Membership Types

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

• Full Membership is open to groups of angel investors investing predominately in private equity through a member-directed investment process.
• Provisional Membership is available to 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.

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.
• 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 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 (These organizations are encouraged to participate in the ACA community via our affiliates program.)
• Stock clubs
• Groups in which the primary members are organizations rather than individuals
• Statewide or regional associations of angel groups (These organizations are encouraged to participate in the ACA community via our affiliates program.)
• 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

1. All ACA members agree to abide by ACA by-laws, and actively promote the intent and spirit of the by-laws.
2. Member groups will be required to annually re-qualify for membership, including agreement to all membership qualification requirements.
3. 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 canceled. 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.
4. 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.
5. 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 our companion organization Angel Resource Institute.
6. All members and member groups agree to a "total non-solicitation policy" related to all affiliates, sponsors, partners, and other members of ACA. Direct, unsolicited contact with ACA member angel groups using the contact information obtained from the ACA website, meeting attendance lists or other sources is specifically prohibited. ACA has a "zero tolerance" of this non-solicitation policy and reserves the right to terminate members for any such offense.
7. ACA's Board will set the annual Full Membership fee schedule, Provisional Membership fee, and ACA membership renewal will be conducted annually. 

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.

Full Membership Benefits

1. Discounts for all individuals in the member group to attend annual ACA Summits, regional meetings, and webinars (a per-person savings of at least $500 in 2022).
2. Access to the Members-Only section of the ACA website and receipt of special publications that include data and information on specific items such as best practices, syndication guide, member data and deal flow.
3. Participation in committees (Public Policy, Collaboration, etc), generally held via conference call and email, but in-person during the annual Summit. Please note committee membership is invitation-only. 
4. Reports on US federal and state public policy issues of importance to angel investors.
5. Access to exclusive educational products including ACA webinars and licenses for in-person workshops. 
6. Discounts on services for angel investors through select partners.
7. Use of public relations tools to promote the angel group to its local press, including a template for announcing ACA Full membership.
8. Use of the ACA Member logo on angel group's 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.
9. Such other benefits as identified and provided to Full Members.

Provisional Membership Benefits

1. Discounts for all individuals in the member group to attend annual ACA Summits, regional meetings, and webinars (a per-person savings of at least $500 in 2022).
2. Access for 12 months to the Members-Only section of the ACA website and receipt of special publications that include information that shall include data and information on specific items such as best practices, member data and deal flow.
3. Participation in committees (Public Policy, Collaboration, etc), generally held via conference call and email, but in-person during the annual ACA Summit. Please note committee membership is invitation-only. 
4. Receipt of reports on US federal and state public policy issues of importance to angel investors.
5. Discounts and exclusive access to educational events/ materials.
6. Once the angel group can prove it is operational, the group may have access to the ACA discounted services from select partners. 
7. Such other benefits as identified and provided to Provisional Members.

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.

Membership Dues

FULL MEMBERSHIP:

ACA membership is provided on an annual and rolling basis.  

PROVISIONAL MEMBERSHIP:

Angel groups that are in formation will be charged a flat dues rate of $1095 once they are accepted for Provisional Membership. The fee covers benefits for 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, any changes in dues will be prorated for the year.