Civic Intelligence

Refraction Inc.

990 • Fiscal year 2020 • EIN 83-1426812

Jan 01, 2020 to Dec 31, 2020 • Filed on Sep 14, 2021

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

(703) 712-7565

Siviq Scores

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

Liabilities / Assets

79th percentile

0.38x

Higher debt load relative to assets than 79% of similar nonprofits.

2020 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2020

Liabilities / Revenue

89th percentile

0.91x

Higher debt load relative to revenue than 89% of similar nonprofits.

2020 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2020

Net Margin

15th percentile

-23%

Higher net margin than 15% of similar nonprofits.

2020 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2020

Top Officer Pay

98th percentile

$281,669

Higher top officer pay than 98% of similar nonprofits.

Top officer pay equals 87.5% of source-year revenue.

2020 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2020

Asset Growth

78th percentile

36%

Faster asset growth than 78% of similar nonprofits.

2020 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2019 to 2020

Revenue Growth

3rd percentile

-75%

Faster revenue growth than 3% of similar nonprofits.

2020 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets79th percentile

Assets

Up

$765,515

Up $202,500 (+36%) from 2019

Net Assets

Down

$473,437

Down $76,425 (-14%) from 2019

Liabilities

Up

$292,078

Up $278,925 (+2121%) from 2019

Revenue And Expenses
Liabilities / Revenue89th percentileNet Margin15th percentile

Revenue

Down

$321,943

Down $988,841 (-75%) from 2019

Expenses

Down

$395,864

Down $367,814 (-48%) from 2019

Net Income

Down

-$73,921

Down $621,027 (-114%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth78th percentile

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 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

2020

Assets$765,515
Liabilities$292,078
Net Assets$473,437
Open 2020 Filing

Operations Trend

Revenue Growth3rd percentile

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 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

2020

Revenue$321,943
Expenses$395,864
Net Income-$73,921
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2020 to Dec 31, 2020
Signed
Sep 14, 2021
Return Version
2020v4.0
Gross Receipts
$321,943
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$550,749$722,315▲ $171,566
Pledges and Grants Receivable-$35,000-
Accounts Receivable$4,724$7,700▲ $2,976
Savings and Temporary Cash Investments-$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-
Prepaid Expenses and Deferred Charges-$0-
Total Assets$556,923$765,515▲ $208,592
Other Assets Total$1,450$500▼ $950
Liabilities
Unsecured Notes Loans Payable-$188,500-
Accounts Payable and Accrued Expenses$5,797$47,187▲ $41,390
Other Liabilities$3,768$31,531▲ $27,763
Deferred Revenue-$24,860-
Total Liabilities$9,565$292,078▲ $282,513
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$547,358$473,437▼ $73,921
Total Net Assets Fund Balance$547,358$473,437▼ $73,921
Total Liabilities and Net Assets / Fund Balance$556,923$765,515▲ $208,592
Compensation and Service Providers
Top Officer Pay98th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Esther LeePresident & CEOFT$233,996$47,673$281,669

Board Members and Trustees

NameTitle
James QuigleyChairman
Tien WongSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$321,943
Investment Income
$0
Other Revenue
$0
Change in Net Assets
$-73,921

Audited Revenue Reconciliation

Revenue per Audited Statements
$321,943
Total Revenue per Audited Statements
$321,943
Total Revenue per Form 990
$321,943
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$357,008
Other Expenses$38,856
Total Fundraising Expense$5,433
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees$222,812$11,979$4,792$239,583
Other Salaries and Wages$53,250--$53,250
Other Employee Benefits$44,824$2,384$476$47,684
Payroll Taxes$15,501$825$165$16,491
Fees for Services Other-$12,777-$12,777
Insurance$4,117$2,316-$6,433
Office Expenses$1,376$72-$1,448
Advertising$832--$832
Fees for Services Accounting$510--$510
Other Expenses$391--$391
Information Technology$233--$233
All Other Expenses$150--$150
Travel$56--$56
Total Functional Expenses$360,078$30,353$5,433$395,864

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$395,864
Total Expenses per Audited Statements$395,864
Total Expenses per Form 990$395,864
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
Security Deposits$28,165
Other Liabilities$3,366
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 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
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0Esther Lee
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Board members receive copy of return for review prior to filing.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1Officers and directors periodically affirm the conflict of interest policy and have opportunity to disclose any new potential conflicts of interest.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2Governing documents are available on the Virginia State Corporation Commission website. Other documents are 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 19: Other Organization Documents Publicly Available
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ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/FederatedAssuranceLevelCd0FAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/IdentityAssuranceLevelCd0IAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd00
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
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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/ReturnTs02021-09-14T14:49:06-07:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0Esther
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0Lee
ReturnHeader/TaxPeriodBeginDt02020-01-01
ReturnHeader/TaxPeriodEndDt02020-12-31
ReturnHeader/TaxYr02020

Document Assets

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Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$765,515
Liabilities
$292,078
Net assets
$473,437
Revenue
$321,943
Expenses
$395,864
Net income
-$73,921
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