In order for an individual to be an accredited investor, he or she must meet at least one of the following criteria:

• Individual income exceeding $200K for each of the past two years with a reasonable expectation that the $200K threshold will be reached in the current year.
• Joint income with spouse exceeding $300K for each of the past two years with a reasonable expectation that the $300K threshold will be reached in the current year.
• Lastly, an individual is an accredited investor if his or her net worth (excluding the value of a primary residence) exceeds $1M.

An entity that is not a natural person (e.g., Fund, Corporation) generally qualifies as an accredited investor if it has at least $5M in assets or if all of the owners of that entity are themselves accredited investors.