2014-11-04T13:38:17-08:00 2013-12-31 SCHALL & ASHENFARB CPAS 307 5th Ave 15th Floor NEW YORK NY 100166517 990 2013-01-01 273611908 Defy Ventures Inc DEFY 9143309950 5 Penn Plaza 19th Floor New York NY 10001 Catherine Hoke CEO & Founder 2014-11-04 true David C Ashenfarb P00535436 2122682800 2013 2015-11-30 17:44:51Z Catherine Hoke 1436800 false false X N/A X 2010 NY To provide carefully selected, ambitious individuals who have criminal histories with transformational entrepreneurship, leadership, character development and career opportunities. 5 5 23 1800 0 1164999 1427792 7500 68 1440 1164999 1436800 0 0 565471 794652 0 104101 705586 426500 1271057 1221152 -106058 215648 87150 322505 37813 57520 49337 264985 To provide carefully selected, ambitious individuals who have criminal histories with transformational entrepreneurship, leadership, character development and career opportunities. Defy seeks to break the cycle of incarceration by equipping individuals-who because of their felonies are at a severe disadvantage in the employment market-to attain sustainable and legal financial stability. false false 995376 7500 Tightly managed as a lean, results-driven start-up with a highly committed team, we're proud of Defys early results and are excited to show supporters the payoff of their investment of time and funding. Since the launch of our program in January 2012, Defy has:Served 115 Entrepreneurs-in-Training (EITs) in three teams. EITs receive 300+ hours of training from resident experts and our volunteer faculty, and complete an additional 300+ hours of training in the field, working on their start-ups and participating in site visits to corporate partners. EITs compete in three business plan competitions, receive executive mentoring, and engage in intensive personal development. Launched 44 businesses, and new Defy EITs are currently preparing to launch approximately 25 more startups. All businesses are legally incorporated and receive seed funding. Nearly 100% generate revenue in their first six weeks. Achieved an employment rate of 87%. Our graduates reported a 94% increase in annual income.Awarded $140,000 in seed financing to EITs start-up businesses.Engaged 1,800+ executive volunteers from hedge funds, investment banks, venture capital and private equity firms, Fortune 500 companies, and entrepreneurial ventures. Volunteers contributed 11,000+ hours as business plan competition judges, mentors and coaches. Achieved zero recidivism. Compared to 50-70% national recidivism rates (with 44% of recidivism taking place in the first year).Introduced a financially sustainable national expansion strategy, which will create a competitive blended online training program that will equip people with criminal histories in employment, entrepreneurship, and life skills. Employment coaches, employers, business plan advisors, and investors will also receive online training. An online matching component will facilitate life-transforming bonds and opportunities that will be coupled with locally-facilitated in-person mentoring events and business plan competitions.Raised $3.5 million in private funding since inception (2010).Received grants from 18 foundations, 15 of which fund nationally. Showcased in national media including in Richard Bransons blog, The New York Times, Inc. Magazine, Christian Science Monitor, The Harvard Business Review, The Wall Street Journal, The Huffington Post, Forbes.com, StayClassy.org, The Chicago Tribune, and FoxNews.com.Received an Ashoka Fellowship. Ashoka is the largest global network of social entrepreneurs. Held our first national fundraiser: a basketball tournament at Madison Square Garden was held in January 2014. Defy executives and philanthropists drafted Defy graduates onto their teams and were coached by Knicks legends. 995376 true true false false false false false false false false true false false false false true true false false false false false false false false false false false false true false false false false false false false false false false false false false false false false false false false false false true 5 0 true 23 true false false false false false false false false 0 false false false false false false false false false false X 5 5 false false true false false false false true true false false true true true true true true true true false X Louis Kanganis 3479224686 5 Penn Plaza 19th Floor New York NY 10001 Henry Hamilton Chairman 1.00 0.00 X X 0 0 0 Rod Washington Treasurer 1.00 0.00 X X 0 0 0 Michelle Kedem Director 1.00 0.00 X 0 0 0 Mike Scovel Director 1.00 0.00 X 0 0 0 Jesse Bonderman Secretary 1.00 0.00 X X 0 0 0 Catherine Rohr CEO & Founder 70.00 0.00 X 181000 0 6317 Louis Kanganis COO 70.00 0.00 X 116319 0 11733 297319 18050 2 false true false 0 1427792 1427792 Speaking Engagements 7500 7500 7500 68 68 0 0 0 0 0 0 0 Miscellaneous 1440 1440 1440 1436800 8940 68 0 0 0 0 315369 263228 30410 21731 0 403219 336668 38793 27758 0 22199 18425 2220 1554 53865 44708 5386 3771 0 0 0 0 0 0 77734 32044 13415 32275 23617 21216 1915 486 17499 4360 11846 1293 0 0 106708 97652 5360 3696 47543 45026 871 1646 0 0 0 0 1851 1851 3624 3624 Program Events 50918 50918 Student Services 41621 41621 Staff develop. & recruitment 20325 20325 Miscellaneous 9611 322 1622 7667 25449 18863 4362 2224 1221152 995376 121675 104101 47387 259304 1001 20150 6572 0 0 0 5450 5965 0 6000 38500 7977 3414 1563 4563 0 0 0 0 6600 6600 87150 322505 37813 57520 37813 57520 X 49337 189985 75000 49337 264985 87150 322505 215648 X false true X false false X 105506 772619 1164999 1427792 3470916 0 0 105506 772619 1164999 1427792 3470916 1032644 2438272 0 0 1750 1440 3190 3474106 7500 X 0.00000 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 7977 3414 4563 4563 X 1436800 1436800 1436800 1221152 1221152 1221152 Part X : FIN48 Footnote The Organization does not believe its financial statements include any material, uncertain tax positions. Tax filings for periods ending December 31, 2010 and later are subject to examination by applicable taxing authorities. X false false false false false false false false false false Catherine Rohr CEO & Founder 181000 6317 187317 Form 990, Part VI, Line 4: Description of Significant Changes to Organizational Documents Filed revised articles of incorporation to clarify director terms. Form 990, Part VI, Line 11b: Form 990 Review Process Management reviewed a draft of the form 990 with the audit/finance committee and provided edits to the tax preparer. After this process was performed, the form 990 was sent to the full board of directors prior to being filed with the IRS. Form 990, Part VI, Line 12c: Explanation of Monitoring and Enforcement of Conflicts The organization has a "board approved" conflicts of interest policy. Each board member must fill out an annual declaration stating they had no conflicts or identifying the nature of their interested party transactions. Form 990, Part VI, Line 15a: Compensation Review & Approval Process - CEO, Top Management Each year, the executive committee reviews comparable salaries based on a recognized study and reviews the performance of the executive director to determine if the existing salary falls within these ranges. After a deliberation of 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. Form 990, Part VI, Line 19: Other Organization Documents Publicly Available Documents available upon request.