Civic Intelligence

Defy Ventures Inc.

990 • Fiscal year 2013 • EIN 27-3611908

Jan 01, 2013 to Dec 31, 2013 • Filed on Nov 04, 2014

Organization ProfileN/A
5 Penn Plaza 19th Floor10001

(914) 330-9950

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

57th percentile

0.18x

Higher debt load relative to assets than 57% of similar nonprofits.

2013 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2013

Liabilities / Revenue

32nd percentile

0.04x

Higher debt load relative to revenue than 32% of similar nonprofits.

2013 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2013

Net Margin

73rd percentile

15%

Higher net margin than 73% of similar nonprofits.

2013 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2013

Top Officer Pay

90th percentile

$187,317

Higher top officer pay than 90% of similar nonprofits.

Top officer pay equals 13.0% of source-year revenue.

2013 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2013

Asset Growth

98th percentile

270%

Faster asset growth than 98% of similar nonprofits.

2013 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2012 to 2013

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2013

Balance Sheet
Liabilities / Assets57th percentile

Assets

Up

$322,505

Up $235,355 (+270%) from 2012

Net Assets

Up

$264,985

Up $215,648 (+437%) from 2012

Liabilities

Up

$57,520

Up $19,707 (+52%) from 2012

Revenue And Expenses
Liabilities / Revenue32nd percentileNet Margin73rd percentile

Revenue

$1,436,800

No earlier filing loaded for comparison.

Expenses

Down

$1,221,152

Down $49,905 (-3.9%) from 2012

Net Income

$215,648

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

Asset Growth98th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$4.0M$2.0M$0-$2.0MAssets 2011: $216,844Liabilities 2011: $61,449Net Assets 2011: $155,3952011Assets 2012: $87,150Liabilities 2012: $37,813Net Assets 2012: $49,3372012Assets 2013: $322,505Liabilities 2013: $57,520Net Assets 2013: $264,9852013Assets 2014: $860,239Liabilities 2014: $550,641Net Assets 2014: $309,5982014Assets 2015: $802,473Liabilities 2015: $746,785Net Assets 2015: $55,6882015Assets 2016: $2,875,588Liabilities 2016: $741,601Net Assets 2016: $2,133,9872016Assets 2017: $3,051,844Liabilities 2017: $1,002,414Net Assets 2017: $2,049,4302017Assets 2018: $833,556Liabilities 2018: $955,148Net Assets 2018: -$121,5922018Assets 2019: $1,054,164Liabilities 2019: $814,370Net Assets 2019: $239,7942019Assets 2020: $1,772,831Liabilities 2020: $711,434Net Assets 2020: $1,061,3972020Assets 2021: $2,710,891Liabilities 2021: $701,548Net Assets 2021: $2,009,3432021Assets 2022: $3,255,603Liabilities 2022: $856,605Net Assets 2022: $2,398,9982022Assets 2023: $3,316,665Liabilities 2023: $724,833Net Assets 2023: $2,591,8322023Assets 2024: $3,953,203Liabilities 2024: $1,048,060Net Assets 2024: $2,905,1432024

Highlighted filing

2013

Assets$322,505
Liabilities$57,520
Net Assets$264,985
Open 2013 Filing

Operations Trend

Revenue GrowthScore unavailable

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$8.0M$6.0M$4.0M$2.0M$0-$2.0MExpenses 2011: $597,5032011Expenses 2012: $1,271,0572012Revenue 2013: $1,436,800Expenses 2013: $1,221,152Net Income 2013: $215,6482013Revenue 2014: $2,056,686Expenses 2014: $2,012,073Net Income 2014: $44,6132014Revenue 2015: $2,771,561Expenses 2015: $3,025,471Net Income 2015: -$253,9102015Revenue 2016: $5,315,932Expenses 2016: $3,237,633Net Income 2016: $2,078,2992016Revenue 2017: $5,586,655Expenses 2017: $6,071,212Net Income 2017: -$484,5572017Revenue 2018: $3,578,145Expenses 2018: $4,324,130Net Income 2018: -$745,9852018Revenue 2019: $2,408,207Expenses 2019: $2,146,821Net Income 2019: $261,3862019Revenue 2020: $2,630,097Expenses 2020: $1,858,494Net Income 2020: $771,6032020Revenue 2021: $2,964,539Expenses 2021: $2,144,993Net Income 2021: $819,5462021Revenue 2022: $3,223,061Expenses 2022: $2,871,906Net Income 2022: $351,1552022Revenue 2023: $4,021,502Expenses 2023: $3,830,168Net Income 2023: $191,3342023Revenue 2024: $4,627,815Expenses 2024: $4,313,504Net Income 2024: $314,3112024

Highlighted filing

2013

Revenue$1,436,800
Expenses$1,221,152
Net Income$215,648
Open 2013 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2013 to Dec 31, 2013
Signed
Nov 4, 2014
Return Version
2013v3.1
Gross Receipts
$1,436,800
Mission and Program Overview

Mission

To provide carefully selected, ambitious individuals who have criminal histories with transformational entrepreneurship, leadership, character development and career opportunities. Defy seeks to break the cycle of incarceration by equipping individuals-who because of their felonies are at a severe disadvantage in the employment market-to attain sustainable and legal financial stability.

To provide carefully selected, ambitious individuals who have criminal histories with transformational entrepreneurship, leadership, character development and career opportunities.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$47,387$259,304▲ $211,917
Prepaid Expenses and Deferred Charges$6,000$38,500▲ $32,500
Pledges and Grants Receivable$20,150$6,572▼ $13,578
Other Notes and Loans Receivable, Net$5,450$5,965▲ $515
Land, Buildings, and Equipment, Net$1,563$4,563▲ $3,000
Savings and Temporary Cash Investments-$1,001-
Accounts Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$87,150$322,505▲ $235,355
Other Assets Total$6,600$6,600→ $0
Liabilities
Accounts Payable and Accrued Expenses$37,813$57,520▲ $19,707
Total Liabilities$37,813$57,520▲ $19,707
Net Assets / Fund Balance
Unrestricted Net Assets$49,337$189,985▲ $140,648
Temporarily Rstr Net Assets-$75,000-
Total Net Assets Fund Balance$49,337$264,985▲ $215,648
Total Liabilities and Net Assets / Fund Balance$87,150$322,505▲ $235,355

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$4,563$3,414$7,977
Compensation and Service Providers
Top Officer Pay90th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Catherine RohrCEO & FounderFT$181,000$6,317$187,317
Louis KanganisCOOFT$116,319$11,733$128,052

Board Members and Trustees

NameTitle
Henry HamiltonChairman
Michelle KedemDirector
Mike ScovelDirector
Jesse BondermanSecretary
Rod WashingtonTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$1,427,792
Program Service Revenue
$7,500
Investment Income
$68
Other Revenue
$1,440
All Other Contributions
$1,427,792
Change in Net Assets
$215,648

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,436,800
Total Revenue per Audited Statements
$1,436,800
Total Revenue per Form 990
$1,436,800
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$794,652
Other Expenses$426,500
Total Fundraising Expense$104,101
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$336,668$38,793$27,758$403,219
Current Officers, Directors, Trustees, and Key Employees$263,228$30,410$21,731$315,369
Occupancy$97,652$5,360$3,696$106,708
Fees for Services Other$32,044$13,415$32,275$77,734
Payroll Taxes$44,708$5,386$3,771$53,865
Travel$45,026$871$1,646$47,543
All Other Expenses$18,863$4,362$2,224$25,449
Advertising$21,216$1,915$486$23,617
Other Employee Benefits$18,425$2,220$1,554$22,199
Office Expenses$4,360$11,846$1,293$17,499
Other Expenses$322$1,622$7,667$9,611
Insurance-$3,624-$3,624
Depreciation Depletion-$1,851-$1,851
Total Functional Expenses$995,376$121,675$104,101$1,221,152

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,221,152
Total Expenses per Audited Statements$1,221,152
Total Expenses per Form 990$1,221,152
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
No
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
Yes
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 4: Description of Significant Changes to Organizational Documents

“Filed revised articles of incorporation to clarify director terms.”

Form 990, Part VI, Line 11B: Form 990 Review Process

“Management reviewed a draft of the form 990 with the audit/finance committee and provided edits to the tax preparer. After this process was performed, the form 990 was sent to the full board of directors prior to being filed with the IRS.”

Form 990, Part VI, Line 12C: Explanation of Monitoring and Enforcement of Conflicts

“The organization has a "board approved" conflicts of interest policy. Each board member must fill out an annual declaration stating they had no conflicts or identifying the nature of their interested party transactions.”

Form 990, Part VI, Line 15A: Compensation Review & Approval Process - CEO, Top Management

“Each year, the executive committee reviews comparable salaries based on a recognized study and reviews the performance of the executive director to determine if the existing salary falls within these ranges. After a deliberation of this matter, a new proposed salary and benefit package is voted on. The minutes of the board of directors reflect the nature of this process.”

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

“Documents available upon request.”

Filing and Contact Details

Filer

EIN
27-3611908
Phone
9143309950

Signing Officer

Name
Catherine Hoke
Title
CEO & Founder
Signed
2014-11-04
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Catherine Hoke
Formed
2010
Legal Domicile
Ny
Voting Board Members
5
Independent Board Members
5
Employees
23
Volunteers
1,800

Preparer

Preparer
David C Ashenfarb
Phone
2122682800
Supplemental Narrative

Financial Statement Notes

Part X : FIN48 Footnote

“The Organization does not believe its financial statements include any material, uncertain tax positions. Tax filings for periods ending December 31, 2010 and later are subject to examination by applicable taxing authorities.”

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IRS990/Desc0Tightly managed as a lean, results-driven start-up with a highly committed team, we're proud of Defys early results and are excited to show supporters the payoff of their investment of time and funding. Since the launch of our program in January 2012, Defy has:Served 115 Entrepreneurs-in-Training (EITs) in three teams. EITs receive 300+ hours of training from resident experts and our volunteer faculty, and complete an additional 300+ hours of training in the field, working on their start-ups and participating in site visits to corporate partners. EITs compete in three business plan competitions, receive executive mentoring, and engage in intensive personal development. Launched 44 businesses, and new Defy EITs are currently preparing to launch approximately 25 more startups. All businesses are legally incorporated and receive seed funding. Nearly 100% generate revenue in their first six weeks. Achieved an employment rate of 87%. Our graduates reported a 94% increase in annual income.Awarded $140,000 in seed financing to EITs start-up businesses.Engaged 1,800+ executive volunteers from hedge funds, investment banks, venture capital and private equity firms, Fortune 500 companies, and entrepreneurial ventures. Volunteers contributed 11,000+ hours as business plan competition judges, mentors and coaches. Achieved zero recidivism. Compared to 50-70% national recidivism rates (with 44% of recidivism taking place in the first year).Introduced a financially sustainable national expansion strategy, which will create a competitive blended online training program that will equip people with criminal histories in employment, entrepreneurship, and life skills. Employment coaches, employers, business plan advisors, and investors will also receive online training. An online matching component will facilitate life-transforming bonds and opportunities that will be coupled with locally-facilitated in-person mentoring events and business plan competitions.Raised $3.5 million in private funding since inception (2010).Received grants from 18 foundations, 15 of which fund nationally. Showcased in national media including in Richard Bransons blog, The New York Times, Inc. Magazine, Christian Science Monitor, The Harvard Business Review, The Wall Street Journal, The Huffington Post, Forbes.com, StayClassy.org, The Chicago Tribune, and FoxNews.com.Received an Ashoka Fellowship. Ashoka is the largest global network of social entrepreneurs. Held our first national fundraiser: a basketball tournament at Madison Square Garden was held in January 2014. Defy executives and philanthropists drafted Defy graduates onto their teams and were coached by Knicks legends.
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IRS990/MissionDesc0To provide carefully selected, ambitious individuals who have criminal histories with transformational entrepreneurship, leadership, character development and career opportunities. Defy seeks to break the cycle of incarceration by equipping individuals-who because of their felonies are at a severe disadvantage in the employment market-to attain sustainable and legal financial stability.
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IRS990/PrincipalOfficerNm0Catherine Hoke
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IRS990ScheduleD/FootnoteTextInd0X
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0The Organization does not believe its financial statements include any material, uncertain tax positions. Tax filings for periods ending December 31, 2010 and later are subject to examination by applicable taxing authorities.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part X : FIN48 Footnote
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0Catherine Rohr
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0CEO & Founder
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IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Filed revised articles of incorporation to clarify director terms.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1Management reviewed a draft of the form 990 with the audit/finance committee and provided edits to the tax preparer. After this process was performed, the form 990 was sent to the full board of directors prior to being filed with the IRS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2The organization has a "board approved" conflicts of interest policy. Each board member must fill out an annual declaration stating they had no conflicts or identifying the nature of their interested party transactions.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3Each year, the executive committee reviews comparable salaries based on a recognized study and reviews the performance of the executive director to determine if the existing salary falls within these ranges. After a deliberation of this matter, a new proposed salary and benefit package is voted on. The minutes of the board of directors reflect the nature of this process.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4Documents available upon request.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Line 4: Description of Significant Changes to Organizational Documents
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Line 11b: Form 990 Review Process
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Line 12c: Explanation of Monitoring and Enforcement of Conflicts
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Line 15a: Compensation Review & Approval Process - CEO, Top Management
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part VI, Line 19: Other Organization Documents Publicly Available
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IRS990/TotalEmployeeCnt023

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Filings

Displayed year

2013 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$322,505
Liabilities
$57,520
Net assets
$264,985
Revenue
$1,436,800
Expenses
$1,221,152
Net income
$215,648
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.95$1.05$2.91$4.63$4.31$0.31
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.32$0.72$2.59$4.02$3.83$0.19
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.26$0.86$2.40$3.22$2.87$0.35
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.71$0.70$2.01$2.96$2.14$0.82
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.77$0.71$1.06$2.63$1.86$0.77
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.05$0.81$0.24$2.41$2.15$0.26
2018Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.83$0.96$0.12$3.58$4.32$0.75
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.05$1.00$2.05$5.59$6.07$0.48
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.88$0.74$2.13$5.32$3.24$2.08
2015Detailed filing. Detailed filing data is available for this year.$0.80$0.75$0.06$2.77$3.03$0.25
2014Detailed filing. Detailed filing data is available for this year.$0.86$0.55$0.31$2.06$2.01$0.04
2013Detailed filing. Detailed filing data is available for this year.$0.32$0.06$0.26$1.44$1.22$0.22
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.09$0.04$0.05$1.27
2011XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.22$0.06$0.16$0.60