Refraction Inc
- Assets
- $1.1m
- Revenue
- $864.5k
- Investments
- $0.0
- Employees
- 4
- Location
- McLean, VA
- Founding
- 03/2019
- Data as of
- 12/2023
- EIN
- 83-1426812
Organization Overview
Refraction Inc is located in McLean, VA. The organization was established in 2019. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2023, Refraction Inc employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Refraction 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 12/2023, Refraction Inc generated $864.5k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 5 years, the organization has seen revenues fall by an average of (8.0%) each year. All expenses for the organization totaled $927.0k during the year ending 12/2023. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
REFRACTION IS A NONPROFIT INNOVATION HUB, WHOSE MISSION IS TO PROVIDE MENTORING, PROGRAMS, AND WORKSPACE TO STARTUPS AND HIGH-GROWTH COMPANIES TO HELP THEM GROW AND CREATE JOBS IN THE GREATER WASHINGTON, DC REGION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED MENTORING, PROGRAMS, AND WORKSPACE TO STARTUPS AND HIGH-GROWTH COMPANIES TO HELP THEM GROW AND CREATE JOBS IN THE GREATER WASHINGTON, DC REGION
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Esther Lee President & CEO | OfficerTrustee | 60 | $246,298 |
James Quigley Chairman | Trustee | 1 | $0 |
Tien Wong Secretary | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $30,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $28 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $30,028 |
| Total Program Service Revenue | $810,029 |
| Investment income | $24,454 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $864,511 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $250,000 |
| Compensation of current officers, directors, key employees. | $12,500 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $53,913 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $61,623 |
| Payroll taxes | $14,900 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $23,957 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $7,869 |
| Advertising and promotion | $2,025 |
| Office expenses | $18,433 |
| Information technology | $499 |
| Royalties | $0 |
| Occupancy | $241,189 |
| Travel | $3,496 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $7,692 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $2,489 |
| All other expenses | $0 |
| Total functional expenses | $927,011 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $171,256 |
| Savings and temporary cash investments | $807,005 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $62,225 |
| 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 | $555 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $21,814 |
| Total assets | $1,062,855 |
| Accounts payable and accrued expenses | $25,218 |
| Grants payable | $0 |
| Deferred revenue | $8,609 |
| 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 | $149,900 |
| Other liabilities | $82,037 |
| Total liabilities | $265,764 |
| Net assets without donor restrictions | $797,091 |
| Net assets with donor restrictions | $0 |
| 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 | $1,062,855 |