Civic Intelligence

Refraction Inc.

990 • Fiscal year 2023 • EIN 83-1426812

Jan 01, 2023 to Dec 31, 2023 • Filed on Nov 18, 2024

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

71st percentile

0.25x

Higher debt load relative to assets than 71% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Liabilities / Revenue

73rd percentile

0.31x

Higher debt load relative to revenue than 73% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Net Margin

26th percentile

-7.2%

Higher net margin than 26% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Top Officer Pay

95th percentile

$306,107

Higher top officer pay than 95% of similar nonprofits.

Top officer pay equals 35.4% of source-year revenue.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Asset Growth

16th percentile

-7.6%

Faster asset growth than 16% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Revenue Growth

14th percentile

-26%

Faster revenue growth than 14% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets71st percentile

Assets

Down

$1,062,855

Down $87,271 (-7.6%) from 2022

Net Assets

Down

$797,091

Down $62,500 (-7.3%) from 2022

Liabilities

Down

$265,764

Down $24,771 (-8.5%) from 2022

Revenue And Expenses
Liabilities / Revenue73rd percentileNet Margin26th percentile

Revenue

Down

$864,511

Down $296,349 (-26%) from 2022

Expenses

Up

$927,011

Up $46,361 (+5.3%) from 2022

Net Income

Down

-$62,500

Down $342,710 (-122%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth16th 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

2023

Assets$1,062,855
Liabilities$265,764
Net Assets$797,091
Open 2023 Filing

Operations Trend

Revenue Growth14th 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

2023

Revenue$864,511
Expenses$927,011
Net Income-$62,500
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Nov 18, 2024
Return Version
2023v5.1
Gross Receipts
$864,511
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$900,360$807,005▼ $93,355
Cash and Non-Interest-Bearing Accounts$103,011$171,256▲ $68,245
Accounts Receivable$139,755$62,225▼ $77,530
Prepaid Expenses and Deferred Charges-$555-
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$1,150,126$1,062,855▼ $87,271
Other Assets Total$7,000$21,814▲ $14,814
Liabilities
Unsecured Notes Loans Payable$149,900$149,900→ $0
Other Liabilities$100,298$82,037▼ $18,261
Accounts Payable and Accrued Expenses$19,647$25,218▲ $5,571
Deferred Revenue$20,690$8,609▼ $12,081
Total Liabilities$290,535$265,764▼ $24,771
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$859,591$797,091▼ $62,500
Total Net Assets Fund Balance$859,591$797,091▼ $62,500
Total Liabilities and Net Assets / Fund Balance$1,150,126$1,062,855▼ $87,271
Compensation and Service Providers
Top Officer Pay95th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Esther LeePresident & CEOFT$246,298$59,809$306,107

Board Members and Trustees

NameTitle
James QuigleyChairman
Tien WongSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$30,028
Program Service Revenue
$810,029
Investment Income
$24,454
Other Revenue
$0
All Other Contributions
$28
Change in Net Assets
$-62,500
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$546,575
Salaries, Compensation, and Employee Benefits$380,436
Total Fundraising Expense$6,259
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$229,130$12,059-$241,189
Other Employee Benefits$58,074$2,535$1,014$61,623
Other Salaries and Wages$53,913--$53,913
Fees for Services Legal-$23,957-$23,957
Office Expenses$17,511$922-$18,433
Payroll Taxes$14,042$613$245$14,900
Fees for Services Other$7,869--$7,869
Interest-$7,692-$7,692
Travel$3,496--$3,496
Insurance$501$1,988-$2,489
Other Expenses$2,434$169,446-$2,434
Advertising$2,025--$2,025
Information Technology$499--$499
Total Functional Expenses$689,040$231,712$6,259$927,011
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$82,037
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
Rachael Stott
Title
CEO
Signed
2024-11-18
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
4

Preparer

Firm
Holsinger Financial Solutions
Address
7950 Jones Branch Dr 800N, McLean, VA 22102
Preparer
Scott Holsinger
Phone
7039103353
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IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus2YearsAmt0778294
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus3YearsAmt0317999
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus4YearsAmt0310035
IRS990ScheduleA/Total509Grp/TotalAmt03404767
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearAmt0864511
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus1YearAmt01160860
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IRS990ScheduleJ/CompBsdOnRevRelatedOrgsInd0false
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IRS990ScheduleJ/EquityBasedCompArrngmInd0false
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt012518
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt047291
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0Esther Lee
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0President & CEO
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt0306107
IRS990ScheduleJ/SeverancePaymentInd0false
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd0false
IRS990/ScheduleORequiredInd0true
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
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section B, Line 12c
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/TaxablePartyNotificationInd0false
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IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0231712
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0689040
IRS990/TotalFunctionalExpensesGrp/TotalAmt0927011
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IRS990/TotalProgramServiceExpensesAmt0689040
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IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0864511
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt01150126
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt01062855
IRS990/TravelGrp/ProgramServicesAmt03496
IRS990/TravelGrp/TotalAmt03496
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UnsecuredNotesLoansPayableGrp/BOYAmt0149900
IRS990/UnsecuredNotesLoansPayableGrp/EOYAmt0149900
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/WebsiteAddressTxt0https://www.refraction.one/
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02024-10-15 13:58:12Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0Rachael Stott
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0CEO
ReturnHeader/BusinessOfficerGrp/SignatureDt02024-11-18
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
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ReturnHeader/IRSResponsiblePrtyInfoCurrInd0true
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0454961180
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0Holsinger Financial Solutions
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt07950 Jones Branch Dr 800N
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0McLean

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,062,855
Liabilities
$265,764
Net assets
$797,091
Revenue
$864,511
Expenses
$927,011
Net income
-$62,500
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