2024-11-15T14:30:33-06:00 2023-12-31 050568611 SST ACCOUNTANTS & CONSULTANTS PLLC 12720 HILLCREST ROAD SUITE 500 DALLAS TX 752302039 990 2023-01-01 272987904 VENTURE FOR AMERICA INC VENT 6467366460 1420 WASHINGTON BLVD 301 DETROIT MI 48226 BETSYE PARK CFO 6467366460 2024-11-15 1 1 RYAN T SCHILHAB P01259865 9723921143 2024-11-15 2023 2024-10-15 13:58:12Z ERIC SOMERVILLE 1420 WASHINGTON BLVD 301 DETROIT MI 48226 5007019 0 X HTTPS://VENTUREFORAMERICA.ORG/ X 2011 DE TO REVITALIZE AMERICAN CITIES BY MOBILIZING THE NEXT GENERATION OF ENTREPRENEURS AND EQUIPPING THEM WITH THE SKILLS AND RESOURCES THEY NEED TO CREATE JOBS. THE ORGANIZATION OPERATES A 2-YEAR FELLOWSHIP PROGRAM THAT RECRUITS, TRAINS, AND INVESTS IN TOP RECENT COLLEGE GRADUATES BY PLACING THEM IN STARTUPS IN AMERICAN CITIES WITH EMERGING ENTREPRENEURSHIP ECOSYSTEMS AND HELPING THEM LAUNCH THEIR OWN HIGH-IMPACT BUSINESSES. VFA OPERATES A TWO-WEEK TRAINING CAMP FOR INCOMING FELLOWS, PROVIDES ONGOING PROGRAMMING DURING THE 2 YEAR FELLOWSHIP, AND OPERATES AN ACCELERATOR FOR PROGRAM GRADUATES WHO ARE STARTING THEIR OWN BUSINESSES. 9 8 57 48 0 0 4808945 3961440 547000 252394 51 307214 27439 485971 5383435 5007019 77834 544590 0 0 3866829 4408428 0 0 1354822 2543530 1622379 6488193 6575397 -1104758 -1568378 2879225 2518717 751216 1959086 2128009 559631 X TO REVITALIZE AMERICAN CITIES BY MOBILIZING THE NEXT GENERATION OF ENTREPRENEURS AND EQUIPPING THEM WITH THE SKILLS AND RESOURCES THEY NEED TO CREATE JOBS. THE ORGANIZATION OPERATES A 2-YEAR FELLOWSHIP PROGRAM THAT RECRUITS, TRAINS, AND INVESTS IN TOP RECENT COLLEGE GRADUATES BY PLACING THEM IN STARTUPS IN AMERICAN CITIES WITH EMERGING ENTREPRENEURSHIP ECOSYSTEMS AND HELPING THEM LAUNCH THEIR OWN HIGH-IMPACT BUSINESSES. VFA OPERATES A TWO-WEEK TRAINING CAMP FOR INCOMING FELLOWS, PROVIDES ONGOING PROGRAMMING DURING THE 2 YEAR FELLOWSHIP, AND OPERATES AN ACCELERATOR FOR PROGRAM GRADUATES WHO ARE STARTING THEIR OWN BUSINESSES. 0 0 4558108 544590 738365 FELLOW EXPERIENCERECRUITMENT AND SELECTIONVFA CONTINUED TO SELECT A REPRESENTATIVE CLASS OF TALENTED RECENT COLLEGE GRADUATES FROM A HIGH-CALIBER, DIVERSE, NATIONAL POOL OF CANDIDATES FROM ACROSS THE COUNTRY. FELLOWS THIS YEAR REPRESENT A WIDELY DIVERSE GROUP OF YOUNG PROFESSIONALS. IN 2023, WE RECEIVED 965 APPLICATIONS AND WELCOMED A HIGHLY SELECTIVE CLASS OF 130 FELLOWS ACROSS OUR 13 COMMUNITIES. NEARLY 58% IDENTIFY AS A RACIAL OR ETHNIC MINORITY. WE CONTINUED TO EXPAND EFFORTS TO RECRUIT FROM AND CONNECT WITH REGIONAL UNIVERSITIES, FACULTY, AND ENTREPRENEURSHIP PROGRAMS ACROSS OUR MARKETS.COMPANY PARTNERS2023: VFA'S ONLINE CONNECT PLATFORM LAUNCHED ON APRIL 17 FOR THE 2023 HIRING CYCLE, PROVIDING 100% OF INCOMING FELLOWS WITH ACCESS TO RESOURCES, OPPORTUNITIES, AND CONNECTIONS ACROSS ALL 13 US CITIES TO PROVIDE EARLY-STAGE CAREER OPPORTUNITIES TO INCOMING FELLOWS. AS THE TEAM WORKED TO SOURCE EMPLOYMENT PARTNERS TO HIRE INCOMING FELLOWS, IT QUICKLY BECAME EVIDENT THERE WERE STRONG NATIONAL TRENDS OF STARTUPS BEING HESITANT TO HIRE DUE TO A DECLINE IN VC FUNDING AND OTHER FACTORS LIKE BANK COLLAPSES THAT OCCURRED IN EARLY 2023. VFA IDENTIFIED CURRENT MARKET TRENDS PARTICULARLY IN THE STARTUP SPACE - AND COMPANIES NEEDING TO HIRE FEWER ENTRY-LEVEL EMPLOYEES AND MORE MID- TO SENIOR-LEVEL STAFF AS TWO OF THE ROOT CAUSES THAT HAVE LED TO FEWER EMPLOYMENT PARTNERS POSTING ROLES FOR INCOMING FELLOWS ON CONNECT AND SLOWER HIRING OVERALL. DUE TO THESE CHALLENGES, THE PLACEMENT TIMELINE WAS EXTENDED TO THE END OF 2023 TO ENSURE THE TEAM CONTINUED TO SOURCE NEW OPPORTUNITIES ACROSS OUR MARKETS AND NATIONALLY AND ARE SUPPORTING FELLOWS IN THEIR JOB SEARCH EFFORTS IN A VARIETY OF WAYS. DESPITE THE MARKET CHALLENGES, ACTIVITY AND ENGAGEMENT ACROSS THE CONNECT PLATFORM HAVE CONTINUED TO INCREASE SINCE ITS LAUNCH. SO FAR, WE HAVE SEEN MORE THAN 2,200 CONNECTIONS BETWEEN FELLOWS AND ECOSYSTEM PARTNERS, INVESTORS, AND FOUNDERS, AS WELL AS THE ALUMNI WHO HAVE RECENTLY GAINED ACCESS TO CONNECT. COMMUNITY PARTNERSHIPS & CITY ENGAGEMENTVFA DIRECTORS IN EACH MARKET HELPED FELLOWS NAVIGATE THEIR CITIES, BOTH PROVIDING INFORMATION ABOUT THE CITY AT LARGE, AND SUPPORTING THEM AS THEY ACCESS LOCAL NETWORKS. THE LOCAL SUPPORT, PROGRAMMING, AND ORIENTATION TO EACH NEW CITY FOR FELLOWS LED TO HIGH CIVIC ENGAGEMENT, IMMERSIVE EXPERIENCES IN THE STARTUP ECOSYSTEM, AND STRONG RELATIONSHIPS WITH OTHER FELLOW AND ALUMNI PEERS LIVING IN THE CITY.FELLOW EXPERIENCE PROGRAMMINGVFA OFFERED EACH OF OUR FELLOWS CURRICULUM TO SUPPORT BECOMING A STARTUP LEADER OR STARTUP FOUNDER. OUR CITY LEADERS REGULARLY PLANNED INFORMATIONAL AND NETWORKING EVENTS, INFO SESSIONS WITH ECONOMIC DEVELOPMENT AGENCIES, AND ENGAGEMENT WITH LOCAL CIVIC LEADERS IN EVERY VFA MARKET. DIRECTORS ALSO PROVIDED FELLOWS WITH 1:1 COACHING DURING THE YEAR OF FELLOWSHIP AND OTHER ACTIVITIES TO ENCOURAGE ENTREPRENEURIAL THINKING.FELLOW EDUCATIONTRAINING CAMPTHE VENTURE FOR AMERICA FELLOWSHIP KICKS OFF WITH TRAINING CAMP, A HALLMARK OF OUR PROGRAM AND A LAUNCHPAD FOR FELLOWS BEGINNING THEIR ENTREPRENEURIAL CAREERS. FOR TRAINING CAMP 2023, TRAINING CAMP WAS HELD AT WAYNE STATE UNIVERSITY. MORE THAN 150 FELLOWS ATTENDED AND PARTICIPATED IN A WIDE ARRAY OF SESSIONS. THE CURRICULUM, WORKSHOPS, AND TRAININGS FOCUSED ON HELPING FELLOWS FOSTER MEANINGFUL CONNECTIONS WITHIN THE COHORT; TEACHING FOUNDATIONAL STARTUP SKILLS AND TRANSFORMATIVE SOFT-SKILLS; INSTILLING VFA CORE VALUES SO THAT FELLOWS CAN LAUNCH THEIR CAREERS AS HIGH-CHARACTER BUILDERS; AND EMPOWERING ENTREPRENEURIAL MINDSETS. MORE THAN A SERIES OF LECTURES AND WORKSHOPS, TRAINING CAMP IS WHAT SETS VFA APART AND WHAT MAKES OUR PROGRAM A TRUE FELLOWSHIP A COMMUNITY OF LIKE-MINDED INDIVIDUALS UNITED BY A SHARED GOAL AND BONDED IN FRIENDSHIP AND CAMARADERIE. TRAINING CAMP, ITS CURRICULUM, AND THE EXPERIENCES PROVIDED TO FELLOWS IS SUPPORTED BY TEAM MEMBERS AND THE COMMITMENT FROM VOLUNTEERS FROM ACROSS THE COUNTRY.FELLOW EDUCATION PROGRAMMING AND ENTREPRENEURIAL ACTIVITIESVFA PROVIDED ONGOING SUPPORT FOR FELLOWS TO EXPAND ENTREPRENEURSHIP SKILLS WITH NATIONAL ENTREPRENEURSHIP PROGRAMS, INCLUDING VALIDATION CHALLENGES, REDUX, VFA'S ANNUAL ACCELERATOR, AND SIDE-PROJECT-A-THON. VFA ALSO PROVIDED PROGRAMMING TO ALUMNI AND FELLOWS COMPLETING THEIR FELLOWSHIP THROUGH PROGRAMS LIKE IN-CITY GRADUATIONS AND OUR NATIONAL ALUMNI REUNION. FELLOWS AND ALUMNI WHO HAVE LAUNCHED THEIR OWN COMPANIES HAD THE OPPORTUNITY TO PARTICIPATE IN PROGRAMS SUCH AS THE ACCELERATOR AND DEMO DAY, YOUNG INNOVATOR AWARDS, VENTURE CATALYST AWARDS, AND BRAINTRUSTS. VFA'S ACCELERATOR PROVIDED A THREE-MONTH, ZERO-EQUITY PROGRAM THAT OFFERED MONTHLY BUSINESS STIPENDS, MENTORSHIP, AND THE OPPORTUNITY TO WIN UP TO $10,000 AT OUR IN-PERSON AND LIVESTREAMED DEMO DAY.COMMITMENT TO DIVERSE AND INCLUSIVE COMMUNITIESVFA IS COMMITTED TO EMPOWERING, PROVIDING OPPORTUNITIES, AND CREATING SUPPORT FOR FELLOWS AND ALUMNI WHO IDENTIFY WITH GROUPS THAT ARE UNDERREPRESENTED IN ENTREPRENEURIAL AND INNOVATION COMMUNITIES. THROUGH OUR RISE AFFINITY GROUPS, VFA CONNECTS AND SUPPORTS INDIVIDUALS WITH IDENTITIES SUCH AS AFRICAN-AMERICAN, AFRO-CARIBBEAN & AFRICAN; SOUTH ASIAN OR SOUTH ASIAN-AMERICAN ; LATINO/LATINA/LATINX; ASIAN OR ASIAN-AMERICAN; LGBTQ; WOMEN; MIDDLE EASTERN OR NORTH AFRICAN; FIRST-GENERATION COLLEGE GRADUATES. WE OFFERED RELOCATION ASSISTANCE TO FELLOWS WHO ARE EXPERIENCING FINANCIAL NEED. 4558108 1 1 0 0 0 0 0 0 0 0 1 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 1 1 0 0 0 1 8 0 1 57 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 9 8 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 NY X X X BETSYE PARK 2603071357 1420 WASHINGTON BLVD 301 DETROIT MI 48226 ERIC SOMERVILLE CEO 40.00 X X 250000 0 21631 DORIE SMITH CHAIRPERSON 3.00 X X 0 0 0 JAY BOCKHAUS TREASURER 3.00 X X 0 0 0 JENNIFER GABRIELLI FORMER DIRECTOR 3.00 X 0 0 0 SHANE TINTLE FORMER DIRECTOR 3.00 X 0 0 0 JARET DAVIS FORMER DIRECTOR 3.00 X 0 0 0 ERIC FELDER FORMER DIRECTOR 3.00 X 0 0 0 CHRISTIAN ANTHONY FORMER DIRECTOR 3.00 X 0 0 0 MARCY ENGEL FORMER DIRECTOR 3.00 X 0 0 0 MATT HAGGMAN FORMER DIRECTOR 3.00 X 0 0 0 GIGI LEE CHANG DIRECTOR 3.00 X 0 0 0 SHEGUN OTULANA DIRECTOR 3.00 X 0 0 0 JAMES FEAGIN DIRECTOR 3.00 X 0 0 0 KARL MUTH DIRECTOR 3.00 X 0 0 0 KIM KOLT DIRECTOR 3.00 X 0 0 0 MAXINE CLARK DIRECTOR 3.00 X 0 0 0 ELIZABETH PARK EMPLOYEE 40.00 X 171000 0 23918 CARRIE MURPHY EMPLOYEE 40.00 X 141000 0 25105 MARY WRIGHT EMPLOYEE 40.00 X 127000 0 25 COLLEEN JUI LIAN WONG EMPLOYEE 40.00 X 125000 0 13002 KEENAN COVINGTON EMPLOYEE 40.00 X 115000 0 10114 TYLER MICHAEL ORGINSKI EMPLOYEE 40.00 X 115000 0 25 1044000 0 93820 11 0 1 0 0 3961440 64024 3961440 PLACEMENT FEES 900099 193106 193106 SUBSCRIPTIONS 900099 59288 59288 252394 14 14 307200 0 307200 307200 307200 EMPLOYEE RETENTION CRE 900099 448753 448753 MISCELLANEOUS REVENUE 900099 37218 37218 485971 5007019 738365 0 307214 544590 544590 271631 173844 29879 67908 3377534 2161622 371529 844383 479173 311463 67084 100626 280090 182059 39212 58819 24074 16370 3130 4574 93737 63741 12186 17810 292166 198673 37981 55512 53159 47311 1595 4253 244827 161586 26931 56310 510547 336961 56160 117426 20153 13136 2807 4210 167867 160833 2367 4667 60056 60056 29606 19244 4145 6217 50766 33001 7106 10659 EVENT COSTS 75421 73618 355 1448 6575397 4558108 662467 1354822 333876 51961 2513 0 208912 0 42500 196662 100302 175303 96737 11315 29908 29908 0 0 -38681 -38681 984599 984599 1148467 1137558 2879225 2518717 91216 720760 660000 1030000 0 208326 751216 1959086 X 2128009 559631 2128009 559631 2879225 2518717 -1568378 0 X 0 0 0 X 4797877 4123955 6110105 4808945 3961440 23802322 4797877 4123955 6110105 4808945 3961440 23802322 23802322 51 14 65 136620 60 27439 485971 650090 24452477 3198873 0.97340 0.97930 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 26421 26421 0 1088 1088 0 2399 2399 0 0 VFA CREATE, LLC 842048 C VFA CREATE, INC 142551 C 984599 WEBSITE 24192 SOFTWARE REBUILD 265272 EMPLOYEE RETENTION CREDIT 848094 1137558 DUE TO VFA 208326 208326 1 NEED INFORMATION NEED ADDRESS DALLAS TX 75230 050568611 501(C)(3) 544590 0 ASSISTANCE 1 PART I, LINE 2: VENTURE FOR AMERICA REQUESTS PERIODIC NARRATIVE AND FINANCIAL REPORTING OF GRANT FUNDED ACTIVITIES FROM GRANTEES. GRANT EXPENDITURES ARE ACCOUNTED FOR UNDER THE ACCRUAL METHOD. X X X 0 0 0 0 0 0 0 0 0 ERIC SOMERVILLE CEO 250000 0 0 0 0 0 0 0 21631 0 271631 0 0 0 ELIZABETH PARK EMPLOYEE 171000 0 0 0 0 0 0 0 23918 0 194918 0 0 0 CARRIE MURPHY EMPLOYEE 141000 0 0 0 0 0 0 0 25105 0 166105 0 0 0 X 2 64024 FMV X OTHER IN-KIND CONTRIBUTIONS 1 15755 FMV 0 0 0 PART I, COLUMN (B): THE TOTAL REPORTED ON LINE 9, COLUMN B REPRESENTS THE TOTAL NUMBER OF CONTRIBUTIONS RECEIVED. PART I, LINE 5 & PART V, LINES 2A & 2B: THE W-2'S FOR EMPLOYEES OF VENTURE FOR AMERICA, INC (VFA) ARE ISSUED BY A PROFESSIONAL EMPLOYER ORGANIZATION (PEO). IN 2023, VFA USED TRINET AS PEO. A PROFESSIONAL EMPLOYER ORGANIZATION (PEO) PROVIDES OUTSOURCING OF PAYROLL, WORKER'S COMPENSATION, HUMAN RESOURCES AND EMPLOYEE BENEFITS ADMINISTRATION. IT DOES THIS BY HIRING A CLIENT COMPANY'S EMPLOYEES, THUS BECOMING THEIR EMPLOYER OF RECORD. IT THEN LEASES THEM BACK UNDER CONTRACT TO THE ORIGINAL EMPLOYER. THIS PRACTICE IS KNOWN AS CO-EMPLOYMENT, EMPLOYEE LEASING, OR STAFF LEASING. THE EMPLOYEES OF VFA ARE REPORTED AS EMPLOYEES OF TRINET ON THE OFFICIAL PAYROLL TAX RETURNS. VFA HAS REPORTED THE NUMBER OF OUR EMPLOYEES WHO ARE PAID THROUGH THE PEO IN PART V, LINE 2A. FORM 990, PART VI, SECTION B, LINE 11B PRIOR TO FILING OF THE RETURN, THE 990 IS DISTRIBUTED TO THE AUDIT COMMITTEE FOR THEIR APPROVAL. THE 990 IS THEN FORWARDED TO THE FULL BOARD FOR THEIR REVIEW. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY IS PRESENTED FOR SIGNATURE TO BOARD MEMBERS ANNUALY. EACH BOARD MEMBER SIGNS AN ANNUAL DECLARATION STATING THAT THEY HAD NO CONFLICTS OR IDENTIFYING THE NATURE OF THEIR CONFLICTED TRANSACTIONS. SHOULD THERE BE ANY NEED TO REVIEW POTENTIAL CONFLICTS, THE BOARD PRESIDENT WILL DETERMINE HOW TO ADDRESS AND TAKE APPROPRIATE ACTION. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION COMMITTEE, COMPRISED OF THREE BOARD MEMBERS, REVIEWS AND CREATES RECOMMENDATIONS ON EXECUTIVE COMPENSATION BASED ON COMPARABLE STUDIES OF RECOGNIZED INDUSTRY COMPENSATION SURVEYS. MINUTES OF THE COMMITTEE REFLECT THE NATURE OF THIS PROCESS. THE COMPENSATION COMMITTEE RECOMMENDATIONS ARE PRESENTED TO THE FULL BOARD FOR REVIEW AND APPROVAL. THE BOARD APPROVES THE ANNUAL ORGANIZATIONAL BUDGET WHICH INCLUDES COMPENSATION DETAIL OF ALL OTHER OFFICERS AND EMPLOYEES. FORM 990, PART VI, SECTION C, LINE 19 THE FORM 990 WILL BE POSTED ON OUR WEBSITE AND IT IS AVAILABLE UPON REQUEST. ALL OTHER DOCUMENTS, SUCH AS PREVIOUS FORMS 990 AND ANNUAL REPORTS, ARE ALSO PUBLISHED ON OUR WEBSITE AT: HTTPS://VENTUREFORAMERICA.ORG/FINANCIALS/ VFA CREATE INC 307 7TH AVENUE 1201 NEW YORK NY 10001 465597863 INVESTMENTS NY C 1.00000 1 VFA CREATE LLC 307 7TH AVENUE 1201 NEW YORK NY 10001 611755050 INVESTMENTS NY C 1.00000 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0