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Nonprofiteer
← DEFY VENTURES INC

Form 990 for tax year 2023

Filed by DEFY VENTURES INC.

Totals

Total revenue
$4,021,502
Total expenses
$3,830,168
Contributions and grants received
$3,801,794
Grants paid
$72,753
Program service revenue
$116,219
Investment income
$96,090
Other revenue
$7,399
Total assets, end of year
$3,316,665
Total liabilities, end of year
$724,833
Net assets or fund balances, end of year
$2,591,832
Program services expenses (Part IX)
$2,978,532
Management and general expenses
$559,296
Fundraising expenses
$292,340
Program service expenses (Part III)
$2,978,532

Program services were 77.8% 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.

  • 1c · Fundraising events

    $31,018

  • 1e · Government grants (contributions)

    $1,452,979

  • 1f · All other contributions, gifts and grants

    $2,317,797

  • 1g · Noncash contributions included above

    $60,000

  • 2a · Program service revenue: CONTRACT SERVICES

    total $116,219 · related or exempt $116,219

  • 3 · Investment income

    total $96,090 · excluded $96,090

  • 8a · Fundraising events: gross income

    $38,007

  • 8a · Fundraising events: contributions included on line 1c

    $31,018

  • 8b · Fundraising events: direct expenses

    $36,616

  • 8c · Net income from fundraising events

    total $1,391 · excluded $1,391

  • 11a · Other revenue: MISC. REVENUE

    total $6,008 · excluded $6,008

  • 11e · Other revenue, total

    $6,008

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $72,753 · program services $72,753

  • 5 · Compensation of officers, directors and key employees

    total $323,898 · program services $266,367 · management and general $35,439 · fundraising $22,092

  • 7 · Other salaries and wages

    total $2,224,067 · program services $1,745,169 · management and general $285,690 · fundraising $193,208

  • 8 · Pension plan contributions

    total $4,838 · program services $3,979 · management and general $529 · fundraising $330

  • 9 · Other employee benefits

    total $197,408 · program services $162,344 · management and general $21,599 · fundraising $13,465

  • 10 · Payroll taxes

    total $202,363 · program services $166,420 · management and general $22,141 · fundraising $13,802

  • 11b · Fees: legal

    total $31,393 · management and general $31,393

  • 11c · Fees: accounting

    total $38,074 · management and general $38,074

  • 11g · Fees: other

    total $110,756 · program services $34,555 · management and general $72,100 · fundraising $4,101

  • 13 · Office expenses

    total $89,676 · program services $61,798 · management and general $14,686 · fundraising $13,192

  • 14 · Information technology

    total $43,377 · program services $19,684 · management and general $14,796 · fundraising $8,897

  • 16 · Occupancy

    total $81,108 · program services $79,622 · management and general $1,486

  • 17 · Travel

    total $84,599 · program services $69,119 · management and general $10,154 · fundraising $5,326

  • 20 · Interest

    total $6,487 · management and general $6,487

  • 23 · Insurance

    total $61,445 · program services $61,441 · management and general $4

  • 24a · Other expenses: PARTICIPANT TRAINING

    total $94,100 · program services $92,962 · management and general $273 · fundraising $865

  • 24b · Other expenses: CONSTITUENT DEVELOPMENT

    total $67,144 · program services $61,021 · management and general $1,794 · fundraising $4,329

  • 24c · Other expenses: PROGRAM EVENTS

    total $66,181 · program services $53,129 · management and general $332 · fundraising $12,720

  • 24d · Other expenses: BAD DEBTS EXPENSE

    total $25,501 · program services $23,169 · management and general $2,319 · fundraising $13

  • 24e · All other expenses

    total $5,000 · program services $5,000

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $470,243 · end of year $156,275

  • 2 · Savings and temporary cash investments

    beginning of year $2,270,511 · end of year $1,939,231

  • 3 · Pledges and grants receivable

    beginning of year $358,253 · end of year $1,053,454

  • 9 · Prepaid expenses and deferred charges

    beginning of year $106,589 · end of year $120,705

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

    $10,786

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

    $10,786

  • 10c · Land, buildings and equipment, net

    beginning of year $0 · end of year $0

  • 15 · Other assets

    beginning of year $50,007 · end of year $47,000

  • 17 · Accounts payable and accrued expenses

    beginning of year $282,558 · end of year $339,534

  • 19 · Deferred revenue

    beginning of year $181,818 · end of year $90,909

  • 24 · Unsecured notes and loans payable

    beginning of year $392,229 · end of year $294,390

  • 27 · Net assets without donor restrictions

    beginning of year $822,467 · end of year $1,171,666

  • 28 · Net assets with donor restrictions

    beginning of year $1,576,531 · end of year $1,420,166

Mission and programs · 2023

Mission

DEFY VENTURES' MISSION IS TO SHIFT MINDSETS TO GIVE PEOPLE WITH CRIMINAL HISTORIES THEIR BEST SHOT AT A SECOND CHANCE BY PROVIDING THEM WITH PERSONAL DEVELOPMENT, CAREER READINESS, AND ENTREPRENEURSHIP TRAINING. DEFY'S VISION IS TO CUT THE RECIDIVISM RATE IN HALF BY LEVERAGING ENTREPRENEURSHIP TO INCREASE ECONOMIC OPPORTUNITY AND TRANSFORM LIVES.

Activities or mission (Part I)

TO SHIFT MINDSETS AND GIVE PEOPLE WITH CRIMINAL HISTORIES THEIR BEST SHOT AT A SECOND CHANCE.

  • WE'RE PROUD OF DEFY'S RESULTS AND ARE EXCITED TO SHOW SUPPORTERS THE RESULTS OF THEIR INVESTMENT OF TIME AND FUNDING. SINCE THE LAUNCH OF OUR PROGRAM IN JANUARY 2012, DEFY HAS:1.SERVED MORE THAN 7,900 ENTREPRENEURS IN TRAINING (EITS) IN OUR IN-PRISON AND POST-RELEASE PROGRAM. EITS COMPLETE A RIGOROUS SIX- TO NINE-MONTH CURRICULUM CULMINATING IN A BUSINESS PITCH COMPETITION AND GRADUATION AS PART OF THE IN-PRISON PROGRAM. THE POST-RELEASE PROGRAM INCLUDES WORKSHOPS, MENTORING, AND A BUSINESS INCUBATOR.2.ENGAGED 7,600+ EXECUTIVE VOLUNTEERS, INCLUDING VOLUNTEERS FROM HEDGE FUNDS, INVESTMENT BANKS, VENTURE CAPITAL AND PRIVATE EQUITY FIRMS, FORTUNE 500 COMPANIES, AND ENTREPRENEURIAL VENTURES. VOLUNTEERS SERVED AS BUSINESS PITCH COMPETITION JUDGES, MENTORS, AND RESUME COACHES.3.GROWN TO SERVE IN EIGHT STATES (NY, CT, NJ, CA, IL, WI, PA AND WA).4.SECURED NINE EMPLOYMENT PARTNERS TO SOURCE AND PROVIDE JOBS FOR RELEASED EITS WHO HAVE COMPLETED OUR IN-PRISON PROGRAM.5.RECORDED A ONE YEAR RECIDIVISM RATE OF LESS THAN 10%.6.RECORDED A 6-MONTH 90% EMPLOYMENT RATE FOR RELEASED EITS WHO HAVE COMPLETED OUR PROGRAM.7.LAUNCHED 200+ BUSINESSES, INCLUDING INCORPORATION AND SEED FUNDING.8.RAISED OVER $37 MILLION IN PRIVATE & PUBLIC FUNDING SINCE INCEPTION (2010).

    Expenses $2,978,532 · Grants $72,753 · Revenue $116,219

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • BRIAN KORB

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • ARIEL JADUSZLIWER

    SECRETARY/TREASURER

    Total calculated
    $0
    Hours/week
    0.5

  • KERRY BENNETT

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • JOHN DVOR

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • MARCUS GLOVER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • MICHAEL HUGGINS THRU 1223

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0

  • SONIA KAHLON

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • COSS MARTE

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • NICOLE MILLER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • JONATHAN NEIL

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • COLE RICHMAN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • APRIL TAM SMITH

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • DAVID SPROTT

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • JOHN GAROFOLO

    CFO

    Total calculated
    $165,664
    From this org
    $146,111
    From related orgs
    $0
    Other
    $19,553
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $146,111
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $19,553
    Filer's total
    $165,664

  • ANDREW GLAZIER

    PRESIDENT & CEO

    Total calculated
    $131,645
    From this org
    $122,802
    From related orgs
    $0
    Other
    $8,843
    Hours/week
    50

  • JULIE JACKSON-FORSBERG

    VP, LEARNING

    Total calculated
    $141,459
    From this org
    $114,791
    From related orgs
    $0
    Other
    $26,668
    Hours/week
    50

  • QUAN HUYNH

    ED, SOUTHERN CALIFORNIA

    Total calculated
    $126,920
    From this org
    $118,296
    From related orgs
    $0
    Other
    $8,624
    Hours/week
    50

  • CHRISTINE CASTILLO

    VP, PROGRAMS

    Total calculated
    $130,416
    From this org
    $123,399
    From related orgs
    $0
    Other
    $7,017
    Hours/week
    50

  • MELISSA O'DELL

    ED, ILLINOIS

    Total calculated
    $117,787
    From this org
    $105,676
    From related orgs
    $0
    Other
    $12,111
    Hours/week
    50

  • YEHUDAH PRYCE

    SR. PROGRAM DIRECTOR, NMHP

    Total calculated
    $138,011
    From this org
    $106,616
    From related orgs
    $0
    Other
    $31,395
    Hours/week
    50

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. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2023
Filed
8 November 2024
IRS schema version
2023v5.1
Source object
202433189349311053

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