Civic Intelligence

Refraction Inc.

990 • Fiscal year 2019 • EIN 83-1426812

Jan 01, 2019 to Dec 31, 2019 • Filed on Sep 14, 2021

Organization Profilewww.refraction.one
7950 Jones Branch Dr 8th Floor NortMcLean, VA 22102

(703) 712-7565

Siviq Scores

Scores are not available for this record yet.

Balance Sheet

Assets

$556,923

No earlier filing loaded for comparison.

Net Assets

$547,358

No earlier filing loaded for comparison.

Liabilities

$9,565

No earlier filing loaded for comparison.

Revenue And Expenses

Revenue

$1,310,035

No earlier filing loaded for comparison.

Expenses

$765,433

No earlier filing loaded for comparison.

Net Income

$544,602

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

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

$1.5M$1.0M$500K$0Assets 2019: $563,015Liabilities 2019: $13,153Net Assets 2019: $549,8622019Assets 2019: $556,923Liabilities 2019: $9,565Net Assets 2019: $547,3582019Assets 2020: $765,515Liabilities 2020: $292,078Net Assets 2020: $473,4372020Assets 2021: $859,700Liabilities 2021: $280,319Net Assets 2021: $579,3812021Assets 2022: $1,150,126Liabilities 2022: $290,535Net Assets 2022: $859,5912022Assets 2023: $1,062,855Liabilities 2023: $265,764Net Assets 2023: $797,0912023Assets 2024: $1,035,622Liabilities 2024: $262,814Net Assets 2024: $772,8082024

Highlighted filing

2019

Assets$556,923
Liabilities$9,565
Net Assets$547,358
Open 2019 Filing

Operations Trend

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

$1.5M$1.0M$500K$0-$500KRevenue 2019: $1,310,784Expenses 2019: $763,678Net Income 2019: $547,1062019Revenue 2019: $1,310,035Expenses 2019: $765,433Net Income 2019: $544,6022019Revenue 2020: $321,943Expenses 2020: $395,864Net Income 2020: -$73,9212020Revenue 2021: $781,161Expenses 2021: $675,217Net Income 2021: $105,9442021Revenue 2022: $1,160,860Expenses 2022: $880,650Net Income 2022: $280,2102022Revenue 2023: $864,511Expenses 2023: $927,011Net Income 2023: -$62,5002023Revenue 2024: $646,643Expenses 2024: $670,926Net Income 2024: -$24,2832024

Highlighted filing

2019

Revenue$1,310,035
Expenses$765,433
Net Income$544,602
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2019 to Dec 31, 2019
Signed
Sep 14, 2021
Return Version
2019v5.0
Gross Receipts
$1,310,035
Mission and Program Overview

Mission

Refraction is a nonprofit innovation hub, whose mission is to provide mentoring, programs, and workspace to startups and high-growth companies to help them grow and create jobs in the greater Washington, DC region.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$2,756$550,749▲ $547,993
Rtn Earn Endowment Incm Other Fnds$2,756$547,358▲ $544,602
Accounts Receivable-$4,724-
Savings and Temporary Cash Investments-$0-
Other Notes and Loans Receivable, Net-$0-
Pledges and Grants 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-
Land, Buildings, and Equipment, Net-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Prepaid Expenses and Deferred Charges-$0-
Total Assets$2,756$556,923▲ $554,167
Other Assets Total-$1,450-
Liabilities
Accounts Payable and Accrued Expenses-$5,797-
Other Liabilities-$3,768-
Total Liabilities$0$9,565▲ $9,565
Net Assets / Fund Balance
Total Net Assets Fund Balance$2,756$547,358▲ $544,602
Total Liabilities and Net Assets / Fund Balance$2,756$556,923▲ $554,167
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Esther LeePresident & CEOFT$133,333$133,333

Board Members and Trustees

NameTitle
James QuigleyChairman
Tien WongSecretary

Highest Paid Contractors

ContractorServicesLocationCompensation
Crimson Tiger LLCManagement8823 Brook Rd, McLean, VA 22102$116,669
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$1,310,035
Investment Income
$0
Other Revenue
$0
Change in Net Assets
$544,602
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$584,953
Salaries, Compensation, and Employee Benefits$180,480
Total Fundraising Expense$28,436
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Occupancy$383,120$20,164-$403,284
Current Officers, Directors, Trustees, and Key Employees$106,667$13,333$13,333$133,333
Fees for Services Management$93,335$11,667$11,667$116,669
Other Employee Benefits$17,674$2,209$2,209$22,092
Other Salaries and Wages$13,636--$13,636
Payroll Taxes$9,364$1,028$1,027$11,419
Office Expenses$6,464$340-$6,804
All Other Expenses$2,963$1,541$200$4,704
Insurance$2,474$1,392-$3,866
Other Expenses$10,527$2,477-$2,477
Travel$622--$622
Advertising$444--$444
Total Functional Expenses$682,846$54,151$28,436$765,433
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
Other liabilities$3,366
Security Deposits$402
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
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
No
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

“Board members receive copy of return for review prior to filing.”

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

“Officers and directors periodically affirm the conflict of interest policy and have opportunity to disclose any new potential conflicts of interest.”

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

“Governing documents are available on the Virginia State Corporation Commission website. Other documents are available upon request.”

Filing and Contact Details

Filer

Filer Name
Refraction Inc
EIN
83-1426812
Phone
7037127565
Address
7950 Jones Branch Dr 8th Floor Nort, McLean, VA 22102

Signing Officer

Name
Esther Lee
Title
President & CEO
Signed
2021-09-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Esther Lee
Formed
2018
Legal Domicile
Va
Voting Board Members
3
Independent Board Members
2
Employees
2

Preparer

Firm
Holsinger Financial Solutions
Address
7950 Jones Branch Dr 800N, McLean, VA 22102
Preparer
Scott Holsinger
Phone
7039103353
Supplemental Narrative

Additional Explanations

Amended Explanation

“Revenue, expenses and net assets were amended to match the 2019 audited financial statements completed in 2021”

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IRS990/TotalLiabilitiesGrp/EOYAmt09565
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt02756
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0547358
IRS990/TotalProgramServiceExpensesAmt0682846
IRS990/TotalProgramServiceRevenueAmt01310035
IRS990/TotalReportableCompFromOrgAmt0133333
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt01310035
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt01310035
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt02756
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0556923
IRS990/TravelGrp/ProgramServicesAmt0622
IRS990/TravelGrp/TotalAmt0622
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt07950 Jones Branch Dr 8th Floor Nort
IRS990/USAddress/CityNm0McLean
IRS990/USAddress/StateAbbreviationCd0VA
IRS990/USAddress/ZIPCd022102
IRS990/VotingMembersGoverningBodyCnt03
IRS990/VotingMembersIndependentCnt02
IRS990/WebsiteAddressTxt0http://www.refraction.one
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02022-09-23 18:48:47Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0Esther Lee
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0President & CEO
ReturnHeader/BusinessOfficerGrp/SignatureDt02021-09-14
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0Refraction Inc
ReturnHeader/Filer/BusinessNameControlTxt0REFR
ReturnHeader/Filer/EIN0831426812
ReturnHeader/Filer/PhoneNum07037127565
ReturnHeader/Filer/USAddress/AddressLine1Txt07950 Jones Branch Dr 8th Floor Nort
ReturnHeader/Filer/USAddress/CityNm0McLean
ReturnHeader/Filer/USAddress/StateAbbreviationCd0VA
ReturnHeader/Filer/USAddress/ZIPCd022102
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0454961180
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0Holsinger Financial Solutions
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt07950 Jones Branch Dr 800N
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0McLean
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0VA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd022102
ReturnHeader/PreparerPersonGrp/PhoneNum07039103353
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0Scott Holsinger
ReturnHeader/PreparerPersonGrp/SelfEmployedInd0X
ReturnHeader/ReturnTs02021-09-14T14:51:50-07:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02019-01-01
ReturnHeader/TaxPeriodEndDt02019-12-31
ReturnHeader/TaxYr02019

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Filings

Displayed year

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

Open filing
Assets
$556,923
Liabilities
$9,565
Net assets
$547,358
Revenue
$1,310,035
Expenses
$765,433
Net income
$544,602
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$1.04$0.26$0.77$0.65$0.67$0.02
2023Detailed filing. Detailed filing data is available for this year.$1.06$0.27$0.80$0.86$0.93$0.06
2022Detailed filing. Detailed filing data is available for this year.$1.15$0.29$0.86$1.16$0.88$0.28
2021Detailed filing. Detailed filing data is available for this year.$0.86$0.28$0.58$0.78$0.68$0.11
2020Detailed filing. Detailed filing data is available for this year.$0.77$0.29$0.47$0.32$0.40$0.07
2019Detailed filing. Detailed filing data is available for this year.$0.56$0.01$0.55$1.31$0.76$0.55
2019Detailed filing. Detailed filing data is available for this year.$0.56$0.01$0.55$1.31$0.77$0.54