Pre-Application Information

Membership Types

ACA is committed to enhancing the success of angel investing groups, whether they are in operation or are in the planning phase. This commitment has led ACA to create two distinct membership categories:

Full Membership is open to groups of angel investors, located in North America, investing predominately in private equity through a member-directed investment process.
Provisional Membership is available to North American organizations that are in formation and which have good faith intent to meet the criteria for full membership within twelve months of the ACA application.

Full Membership Benefits

One vote on all issues voted on at ACA annual meetings.
Participation of at least one representative to the annual ACA Summit and regional ACA meetings at a discounted rate (worth $300 per person for the 2009 ACA Summit).
Access to the Members-Only section of the ACA Web site or written information that shall include data and information on specific items such as best practices, member data and deal flow.
Participation in committees (Public Policy, Collaboration, Branding, etc), generally held via conference call and email, but in-person during the Annual Summit.
Receipt of reports on US federal and state public policy issues of importance to angel investors.
Discounts on applicable books and educational events/ materials, including a ten percent discount on licenses for the Power of Angel Investing seminars and workshops.
Access to the ACA-endorsed insurance program, underwritten by Chubb Insurance, which provides outside directors' and professional liability insurance to individual angels in the angel group for a low premium and preferred terms.
Use of public relations tools to promote the angel group to its local press, including an announcement of ACA membership.
Use of the ACA member logo on angel groups Web site and printed materials, the right to place the angel group's logo on the ACA Web site, and listing on the ACA directory of angel groups in North America.
Such other benefits as identified and provided to Full Members.

Provisional Membership Benefits

Assignment of an ACA Board member (or leading angel group expert) as a mentor/advisor. This person can provide advice and information resources to enhance the groups development and will track the groups progress toward meeting the requirements for Full Membership.
Participation of at least one representative to the annual ACA Summit and regional ACA meetings at a discounted rate (worth $300 per person for the 2009 ACA Summit).
Access for 12 months to the Members-Only section of the ACA Web site or written information that shall include data and information on specific items such as best practices, member data and deal flow.
Participation in committees (Public Policy, Collaboration, Branding, etc), generally held via conference call and email, but in-person during the Annual Summit.
Receipt of reports on US federal and state public policy issues of importance to angel investors.
Discounts on applicable books and educational events/ materials, including a ten percent discount on licenses for the Power of Angel Investing seminars and workshops.
Once the angel group can prove it is operational, the group may have access to the ACA-endorsed insurance program, underwritten by Chubb Insurance, which provides outside directors' and professional liability insurance to individual angels in the angel group for a low premium and preferred terms.
Such other benefits as identified and provided to Provisional Members.

Membership Process

The ACA Membership Committee will consider each application to meet the criteria outlined below. ACA will contact you by email or telephone with the results of the evaluation. If your group is accepted, ACA will also mail you a membership packet, including an invoice. Membership is not final until your application has been accepted and the payment is received by ACA.

Complete membership submission includes:

Completed membership application, answering all data fields in the document
Copies of public literature about your angel group (preferably in electronic form)
Payment of the membership fee by check or credit card, based on the invoice you receive after acceptance.

Once you have received acceptance, please submit your check to:

Marianne Hudson
Executive Director
Angel Capital Association
8527 Bluejacket St.
Lenexa, KS 66214
Phone: 913-894-4703
mhudson@angelcapitalassociation.org

Disclaimer

It is understood that ACA is not a venture fund, investment bank, broker/dealer, investment clearinghouse, investment portal nor any other form of investment advisor or otherwise, and is not registered with the Securities and Exchange Commission or any state securities commission. Any investments made involving one or more ACA member organization, or individuals in one or more member groups, is done so at the sole risk and responsibility of those making the investment decision and does not in any manner involve or relate to ACA. All members will indemnify ACA for any and all actions or proceedings relating in any manner to ACA being named a party in an action or proceeding involving an investment of any kind by a member or individuals comprising the member, or entities, representatives or agents of member or individuals comprising the member.

Criteria for Membership

Membership is granted at the discretion of ACA's Membership Committee or Board of Directors, based on evaluation of membership criteria:

Full Membership

The participants in the organization are predominantly individuals and all individuals are accredited investors, as defined by the Securities Act of 1933, and the organization has a process to ensure its participants are accredited.
Participating investors are actively engaged in investment of their personal capital.
The participants or, in the case of an angel fund, a subset of the participants make investment decisions on opportunities presented to the full group. Individuals do not delegate investment decisions to a third party.
The group holds regular in-person meetings as part of its investment process.
The group has defined processes and procedures for making investment decisions.
The group is located in the United States, Canada, or Mexico.
The organization has held an investment meeting within the 12 months prior to the application.

Examples of qualifying groups include, but are not limited to:

Member-managed angel groups
Manager-led angel organizations
Angel investment funds
Angel groups with no formal legal structure

Non-qualifying entities include those in which participating investors are not involved in the investment decision process. Examples:

Broker/dealers
Investment advisors and bankers
Venture capital funds
Stock clubs
Groups in which the primary members are organizations rather than individuals
Statewide or regional associations of angel groups (although these organizations may qualify as Affiliates via a separate application process)
Virtual (i.e., online) angel groups or investment forums

Provisional Membership

This type of membership is open to groups that are in formation or that intend to hold their first investment meeting within 12 months of the application date and to meet all requirements for Full Membership within that same time period. Examples of initiatives in this category include:

Groups that have met all Full Membership criteria, but have yet to sign up two or more members or have yet to hold a regular membership meeting
Angel funds that are in the process of raising their fund/ have not closed their fund
Initiatives that are in the process of selecting or developing investment and individual investor recruiting processes, procedures and structures

Membership Terms

All ACA members agree to abide by ACA by-laws, and actively promote the intent and spirit of the by-laws.
Full Member groups will be required to annually re-qualify for membership, including agreement to all membership qualification requirements.
Provisional Members must provide regular status reports (monthly) to their ACA mentor during their provisional membership term. Provisional Members must submit an application for Full Membership within 12 months of their original acceptance as a Provisional Member If the application is not submitted, or does not meet the qualifications for Full Membership, all membership rights of any type will be cancelled. The group can reapply for Full Membership at a later time when it has held its first investment meeting of individual participants, has multiple investors participating in the angel groups activities and meets the qualifications for Full Membership.
Member groups and their individual participating investors, agents and representatives, recognize and respect the confidential nature of individual member information and agree to maintain such confidentiality.
Member groups recognize and agree that certain information regarding the group, but not its individual participants, may be made publicly available in furtherance of ACA's by-laws. Member groups will cooperate with ACA in all manners for the promotion of the ACA mission, including response to research surveys by ACA and the Angel Capital Education Foundation.
ACA's Board will set the annual Full Membership fee schedule, Provisional Membership fee, and ACA membership renewal will be conducted annually. The membership term is July 1 through June 30th of each year, with a pro-rated fee available for groups that are selected in the middle of the fiscal year.

Membership Termination

ACA membership is subject to annual renewal, non-renewal, revocation or termination by the ACA Board. ACA membership may be terminated or membership revoked at the discretion and determination of ACA Board, should it be determined that an ACA member has become an inactive angel investment organization for more than 12 consecutive months, defined by the failure to hold any group meetings in this time period for the purpose of review and analysis of potential angel investments, other than a venture forum which is open to individuals outside of member representatives. ACA membership may also be terminated or revoked should any member or member agent or representative breach any term of ACA membership. A member will be notified in writing by the Board of Directors of the intent to terminate or revoke membership, and the on-notice member shall have thirty (30) days in which to submit a written response to the Board, should the member deem that its actions or inactions do not warrant or qualify for termination or revocation of membership. The Board shall consider, in good faith, such on-notice member written response within sixty (60) days. The decision of the Board of Directors is final.

Membership Dues

FULL MEMBERSHIP:

Annual Membership begins July 1st and ends June 30th each year. Applicants who join between these months are billed based on a pro-rated amount of one-quarter of the annual fee per fiscal quarter.

Number of Individual Investors in Member Group	Annual Fee
Minimum fee	$700
More than 70	$1000

PROVISIONAL MEMBERSHIP:

Angel groups that are in formation will be charged a flat fee of $700 once they are accepted for Provisional Membership. The fee covers benefits for up to one year. A group may apply for Full Membership any time within the period when they have met the requirements for Full Membership. Once accepted as a Full member, they will be charged the pro-rated Full Membership fee.