IRS 990 Nonprofit Profile

Ukraine-moldova American Enterprise Fund

Effective march 23, 2022, usaid additionally modified the grant to change the tcd from december 31, 2022 to december 31, 2030 and change the tld from december 31, 2023 to december 31, 2031 (grant modification #25). the amended grant agreement (i) enabled the fund to make new investments and commitments at the discretion of its board to encourage the creation and expansion of small and medium enterprises (smes) in ukraine and moldova; ii) fixed the budget of the fund's legacy programs at $5 million per year subject to the availability of funds. additionally, as a response to full-scale russia's invasion to ukraine, usaid amended the structure of allowable expenditures. in february 2022, prior to the onset of the full-fledged russia's invasion of ukraine, the fund implemented its business continuity plan, including securing accommodation in western ukraine and supporting fund personnel and family members to relocate to western ukraine and then to the european union given the high priority accorded to the safety and security of employees and partners on-the-ground in ukraine. based on the usaid approval granted by the grant modification #25, umaef has incurred associated relocation costs and provided additional assistance required. the ukrainian leadership academy program staff and immediate family members and students were also relocated to western ukraine, with expenses related to their relocation also incurred by the fund. in january 2023, umaef received new funding of $134 million in the form of debt securities and cash to expand its ability to meet critical needs and increase its contribution to economic recovery in ukraine and moldova. these funds were transferred from the u.S. russia investment fund (tusrif) in partnership with the u.S. congress via usaid. in september 2023, usaid issued a grant modification #26 which enabled the fund to use the tusrif funds for supporting the creation, recovery and expansion of sme and economic development in ukraine and moldova in the high-level programmatic areas as direct investment and sme development, impact investing, local economic development, entrepreneurship, education and innovation and u.Ventures. in fiscal 2023, based on approval by the board of directors, the fund initiated the process of changing its legal name to ukraine-moldova american enterprise fund. this change was recorded in the delaware secretary of state's certificate issued in october 2023. in january 2024, usaid issued grant modification #27 confirming the change of corporate name. the new name will reflect the fund's actual historical and ongoing operations in ukraine and moldova, and includes the countries of operation, consistent with the practice of other usaid-sponsored enterprise funds.

Filing year

2023

Total revenue

$23.3M

Total expenses

$16.1M

Program expenses

$15.6M

Administration

$473K

Fundraising

$0

Program share of expenses

97%

EIN

133786524

Location

Chicago, IL

WWW.UMAEF.ORG