Civic Intelligence

Defy Ventures Inc.

990 • Fiscal year 2014 • EIN 27-3611908

Jan 01, 2014 to Dec 31, 2014 • Filed on Oct 30, 2015

Organization Profilewww.defyventures.org
5 Penn Plaza 19th FloorNew York, NY 10001

(646) 661-3960

Siviq Scores

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

Liabilities / Assets

83rd percentile

0.64x

Higher debt load relative to assets than 83% of similar nonprofits.

2014 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2014

Liabilities / Revenue

67th percentile

0.27x

Higher debt load relative to revenue than 67% of similar nonprofits.

2014 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2014

Net Margin

48th percentile

2.2%

Higher net margin than 48% of similar nonprofits.

2014 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2014

Top Officer Pay

86th percentile

$160,530

Higher top officer pay than 86% of similar nonprofits.

Top officer pay equals 7.8% of source-year revenue.

2014 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2014

Asset Growth

97th percentile

167%

Faster asset growth than 97% of similar nonprofits.

2014 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2013 to 2014

Revenue Growth

86th percentile

43%

Faster revenue growth than 86% of similar nonprofits.

2014 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2013 to 2014

Balance Sheet
Liabilities / Assets83rd percentile

Assets

Up

$860,239

Up $537,734 (+167%) from 2013

Net Assets

Up

$309,598

Up $44,613 (+17%) from 2013

Liabilities

Up

$550,641

Up $493,121 (+857%) from 2013

Revenue And Expenses
Liabilities / Revenue67th percentileNet Margin48th percentile

Revenue

Up

$2,056,686

Up $619,886 (+43%) from 2013

Expenses

Up

$2,012,073

Up $790,921 (+65%) from 2013

Net Income

Down

$44,613

Down $171,035 (-79%) from 2013

Historical Trend

Balance Sheet Trend

Asset Growth97th 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

2014

Assets$860,239
Liabilities$550,641
Net Assets$309,598
Open 2014 Filing

Operations Trend

Revenue Growth86th percentile

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

2014

Revenue$2,056,686
Expenses$2,012,073
Net Income$44,613
Open 2014 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2014 to Dec 31, 2014
Signed
Oct 30, 2015
Return Version
2014v5.0
Gross Receipts
$2,056,686
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$259,304$791,656▲ $532,352
Accounts Receivable-$22,199-
Pledges and Grants Receivable$6,572$16,746▲ $10,174
Land, Buildings, and Equipment, Net$4,563$7,425▲ $2,862
Other Notes and Loans Receivable, Net$5,965$7,188▲ $1,223
Savings and Temporary Cash Investments$1,001$0▼ $1,001
Prepaid Expenses and Deferred Charges$38,500$850▼ $37,650
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$322,505$860,239▲ $537,734
Other Assets Total$6,600$14,175▲ $7,575
Liabilities
Unsecured Notes Loans Payable-$500,000-
Accounts Payable and Accrued Expenses$57,520$50,641▼ $6,879
Total Liabilities$57,520$550,641▲ $493,121
Net Assets / Fund Balance
Temporarily Rstr Net Assets$75,000$500,000▲ $425,000
Unrestricted Net Assets$189,985$-190,402▼ $380,387
Total Net Assets Fund Balance$264,985$309,598▲ $44,613
Total Liabilities and Net Assets / Fund Balance$322,505$860,239▲ $537,734

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$7,425$6,552$13,977
Compensation and Service Providers
Top Officer Pay86th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Louis KanganisCOOFT$147,000$13,530$160,530
Catherine HokeCEO & FounderFT$131,534$7,700$139,234

Board Members and Trustees

NameTitle
Henry HamiltonChairman
Mike ScovelDirector
Monica ThurmondDirector
Hans HicklerCEO & Founder
Brian KorbFounder
Rod WashingtonTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$1,955,824
Program Service Revenue
$94,760
Investment Income
$192
Other Revenue
$5,910
All Other Contributions
$1,955,824
Change in Net Assets
$44,613

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,056,686
Total Revenue per Audited Statements
$2,056,686
Total Revenue per Form 990
$2,056,686
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,019,697
Other Expenses$992,376
Total Fundraising Expense$188,630
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$491,013$57,696$59,675$608,384
Current Officers, Directors, Trustees, and Key Employees$241,933$28,427$29,404$299,764
Fees for Services Other$151,057$15,910$56,866$223,833
Occupancy$102,117$7,244$6,094$115,455
Payroll Taxes$59,756$7,021$7,262$74,039
Travel$62,985$978$564$64,527
All Other Expenses$28,291$12,781$12,608$53,680
Advertising$42,420-$9,675$52,095
Office Expenses$36,573$1,953$2,563$41,089
Other Employee Benefits$30,273$3,558$3,679$37,510
Other Expenses$20,184$12,410$240$32,594
Insurance$256$9,211-$9,467
Depreciation Depletion-$3,138-$3,138
Total Functional Expenses$1,663,116$160,327$188,630$2,012,073

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$2,012,073
Total Expenses per Audited Statements$2,012,073
Total Expenses per Form 990$2,012,073
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
No
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 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

Filer Name
Defy Ventures Inc
EIN
27-3611908
Phone
6466613960
Address
5 Penn Plaza 19th Floor, New York, NY 10001

Signing Officer

Name
Catherine Hoke
Title
CEO & Founder
Signed
2015-10-30
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Catherine Hoke
Formed
2010
Legal Domicile
Ny
Voting Board Members
6
Independent Board Members
6
Employees
33
Volunteers
2,956

Preparer

Firm
Schall & Ashenfarb Cpas
Address
307 5th Ave 15th Floor, NEW YORK, NY 10016-6517
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, 2011 and later are subject to examination by applicable taxing authorities.”

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IRS990/Desc0We're proud of Defys results and are excited to show supporters the results of their investment of time and funding. Since the launch of our program in January 2012, Defy has:Served 281 Entrepreneurs in Training (EITs) in four teams. EITs receive 200+ hours of blended online training over a 15-month program from resident experts and our volunteer faculty, and complete an additional 200+ hours of training in the field working on their start-ups. EITs compete in up to four business pitch competitions, receive executive mentoring, and engage in intensive personal development.Launched 75 businesses. All businesses are legally incorporated and receive seed funding. Nearly 100% generate revenue in their first six weeks.Achieved an employment rate of 94%. Our program participants reported an 83% income increase.Engaged 3,000+ executive volunteers from hedge funds, investment banks, venture capital and private equity firms, Fortune 500 companies, and entrepreneurial ventures. Volunteers contributed over 12,000 hours as business pitch competition judges, mentors and resume coaches.Recorded a recidivism rate of just 3%.Fully transitioned to a blended online training program a core component of our national scaling plan - that equips people with criminal histories with employment, entrepreneurship, and life skills. Resume coaches, mentors, business plan advisors, and competition judges also receive online training.Raised over $5 million in private funding since inception (2010).Been showcased in national media including in Richard Bransons blog, The New York Times, Inc. Magazine, The New Yorker, Christian Science Monitor, The Harvard Business Review, The Wall Street Journal, The Huffington Post, Forbes.com, The Chicago Tribune, and FoxNews.com.
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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 criminal histories are at a severe disadvantage in the employment market-to attain sustainable and legal financial stability.
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IRS990/PayrollTaxesGrp/FundraisingAmt07262
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt07021
IRS990/PayrollTaxesGrp/ProgramServicesAmt059756
IRS990/PayrollTaxesGrp/TotalAmt074039
IRS990/PensionPlanContributionsGrp/TotalAmt00
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IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt038500
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt0850
IRS990/PrincipalOfficerNm0Catherine Hoke
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IRS990/ProgramServiceRevenueGrp/Desc1Speaking Engagements
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IRS990/PYOtherRevenueAmt01440
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IRS990/PYRevenuesLessExpensesAmt0215648
IRS990/PYSalariesCompEmpBnftPaidAmt0794652
IRS990/PYTotalExpensesAmt01221152
IRS990/PYTotalRevenueAmt01436800
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IRS990ScheduleA/OtherIncome170Grp/TotalAmt09100
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IRS990ScheduleA/TotalSupportAmt05435840
IRS990ScheduleA/UnrelatedBusinessNetIncm170Grp/TotalAmt00
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IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
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IRS990ScheduleD/EquipmentGrp/DepreciationAmt06552
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IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/RevenueSubtotalAmt02056686
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0The Organization does not believe its financial statements include any material, uncertain tax positions. Tax filings for periods ending December 31, 2011 and later are subject to examination by applicable taxing authorities.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part X : FIN48 Footnote
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IRS990ScheduleJ/CompBsdOnRevRelatedOrgsInd0false
IRS990ScheduleJ/EquityBasedCompArrngmInd0false
IRS990ScheduleJ/InitialContractExceptionInd0false
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0Louis Kanganis
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0COO
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IRS990ScheduleJ/SeverancePaymentInd0false
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IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Management 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/ExplanationTxt1The 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/ExplanationTxt2Each 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/ExplanationTxt3Documents available upon request.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Line 11b: Form 990 Review Process
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Line 12c: Explanation of Monitoring and Enforcement of Conflicts
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Line 15a: Compensation Review & Approval Process - CEO, Top Management
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

Document Assets

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Filings

Displayed year

2014 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$860,239
Liabilities
$550,641
Net assets
$309,598
Revenue
$2,056,686
Expenses
$2,012,073
Net income
$44,613
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