Civic Intelligence

Defy Ventures Inc.

990 • Fiscal year 2019 • EIN 27-3611908

Jan 01, 2019 to Dec 31, 2019 • Filed on Mar 27, 2020

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

88th percentile

0.77x

Higher debt load relative to assets than 88% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2019

Liabilities / Revenue

74th percentile

0.34x

Higher debt load relative to revenue than 74% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2019

Net Margin

67th percentile

11%

Higher net margin than 67% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2019

Top Officer Pay

85th percentile

$162,613

Higher top officer pay than 85% of similar nonprofits.

Top officer pay equals 6.8% of source-year revenue.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2019

Asset Growth

84th percentile

26%

Faster asset growth than 84% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2018 to 2019

Revenue Growth

9th percentile

-33%

Faster revenue growth than 9% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2018 to 2019

Balance Sheet
Liabilities / Assets88th percentile

Assets

Up

$1,054,164

Up $220,608 (+26%) from 2018

Net Assets

Up

$239,794

Up $361,386 (+297%) from 2018

Liabilities

Down

$814,370

Down $140,778 (-15%) from 2018

Revenue And Expenses
Liabilities / Revenue74th percentileNet Margin67th percentile

Revenue

Down

$2,408,207

Down $1,169,938 (-33%) from 2018

Expenses

Down

$2,146,821

Down $2,177,309 (-50%) from 2018

Net Income

Up

$261,386

Up $1,007,371 (+135%) from 2018

Historical Trend

Balance Sheet Trend

Asset Growth84th 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

2019

Assets$1,054,164
Liabilities$814,370
Net Assets$239,794
Open 2019 Filing

Operations Trend

Revenue Growth9th 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

2019

Revenue$2,408,207
Expenses$2,146,821
Net Income$261,386
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2019 to Dec 31, 2019
Signed
Mar 27, 2020
Return Version
2019v5.0
Gross Receipts
$2,408,207
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 mission is to shift mindsets to give people with criminal histories their best shot at a second chance by providing them with personal development, career readiness, and entrepreneurship training.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$532,665$583,542▲ $50,877
Pledges and Grants Receivable$276,223$440,400▲ $164,177
Prepaid Expenses and Deferred Charges$24,668$30,222▲ $5,554
Savings and Temporary Cash Investments-$0-
Accounts Receivable-$0-
Other Notes and Loans Receivable, Net-$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-
Land, Buildings, and Equipment, Net-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$833,556$1,054,164▲ $220,608
Other Assets Total-$0-
Liabilities
Unsecured Notes Loans Payable$700,000$589,810▼ $110,190
Accounts Payable and Accrued Expenses$243,597$211,004▼ $32,593
Other Liabilities$11,551$13,556▲ $2,005
Total Liabilities$955,148$814,370▼ $140,778
Net Assets / Fund Balance
Net Assets With Donor Restrictions$626,305$923,639▲ $297,334
Net Assets Without Donor Restrictions$-747,897$-683,845▲ $64,052
Total Net Assets Fund Balance$-121,592$239,794▲ $361,386
Total Liabilities and Net Assets / Fund Balance$833,556$1,054,164▲ $220,608

Asset Categories

AssetBook ValueDepreciationBasis
Equipment-$13,977$13,977
Compensation and Service Providers
Top Officer Pay85th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
John GarofoloCFOFT$143,770$18,843$162,613
Carrie SimonED Northern CAFT$148,179$5,669$153,848
Julie Jackson-ForsbergVP -LearningFT$110,486$17,436$127,922
Andrew GlazierPresident & CEOFT$75,000$59$75,059

Board Members and Trustees

NameTitle
Henry HamiltonChairman
April SmithDirector
Ariel JaduszliwerDirector
Harry KrenskyDirector
John DvorDirector
Marcus GloverDirector
Monica ThurmondDirector
Brian KorbSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$2,329,453
Program Service Revenue
$0
Investment Income
$218
Other Revenue
$78,536
All Other Contributions
$2,088,121
Change in Net Assets
$261,386

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,408,207
Revenue Not Reported on Form 990
$100,000
Total Revenue per Audited Statements
$2,508,207
Total Revenue per Form 990
$2,408,207
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,529,414
Other Expenses$593,051
Total Fundraising Expense$203,823
Grants and Similar Amounts Paid$24,356
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$898,489$69,877$97,355$1,065,721
Current Officers, Directors, Trustees, and Key Employees$71,298$142,580$30,024$243,902
Payroll Taxes$91,799$17,397$9,642$118,838
Fees for Services Other$58,816$37,017$8,000$103,833
Other Employee Benefits$87,034$2,134$9,517$98,685
Travel$46,930$7,570$6,989$61,489
Occupancy$56,639$2,790-$59,429
Insurance$15,955$28,049-$44,004
Office Expenses$27,051$4,144$146$31,341
Grants to Domestic Individuals$24,356--$24,356
Other Expenses$44,820$1,762$22,554$24,316
All Other Expenses$11,932$1,322$131$13,385
Interest-$13,168-$13,168
Pension Plan Contributions$1,752$332$184$2,268
Total Functional Expenses$1,603,421$339,577$203,823$2,146,821

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$2,146,821
Total Expenses per Audited Statements$2,146,821
Total Expenses per Form 990$2,146,821
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-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Deferred Rent$13,556
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 35% controlled entity
No
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 and provided edits to the tax preparer. After this process was completed, 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
John Garofolo
Title
CFO
Signed
2020-03-27
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Andrew Glazier
Formed
2010
Legal Domicile
Ny
Voting Board Members
8
Independent Board Members
8
Employees
34
Volunteers
1,645

Preparer

Firm
Schall & Ashenfarb Cpas
Address
307 5th Ave 15th Floor, NEW YORK, NY 10016-6517
Preparer
Michael Schall
Phone
2122682800
Supplemental Narrative

Additional Explanations

Other Changes In Net Assets Or Fund Balances - Other Increases

“Gain on forgiveness of debt = $100000”

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, 2016 and later are subject to examination by applicable taxing authorities.”

Part XI, Line 2D: Other revenue amounts included in F/S but not included on form 990

“Gain on debt forgiveness $100000”

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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:1.Served over 5,500 Entrepreneurs in Training (EITs) in our in-prison and post-release program. EITs complete a rigorous six- to nine-month curriculum culminating in a business pitch competition and graduation as part of the in-prison program. The post-release program includes workshops, mentoring, and a business incubator.2.Engaged 5,800+ executive volunteers from hedge funds, investment banks, venture capital and private equity firms, Fortune 500 companies, and entrepreneurial ventures. Volunteers served as business pitch competition judges, mentors, and resume coaches. 3.Grown to serve in six states (NY, CT, CA, CO, IL, and WA).4.Secured nine employment partners to source and provide jobs for released EITs who have completed our in-prison program.5.Recorded a recidivism rate of 7.2%.6.Recorded an 84% employment rate for released EITs who have completed our program.7.Launched 140+ businesses, including incorporation and seed funding.8.Raised over $24.4 million in private funding since inception (2010).
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IRS990/Form990PartVIISectionAGrp/TitleTxt0CFO
IRS990/Form990PartVIISectionAGrp/TitleTxt1ED Northern CA
IRS990/Form990PartVIISectionAGrp/TitleTxt2VP -Learning
IRS990/Form990PartVIISectionAGrp/TitleTxt3President & CEO
IRS990/Form990PartVIISectionAGrp/TitleTxt4Chairman
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IRS990/Form990PartVIISectionAGrp/TitleTxt6Director
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IRS990/MissionDesc0Defy Ventures mission is to shift mindsets to give people with criminal histories their best shot at a second chance by providing them with personal development, career readiness, and entrepreneurship training. Defys vision is to cut the recidivism rate in half by leveraging entrepreneurship to increase economic opportunity and transform lives.
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IRS990/PrincipalOfficerNm0Andrew Glazier
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Document Assets

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Filings

Displayed year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,054,164
Liabilities
$814,370
Net assets
$239,794
Revenue
$2,408,207
Expenses
$2,146,821
Net income
$261,386
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
2019Detailed filing. Detailed filing data is available for this year.$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