Form 990 for tax year 2023

Totals

Total revenue

$5,007,019

Total expenses

$6,575,397

Contributions and grants received

$3,961,440

Grants paid

$544,590

Program service revenue

$252,394

Investment income

$307,214

Other revenue

$485,971

Total assets, end of year

$2,518,717

Total liabilities, end of year

$1,959,086

Net assets or fund balances, end of year

$559,631

Program services expenses (Part IX)

$4,558,108

Management and general expenses

$662,467

Fundraising expenses

$1,354,822

Program service expenses (Part III)

$4,558,108

Program services were 69.3% 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.

Mission and programs · 2023

• FELLOW EXPERIENCERECRUITMENT AND SELECTIONVFA CONTINUED TO SELECT A REPRESENTATIVE CLASS OF TALENTED RECENT COLLEGE GRADUATES FROM A HIGH-CALIBER, DIVERSE, NATIONAL POOL OF CANDIDATES FROM ACROSS THE COUNTRY. FELLOWS THIS YEAR REPRESENT A WIDELY DIVERSE GROUP OF YOUNG PROFESSIONALS. IN 2023, WE RECEIVED 965 APPLICATIONS AND WELCOMED A HIGHLY SELECTIVE CLASS OF 130 FELLOWS ACROSS OUR 13 COMMUNITIES. NEARLY 58% IDENTIFY AS A RACIAL OR ETHNIC MINORITY. WE CONTINUED TO EXPAND EFFORTS TO RECRUIT FROM AND CONNECT WITH REGIONAL UNIVERSITIES, FACULTY, AND ENTREPRENEURSHIP PROGRAMS ACROSS OUR MARKETS.COMPANY PARTNERS2023: VFA'S ONLINE CONNECT PLATFORM LAUNCHED ON APRIL 17 FOR THE 2023 HIRING CYCLE, PROVIDING 100% OF INCOMING FELLOWS WITH ACCESS TO RESOURCES, OPPORTUNITIES, AND CONNECTIONS ACROSS ALL 13 US CITIES TO PROVIDE EARLY-STAGE CAREER OPPORTUNITIES TO INCOMING FELLOWS. AS THE TEAM WORKED TO SOURCE EMPLOYMENT PARTNERS TO HIRE INCOMING FELLOWS, IT QUICKLY BECAME EVIDENT THERE WERE STRONG NATIONAL TRENDS OF STARTUPS BEING HESITANT TO HIRE DUE TO A DECLINE IN VC FUNDING AND OTHER FACTORS LIKE BANK COLLAPSES THAT OCCURRED IN EARLY 2023. VFA IDENTIFIED CURRENT MARKET TRENDS PARTICULARLY IN THE STARTUP SPACE - AND COMPANIES NEEDING TO HIRE FEWER ENTRY-LEVEL EMPLOYEES AND MORE MID- TO SENIOR-LEVEL STAFF AS TWO OF THE ROOT CAUSES THAT HAVE LED TO FEWER EMPLOYMENT PARTNERS POSTING ROLES FOR INCOMING FELLOWS ON CONNECT AND SLOWER HIRING OVERALL. DUE TO THESE CHALLENGES, THE PLACEMENT TIMELINE WAS EXTENDED TO THE END OF 2023 TO ENSURE THE TEAM CONTINUED TO SOURCE NEW OPPORTUNITIES ACROSS OUR MARKETS AND NATIONALLY AND ARE SUPPORTING FELLOWS IN THEIR JOB SEARCH EFFORTS IN A VARIETY OF WAYS. DESPITE THE MARKET CHALLENGES, ACTIVITY AND ENGAGEMENT ACROSS THE CONNECT PLATFORM HAVE CONTINUED TO INCREASE SINCE ITS LAUNCH. SO FAR, WE HAVE SEEN MORE THAN 2,200 CONNECTIONS BETWEEN FELLOWS AND ECOSYSTEM PARTNERS, INVESTORS, AND FOUNDERS, AS WELL AS THE ALUMNI WHO HAVE RECENTLY GAINED ACCESS TO CONNECT. COMMUNITY PARTNERSHIPS & CITY ENGAGEMENTVFA DIRECTORS IN EACH MARKET HELPED FELLOWS NAVIGATE THEIR CITIES, BOTH PROVIDING INFORMATION ABOUT THE CITY AT LARGE, AND SUPPORTING THEM AS THEY ACCESS LOCAL NETWORKS. THE LOCAL SUPPORT, PROGRAMMING, AND ORIENTATION TO EACH NEW CITY FOR FELLOWS LED TO HIGH CIVIC ENGAGEMENT, IMMERSIVE EXPERIENCES IN THE STARTUP ECOSYSTEM, AND STRONG RELATIONSHIPS WITH OTHER FELLOW AND ALUMNI PEERS LIVING IN THE CITY.FELLOW EXPERIENCE PROGRAMMINGVFA OFFERED EACH OF OUR FELLOWS CURRICULUM TO SUPPORT BECOMING A STARTUP LEADER OR STARTUP FOUNDER. OUR CITY LEADERS REGULARLY PLANNED INFORMATIONAL AND NETWORKING EVENTS, INFO SESSIONS WITH ECONOMIC DEVELOPMENT AGENCIES, AND ENGAGEMENT WITH LOCAL CIVIC LEADERS IN EVERY VFA MARKET. DIRECTORS ALSO PROVIDED FELLOWS WITH 1:1 COACHING DURING THE YEAR OF FELLOWSHIP AND OTHER ACTIVITIES TO ENCOURAGE ENTREPRENEURIAL THINKING.FELLOW EDUCATIONTRAINING CAMPTHE VENTURE FOR AMERICA FELLOWSHIP KICKS OFF WITH TRAINING CAMP, A HALLMARK OF OUR PROGRAM AND A LAUNCHPAD FOR FELLOWS BEGINNING THEIR ENTREPRENEURIAL CAREERS. FOR TRAINING CAMP 2023, TRAINING CAMP WAS HELD AT WAYNE STATE UNIVERSITY. MORE THAN 150 FELLOWS ATTENDED AND PARTICIPATED IN A WIDE ARRAY OF SESSIONS. THE CURRICULUM, WORKSHOPS, AND TRAININGS FOCUSED ON HELPING FELLOWS FOSTER MEANINGFUL CONNECTIONS WITHIN THE COHORT; TEACHING FOUNDATIONAL STARTUP SKILLS AND TRANSFORMATIVE SOFT-SKILLS; INSTILLING VFA CORE VALUES SO THAT FELLOWS CAN LAUNCH THEIR CAREERS AS HIGH-CHARACTER BUILDERS; AND EMPOWERING ENTREPRENEURIAL MINDSETS. MORE THAN A SERIES OF LECTURES AND WORKSHOPS, TRAINING CAMP IS WHAT SETS VFA APART AND WHAT MAKES OUR PROGRAM A TRUE FELLOWSHIP A COMMUNITY OF LIKE-MINDED INDIVIDUALS UNITED BY A SHARED GOAL AND BONDED IN FRIENDSHIP AND CAMARADERIE. TRAINING CAMP, ITS CURRICULUM, AND THE EXPERIENCES PROVIDED TO FELLOWS IS SUPPORTED BY TEAM MEMBERS AND THE COMMITMENT FROM VOLUNTEERS FROM ACROSS THE COUNTRY.FELLOW EDUCATION PROGRAMMING AND ENTREPRENEURIAL ACTIVITIESVFA PROVIDED ONGOING SUPPORT FOR FELLOWS TO EXPAND ENTREPRENEURSHIP SKILLS WITH NATIONAL ENTREPRENEURSHIP PROGRAMS, INCLUDING VALIDATION CHALLENGES, REDUX, VFA'S ANNUAL ACCELERATOR, AND SIDE-PROJECT-A-THON. VFA ALSO PROVIDED PROGRAMMING TO ALUMNI AND FELLOWS COMPLETING THEIR FELLOWSHIP THROUGH PROGRAMS LIKE IN-CITY GRADUATIONS AND OUR NATIONAL ALUMNI REUNION. FELLOWS AND ALUMNI WHO HAVE LAUNCHED THEIR OWN COMPANIES HAD THE OPPORTUNITY TO PARTICIPATE IN PROGRAMS SUCH AS THE ACCELERATOR AND DEMO DAY, YOUNG INNOVATOR AWARDS, VENTURE CATALYST AWARDS, AND BRAINTRUSTS. VFA'S ACCELERATOR PROVIDED A THREE-MONTH, ZERO-EQUITY PROGRAM THAT OFFERED MONTHLY BUSINESS STIPENDS, MENTORSHIP, AND THE OPPORTUNITY TO WIN UP TO $10,000 AT OUR IN-PERSON AND LIVESTREAMED DEMO DAY.COMMITMENT TO DIVERSE AND INCLUSIVE COMMUNITIESVFA IS COMMITTED TO EMPOWERING, PROVIDING OPPORTUNITIES, AND CREATING SUPPORT FOR FELLOWS AND ALUMNI WHO IDENTIFY WITH GROUPS THAT ARE UNDERREPRESENTED IN ENTREPRENEURIAL AND INNOVATION COMMUNITIES. THROUGH OUR RISE AFFINITY GROUPS, VFA CONNECTS AND SUPPORTS INDIVIDUALS WITH IDENTITIES SUCH AS AFRICAN-AMERICAN, AFRO-CARIBBEAN & AFRICAN; SOUTH ASIAN OR SOUTH ASIAN-AMERICAN ; LATINO/LATINA/LATINX; ASIAN OR ASIAN-AMERICAN; LGBTQ; WOMEN; MIDDLE EASTERN OR NORTH AFRICAN; FIRST-GENERATION COLLEGE GRADUATES. WE OFFERED RELOCATION ASSISTANCE TO FELLOWS WHO ARE EXPERIENCING FINANCIAL NEED.

  Expenses $4,558,108 · Grants $544,590 · Revenue $738,365

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

Listed in Part VII

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

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

• NEED INFORMATION

  $544,590

  ASSISTANCE

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.

Provenance

Return type

form_990

Tax year

2023

Filed

15 November 2024

IRS schema version

2023v5.1

Source object

202433209349318163

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