Civic Intelligence

Refoundry Inc

EIN 47-3502776 • 501(c)3 • Brooklyn, NY

Profile

Provide formerly incarcerated people with the skills and opportunity to achieve financial independence and become leaders and job creators in their communities.

63 Flushing Ave Bld 212 207Brooklyn, NY 11205

www.refoundry.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

74th percentile

0.19x

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

501(c)3 • $500k-$1M nonprofits • Source year 2021

Liabilities / Revenue

76th percentile

0.18x

Higher debt load relative to revenue than 76% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Source year 2021

Net Margin

18th percentile

-17%

Higher net margin than 18% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Source year 2021

Top Officer Pay

75th percentile

$0

Higher top officer pay than 75% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

501(c)3 • $500k-$1M nonprofits • Source year 2017

Asset Growth

19th percentile

-11%

Faster asset growth than 19% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Annualized from 2020 to 2021

Revenue Growth

8th percentile

-40%

Faster revenue growth than 8% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets74th percentile

Assets

Down

$505,163

Down $60,033 (-11%) from 2020

Liabilities

Up

$97,254

Up $11,206 (+13%) from 2020

Net Assets

Down

$407,909

Down $71,239 (-15%) from 2020

Operations
Liabilities / Revenue76th percentileNet Margin18th percentile

Revenue

Down

$548,018

Down $368,226 (-40%) from 2020

Expenses

Down

$639,257

Down $12,467 (-1.9%) from 2020

Net Income

Down

-$91,239

Down $355,759 (-134%) from 2020

Trend Graphs

Balance Sheet Trend

Asset Growth19th percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$600K$400K$200K$0-$200KAssets 2015: $2,132Liabilities 2015: $104,5602015Assets 2016: $26,166Liabilities 2016: $180,562Net Assets 2016: -$154,3962016Assets 2017: $26,071Liabilities 2017: $222,395Net Assets 2017: -$196,3242017Assets 2018: $229,548Liabilities 2018: $212,632Net Assets 2018: $16,9162018Assets 2019: $442,920Liabilities 2019: $228,292Net Assets 2019: $214,6282019Assets 2020: $565,196Liabilities 2020: $86,048Net Assets 2020: $479,1482020Assets 2021: $505,163Liabilities 2021: $97,254Net Assets 2021: $407,9092021

Highlighted filing

2021

Assets$505,163
Liabilities$97,254
Net Assets$407,909
Open 2021 Filing

Operations Trend

Revenue Growth8th percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$1.0M$500K$0-$500KRevenue 2015: $98,779Expenses 2015: $201,207Net Income 2015: -$102,4282015Revenue 2016: $212,652Expenses 2016: $264,620Net Income 2016: -$51,9682016Revenue 2017: $57,808Expenses 2017: $99,736Net Income 2017: -$41,9282017Revenue 2018: $386,525Expenses 2018: $164,406Net Income 2018: $222,1192018Revenue 2019: $790,938Expenses 2019: $567,036Net Income 2019: $223,9022019Revenue 2020: $916,244Expenses 2020: $651,724Net Income 2020: $264,5202020Revenue 2021: $548,018Expenses 2021: $639,257Net Income 2021: -$91,2392021

Highlighted filing

2021

Revenue$548,018
Expenses$639,257
Net Income-$91,239
Open 2021 Filing

Filings

Most recent year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$505,163
Liabilities
$97,254
Net assets
$407,909
Revenue
$548,018
Expenses
$639,257
Net income
-$91,239
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2021Detailed filing. Detailed filing data is available for this year.$5.05$0.97$4.08$5.48$6.39$0.91
2020Detailed filing. Detailed filing data is available for this year.$5.65$0.86$4.79$9.16$6.52$2.65
2019Detailed filing. Detailed filing data is available for this year.$4.43$2.28$2.15$7.91$5.67$2.24
2018Detailed filing. Detailed filing data is available for this year.$2.30$2.13$0.17$3.87$1.64$2.22
2017Detailed filing. Detailed filing data is available for this year.$0.26$2.22$1.96$0.58$1.00$0.42
2016Summary only. Only limited summary data is available for this year.$0.26$1.81$1.54$2.13$2.65$0.52
2015Summary only. Only limited summary data is available for this year.$0.02$1.05$0.99$2.01$1.02
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Nov 15, 2022
Return Version
2021v4.1
Gross Receipts
$548,018
Mission and Program Overview

Mission

Provide formerly incarcerated people with the skills and opportunity to achieve financial independence and become leaders and job creators in their communities.

Refoundry provides formerly incarcerated people with the skills and opportunity to achieve financial independence and become job creators, disrupting the forces that drive mass incarceration and generational poverty. Refoundry Maker Training program teaches high-level crafts skills, creates career pathways, and supports entrepreneurship. Refoundry Makers learn to repurpose discarded materials into home furnishings, sell their own products, and start their own businesses.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$48,148$228,147▲ $179,999
Cash and Non-Interest-Bearing Accounts$437,425$176,381▼ $261,044
Accounts Receivable-$26,815-
Receivables From Officers Etc$69$0▼ $69
Savings and Temporary Cash Investments-$0-
Other Notes and Loans Receivable, Net-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Prepaid Expenses and Deferred Charges-$0-
Total Assets$565,195$505,163▼ $60,032
Other Assets Total$79,553$73,820▼ $5,733
Liabilities
Accounts Payable and Accrued Expenses$12,364$56,687▲ $44,323
Unsecured Notes Loans Payable$53,400--
Other Liabilities$20,283$40,567▲ $20,284
Total Liabilities$86,047$97,254▲ $11,207
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$464,565$407,909▼ $56,656
Net Assets With Donor Restrictions$14,583--
Total Net Assets Fund Balance$479,148$407,909▼ $71,239
Total Liabilities and Net Assets / Fund Balance$565,195$505,163▼ $60,032

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$213,588$52,146$265,734
Equipment$3,635$15,318$18,953
Other Land Buildings$10,924$4,625$15,549
Other Assets Org$73,820--
Compensation and Service Providers
Top Officer Pay75th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Thomas SafianExecutive Director & Board MemberFT$39,686$39,686

Board Members and Trustees

NameTitle
Gbenga AkinnagbeChairman
David BrazdaDirector
Noelle ClearyTreasurer, Secr
Revenue and Support

Revenue Composition

Contributions and Grants
$512,864
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$35,154
All Other Contributions
$459,464
Change in Net Assets
$-91,239

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
No
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Other Non Cash Contri Table1$120,266Value-Based Pricing
Securities Publicly Traded1$6,635Market-Based Pricing
Cars and Other Vehicles1$530Value-Based Pricing
Total Noncash Contributions3$127,431-
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$405,715
Salaries, Compensation, and Employee Benefits$188,969
Total Fundraising Expense$65,356
Professional Fundraising Fees$44,573
Grants and Similar Amounts Paid$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$126,329$20,528$11,053$157,910
Fees for Services Other$28,430$38,768$7,022$74,220
Occupancy$61,319$4,615-$65,934
Depreciation Depletion-$57,519-$57,519
Fees for Services Professional Fundraising--$44,573$44,573
Fees for Services Accounting-$29,928-$29,928
Other Employee Benefits$12,499$2,031$1,094$15,624
Payroll Taxes$12,348$2,007$1,080$15,435
Insurance-$14,219-$14,219
Office Expenses-$6,307-$6,307
All Other Expenses$2,232$3,968-$6,200
Other Expenses$1,119$1,678$534$2,797
Total Functional Expenses$363,746$210,155$65,356$639,257
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
Yes

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$44,573
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 Officers, Directors, Trustees, and Key Employees$69$0▼ $69
Receivables from Disqualified Persons-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Deferred Rent$40,567
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
No
Business relationship with 35% controlled entity
No
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

“The Organization updated its By Laws after consulting with an attorney.”

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

“Each member of the Refoundry Board of Directors received a copy of the draft Form 990 which they each reviewed, and the Board of Directors then voted to approve the draft for filing.”

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

“Refoundry Board of Directors would discuss any potential conflict of interest issues in official meetings and the Board Secretary would then capture and record the notes from those discussions in the official minutes.”

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

“The process we employed was to work with an outside organization called Primus Business Management - https://primusco.com/ We outsource our accounting and HR to Primus. They in turn provide Refoundry with professional resources and experts in finance and HR. We work with Primus to determine compensation for all new hires, as they rely on best practices and industry data. There was no Executive Director or top management official on the payroll as of December 31, 2021. The Former Executive Director was resigned in the second quarter of 2021.”

Form 990, Part VI, Line 15B: Compensation Review and Approval Process for Officers and Key Employees

“The process we employed was to work with an outside organization called Primus Business Management - https://primusco.com/ We outsource our accounting and HR to Primus. They in turn provide Refoundry with professional resources and experts in finance and HR. We work with Primus to determine compensation for all new hires, as they rely on best practices and industry data”

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

“Financial statements, annual audit/review reports and other governing documentation are available upon request.”

Filing and Contact Details

Filer

Filer Name
Refoundry Inc
EIN
47-3502776
Phone
3475668562
Address
63 FLUSHING AVE BLD 212 207, BROOKLYN, NY 11205

Signing Officer

Name
David Brazda
Title
Director
Signed
2022-11-15
Discuss with paid preparer
Yes

Organization Details

Formed
2015
Legal Domicile
Ny
Voting Board Members
3
Independent Board Members
3
Employees
5
Volunteers
32

Preparer

Firm
Zelin & Associates CPA LLC
Address
555 8th Ave Ste 2203, New York, NY 10018
Preparer
Steven Zelin CPA
Phone
6466784496
Supplemental Narrative

Financial Statement Notes

Part X : FIN48 Footnote

“Refoundry has adopted the provisions of the Financial Accounting Standards Board's ("FASB") ASC Topic 740, Income taxes, relating to accounting and reporting for uncertainty in income taxes. Management has determined that there are no material uncertain tax provisions that require recognition or disclosure in the financial statements.”

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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0Refoundry has adopted the provisions of the Financial Accounting Standards Board's ("FASB") ASC Topic 740, Income taxes, relating to accounting and reporting for uncertainty in income taxes. Management has determined that there are no material uncertain tax provisions that require recognition or disclosure in the financial statements.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part X : FIN48 Footnote
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IRS990ScheduleG/FundraiserActivityInfoGrp/OrganizationBusinessName/BusinessNameLine1Txt0GEM Trainers LLC
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0Thomas Safian
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0Executive Director & Board Member
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0The Organization updated its By Laws after consulting with an attorney.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1Each member of the Refoundry Board of Directors received a copy of the draft Form 990 which they each reviewed, and the Board of Directors then voted to approve the draft for filing.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2Refoundry Board of Directors would discuss any potential conflict of interest issues in official meetings and the Board Secretary would then capture and record the notes from those discussions in the official minutes.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3The process we employed was to work with an outside organization called Primus Business Management - https://primusco.com/ We outsource our accounting and HR to Primus. They in turn provide Refoundry with professional resources and experts in finance and HR. We work with Primus to determine compensation for all new hires, as they rely on best practices and industry data. There was no Executive Director or top management official on the payroll as of December 31, 2021. The Former Executive Director was resigned in the second quarter of 2021.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4The process we employed was to work with an outside organization called Primus Business Management - https://primusco.com/ We outsource our accounting and HR to Primus. They in turn provide Refoundry with professional resources and experts in finance and HR. We work with Primus to determine compensation for all new hires, as they rely on best practices and industry data
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5Financial statements, annual audit/review reports and other governing documentation are 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 15b: Compensation Review and Approval Process for Officers and Key Employees
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Form 990, Part VI, Line 19: Other Organization Documents Publicly Available
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IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0363746

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