND OPTIMIZED OPERATIONS, REFINED THE COMPANY'S STRATEGY WITH ATTENTION TO PRODUCT MIX, DEVELOPED NEW SOURCES FOR RAW MATERIALS, AND WORKED ON CREATING NEW MARKETS LOCALLY AND INTERNATIONALLY. IN 2024, PROPANN AND ITS STRONG MANAGEMENT CONTINUED TO PERFORM WELL IN A CHALLENGING ENVIRONMENT.FUND OF FUNDS INVESTMENTS: STRENGTHENING TUNISIA'S INVESTMENT ECOSYSTEM TAEF BELIEVES THAT A STRONG SME FINANCING ECOSYSTEM MADE UP OF DIVERSIFIED INVESTMENT VEHICLES WITH TALENTED MANAGEMENT TEAMS IS ESSENTIAL TO DRIVE ECONOMIC GROWTH AND GENERATE IMPACT. BY INVESTING ALONGSIDE OTHERS, TAEF HAS LEVERAGED OUR FUNDS TO ACHIEVE GREATER IMPACT AND TO EXPAND FINANCING OPTIONS AVAILABLE TO TALENTED ENTREPRENEURS INVESTING IN GROWTH. TUNINVEST CROISSANCE (TC), A SINGLE COUNTRY FUND CREATED IN 2013, PROVIDED GROWTH CAPITAL TO 10 TUNISIAN SMES. FULLY INVESTED SINCE 2016, TC WORKS ACTIVELY WITH INVESTEES AS THEY MOVE TOWARDS EXIT. AT THE END OF 2024, FIVE EXITS HAD BEEN FINALIZED, THREE ARE PLANNED FOR EXIT IN 2025, AND ONE FOR LATER IN 2026. INMA HOLDING, A NEW FUND, WAS SEEDED BY TAEF IN 2017 TO EXPAND SME INVESTMENT OPTIONS IN TUNISIA. BY THE END OF 2024, INMA HOLDING HAD INVESTED IN 5 COMPANIES AND SUCCESSFULLY EXITED FROM ONE, GENERATING A 13.9% IRR. TAEF EXPECTS TO CONTINUE TO SUPPORT THESE FUND INVESTMENTS AS THEY EXIT INITIAL INVESTMENTS, MANAGE ONGOING ACTIVE INVESTMENTS, AND DEVELOP MANAGERIAL TALENT. INMA FINANCE: TUNISIA'S FIRST PRIVATE DEBT FUND TAEF CO-CREATED INMA FINANCE, THE FIRST PRIVATE DEBT VEHICLE IN TUNISIA. THIS FUND WAS CREATED IN DIRECT RESPONSE TO SME'S EXPRESSED NEEDS FOR AN ALTERNATIVE TO THE TRADITIONAL BANKING SYSTEM. INMA FINANCE SEEKS INVESTMENTS IN STABLE AND GROWING COMPANIES THAT ARE CREATING VALUE IN TUNISIA IN 2024 INMA FINANCE HAD LOANS TO THREE COMPANIES: TWO MICROFINANCE INSTITUTIONS AND A REAL ESTATE DEVELOPMENT COMPANY, WHICH NEGOTIATED A SECOND REVOLVING LOAN UPON TERMINATION OF THE FIRST. INMA FINANCE ALSO CONTINUED TO SOURCE NEW INVESTMENTS.MICROFINANCE: EXPANDING ACCESS TO FINANCE FOR MICRO-ENTREPRENEURS AAN EARLY SUPPORTER OF MICROFINANCE INSTITUTIONS IN TUNISIA, TAEF VIEWS SUPPORT OF THESE INSTITUTIONS AS AN EFFECTIVE WAY TO FILL A CRITICAL GAP IN ACCESS TO FINANCE FOR MICRO ENTERPRISES. OUR GOAL IS TO SUPPORT STRONG AND RESILIENT INSTITUTIONS THAT PROVIDE NATION-WIDE ACCESS TO FINANCE TO TUNISIAN MICRO-ENTREPRENEURS. TAEF DELIBERATELY INVESTED IN MFIS SERVING DIFFERENT PARTS OF THE MICROENTERPRISE ECOSYSTEM WITH AVERAGE LOANS RANGING FROM TND 3,000 (ENDA) TO TND 3,000 - 40,000 (DAAM). IN 2024, TAEF CONTINUED ITS ACTIVE INVOLVEMENT WITH DAAM AND HAD BEGUN EXIT NEGOTIATIONS WITH OTHER SHAREHOLDERS. FLAT6LABS & ANAVA SEED FUND: INTEGRATED VC PLATFORM DEDICATED TO STARTUPS TAEF WAS AN ANCHOR INVESTOR IN BRINGING THIS INNOVATIVE AND PROVEN START-UP ACCELERATOR AND EARLY-STAGE INVESTOR MODEL TO TUNISIA. SINCE INCEPTION, TEN CYCLES OF DIGITAL COMPANIES, A TOTAL OF 75 STARTUPS, HAVE BEEN SELECTED FROM HUNDREDS OF APPLICANTS TO COMPLETE THE ACCELERATOR PROGRAM AND PRESENT THEIR COMPANIES TO INVESTORS AT A DEMO DAY. AT THE END OF 2024, 44% OF THE START-UPS HAD RAISED ADDITIONAL FOLLOW-ON FUNDING, THUS LEVERAGING ANAVA SEED CAPITAL'S INVESTMENT BY TND 68 M. 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We worked closely with existing investees while seeking new opportunities for growth. Taef investment strategy taef's tailors proven, innovative financing mechanisms to meet the needs of tunisian entrepreneurs and to address gaps in the country's small and medium sized enterprises (sme) financing environment. Taef seeks talented entrepreneurs and business people as partners who bring strong experience, commitment and vision for growth to their companies. Taef invests in smes throughout their life cycle from start-up to early growth and maturity up to succession. We invest: - directly in smes through two platforms: our own dedicated fund for smes in growth stage (tasme), and our search fund for smes in succession stage (tasf) - in partnership with tunisian investment firms as a complement to tasme's work and a way to provide equity or private debt infusions to businesses - in microfinance institutions that reach the smallest of tunisia's business owners - in digital technology and knowledge-based start-ups through an integrated platform: an accelerator flat6 labs and venture capital investment vehicle anava seed fund. Tasme: mezzanine & royalty based financing for tunisian smes tasme offers unique financing to tunisian smes with a combination of debt and equity tailored to their needs. Tasme seeks well run companies in value-adding sectors expected to have strong growth. Through tasme, taef has created a unique financing platform, built a talented team, and expanded tunisia's domestic sme financing. At the end of 2024, tasme had invested in 21 companies in a large variety of sectors with investment tickets averaging $1.1m. The team also continued to work closely with existing portfolio companies as they navigate challenges and prepare for exits. Tasf: tunisia's first search fund taef adapted the us search fund model to tunisia to match the needs of mature business owners looking for succession plans for their companies with seasoned managers who have the skills to grow the business. Tasf catalyzes entrepreneurship through acquisition. Our first searcher completed the acquisition of propann, a company that produces manufactured board for furniture and interior finishing in 2019. Since acquisition, he has upgraded and optimized operations, refined the company's strategy with attention to product mix, developed new sources for raw materials, and worked on creating new markets locally and internationally. In 2024, propann and its strong management continued to perform well in a challenging environment.fund of funds investments: strengthening tunisia's investment ecosystem taef believes that a strong sme financing ecosystem made up of diversified investment vehicles with talented management teams is essential to drive economic growth and generate impact. By investing alongside others, taef has leveraged our funds to achieve greater impact and to expand financing options available to talented entrepreneurs investing in growth. Tuninvest croissance (tc), a single country fund created in 2013, provided growth capital to 10 tunisian smes. Fully invested since 2016, tc works actively with investees as they move towards exit. At the end of 2024, five exits had been finalized, three are planned for exit in 2025, and one for later in 2026. Inma holding, a new fund, was seeded by taef in 2017 to expand sme investment options in tunisia. By the end of 2024, inma holding had invested in 5 companies and successfully exited from one, generating a 13.9% irr. Taef expects to continue to support these fund investments as they exit initial investments, manage ongoing active investments, and develop managerial talent. Inma finance: tunisia's first private debt fund taef co-created inma finance, the first private debt vehicle in tunisia. This fund was created in direct response to sme's expressed needs for an alternative to the traditional banking system. Inma finance seeks investments in stable and growing companies that are creating value in tunisia in 2024 inma finance had loans to three companies: two microfinance institutions and a real estate development company, which negotiated a second revolving loan upon termination of the first. Inma finance also continued to source new investments.microfinance: expanding access to finance for micro-entrepreneurs aan early supporter of microfinance institutions in tunisia, taef views support of these institutions as an effective way to fill a critical gap in access to finance for micro enterprises. Our goal is to support strong and resilient institutions that provide nation-wide access to finance to tunisian micro-entrepreneurs. Taef deliberately invested in mfis serving different parts of the microenterprise ecosystem with average loans ranging from tnd 3,000 (enda) to tnd 3,000 - 40,000 (daam). In 2024, taef continued its active involvement with daam and had begun exit negotiations with other shareholders. Flat6labs & anava seed fund: integrated vc platform dedicated to startups taef was an anchor investor in bringing this innovative and proven start-up accelerator and early-stage investor model to tunisia. Since inception, ten cycles of digital companies, a total of 75 startups, have been selected from hundreds of applicants to complete the accelerator program and present their companies to investors at a demo day. At the end of 2024, 44% of the start-ups had raised additional follow-on funding, thus leveraging anava seed capital's investment by tnd 68 m. 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WE WORKED CLOSELY WITH EXISTING INVESTEES WHILE SEEKING NEW OPPORTUNITIES FOR GROWTH. TAEF INVESTMENT STRATEGY TAEF'S TAILORS PROVEN, INNOVATIVE FINANCING MECHANISMS TO MEET THE NEEDS OF TUNISIAN ENTREPRENEURS AND TO ADDRESS GAPS IN THE COUNTRY'S SMALL AND MEDIUM SIZED ENTERPRISES (SME) FINANCING ENVIRONMENT. TAEF SEEKS TALENTED ENTREPRENEURS AND BUSINESS PEOPLE AS PARTNERS WHO BRING STRONG EXPERIENCE, COMMITMENT AND VISION FOR GROWTH TO THEIR COMPANIES. TAEF INVESTS IN SMES THROUGHOUT THEIR LIFE CYCLE FROM START-UP TO EARLY GROWTH AND MATURITY UP TO SUCCESSION. WE INVEST: - DIRECTLY IN SMES THROUGH TWO PLATFORMS: OUR OWN DEDICATED FUND FOR SMES IN GROWTH STAGE (TASME), AND OUR SEARCH FUND FOR SMES IN SUCCESSION STAGE (TASF) - IN PARTNERSHIP WITH TUNISIAN INVESTMENT FIRMS AS A COMPLEMENT TO TASME'S WORK AND A WAY TO PROVIDE EQUITY OR PRIVATE DEBT INFUSIONS TO BUSINESSES - IN MICROFINANCE INSTITUTIONS THAT REACH THE SMALLEST OF TUNISIA'S BUSINESS OWNERS - IN DIGITAL TECHNOLOGY AND KNOWLEDGE-BASED START-UPS THROUGH AN INTEGRATED PLATFORM: AN ACCELERATOR FLAT6 LABS AND VENTURE CAPITAL INVESTMENT VEHICLE ANAVA SEED FUND. TASME: MEZZANINE & ROYALTY BASED FINANCING FOR TUNISIAN SMES TASME OFFERS UNIQUE FINANCING TO TUNISIAN SMES WITH A COMBINATION OF DEBT AND EQUITY TAILORED TO THEIR NEEDS. TASME SEEKS WELL RUN COMPANIES IN VALUE-ADDING SECTORS EXPECTED TO HAVE STRONG GROWTH. THROUGH TASME, TAEF HAS CREATED A UNIQUE FINANCING PLATFORM, BUILT A TALENTED TEAM, AND EXPANDED TUNISIA'S DOMESTIC SME FINANCING. AT THE END OF 2024, TASME HAD INVESTED IN 21 COMPANIES IN A LARGE VARIETY OF SECTORS WITH INVESTMENT TICKETS AVERAGING $1.1M. THE TEAM ALSO CONTINUED TO WORK CLOSELY WITH EXISTING PORTFOLIO COMPANIES AS THEY NAVIGATE CHALLENGES AND PREPARE FOR EXITS. TASF: TUNISIA'S FIRST SEARCH FUND TAEF ADAPTED THE US SEARCH FUND MODEL TO TUNISIA TO MATCH THE NEEDS OF MATURE BUSINESS OWNERS LOOKING FOR SUCCESSION PLANS FOR THEIR COMPANIES WITH SEASONED MANAGERS WHO HAVE THE SKILLS TO GROW THE BUSINESS. TASF CATALYZES ENTREPRENEURSHIP THROUGH ACQUISITION. OUR FIRST SEARCHER COMPLETED THE ACQUISITION OF PROPANN, A COMPANY THAT PRODUCES MANUFACTURED BOARD FOR FURNITURE AND INTERIOR FINISHING IN 2019. SINCE ACQUISITION, HE HAS UPGRADED AND OPTIMIZED OPERATIONS, REFINED THE COMPANY'S STRATEGY WITH ATTENTION TO PRODUCT MIX, DEVELOPED NEW SOURCES FOR RAW MATERIALS, AND WORKED ON CREATING NEW MARKETS LOCALLY AND INTERNATIONALLY. IN 2024, PROPANN AND ITS STRONG MANAGEMENT CONTINUED TO PERFORM WELL IN A CHALLENGING ENVIRONMENT.FUND OF FUNDS INVESTMENTS: STRENGTHENING TUNISIA'S INVESTMENT ECOSYSTEM TAEF BELIEVES THAT A STRONG SME FINANCING ECOSYSTEM MADE UP OF DIVERSIFIED INVESTMENT VEHICLES WITH TALENTED MANAGEMENT TEAMS IS ESSENTIAL TO DRIVE ECONOMIC GROWTH AND GENERATE IMPACT. BY INVESTING ALONGSIDE OTHERS, TAEF HAS LEVERAGED OUR FUNDS TO ACHIEVE GREATER IMPACT AND TO EXPAND FINANCING OPTIONS AVAILABLE TO TALENTED ENTREPRENEURS INVESTING IN GROWTH. TUNINVEST CROISSANCE (TC), A SINGLE COUNTRY FUND CREATED IN 2013, PROVIDED GROWTH CAPITAL TO 10 TUNISIAN SMES. FULLY INVESTED SINCE 2016, TC WORKS ACTIVELY WITH INVESTEES AS THEY MOVE TOWARDS EXIT. AT THE END OF 2024, FIVE EXITS HAD BEEN FINALIZED, THREE ARE PLANNED FOR EXIT IN 2025, AND ONE FOR LATER IN 2026. INMA HOLDING, A NEW FUND, WAS SEEDED BY TAEF IN 2017 TO EXPAND SME INVESTMENT OPTIONS IN TUNISIA. BY THE END OF 2024, INMA HOLDING HAD INVESTED IN 5 COMPANIES AND SUCCESSFULLY EXITED FROM ONE, GENERATING A 13.9% IRR. TAEF EXPECTS TO CONTINUE TO SUPPORT THESE FUND INVESTMENTS AS THEY EXIT INITIAL INVESTMENTS, MANAGE ONGOING ACTIVE INVESTMENTS, AND DEVELOP MANAGERIAL TALENT. INMA FINANCE: TUNISIA'S FIRST PRIVATE DEBT FUND TAEF CO-CREATED INMA FINANCE, THE FIRST PRIVATE DEBT VEHICLE IN TUNISIA. THIS FUND WAS CREATED IN DIRECT RESPONSE TO SME'S EXPRESSED NEEDS FOR AN ALTERNATIVE TO THE TRADITIONAL BANKING SYSTEM. INMA FINANCE SEEKS INVESTMENTS IN STABLE AND GROWING COMPANIES THAT ARE CREATING VALUE IN TUNISIA IN 2024 INMA FINANCE HAD LOANS TO THREE COMPANIES: TWO MICROFINANCE INSTITUTIONS AND A REAL ESTATE DEVELOPMENT COMPANY, WHICH NEGOTIATED A SECOND REVOLVING LOAN UPON TERMINATION OF THE FIRST. INMA FINANCE ALSO CONTINUED TO SOURCE NEW INVESTMENTS.MICROFINANCE: EXPANDING ACCESS TO FINANCE FOR MICRO-ENTREPRENEURS AAN EARLY SUPPORTER OF MICROFINANCE INSTITUTIONS IN TUNISIA, TAEF VIEWS SUPPORT OF THESE INSTITUTIONS AS AN EFFECTIVE WAY TO FILL A CRITICAL GAP IN ACCESS TO FINANCE FOR MICRO ENTERPRISES. OUR GOAL IS TO SUPPORT STRONG AND RESILIENT INSTITUTIONS THAT PROVIDE NATION-WIDE ACCESS TO FINANCE TO TUNISIAN MICRO-ENTREPRENEURS. TAEF DELIBERATELY INVESTED IN MFIS SERVING DIFFERENT PARTS OF THE MICROENTERPRISE ECOSYSTEM WITH AVERAGE LOANS RANGING FROM TND 3,000 (ENDA) TO TND 3,000 - 40,000 (DAAM). IN 2024, TAEF CONTINUED ITS ACTIVE INVOLVEMENT WITH DAAM AND HAD BEGUN EXIT NEGOTIATIONS WITH OTHER SHAREHOLDERS. FLAT6LABS & ANAVA SEED FUND: INTEGRATED VC PLATFORM DEDICATED TO STARTUPS TAEF WAS AN ANCHOR INVESTOR IN BRINGING THIS INNOVATIVE AND PROVEN START-UP ACCELERATOR AND EARLY-STAGE INVESTOR MODEL TO TUNISIA. SINCE INCEPTION, TEN CYCLES OF DIGITAL COMPANIES, A TOTAL OF 75 STARTUPS, HAVE BEEN SELECTED FROM HUNDREDS OF APPLICANTS TO COMPLETE THE ACCELERATOR PROGRAM AND PRESENT THEIR COMPANIES TO INVESTORS AT A DEMO DAY. AT THE END OF 2024, 44% OF THE START-UPS HAD RAISED ADDITIONAL FOLLOW-ON FUNDING, THUS LEVERAGING ANAVA SEED CAPITAL'S INVESTMENT BY TND 68 M. IN ADDITION TO FINANCIAL RESOURCES, FLAT6LABS LEVERAGES ONE OF TUNISIA'S GREATEST ASSETS, ITS TALENTED AND RESOURCEFUL YOUTH.","expense":697165,"grants":273504,"revenue":3255}],"program_service_revenue_detail":[{"business_code":"900099","total_revenue":3255,"related_or_exempt_function_income":3255}],"functional_expense_allocations":{"current_officers_directors":{"program_services":356622,"management_and_general":497242,"total":853864},"other_employee_benefits":{"program_services":89,"management_and_general":1686,"total":1775},"payroll_taxes":{"program_services":946,"management_and_general":17974,"total":18920},"legal_fees":{"program_services":14066,"management_and_general":11508,"total":25574},"accounting_fees":{"program_services":39575,"management_and_general":92339,"total":131914},"investment_management_fees":{"management_and_general":59689,"total":59689},"other_service_fees":{"program_services":6500,"total":6500},"office_expenses":{"management_and_general":7467,"total":7467},"information_technology":{"management_and_general":58886,"total":58886},"occupancy":{"total":16800},"travel":{"program_services":5863,"management_and_general":11647,"total":17510},"conferences_meetings":{"management_and_general":15569,"total":15569},"depreciation_depletion":{"management_and_general":390,"total":390},"insurance":{"management_and_general":24868,"total":24868}},"tax_and_disclosure_flags":{"activities_conducted_through_partnership":false,"foreign_financial_account":true,"foreign_financial_account_country":["TS","MP"],"backup_withholding_compliance":true,"employment_tax_returns_filed":true,"lobbying_activities":false,"deductible_non_cash_contributions":false,"deductible_contributions_of_art":false,"donor_restricted_or_quasi_endowments":false,"method_of_accounting_accrual":true,"schedule_o_part_iii":true,"schedule_o_part_v":true,"schedule_o_part_vi":true,"schedule_o_part_xi":true},"principal_officer_detail":{"person_name":"LOUISE STONER CRAWFORD"},"audit_financial_statement_detail":{"accountant_compile_or_review":false,"federal_grant_audit_required":false},"related_party_due_diligence":{"business_relationship_with_35_controlled_entity":false,"officer_mailing_address":false,"related_entity":true,"related_org_controlled_entity":true,"compensation_from_other_sources":false,"excess_benefit_transaction":false,"annual_disclosure_covered_persons":true},"grant_due_diligence":{"grants_to_organizations":false,"grants_to_individuals":false,"more_than_5000_to_organizations":true,"more_than_5000_to_individuals":false},"books_in_care_of_detail":{"phone":"2027652383","business_name_line1":"LOUISE STONER CRAWFORD","address_line1":"2000 PENNSYLVANIA AVENUE NW 7000","city":"WASHINGTON","state":"DC","zip":"20006"},"officers_directors_key_employees":[{"person_name":"W BOWMAN CUTTER","title":"CHAIR OF BOARD","average_hours_per_week":15.0,"reportable_comp_from_org":0,"reportable_comp_from_related_orgs":0,"other_compensation":0,"individual_trustee_or_director":true,"officer":true,"name":"W BOWMAN CUTTER"},{"person_name":"MOHAMED MALOUCHE","title":"TREASURER","average_hours_per_week":2.0,"reportable_comp_from_org":0,"reportable_comp_from_related_orgs":0,"other_compensation":0,"individual_trustee_or_director":true,"officer":true,"name":"MOHAMED MALOUCHE"},{"person_name":"FERID ABBAS","title":"BOARD MEMBER","average_hours_per_week":1.0,"reportable_comp_from_org":0,"reportable_comp_from_related_orgs":0,"other_compensation":0,"individual_trustee_or_director":true,"name":"FERID ABBAS"},{"person_name":"AHMED BENGHAZI","title":"BOARD MEMBER","average_hours_per_week":1.0,"reportable_comp_from_org":0,"reportable_comp_from_related_orgs":0,"other_compensation":0,"individual_trustee_or_director":true,"name":"AHMED BENGHAZI"},{"person_name":"DONIA ELLOUZE","title":"BOARD MEMBER","average_hours_per_week":1.0,"reportable_comp_from_org":0,"reportable_comp_from_related_orgs":0,"other_compensation":0,"individual_trustee_or_director":true,"name":"DONIA ELLOUZE"},{"person_name":"LAUREN HENDRICKS","title":"BOARD MEMBER","average_hours_per_week":1.0,"reportable_comp_from_org":0,"reportable_comp_from_related_orgs":0,"other_compensation":0,"individual_trustee_or_director":true,"name":"LAUREN HENDRICKS"},{"person_name":"HOWARD NEWMAN","title":"BOARD MEMBER","average_hours_per_week":1.0,"reportable_comp_from_org":0,"reportable_comp_from_related_orgs":0,"other_compensation":0,"individual_trustee_or_director":true,"name":"HOWARD NEWMAN"},{"person_name":"HATEM SELLAMI","title":"BOARD MEMBER","average_hours_per_week":1.0,"reportable_comp_from_org":0,"reportable_comp_from_related_orgs":0,"other_compensation":0,"individual_trustee_or_director":true,"name":"HATEM SELLAMI"},{"person_name":"HELA KADDOUR FOURATI","title":"PRESIDENT","average_hours_per_week":45.0,"reportable_comp_from_org":592318,"reportable_comp_from_related_orgs":0,"other_compensation":0,"officer":true,"name":"HELA KADDOUR FOURATI"},{"person_name":"LOUISE STONER CRAWFORD","title":"SECRETARY - 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