Defy Ventures Inc
- Assets
- $3.3m
- Revenue
- $3.2m
- Investments
- $0.0
- Employees
- 55
- Location
- New York, NY
- Founding
- 11/2010
- Data as of
- 12/2022
- EIN
- 27-3611908
Organization Overview
Defy Ventures Inc is located in New York, NY. The organization was established in 2010. According to its NTEE Classification (B90) the organization is classified as: Educational Services, under the broad grouping of Education and related organizations. As of 12/2022, Defy Ventures Inc employed 55 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Defy Ventures Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2022, Defy Ventures Inc generated $3.2m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 1.9% each year. All expenses for the organization totaled $2.9m during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO SHIFT MINDSETS AND GIVE PEOPLE WITH CRIMINAL HISTORIES THEIR BEST SHOT AT A SECOND CHANCE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
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 6,900 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 7,200+ 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 SEVEN STATES (NY, CT, NJ, CA, IL, WI, 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 AN 84% EMPLOYMENT RATE FOR RELEASED EITS WHO HAVE COMPLETED OUR PROGRAM.7.LAUNCHED 175+ BUSINESSES, INCLUDING INCORPORATION AND SEED FUNDING.8.RAISED OVER $36.5 MILLION IN PRIVATE & PUBLIC FUNDING SINCE INCEPTION (2010).
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John Garofolo CFO | Officer | 50 | $146,354 |
Andrew Glazier President & CEO | Officer | 50 | $120,954 |
Julie Jackson-Forsberg Vp, Learning | 50 | $110,616 | |
Quan Huynh Executive Director, Southern Ca | 50 | $108,245 | |
Christine Castillo Vp, Programs | 50 | $105,597 | |
Brian Korb Chairman | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $26,500 |
| Related organizations | $0 |
| Government grants | $444,792 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,645,067 |
| Noncash contributions included in lines 1a–1f | $26,500 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,116,359 |
| Total Program Service Revenue | $68,524 |
| Investment income | $11,606 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $18,383 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,223,061 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $55,030 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $285,942 |
| Compensation of current officers, directors, key employees. | $135,639 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,678,759 |
| Pension plan accruals and contributions | $3,732 |
| Other employee benefits | $163,907 |
| Payroll taxes | $165,057 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,474 |
| Fees for services: Accounting | $42,444 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $12,025 |
| Advertising and promotion | $0 |
| Office expenses | $87,067 |
| Information technology | $31,414 |
| Royalties | $0 |
| Occupancy | $62,157 |
| Travel | $46,073 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $7,432 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $46,234 |
| All other expenses | $7,349 |
| Total functional expenses | $2,871,906 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $470,243 |
| Savings and temporary cash investments | $2,270,511 |
| Pledges and grants receivable | $358,253 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $106,589 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $50,007 |
| Total assets | $3,255,603 |
| Accounts payable and accrued expenses | $282,558 |
| Grants payable | $0 |
| Deferred revenue | $181,818 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $392,229 |
| Other liabilities | $0 |
| Total liabilities | $856,605 |
| Net assets without donor restrictions | $822,467 |
| Net assets with donor restrictions | $1,576,531 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $3,255,603 |
Grants Awarded
Over the last fiscal year, Defy Ventures Inc has awarded $53,650 in support to 6 organizations.
| Grant Recipient | Amount |
|---|---|
CHASE 1 SOLUTIONS PURPOSE: Business plan competition award | $10,250 |
CREATE SHOP INC PURPOSE: Business plan competition award | $7,000 |
GOTHAM PRODUCE CORP PURPOSE: Business plan competition award | $5,100 |
PRISON BARS INC PURPOSE: Business plan competition award | $15,000 |
RHYME ANTICS INC PURPOSE: Business plan competition award | $6,200 |
THE CLEANED SPACE LLC PURPOSE: Business plan competition award | $10,100 |