2025-07-08T12:24:06-05:00 2024-12-31 410746749 CLIFTONLARSONALLEN LLP 2001 16TH STREET SUITE 1700 DENVER CO 80202 990 2024-01-01 273611908 DEFY VENTURES INC DEFY 2132321122 5 PENN PLAZA 19TH FLOOR NEW YORK NY 10001 AMITA PARIKH DIRECTOR OF FINANCE & ADMIN 2132321122 2025-06-30 1 1 REBECCA DETTMANN CPA P01408585 3037795710 2025-06-30 2024 2025-03-06 01:10:19Z ANDREW GLAZIER 5 PENN PLAZA 19TH FLOOR NEW YORK NY 10001 4627815 0 X WWW.DEFYVENTURES.ORG X 2010 NY TO SHIFT MINDSETS AND GIVE PEOPLE WITH CRIMINAL HISTORIES THEIR BEST SHOT AT A SECOND CHANCE. 14 14 60 904 0 0 3801794 4437541 116219 96133 96090 81206 7399 12935 4021502 4627815 72753 129610 0 0 2952574 3386062 0 0 351411 804841 797832 3830168 4313504 191334 314311 3316665 3953203 724833 1048060 2591832 2905143 X 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. 0 0 3441526 129610 96133 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 NEARLY 10,000 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 8,500+ 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 NINE STATES (CA, CT, IL, NJ, NY, PA, UT, WA, WI).4. RECORDED A ONE YEAR RECIDIVISM RATE OF LESS THAN 10%, AND A THREE-YEAR RECIDIVISM RATE OF LESS THAN 15%.5. LAUNCHED 215+ BUSINESSES, INCLUDING INCORPORATION AND SEED FUNDING.6. RAISED OVER $37 MILLION IN PRIVATE & PUBLIC FUNDING SINCE INCEPTION (2010). 3441526 1 1 0 0 0 0 0 1 0 0 0 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 1 21 0 1 60 1 0 0 0 0 0 0 0 0 0 0 0 0 X 14 14 0 0 0 0 0 0 0 1 1 0 1 1 1 1 1 1 1 1 1 1 0 CA IL NY UT CT NJ PA X X AMITA PARIKH 7143961169 3580 WILSHIRE BLVD STE 1705 LOS ANGELES CA 90010 BRIAN KORB CHAIRMAN 1.00 X X 0 0 0 ARIEL JADUSZLIWER TREASURER 0.50 X X 0 0 0 KERRY BENNETT SECRETARY 0.50 X X 0 0 0 JOHN DVOR DIRECTOR 0.50 X 0 0 0 MARCUS GLOVER DIRECTOR 0.50 X 0 0 0 JENNIFER LOTITO DIRECTOR (AS OF 9/24) 0.50 X 0 0 0 SONIA KAHLON DIRECTOR 0.50 X 0 0 0 COSS MARTE DIRECTOR 0.50 X 0 0 0 NICOLE MILLER DIRECTOR 0.50 X 0 0 0 JONATHAN NEIL DIRECTOR 0.50 X 0 0 0 COLE RICHMAN DIRECTOR 0.50 X 0 0 0 APRIL TAM SMITH DIRECTOR 0.50 X 0 0 0 DAVID SPROTT DIRECTOR 0.50 X 0 0 0 PRAVEEN SESHADRI DIRECTOR (AS OF 6/24) 0.50 X 0 0 0 JOHN GAROFOLO CFO (THROUGH 12/24) 50.00 X 154251 0 20284 ANDREW GLAZIER PRESIDENT & CEO 50.00 X 123121 0 26586 AMITA PARIKH DR. OF FIN. & ADMIN. (AS OF 12/24) 50.00 X 7788 0 0 JULIE JACKSON-FORSBERG VP, LEARNING 50.00 X 117245 0 26187 QUAN HUYNH ED, SOUTHERN CALIFORNIA 50.00 X 121531 0 9305 CHRISTINE CASTILLO VP, PROGRAMS 50.00 X 124682 0 7434 MARIAH DICKINSON VP SITE OPERATIONS 50.00 X 115052 0 14602 YEHUDAH PRYCE SR. PROGRAM DIRECTOR, NMHP 50.00 X 110918 0 32334 874588 0 136732 7 0 1 0 0 792662 3644879 48156 4437541 CONTRACT SERVICES 624310 96133 96133 96133 80601 80601 605 0 605 605 605 MISC. REVENUE 900099 12935 12935 12935 4627815 96133 0 94141 12000 12000 117610 117610 332631 127861 152163 52607 2530523 2131236 181653 217634 5991 4742 758 491 280686 236089 25959 18638 236231 186979 29887 19365 20845 20845 45104 45104 49186 41131 4389 3666 100019 65760 17063 17196 63632 32914 19529 11189 95407 95040 367 78647 71827 2294 4526 5523 5523 63005 50450 12555 PARTICIPANT TRAINING 119782 119227 511 44 PROGRAM EVENTS 71644 66940 358 4346 CONSTITUENT DEVELOPMENT 46362 43044 1609 1709 IN-KIND EXPENSE 38656 38656 20 20 4313504 3441526 520567 351411 156275 374140 1939231 1448503 1053454 1512116 120705 145728 0 0 47000 472716 3316665 3953203 339534 374061 90909 294390 245587 0 428412 724833 1048060 X 1171666 1056242 1420166 1848901 2591832 2905143 3316665 3953203 314311 -1000 0 X X 0 1 X 1 0 X 2592142 2735926 3116359 3801794 4437541 16683762 2592142 2735926 3116359 3801794 4437541 16683762 914754 15769008 166 147 11606 96089 80601 188609 18383 1391 19774 37789 8189 6008 12935 64921 16957066 509262 0.92990 0.91350 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: OTHER INCOME - 2020 AMOUNT: $ 37,789. 2022 AMOUNT: $ 8,189. 2023 AMOUNT: $ 6,008. 2024 AMOUNT: $ 12,935. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 9500 56500 X FUTURE SALE 1 0 ROU ASSET - LEASES 416216 ART WORK 56500 472716 ROU ASSET - LEASES 428412 428412 X 4644460 17250 17250 4627210 605 605 4627815 4331149 18250 18250 4312899 605 605 4313504 PART III, LINE 4: THE ART RECORDED ON THE ORGANIZATIONS BOOKS WAS DONATED WITH THE INTENT TO HOLD FOR THREE YEARS UNTIL THAT VALUE HAS INCREASED, AT WHICH TIME THEY CAN SELL THE ARTWORK TO HELP FUND PROGRAMS UNDER THE ORGANIZATIONS EXEMPT MISSION. PART X, LINE 2: THE ORGANIZATION IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND HAS NOT BEEN DETERMINED TO BE A PRIVATE FOUNDATION AS DEFINED IN SECTION 509(A). THE ORGANIZATION HAS BEEN CLASSIFIED BY THE IRS AS A NONPROFIT ORGANIZATION OTHER THAN A PRIVATE FOUNDATION. HOWEVER, INCOME FROM ACTIVITIES NOT DIRECTLY RELATED TO THE ORGANIZATIONS TAX-EXEMPT PURPOSE IS SUBJECT TO TAXATION AS UNRELATED INCOME. THERE WAS NO INCOME FROM BUSINESS UNRELATED TO THE ORGANIZATIONS EXEMPT PURPOSE DURING THE YEARS ENDED DECEMBER 31, 2024 AND 2023. SINCE IT HAS NO INCOME FROM BUSINESS UNRELATED TO ITS EXEMPT PURPOSE, NO LIABILITY FOR FEDERAL INCOME TAXES HAS BEEN RECORDED. THE ORGANIZATION BELIEVES THAT IT HAS CONDUCTED ITS OPERATIONS IN ACCORDANCE WITH, AND HAS PROPERLY MAINTAINED, ITS TAX-EXEMPT STATUS, AND THAT IT HAS TAKEN NO MATERIAL UNCERTAIN TAX POSITIONS THAT QUALIFY FOR FEDERAL RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS. PART XI, LINE 4B - OTHER ADJUSTMENTS: GAIN ON MARKETABLE SECURITIES 605. PART XII, LINE 4B - OTHER ADJUSTMENTS: GAIN ON MARKETABLE SECURITIES 605. 1 UNIVERSITY OF WISCONSIN FOUNDATION 1848 UNIVERSITY AVE MADISON WI 53726 390743975 501(C)(3) 12000 0 N/A N/A PR AND BOOTCAMP PROGRAM FUNDING 1 0 EIT STIPENDS 243 10047 37463 COST CHROMEBOOKS & GIFTCARDS BUSINESS COMPETITION AWARDS 122 70100 N/A N/A PART I, LINE 2: EACH MONTH FINANCE MANAGEMENT REVIEWS EXPENDITURES FOR EACH GRANT HAVING PURPOSE RESTRICTIONS & COMPARES ACTUAL EXPENDITURES IN EACH BUDGET CATEGORY TO AN EXTERNAL BUDGET (WHICH WILL BE REPORTED TO THE GRANTOR) OR INTERNAL BUDGET (IF APPLICABLE), THEN APPROPRIATELY RELEASES THE PURPOSE RESTRICTIONS FOR THOSE FUNDS. X X 0 0 0 0 0 0 0 0 0 JOHN GAROFOLO CFO (THROUGH 12/24) 138148 0 0 0 16103 0 0 0 20284 0 174535 0 0 0 X 1 9500 APPRAISAL X APPLE DEVICES 106 38656 FAIR MARKET VALUE 0 1 1 0 PART I, COLUMN (B): COLUMN (B) REPRESENTS THE NUMBER OF ITEMS CONTRIBUTED. PART I, LINE 30B: THE ART IS TO SELL AT A LATER DATE. THE DONOR REQUIRES THE ORGANIZATION TO HOLD ONTO THE ARTWORK FOR THREE YEARS AND THEN THE ORGANIZATION WILL BE ALLOWED TO SELL IT. FORM 990, PART VI, SECTION A, LINE 1A THE FINANCE COMMITTEE IS COMPOSED OF 4 BOARD MEMBERS ALONG WITH 2 STAFF MEMBERS, CEO & PRESIDENT AND FINANCE DIRECTOR. THE COMMITTEE IS AUTHORIZED TO REVIEW AND APPROVE ANNUAL BUDGETS, FINANCIAL POLICIES, AND AUDITS AS NEEDED. FORM 990, PART VI, SECTION B, LINE 11B MANAGEMENT REVIEWS A DRAFT OF THE FORM 990 AND PROVIDES EDITS TO THE TAX PREPARER. AFTER THIS PROCESS IS COMPLETE, THE FORM 990 IS SENT TO THE FULL BOARD OF DIRECTORS PRIOR TO BEING FILED WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C ALL DIRECTORS, OFFICERS, OR MEMBERS OF A COMMITTEE ARE SUBJECT TO THE ORGANIZATIONS CONFLICT OF INTEREST POLICY. PRIOR TO THE INITIAL ELECTION OF ANY DIRECTOR AND ANNUALLY THEREAFTER, SUCH DIRECTOR SHALL COMPLETE, SIGN AND SUBMIT TO THE SECRETARY OF THE CORPORATION A WRITTEN STATEMENT IDENTIFYING, TO THE BEST OF THE DIRECTOR'S KNOWLEDGE, ANY ENTITY OF WHICH SUCH DIRECTOR IS AN OFFICER, DIRECTOR, TRUSTEE, MEMBER, OWNER (EITHER AS A SOLE PROPRIETOR OR A PARTNER), OR EMPLOYEE AND WITH WHICH THE CORPORATION HAS A RELATIONSHIP, AND ANY TRANSACTION IN WHICH THE CORPORATION IS A PARTICIPANT AND IN WHICH THE DIRECTOR MIGHT HAVE A CONFLICTING INTEREST. IT IS THE DUTY OF THE INTERESTED PERSON TO DISCLOSE A CONFLICT OF INTEREST AS IT ARISES, AND IT IS THE RESPONSIBILITY OF THE BOARD OR COMMITTEE TO DETERMINE WHETHER A CONFLICT EXISTS. IF THE INTERESTED PERSON IS FOUND TO HAVE A CONFLICT OF INTEREST, THEY WILL BE REQUIRED TO LEAVE THE MEETING DURING ALL DISCUSSION, VOTING, AND THE TRANSACTION INCLUDING THE CONFLICTING PARTY. THE EXISTENCE AND RESOLUTION OF ANY POTENTIAL AND/OR ACTUAL CONFLICT OF INTEREST SHALL BE DOCUMENTED IN THE CORPORATION'S RECORDS, AND IN THE MINUTES OF ANY MEETING AT WHICH THE POTENTIAL AND/OR ACTUAL CONFLICT WAS DISCUSSED AND/OR VOTED UPON. FORM 990, PART VI, SECTION B, LINE 15 ON AT LEAST A BI-ANNUAL BASIS, THE EXECUTIVE COMMITTEE REVIEWS COMPARABLE SALARIES BASED ON A RECOGNIZED STUDY AND REVIEWS THE PERFORMANCE OF THE CEO TO DETERMINE IF THE EXISTING SALARY FALLS WITHIN THESE RANGES. AFTER A DELIBERATION ON THIS MATTER, A NEW PROPOSED SALARY AND BENEFIT PACKAGE IS VOTED ON. THE MINUTES OF THE BOARD OF DIRECTORS REFLECT THE NATURE OF THIS PROCESS. THIS PROCESS WAS MOST RECENTLY REVIEWED IN 2024. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE ALL MADE AVAILABLE UPON REQUEST. FORM 990, PART XII, LINE 2C: THE PROCESS FOR OVERSIGHT AND SELECTION OF AN INDEPENDENT ACCOUNTANT HAS NOT CHANGED FROM THE PRIOR YEAR.