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Nonprofiteer
← VENTURE FOR AMERICA INC

Form 990 for tax year 2024

Filed by VENTURE FOR AMERICA INC.

Totals

Total revenue
$2,498,672
Total expenses
$2,197,983
Contributions and grants received
$1,853,411
Grants paid
$0
Program service revenue
$55,500
Investment income
$334,432
Other revenue
$255,329
Total assets, end of year
$2,316,836
Total liabilities, end of year
$1,440,870
Net assets or fund balances, end of year
$875,966
Program services expenses (Part IX)
$1,758,387
Management and general expenses
$439,596
Fundraising expenses
$0
Program service expenses (Part III)
$1,758,387

Program services were 80.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1f · All other contributions, gifts and grants

    $1,853,411

  • 1g · Noncash contributions included above

    $9,990

  • 2a · Program service revenue: PLACEMENT FEES

    total $55,500 · related or exempt $55,500

  • 3 · Investment income

    total $2,718 · excluded $2,718

  • 7a · Gross sales of assets other than inventory

    securities $331,714

  • 7b · Less cost or other basis and sales expenses

    securities $0

  • 7c · Gain or loss

    securities $331,714

  • 7d · Net gain or loss

    total $331,714 · excluded $331,714

  • 11a · Other revenue: EMPLOYEE RETENTION CRE

    total $255,329 · related or exempt $255,329

  • 11e · Other revenue, total

    $255,329

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $176,216 · program services $140,973 · management and general $35,243

  • 7 · Other salaries and wages

    total $1,458,450 · program services $1,166,760 · management and general $291,690

  • 10 · Payroll taxes

    total $99,812 · program services $79,850 · management and general $19,962

  • 11g · Fees: other

    total $179,386 · program services $143,509 · management and general $35,877

  • 12 · Advertising and promotion

    total $12,928 · program services $10,342 · management and general $2,586

  • 13 · Office expenses

    total $157,797 · program services $126,238 · management and general $31,559

  • 14 · Information technology

    total $2,221 · program services $1,777 · management and general $444

  • 16 · Occupancy

    total $1,859 · program services $1,487 · management and general $372

  • 17 · Travel

    total $15,754 · program services $12,603 · management and general $3,151

  • 23 · Insurance

    total $39,400 · program services $31,520 · management and general $7,880

  • 24a · Other expenses: MISCELLANEOUS EXPENSES

    total $27,836 · program services $22,269 · management and general $5,567

  • 24b · Other expenses: EVENT EXPENSE

    total $26,324 · program services $21,059 · management and general $5,265

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $51,961 · end of year $333,084

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $141,800

  • 4 · Accounts receivable

    beginning of year $196,662 · end of year $726,496

  • 7 · Other notes and loans receivable

    beginning of year $175,303 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $11,315 · end of year $40,647

  • 10a · Land, buildings and equipment: cost or other basis

    $29,908

  • 10b · Land, buildings and equipment: accumulated depreciation

    $29,908

  • 10c · Land, buildings and equipment, net

    beginning of year $0 · end of year $0

  • 12 · Investments: other securities

    beginning of year -$38,681 · end of year -$30,247

  • 13 · Investments: program-related

    beginning of year $984,599 · end of year $984,599

  • 15 · Other assets

    beginning of year $1,137,558 · end of year $120,457

  • 17 · Accounts payable and accrued expenses

    beginning of year $720,760 · end of year $542,348

  • 23 · Secured mortgages and notes payable

    beginning of year $1,030,000 · end of year $898,522

  • 25 · Other liabilities

    beginning of year $208,326

  • 27 · Net assets without donor restrictions

    beginning of year $559,631 · end of year $875,966

Mission and programs · 2024

Mission

VENTURE FOR AMERICA'S MISSION IS TO RESPONSIBLY STEWARD ITS REMAINING RESOURCES WHILE SUPPORTING THE TRANSITION, ADMINISTRATIVE CLOSE-OUT, AND LONG-TERM NEEDS OF ITS FELLOW AND ALUMNI COMMUNITY. THE ORGANIZATION IS COMMITTED TO PRESERVING ITS LEGACY OF ENTREPRENEURSHIP DEVELOPMENT AND ENSURING AN ORDERLY WIND-DOWN OF OPERATIONS CONSISTENT WITH ITS CHARITABLE PURPOSE.

  • IN 2024, VENTURE FOR AMERICA (VFA) CONTINUED TO OPERATE ITS ENTREPRENEURSHIP AND FELLOWSHIP PROGRAMS, PROVIDING TRAINING, PLACEMENT SUPPORT, AND COMMUNITY RESOURCES TO ITS NETWORK OF FELLOWS AND ALUMNI. THROUGHOUT THE YEAR, THE ORGANIZATION ALSO EXPERIENCED INCREASING FINANCIAL AND OPERATIONAL CHALLENGES, INCLUDING A SIGNIFICANT DECLINE IN VENTURE FUNDING AMONG COMPANY PARTNERS, WHICH REDUCED BOTH REVENUE AND AVAILABLE PLACEMENT OPPORTUNITIES. THESE ECONOMIC HEADWINDS, COUPLED WITH SHIFTING PHILANTHROPIC PRIORITIES, LED TO A SUBSTANTIAL DECREASE IN GRANT FUNDING THAT HISTORICALLY COMPRISED THE MAJORITY OF THE ORGANIZATION'S INCOME.ON AUGUST 6, 2024, THE BOARD OF DIRECTORS AND LEADERSHIP TEAM ANNOUNCED THAT VFA WOULD BEGIN THE PROCESS OF WINDING DOWN CURRENT DAY-TO-DAY OPERATIONS. THIS DECISION FOLLOWED SEVERAL YEARS OF CHANGES IN THE ENTREPRENEURIAL LANDSCAPE AND INCREASING DIFFICULTY SUSTAINING THE ORGANIZATION'S HISTORICAL FUNDING MODEL. THE ANNOUNCEMENT ALSO RECOGNIZED VFA'S ACHIEVEMENTS OVER ITS 13-YEAR HISTORY, INCLUDING SUPPORTING OVER 950 COMPANIES, CONTRIBUTING TO ECONOMIC GROWTH IN MORE THAN 20 CITIES, ENABLING FELLOWS AND ALUMNI TO LAUNCH MORE THAN 375 BUSINESSES, AND BUILDING A COMMUNITY OF MORE THAN 1,600 INDIVIDUALS.FOLLOWING THIS DECISION, VFA MAINTAINED A SMALL TRANSITION TEAM RESPONSIBLE FOR COMPLETING THE REQUIRED ADMINISTRATIVE, OPERATIONAL, AND FINANCIAL TASKS ASSOCIATED WITH THE WIND-DOWN. THESE ACTIVITIES CONTINUED THROUGH THE END OF THE YEAR.THE BOARD OF DIRECTORS IS CONTINUING TO EXPLORE POTENTIAL STRATEGIC RESTRUCTURING OPTIONS THAT MAY SUPPORT THE ONGOING NEEDS OF THE EXISTING FELLOW AND ALUMNI COMMUNITY AND DETERMINE WHETHER A FUTURE ITERATION OF VFA IS FEASIBLE. WHILE OPERATIONAL ACTIVITIES ARE WINDING DOWN, THE ORGANIZATION EMPHASIZED THE ENDURING STRENGTH AND IMPACT OF THE VFA COMMUNITY AND ITS LONG-TERM LEGACY IN ENTREPRENEURSHIP DEVELOPMENT.

    Expenses $1,758,387 · Revenue $310,829

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Dorie Smith

    CHAIRPERSON

    Total calculated
    $0
    Hours/week
    3

  • Jay Bockhaus

    TREASURER

    Total calculated
    $0
    Hours/week
    3

  • Gigi Lee Chang

    DIRECTOR

    Total calculated
    $0
    Hours/week
    3

  • Shegun Otulana

    DIRECTOR

    Total calculated
    $0
    Hours/week
    3

  • James Feagin

    DIRECTOR

    Total calculated
    $0
    Hours/week
    3

  • Karl Muth

    DIRECTOR

    Total calculated
    $0
    Hours/week
    3

  • Kim Kolt

    DIRECTOR

    Total calculated
    $0
    Hours/week
    3

  • Maxine Clark

    DIRECTOR

    Total calculated
    $0
    Hours/week
    3

  • Eric Somerville

    CEO

    Total calculated
    $59,257
    From this org
    $51,874
    From related orgs
    $0
    Other
    $7,383
    Hours/week
    40

  • Elizabeth Park

    CFO

    Total calculated
    $116,959
    From this org
    $98,344
    From related orgs
    $0
    Other
    $18,615
    Hours/week
    40

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those.

Grants on this return

No itemized grants to organizations on this return.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • VFA CREATE LLC

    C · INVESTMENTS · NY · 100% owned · share of income $64,417 · share of assets $783,656 · controlled entity

    Directly controlled by VENTURE FOR AMERICA INC

  • VFA CREATE INC

    C · INVESTMENTS · NY · 100% owned · share of income $2,774 · share of assets $403,687 · controlled entity

    Directly controlled by VENTURE FOR AMERICA INC

Provenance

Return type
form_990
Tax year
2024
Filed
6 May 2026
IRS schema version
2024v5.5
Source object
202611349349302051

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