2013-11-11T13:30:10-08:00 2012-12-31 SCHALL & ASHENFARB CPAS 350 5TH AVE STE 5610 NEW YORK NY 101180110 990 2012-01-01 273611908 Defy Ventures Inc DEFY 9143309950 5 Penn Plaza 19th Floor New York NY 10001 Catherine Hoke 2013-11-11 true David C Ashenfarb P00535436 2122682800 2012 2016-02-24 21:20:13Z Catherine Hoke 5 Penn Plaza New York NY 10001 1164999 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 23 150 0 772619 1164999 0 0 1750 0 774369 1164999 0 0 328432 565471 0 128896 269071 705586 597503 1271057 176866 -106058 216844 87150 61449 37813 155395 49337 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 945261 2012 ACCOMPLISHMENTSTightly managed as a lean, results-driven start-up with a highly committed team, were proud of Defys early results and are excited to show supporters the payoff of their investment of time and funding.PROGRAMServed 75 student entrepreneurs in two classes, who each completed 125 hours of rigorous classroom training in entrepreneurship, character development, and leadership.Advanced 62 student entrepreneurs to our prestigious Entrepreneurship Fellowship. Fellows receive 300 classroom training hours, and an additional of 350+ hours outside the classroom. Each Fellow competes in three business plan competitions, receives executive mentoring, and continues engaging in intensive personal development.Defy Class One Fellows launched 21 new businesses in our first four months of program operations; 41 business launches are planned for February 2013 by Class Two Fellows! All businesses are legally incorporated and received start-up funding. Nearly 100% generated revenue in their first six weeks, and many are already profitable.Established our Entrepreneurship Incubator, which provides entrepreneurs with access to services including office space, marketing, advertising, legal, and bookkeeping services, and full support from Defys Entrepreneur-in-Residence and executive coaches. This program awarded $100,000+ in seed financing through three business plan competitions and follow-on grants. Additionally the program incubated five Fellows businesses. In just months, they generated a combined $74,000 in revenue, $25,000 in profits and 24 employment opportunities to others, including Defy graduates. Defys start-ups were featured in national media for their incredible success, including the New York Times, Inc. Magazine, The Wall Street Journal, The Huffington Post and Forbes.com.Engaged 500 executive volunteers from hedge funds, investment banks, venture capital and private equity firms, Fortune 500 companies, and entrepreneurial ventures. These volunteers contributed 5,000+ hours as business plan competition judges, mentors and business coaches! o Implemented our Executive Mentoring Program; matched 31 executives with Fellows. Also launched remote office hours mentoring for out-of-state executives who coach students over Skype. o Formed a 10-member Investment Committee, which meets monthly to evaluate entrepreneurs progress, provide coaching, and make investment decisions. o Rolled out our Life of the Entrepreneur Dinner Speaker Series, featuring proven entrepreneurs who inspire our students to greatness.Started serving women. Our five female Fellows in Class Two are definitely holding their own, proving to be intense competitors and raising the bar for the gentlemen!Rolled out our Career Access program to equip graduates who cannot fully sustain themselves through entrepreneurship. Nearly 100% of Class One graduates are gainfully employed.Implemented our Faith-Based Partnership Strategy with speaking engagements at NYCs Redeemer Church Entrepreneurship Forum; Q conference in Portland, Oregon and Co-Lab in Chicago (both gatherings of pastors and ministry leaders); New Song Church in both Irvine and Los Angeles; and Fairfax Community Church in Washington D.C.Spoke to groups of accomplished entrepreneurs, executives, investors, and academics nationally, including the Entrepreneurs Organization, Ideation, CEO Club, and the National Investment Banking Association, Stanford Graduate School of Business, and Princeton University. 945261 true true false false false false false false false false true false false true 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 10 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 false false false false false true false false false true true true true true true true false false NY X Louis Kanganis 3479224686 5 Penn Plaza 19th Floor New York NY 10001 Jesse Bonderman 1.00 0.00 X 0 0 0 Mike Scovel 1.00 0.00 X 0 0 0 Michelle Kedem 1.00 0.00 X 0 0 0 Rod Washington 1.00 0.00 X X 0 0 0 Henry Hamilton 1.00 0.00 X X 0 0 0 Catherine Hoke 70.00 0.00 X 163908 0 4800 163908 4800 1 false true false 0 1164999 1164999 0 0 0 0 0 0 0 0 0 0 1164999 X 0 0 0 0 164908 98344 32782 33782 0 344522 257940 78248 8334 0 30555 21213 6773 2569 25486 17693 5650 2143 0 0 0 0 0 0 199768 115598 13812 70358 27275 9087 18188 18878 13203 4114 1561 0 0 115021 99338 11370 4313 55672 38935 12134 4603 0 0 0 0 1042 1042 3204 2241 698 265 Miscellaneous 8095 3763 4332 Staff develop. & recruitment 32138 28821 3317 Program Events 52179 52179 Student Services 178680 178680 13634 8226 4440 968 1271057 945261 196900 128896 202846 47387 0 20150 0 0 0 5450 0 5393 6000 3126 1563 2605 1563 0 0 0 0 6000 6600 216844 87150 61449 37813 61449 37813 X 155395 49337 155395 49337 216844 87150 -106058 X false true X false false X 105506 774369 1164999 2044874 0 0 105506 774369 1164999 2044874 702221 1342653 0 0 0 2044874 X 0.00000 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 3126 1563 1563 1563 Security Deposit 6600 6600 X 1164999 1164999 1164999 1271057 1271057 1271057 Part X Part X : FIN48 Footnote The Organization does not believe its financial statements include any uncertain tax positions. Tax positions for periods ending December 31, 2009 and later are subject to examination by applicable authorities. X false false false false false false false false false false Catherine Hoke 163908 4800 168708 Form 990, Part VI, Line 19 Form 990, Part VI, Line 19: Other Organization Documents Publicly Available Documents available upon request. Form 990, Part VI, Line 15b Form 990, Part VI, Line 15b: Compensation Review and Approval Process for Officers and Key Employees Salries are reviewed as part of the budget. The CEOs salary is the only salary that was officially approved by the Board. All other salaries have been at the discretion of the CEO. Form 990, Part VI, Line 15a Form 990, Part VI, Line 15a: Compensation Review & Approval Process - CEO, Top Management The CEO's salary is officially approved by the Board. The Board members researched the salaries of others with similar experience as the CEO within the industry and used that information to decided her compensation. Form 990, Part VI, Line 12c Form 990, Part VI, Line 12c: Explanation of Monitoring and Enforcement of Conflicts Defy has a Conflict of Interest policy that has been approved by the Board and will be signed annually in the winter meetings. Each Board member must complete the form and return it to management. Form 990, Part VI, Line 11b Form 990, Part VI, Line 11b: Form 990 Review Process The Chairman of the Board and the CEO will review the 990 in depth, provide the 990 to the Board and make recommendations to the Board to approve it. Any major findings will be discussed and opportunity for changes will be made. After the 990 is approved by the Board, the 990 will be signed by the appropriate signators and will be filed as instructed by our auditors.