Civic Intelligence

Refraction Inc.

990 • Fiscal year 2022 • EIN 83-1426812

Jan 01, 2022 to Dec 31, 2022 • Filed on Nov 15, 2023

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

72nd percentile

0.25x

Higher debt load relative to assets than 72% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Liabilities / Revenue

70th percentile

0.25x

Higher debt load relative to revenue than 70% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Net Margin

75th percentile

24%

Higher net margin than 75% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Top Officer Pay

95th percentile

$302,460

Higher top officer pay than 95% of similar nonprofits.

Top officer pay equals 26.1% of source-year revenue.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Asset Growth

84th percentile

34%

Faster asset growth than 84% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2021 to 2022

Revenue Growth

81st percentile

49%

Faster revenue growth than 81% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets72nd percentile

Assets

Up

$1,150,126

Up $290,426 (+34%) from 2021

Net Assets

Up

$859,591

Up $280,210 (+48%) from 2021

Liabilities

Up

$290,535

Up $10,216 (+3.6%) from 2021

Revenue And Expenses
Liabilities / Revenue70th percentileNet Margin75th percentile

Revenue

Up

$1,160,860

Up $379,699 (+49%) from 2021

Expenses

Up

$880,650

Up $205,433 (+30%) from 2021

Net Income

Up

$280,210

Up $174,266 (+164%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth84th 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

2022

Assets$1,150,126
Liabilities$290,535
Net Assets$859,591
Open 2022 Filing

Operations Trend

Revenue Growth81st 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

2022

Revenue$1,160,860
Expenses$880,650
Net Income$280,210
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Nov 15, 2023
Return Version
2022v5.0
Gross Receipts
$1,160,860
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$715,648$900,360▲ $184,712
Accounts Receivable-$139,755-
Cash and Non-Interest-Bearing Accounts$129,000$103,011▼ $25,989
Prepaid Expenses and Deferred Charges$4,250$0▼ $4,250
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-
Total Assets$859,700$1,150,126▲ $290,426
Other Assets Total$10,802$7,000▼ $3,802
Liabilities
Unsecured Notes Loans Payable$149,900$149,900→ $0
Other Liabilities$77,893$100,298▲ $22,405
Deferred Revenue$48,880$20,690▼ $28,190
Accounts Payable and Accrued Expenses$3,646$19,647▲ $16,001
Total Liabilities$280,319$290,535▲ $10,216
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$579,381$859,591▲ $280,210
Total Net Assets Fund Balance$579,381$859,591▲ $280,210
Total Liabilities and Net Assets / Fund Balance$859,700$1,150,126▲ $290,426
Compensation and Service Providers
Top Officer Pay95th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Esther LeePresident & CEOFT$246,757$55,703$302,460

Board Members and Trustees

NameTitle
James QuigleyChairman
Tien WongSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$1,158,382
Investment Income
$2,478
Other Revenue
$0
Change in Net Assets
$280,210
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$496,992
Salaries, Compensation, and Employee Benefits$383,658
Total Fundraising Expense$6,162
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Occupancy$326,232$17,170-$343,402
Current Officers, Directors, Trustees, and Key Employees$232,500$12,500$5,000$250,000
Other Salaries and Wages$61,300--$61,300
Other Employee Benefits$53,716$2,285$914$56,915
Payroll Taxes$14,575$620$248$15,443
Office Expenses$14,084$743-$14,827
Fees for Services Management$10,000--$10,000
Fees for Services Other$6,469--$6,469
Travel$4,200--$4,200
Insurance$853$3,313-$4,166
Advertising$3,525--$3,525
Other Expenses$2,583--$2,583
Interest$641--$641
Information Technology$616--$616
Total Functional Expenses$837,857$36,631$6,162$880,650
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$100,298
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, Section B, Line 11B

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

Form 990, Part VI, Section B, Line 12C

“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, Section B, Line 15A

“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, Section C, Line 19

“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
2023-11-15
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
3

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/DeferredCompensationFlngOrgAmt012518
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt043185
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0Esther Lee
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0President & CEO
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt0302460
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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/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.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section B, Line 11b
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IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section B, Line 15a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Section C, Line 19
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IRS990/USAddress/AddressLine1Txt07950 Jones Branch Dr 8th Floor Nort
IRS990/USAddress/CityNm0McLean
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ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0Esther Lee
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0President & CEO
ReturnHeader/BusinessOfficerGrp/SignatureDt02023-11-15
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0Refraction Inc
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ReturnHeader/Filer/PhoneNum07037127565
ReturnHeader/Filer/USAddress/AddressLine1Txt07950 Jones Branch Dr 8th Floor Nort
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Document Assets

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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,150,126
Liabilities
$290,535
Net assets
$859,591
Revenue
$1,160,860
Expenses
$880,650
Net income
$280,210
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