Civic Intelligence

Defy Ventures Inc.

990 • Fiscal year 2016 • EIN 27-3611908

Jan 01, 2016 to Dec 31, 2016 • Filed on Nov 10, 2017

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

58th percentile

0.26x

Higher debt load relative to assets than 58% of similar nonprofits.

2016 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2016

Liabilities / Revenue

43rd percentile

0.14x

Higher debt load relative to revenue than 43% of similar nonprofits.

2016 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2016

Net Margin

89th percentile

39%

Higher net margin than 89% of similar nonprofits.

2016 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2016

Top Officer Pay

70th percentile

$171,443

Higher top officer pay than 70% of similar nonprofits.

Top officer pay equals 3.2% of source-year revenue.

2016 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2016

Asset Growth

99th percentile

258%

Faster asset growth than 99% of similar nonprofits.

2016 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2015 to 2016

Revenue Growth

94th percentile

92%

Faster revenue growth than 94% of similar nonprofits.

2016 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2015 to 2016

Balance Sheet
Liabilities / Assets58th percentile

Assets

Up

$2,875,588

Up $2,073,115 (+258%) from 2015

Net Assets

Up

$2,133,987

Up $2,078,299 (+3732%) from 2015

Liabilities

Down

$741,601

Down $5,184 (-0.7%) from 2015

Revenue And Expenses
Liabilities / Revenue43rd percentileNet Margin89th percentile

Revenue

Up

$5,315,932

Up $2,544,371 (+92%) from 2015

Expenses

Up

$3,237,633

Up $212,162 (+7.0%) from 2015

Net Income

Up

$2,078,299

Up $2,332,209 (+919%) from 2015

Historical Trend

Balance Sheet Trend

Asset Growth99th 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

2016

Assets$2,875,588
Liabilities$741,601
Net Assets$2,133,987
Open 2016 Filing

Operations Trend

Revenue Growth94th 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

2016

Revenue$5,315,932
Expenses$3,237,633
Net Income$2,078,299
Open 2016 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2016 to Dec 31, 2016
Signed
Nov 10, 2017
Return Version
2016v3.0
Gross Receipts
$5,315,932
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.

Defy Ventures transforms the lives of business leaders and people with criminal histories through their collaboration along the entrepreneurial journey. We provide entrepreneurship, employment, and character development training to currently & formerly incarcerated individuals.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$616,188$1,916,289▲ $1,300,101
Pledges and Grants Receivable$140,497$920,200▲ $779,703
Accounts Receivable$15,788$18,523▲ $2,735
Other Notes and Loans Receivable, Net$4,202$4,202→ $0
Prepaid Expenses and Deferred Charges$2,715$0▼ $2,715
Land, Buildings, and Equipment, Net$3,808$999▼ $2,809
Savings and Temporary Cash Investments-$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$802,473$2,875,588▲ $2,073,115
Other Assets Total$19,275$15,375▼ $3,900
Liabilities
Unsecured Notes Loans Payable$700,000$700,000→ $0
Accounts Payable and Accrued Expenses$37,785$35,601▼ $2,184
Deferred Revenue$9,000$6,000▼ $3,000
Total Liabilities$746,785$741,601▼ $5,184
Net Assets / Fund Balance
Temporarily Rstr Net Assets$236,334$2,120,000▲ $1,883,666
Unrestricted Net Assets$-180,646$13,987▲ $194,633
Total Net Assets Fund Balance$55,688$2,133,987▲ $2,078,299
Total Liabilities and Net Assets / Fund Balance$802,473$2,875,588▲ $2,073,115

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$999$12,978$13,977
Compensation and Service Providers
Top Officer Pay70th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Louis KanganisCFOFT$150,000$17,926$167,926
Catherine HokeCEO & FounderFT$150,000$10,721$160,721
John HubersPresidentFT$150,000$10,364$160,364
Joseph RansomLead EngFT$135,707$16,258$151,965
Charles HokeVP GrowthFT$135,857$11,762$147,619
Marina ThompsonVP Talent Aquis.FT$120,000$17,316$137,316
Jule Jackson-ForsbergVP LearningFT$115,000-$115,000

Board Members and Trustees

NameTitle
Henry HamiltonChairman
Brad FeldDirector
Hans HicklerDirector
Harry KrenskyDirector
Joanne SimpsonDirector
Monica ThurmondDirector
Rod WashingtonDirector
Brian KorbSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$5,268,059
Program Service Revenue
$44,212
Investment Income
$0
Other Revenue
$3,661
All Other Contributions
$5,053,740
Change in Net Assets
$2,078,299

Audited Revenue Reconciliation

Revenue per Audited Statements
$5,315,932
Total Revenue per Audited Statements
$5,315,932
Total Revenue per Form 990
$5,315,932
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$2,175,268
Other Expenses$902,305
Total Fundraising Expense$226,940
Grants and Similar Amounts Paid$160,060
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,204,195$75,961$101,281$1,381,437
Current Officers, Directors, Trustees, and Key Employees$407,210$49,657$32,144$489,011
Occupancy$131,301$8,695$24,111$164,107
Grants to Domestic Individuals$160,060--$160,060
Travel$139,329$13,433$5,276$158,038
Other Employee Benefits$133,250$8,017$11,611$152,878
Payroll Taxes$131,015$10,035$10,892$151,942
All Other Expenses$39,712$18,658$2,352$60,722
Fees for Services Other$32,375$21,199$2,361$55,935
Other Expenses$11,140$37,701$932$49,773
Insurance$11,987$31,432$1,826$45,245
Office Expenses$24,688$9,792$79$34,559
Advertising$14,199$1,154$5,936$21,289
Depreciation Depletion$2,422$186$201$2,809
Total Functional Expenses$2,675,844$334,849$226,940$3,237,633

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$3,237,633
Total Expenses per Audited Statements$3,237,633
Total Expenses per Form 990$3,237,633
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

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
Charles HokeSpouse-EDSalary & BenefitsNo$147,619

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
Yes
Backup withholding compliance
Yes
Business relationship with family members
Yes
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 CEO 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 15B: Compensation Review and Approval Process for Officers and Key Employees

“Each year, the executive committee reviews comparable salaries based on a recognized study and reviews the performance of the CFO and President 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
2017-11-10
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Catherine Hoke
Formed
2010
Legal Domicile
Ny
Voting Board Members
9
Independent Board Members
8
Employees
39
Volunteers
3,000

Preparer

Firm
Schall & Ashenfarb Cpas
Address
307 5th Ave 15th Floor, NEW YORK, NY 10016-6517
Preparer
Michael Schall
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, 2013 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 over 400 Entrepreneurs in Training (EITs) in our post-release program. EITs receive up to 200+ hours of blended online training during 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 100+ businesses. All businesses are legally incorporated and receive seed fundingAchieved an employment rate of 95%. Our program participants reported an 80+% 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.Started delivering training inside of prisons (NY and CA), further leveraging our investment in online (video) training content and materials.Recorded a recidivism rate of less than 5%.Continued our investment in a blended online training program a core component of our national scaling plan. Resume coaches, mentors, business plan advisors, and competition judges also receive online training.Raised over $13 million in private funding since inception (2010).
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IRS990/Form990PartVIISectionAGrp/TitleTxt0CEO & Founder
IRS990/Form990PartVIISectionAGrp/TitleTxt1Chairman
IRS990/Form990PartVIISectionAGrp/TitleTxt2Secretary
IRS990/Form990PartVIISectionAGrp/TitleTxt3Director
IRS990/Form990PartVIISectionAGrp/TitleTxt4Director
IRS990/Form990PartVIISectionAGrp/TitleTxt5Director
IRS990/Form990PartVIISectionAGrp/TitleTxt6Director
IRS990/Form990PartVIISectionAGrp/TitleTxt7Director
IRS990/Form990PartVIISectionAGrp/TitleTxt8Director
IRS990/Form990PartVIISectionAGrp/TitleTxt9CFO
IRS990/Form990PartVIISectionAGrp/TitleTxt10President
IRS990/Form990PartVIISectionAGrp/TitleTxt11VP Growth
IRS990/Form990PartVIISectionAGrp/TitleTxt12Lead Eng
IRS990/Form990PartVIISectionAGrp/TitleTxt13VP Talent Aquis.
IRS990/Form990PartVIISectionAGrp/TitleTxt14VP Learning
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IRS990/MissionDesc0Defy Ventures transforms the lives of business leaders and people with criminal histories through their collaboration along the entrepreneurial journey.We provide entrepreneurship, employment, and character development training to currently and formerly incarcerated men, women, and youth. We help "Entrepreneurs-in-Training" (or "EITs") launch successful careers and businesses and break generational legacies of poverty and incarceration.
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IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt0133250
IRS990/OtherEmployeeBenefitsGrp/TotalAmt0152878
IRS990/OtherExpensesGrp/Desc0Participant Training
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IRS990/OtherExpensesGrp/FundraisingAmt1622
IRS990/OtherExpensesGrp/FundraisingAmt223141
IRS990/OtherExpensesGrp/FundraisingAmt3932
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IRS990/OtherExpensesGrp/ManagementAndGeneralAmt217241
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Document Assets

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Filings

Displayed year

2016 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$2,875,588
Liabilities
$741,601
Net assets
$2,133,987
Revenue
$5,315,932
Expenses
$3,237,633
Net income
$2,078,299
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
2016Detailed filing. Detailed filing data is available for this year.$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