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Nonprofiteer
← PURSUIT TRANSFORMATION COMPANY INC

Form 990 for tax year 2023

Filed by PURSUIT TRANSFORMATION COMPANY INC.

Totals

Total revenue
$10,873,359
Total expenses
$11,200,120
Contributions and grants received
$9,273,382
Grants paid
$10,000
Program service revenue
$1,301,861
Investment income
$298,116
Other revenue
$0
Total assets, end of year
$14,042,037
Total liabilities, end of year
$10,392,652
Net assets or fund balances, end of year
$3,649,385
Program services expenses (Part IX)
$8,667,896
Management and general expenses
$1,914,074
Fundraising expenses
$618,150
Program service expenses (Part III)
$8,667,896

Program services were 77.4% 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.

  • 1e · Government grants (contributions)

    $504,203

  • 1f · All other contributions, gifts and grants

    $8,769,179

  • 2a · Program service revenue: PURSUIT FELLOWSHIP

    total $1,301,861 · related or exempt $1,301,861

  • 3 · Investment income

    total $298,116 · excluded $298,116

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $10,000 · program services $10,000

  • 5 · Compensation of officers, directors and key employees

    total $1,230,411 · program services $915,084 · management and general $243,436 · fundraising $71,891

  • 7 · Other salaries and wages

    total $4,843,351 · program services $3,806,251 · management and general $769,618 · fundraising $267,482

  • 8 · Pension plan contributions

    total $91,528 · program services $68,071 · management and general $18,109 · fundraising $5,348

  • 9 · Other employee benefits

    total $306,607 · program services $228,030 · management and general $60,662 · fundraising $17,915

  • 10 · Payroll taxes

    total $516,346 · program services $387,913 · management and general $77,192 · fundraising $51,241

  • 11b · Fees: legal

    total $35,200 · program services $31,608 · management and general $2,450 · fundraising $1,142

  • 11c · Fees: accounting

    total $63,213 · program services $56,762 · management and general $4,401 · fundraising $2,050

  • 11d · Fees: lobbying

    total $36,000 · program services $36,000

  • 11g · Fees: other

    total $1,264,424 · program services $1,088,843 · management and general $108,031 · fundraising $67,550

  • 12 · Advertising and promotion

    total $256,102 · program services $254,963 · fundraising $1,139

  • 13 · Office expenses

    total $133,492 · program services $122,677 · management and general $3,745 · fundraising $7,070

  • 14 · Information technology

    total $455,725 · program services $422,227 · management and general $10,613 · fundraising $22,885

  • 16 · Occupancy

    total $445,361 · program services $367,032 · management and general $39,855 · fundraising $38,474

  • 17 · Travel

    total $280,684 · program services $229,665 · management and general $2,087 · fundraising $48,932

  • 19 · Conferences, conventions and meetings

    total $17,701 · program services $14,483 · management and general $132 · fundraising $3,086

  • 20 · Interest

    total $531,685 · program services $531,685

  • 22 · Depreciation, depletion and amortization

    total $19,005 · program services $19,005

  • 23 · Insurance

    total $2,381 · management and general $2,381

  • 24a · Other expenses: BAD DEBT

    total $565,549 · management and general $565,549

  • 24b · Other expenses: REPAIR & MAINTANANCE

    total $58,452 · program services $48,171 · management and general $5,231 · fundraising $5,050

  • 24c · Other expenses: STAFF DEVELOPMENT

    total $29,947 · program services $22,981 · management and general $420 · fundraising $6,546

  • 24d · Other expenses: DUES & MEMBERSHIPS

    total $6,956 · program services $6,445 · management and general $162 · fundraising $349

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $7,446,006 · end of year $10,804,783

  • 2 · Savings and temporary cash investments

    beginning of year $28,922 · end of year $52,302

  • 3 · Pledges and grants receivable

    beginning of year $3,656,188 · end of year $2,748,822

  • 9 · Prepaid expenses and deferred charges

    beginning of year $73,852 · end of year $66,498

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

    $510,201

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

    $506,165

  • 10c · Land, buildings and equipment, net

    beginning of year $21,396 · end of year $4,036

  • 14 · Intangible assets

    beginning of year $140,000 · end of year $140,000

  • 15 · Other assets

    beginning of year $634,725 · end of year $225,596

  • 17 · Accounts payable and accrued expenses

    beginning of year $238,125 · end of year $235,371

  • 24 · Unsecured notes and loans payable

    beginning of year $7,275,000 · end of year $10,082,143

  • 25 · Other liabilities

    beginning of year $511,818 · end of year $75,138

  • 27 · Net assets without donor restrictions

    beginning of year $401,737 · end of year $1,082,893

  • 28 · Net assets with donor restrictions

    beginning of year $3,574,409 · end of year $2,566,492

Mission and programs · 2023

Mission

THE PURSUIT CORE PROGRAM PROVIDES A PATHWAY OUT OF POVERTY FOR ITS PARTICIPANTS BY GIVING THEM THE SKILLS NECESSARY TO GAIN EMPLOYMENT AS SOFTWARE ENGINEERS THROUGH AN INTENSIVE CLASS THAT INCLUDES 12 MONTHS OF TECHNICAL TRAINING AND JOB READINESS TRAINING PROVIDED UPON COMPLETION OF THE PROGRAM. IN ADDITION TO TEACHING PROGRAMMING SKILLS, THE PROGRAM PROVIDES JOB PLACEMENT ASSISTANCE AND INDUSTRY READINESS THROUGH MOCK INTERVIEWS AND RESUME BUILDING WORKSHOPS, SITE VISITS TO LOCAL TECH COMPANIES, NETWORKING EVENTS, AND OTHER ACTIVITIES. IN PERSON SERVICE HAS BEEN TRANSITIONED TO ONLINE DUE TO PANDEMIC. THE PURSUIT CAMPUS REMAINS REOPEN FOR STUDENTS TO BE ABLE TO COME TO WORK AND LEARN, IF THEY WISH, THOUGH ALL PROGRAMMING WILL BE ACCESSIBLE ONLINE.

Activities or mission (Part I)

PURSUIT CREATES TRANSFORMATION WHERE IT'S NEEDED MOST. THROUGH OUR LONG-TERM INTENSIVE PROGRAM, WE TRAIN ADULTS WITH THE MOST NEED AND POTENTIAL TO GET THEIR FIRST TECH JOBS, ADVANCE IN THEIR CAREERS, AND BECOME THE NEXT GENERATION OF LEADERS IN TECH.

  • THROUGH A FOUR-YEAR INTENSIVE PROGRAM, WE TRAIN ADULTS WITH THE MOST ECONOMIC NEED AND POTENTIAL TO GET THEIR FIRST TECH JOBS, ADVANCE IN THEIR CAREERS, AND BECOME THE NEXT GENERATION OF LEADERS IN TECH. IN ADDITION TO PROVIDING TRAINING AND CAREER SUPPORT, OUR INNOVATIVE OPERATING MODEL COMBINES PARTNERSHIPS WITH TECH COMPANIES TO RETRAIN THEIR BLUE-COLLAR WORKERS AND SOCIAL IMPACT INVESTMENTS TO RE-ENVISION FUNDING FOR OUTCOMES-BASED ORGANIZATIONS. BY CONNECTING TALENT WITH OPPORTUNITY, WE EMPOWER GRADUATES TO BRING CHANGE TO THEIR FAMILIES, TECH COMPANIES, AND COMMUNITIES ACROSS THE NATION.

    Expenses $8,667,896 · Grants $10,000 · Revenue $1,301,861

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

Listed in Part VII

  • JUKAY HSU

    CO-FOUNDER & CEO

    Total calculated
    $352,478
    From this org
    $335,980
    From related orgs
    $0
    Other
    $16,498
    Hours/week
    75

    Schedule J breakdown matched by us

    Base
    $326,230
    Bonus
    $9,750
    Other
    $0
    Deferred
    $9,900
    Nontaxable benefits
    $6,598
    Filer's total
    $352,478

  • DAVID YANG CO-FOUNDER

    CHIEF CREATIVE OFFICER/SECRETARY

    Total calculated
    $266,119
    From this org
    $243,869
    From related orgs
    $0
    Other
    $22,250
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $236,669
    Bonus
    $7,200
    Other
    $0
    Deferred
    $4,881
    Nontaxable benefits
    $17,369
    Filer's total
    $266,119

  • JENNIFER HENSLEY

    CHAIR

    Total calculated
    $0
    Hours/week
    15

  • ADAM BELANICH

    TREASURER

    Total calculated
    $0
    Hours/week
    5

  • ALEX ATALLAH

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • ELIAS ROMAN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • MICHAEL BOROFSKY

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • ALAN JONES

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • SOO KIM

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • KATY KNIGHT

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • STUART SPODEK

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • DANIEL TERAN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • PAUL VIZCARRONDO

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • CAROLINE OH

    CHIEF OPERATING OFFICER

    Total calculated
    $308,437
    From this org
    $291,139
    From related orgs
    $0
    Other
    $17,298
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $282,476
    Bonus
    $8,663
    Other
    $0
    Deferred
    $8,636
    Nontaxable benefits
    $8,662
    Filer's total
    $308,437

  • YONG KANG

    CHIEF FINANCIAL OFFICER

    Total calculated
    $303,377
    From this org
    $264,288
    From related orgs
    $0
    Other
    $39,089
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $256,548
    Bonus
    $7,740
    Other
    $0
    Deferred
    $7,910
    Nontaxable benefits
    $31,179
    Filer's total
    $303,377

  • DAVID FOX STERNLIEB

    GENERAL COUNSEL

    Total calculated
    $465,700
    From this org
    $198,735
    From related orgs
    $0
    Other
    $266,965
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $192,735
    Bonus
    $6,000
    Other
    $0
    Deferred
    $6,128
    Nontaxable benefits
    $260,837
    Filer's total
    $465,700

  • WILLIAM JAMES KENNEY

    VP OF PURSUIT PBC STRATEGY

    Total calculated
    $211,613
    From this org
    $205,700
    From related orgs
    $0
    Other
    $5,913
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $200,000
    Bonus
    $5,700
    Other
    $0
    Deferred
    $5,913
    Nontaxable benefits
    $0
    Filer's total
    $211,613

  • AARON JAVON WALTON

    SR DIRECTOR COMMUNICATIONS

    Total calculated
    $204,532
    From this org
    $188,882
    From related orgs
    $0
    Other
    $15,650
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $182,159
    Bonus
    $6,723
    Other
    $0
    Deferred
    $5,512
    Nontaxable benefits
    $10,138
    Filer's total
    $204,532

  • JORDAN MANLEY

    HEAD OF SOFTWARE ENGINEERING

    Total calculated
    $181,348
    From this org
    $159,543
    From related orgs
    $0
    Other
    $21,805
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $150,843
    Bonus
    $8,700
    Other
    $0
    Deferred
    $4,587
    Nontaxable benefits
    $17,218
    Filer's total
    $181,348

  • MARCUS CORTEZ

    DIR. OF BUSINESS OPERATIONS

    Total calculated
    $148,077
    From this org
    $136,310
    From related orgs
    $0
    Other
    $11,767
    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. 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

  • 1a · Health or social club dues or initiation fees
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 7 · Other non-fixed payments

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
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 1A
THE ORGANIZATION'S CEO MAINTAINS A MEMBERSHIP AT THE HARVARD BUSINESS SCHOOL CLUB OF NEW YORK FOR BUSINESS DEVELOPMENT PURPOSES. THE EXPENSE IS AN ORDINARY AND NECESSARY BUSINESS EXPENSE OF THE ORGANIZATION, AND IS THEREFORE TREATED AS NONTAXABLE TO HIM UNDER IRC SECTION 132.
PART I, LINE 7
THE ORGANIZATION PAID A ONE-TIME BOARD APPROVED BONUS IN 2023.

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

Provenance

Return type
form_990
Tax year
2023
Filed
15 November 2024
IRS schema version
2023v5.1
Source object
202433219349300313

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