Civic Intelligence

Refraction Inc.

990 • Fiscal year 2021 • EIN 83-1426812

Jan 01, 2021 to Dec 31, 2021 • Filed on Nov 15, 2022

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

80th percentile

0.33x

Higher debt load relative to assets than 80% of similar nonprofits.

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

Liabilities / Revenue

81st percentile

0.36x

Higher debt load relative to revenue than 81% of similar nonprofits.

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

Net Margin

52nd percentile

14%

Higher net margin than 52% of similar nonprofits.

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

Top Officer Pay

98th percentile

$296,562

Higher top officer pay than 98% of similar nonprofits.

Top officer pay equals 38.0% of source-year revenue.

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

Asset Growth

55th percentile

12%

Faster asset growth than 55% of similar nonprofits.

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

Revenue Growth

90th percentile

143%

Faster revenue growth than 90% of similar nonprofits.

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

Balance Sheet
Liabilities / Assets80th percentile

Assets

Up

$859,700

Up $94,185 (+12%) from 2020

Net Assets

Up

$579,381

Up $105,944 (+22%) from 2020

Liabilities

Down

$280,319

Down $11,759 (-4.0%) from 2020

Revenue And Expenses
Liabilities / Revenue81st percentileNet Margin52nd percentile

Revenue

Up

$781,161

Up $459,218 (+143%) from 2020

Expenses

Up

$675,217

Up $279,353 (+71%) from 2020

Net Income

Up

$105,944

Up $179,865 (+243%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth55th 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

2021

Assets$859,700
Liabilities$280,319
Net Assets$579,381
Open 2021 Filing

Operations Trend

Revenue Growth90th 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

2021

Revenue$781,161
Expenses$675,217
Net Income$105,944
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Nov 15, 2022
Return Version
2021v4.1
Gross Receipts
$781,161
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
Savings and Temporary Cash Investments$564,772$715,648▲ $150,876
Cash and Non-Interest-Bearing Accounts$157,543$129,000▼ $28,543
Pledges and Grants Receivable$35,000$0▼ $35,000
Accounts Receivable$7,700$0▼ $7,700
Prepaid Expenses and Deferred Charges-$4,250-
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$765,515$859,700▲ $94,185
Other Assets Total$500$10,802▲ $10,302
Liabilities
Unsecured Notes Loans Payable$188,500$149,900▼ $38,600
Other Liabilities$31,531$77,893▲ $46,362
Deferred Revenue$24,860$48,880▲ $24,020
Accounts Payable and Accrued Expenses$47,187$3,646▼ $43,541
Total Liabilities$292,078$280,319▼ $11,759
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$473,437$579,381▲ $105,944
Total Net Assets Fund Balance$473,437$579,381▲ $105,944
Total Liabilities and Net Assets / Fund Balance$765,515$859,700▲ $94,185
Compensation and Service Providers
Top Officer Pay98th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Esther LeePresident & CEOFT$244,462$52,100$296,562

Board Members and Trustees

NameTitle
James QuigleyChairman
Tien WongSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$80,545
Program Service Revenue
$697,749
Investment Income
$2,867
Other Revenue
$0
Change in Net Assets
$105,944
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$381,523
Other Expenses$293,694
Total Fundraising Expense$6,153
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees$232,500$12,500$5,000$250,000
Occupancy$188,995$9,947-$198,942
Other Salaries and Wages$60,000--$60,000
Other Employee Benefits$51,436$2,198$879$54,513
Payroll Taxes$16,050$686$274$17,010
Office Expenses$13,483$710-$14,193
Fees for Services Accounting$11,500--$11,500
Fees for Services Other$10,183--$10,183
Advertising$8,161--$8,161
Other Expenses$1,153--$1,153
All Other Expenses$1,131--$1,131
Information Technology$864--$864
Travel$266--$266
Insurance$-4,343$3,373-$-970
Total Functional Expenses$639,650$29,414$6,153$675,217
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$77,893
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 15A: Compensation Review & Approval Process - CEO, Top Management

“To determine the CEO's compensation, independent board members reviewed compensation for other CEOs of similar nonprofits and with similar levels of experience and approved at a board meeting.”

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
2022-11-15
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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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/ExplanationTxt2To determine the CEO's compensation, independent board members reviewed compensation for other CEOs of similar nonprofits and with similar levels of experience and approved at a board meeting.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3Governing documents are available on the Virginia State Corporation Commission website. Other documents are available upon request.
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IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Line 12c: Explanation of Monitoring and Enforcement of Conflicts
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Line 15a: Compensation Review & Approval Process - CEO, Top Management
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Line 19: Other Organization Documents Publicly Available
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Document Assets

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Filings

Displayed year

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

Open filing
Assets
$859,700
Liabilities
$280,319
Net assets
$579,381
Revenue
$781,161
Expenses
$675,217
Net income
$105,944
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