Defy Ventures Inc

Nonprofit profile at a glance

EIN
273611908
IRS 990 coverage
2011–2024
Forms available
Form 990 2024
Location
New York, NY, USA
Phone
2132321122
Rating
80
Verdict
STRONG
Rating confidence
Moderate
Sector
Educational Services and Schools - Other

Official website

Reported finances

Revenue
$4,627,815
Expenses
$4,313,504
Assets
$3,953,203
Liabilities
$1,048,060

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

22 people listed

Executive titles in this filing

  • ANDREW GLAZIER (PRESIDENT & CEO)

Highest reported compensation

  • JOHN GAROFOLO (CFO (THROUGH 12/24)): $174,535 total reported compensation
  • ANDREW GLAZIER (PRESIDENT & CEO): $149,707 total reported compensation
  • JULIE JACKSON-FORSBERG (VP, LEARNING): $143,432 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

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.

What it reported doing in 2024

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).

Operating model

Revenue model
Donor-supported. 79% of the money available for current operations came from contributions and gifts.
Distribution model
Direct operator. The filing allocates 96% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Fundraising costs are high for each dollar raised and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 73
  • Transparency & Controls: 79
  • Accountability: 100
  • Sustainability: 41
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 74.8%; rating input score 75
  • Program expense ratio: 79.8%; rating input score 80
  • Fundraising efficiency: $12.63 raised per $1 spent on fundraising; rating input score 45; 45th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 2 of 6 controls in place; rating input score 33
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 72nd percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 9 of 9 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 6.8%; rating input score 55; 55th percentile among comparable filings
  • Total-asset coverage ratio: 0.92; rating input score 34; 34th percentile among comparable filings
  • Liabilities to assets ratio: 0.27; rating input score 37; 37th percentile among comparable filings
  • Officer compensation ratio: 23.4%; rating input score 9; 9th percentile among comparable filings

Growth

  • Program expense growth: 3.6% per year; rating input score 100; 31st percentile among comparable filings
  • Revenue growth: 7.1% per year; rating input score 100; 55th percentile among comparable filings
  • Asset growth: 15.4% per year; rating input score 100; 75th percentile among comparable filings

Details

  • Where the money goes: 74.8% of revenue deployed · 79.8% of spending went to programs
  • Governance: 14 of 14 board members independent · 9 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $3.4M in reported program spending
  • Leadership: top reported pay $175K · 22 people listed · 2 of 6 pay-setting controls reported
  • Consistency: 34 of 34 current checks pass
  • Schedules: 7 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 13 filing years from 2011 to 2024
  • Contacts: How to reach this organization
  • Money network: 9 filed money-flow records
  • Related organizations: 1 filed related-organization link
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Moderate — Financial Efficiency: Fundraising efficiency scored 45/100.
  • Review — Sustainability: Operating margin scored 55/100.
  • Moderate — Sustainability: Total-asset coverage ratio scored 34/100.
  • High — Sustainability: Officer compensation ratio scored 9/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 37/100.