2026-05-14T07:39:49-05:00 2024-12-31 050568611 SST ACCOUNTANTS & CONSULTANTS PLLC 12720 HILLCREST ROAD SUITE 500 DALLAS TX 752302039 990 2024-01-01 272987904 VENTURE FOR AMERICA INC VENT 6467366460 1420 WASHINGTON BOULEVARD 301 DETROIT MI 48226 BETSYE PARK CFO 6467366460 2026-05-06 1 1 JEANETTE VERRELLI P00742631 9723921143 2024 2025-03-06 01:10:19Z ERIC SOMERVILLE 1420 WASHINGTON BOULEVARD 301 DETROIT MI 48226 2498672 0 X N/A X 2011 DE VENTURE FOR AMERICA'S MISSION IS TO RESPONSIBLY STEWARD ITS REMAINING RESOURCES WHILE SUPPORTING THE TRANSITION, ADMINISTRATIVE CLOSE-OUT, AND LONG-TERM NEEDS OF ITS FELLOW AND ALUMNI COMMUNITY. THE ORGANIZATION IS COMMITTED TO PRESERVING ITS LEGACY OF ENTREPRENEURSHIP DEVELOPMENT AND ENSURING AN ORDERLY WIND-DOWN OF OPERATIONS CONSISTENT WITH ITS CHARITABLE PURPOSE. 8 8 35 8 0 0 3961440 1853411 252394 55500 307214 334432 485971 255329 5007019 2498672 544590 0 0 0 4408428 1734478 0 0 0 1622379 463505 6575397 2197983 -1568378 300689 2518717 2316836 1959086 1440870 559631 875966 X VENTURE FOR AMERICA'S MISSION IS TO RESPONSIBLY STEWARD ITS REMAINING RESOURCES WHILE SUPPORTING THE TRANSITION, ADMINISTRATIVE CLOSE-OUT, AND LONG-TERM NEEDS OF ITS FELLOW AND ALUMNI COMMUNITY. THE ORGANIZATION IS COMMITTED TO PRESERVING ITS LEGACY OF ENTREPRENEURSHIP DEVELOPMENT AND ENSURING AN ORDERLY WIND-DOWN OF OPERATIONS CONSISTENT WITH ITS CHARITABLE PURPOSE. 0 0 1758387 310829 IN 2024, VENTURE FOR AMERICA (VFA) CONTINUED TO OPERATE ITS ENTREPRENEURSHIP AND FELLOWSHIP PROGRAMS, PROVIDING TRAINING, PLACEMENT SUPPORT, AND COMMUNITY RESOURCES TO ITS NETWORK OF FELLOWS AND ALUMNI. THROUGHOUT THE YEAR, THE ORGANIZATION ALSO EXPERIENCED INCREASING FINANCIAL AND OPERATIONAL CHALLENGES, INCLUDING A SIGNIFICANT DECLINE IN VENTURE FUNDING AMONG COMPANY PARTNERS, WHICH REDUCED BOTH REVENUE AND AVAILABLE PLACEMENT OPPORTUNITIES. THESE ECONOMIC HEADWINDS, COUPLED WITH SHIFTING PHILANTHROPIC PRIORITIES, LED TO A SUBSTANTIAL DECREASE IN GRANT FUNDING THAT HISTORICALLY COMPRISED THE MAJORITY OF THE ORGANIZATION'S INCOME.ON AUGUST 6, 2024, THE BOARD OF DIRECTORS AND LEADERSHIP TEAM ANNOUNCED THAT VFA WOULD BEGIN THE PROCESS OF WINDING DOWN CURRENT DAY-TO-DAY OPERATIONS. THIS DECISION FOLLOWED SEVERAL YEARS OF CHANGES IN THE ENTREPRENEURIAL LANDSCAPE AND INCREASING DIFFICULTY SUSTAINING THE ORGANIZATION'S HISTORICAL FUNDING MODEL. THE ANNOUNCEMENT ALSO RECOGNIZED VFA'S ACHIEVEMENTS OVER ITS 13-YEAR HISTORY, INCLUDING SUPPORTING OVER 950 COMPANIES, CONTRIBUTING TO ECONOMIC GROWTH IN MORE THAN 20 CITIES, ENABLING FELLOWS AND ALUMNI TO LAUNCH MORE THAN 375 BUSINESSES, AND BUILDING A COMMUNITY OF MORE THAN 1,600 INDIVIDUALS.FOLLOWING THIS DECISION, VFA MAINTAINED A SMALL TRANSITION TEAM RESPONSIBLE FOR COMPLETING THE REQUIRED ADMINISTRATIVE, OPERATIONAL, AND FINANCIAL TASKS ASSOCIATED WITH THE WIND-DOWN. THESE ACTIVITIES CONTINUED THROUGH THE END OF THE YEAR.THE BOARD OF DIRECTORS IS CONTINUING TO EXPLORE POTENTIAL STRATEGIC RESTRUCTURING OPTIONS THAT MAY SUPPORT THE ONGOING NEEDS OF THE EXISTING FELLOW AND ALUMNI COMMUNITY AND DETERMINE WHETHER A FUTURE ITERATION OF VFA IS FEASIBLE. WHILE OPERATIONAL ACTIVITIES ARE WINDING DOWN, THE ORGANIZATION EMPHASIZED THE ENDURING STRENGTH AND IMPACT OF THE VFA COMMUNITY AND ITS LONG-TERM LEGACY IN ENTREPRENEURSHIP DEVELOPMENT. 1758387 1 1 0 0 0 0 0 0 0 0 1 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 0 0 35 1 0 0 0 0 0 0 0 0 0 0 0 0 X 8 8 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 NY X BETSYE PARK 2603071357 1420 WASHINGTON BOULEVARD 301 DETROIT MI 48226 DORIE SMITH CHAIRPERSON 3.00 X X 0 0 0 JAY BOCKHAUS TREASURER 3.00 X 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 ERIC SOMERVILLE CEO 40.00 X 51874 0 7383 ELIZABETH PARK CFO 40.00 X 98344 0 18615 150218 0 25998 0 0 0 0 0 1853411 9990 1853411 PLACEMENT FEES 900099 55500 55500 55500 2718 2718 331714 0 331714 331714 331714 EMPLOYEE RETENTION CRE 900099 255329 255329 255329 2498672 310829 0 334432 176216 140973 35243 1458450 1166760 291690 99812 79850 19962 179386 143509 35877 12928 10342 2586 157797 126238 31559 2221 1777 444 1859 1487 372 15754 12603 3151 39400 31520 7880 MISCELLANEOUS EXPENSES 27836 22269 5567 EVENT EXPENSE 26324 21059 5265 2197983 1758387 439596 0 51961 333084 0 141800 196662 726496 175303 0 11315 40647 29908 29908 0 0 -38681 -30247 984599 984599 1137558 120457 2518717 2316836 720760 542348 1030000 898522 208326 1959086 1440870 X 559631 875966 559631 875966 2518717 2316836 300689 15646 0 X 0 0 0 X 4123955 6110105 4808945 3961440 1853411 20857856 4123955 6110105 4808945 3961440 1853411 20857856 6359674 14498182 51 14 2718 2783 60 60 20860699 3146633 0.69500 0.97340 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 SECURITY DEPOSIT 47270 MISCELLANEOUS 17415 TECHNOLOGY 55772 120457 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 ANNUALLY. 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 ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. VFA CREATE LLC 307 7TH AVENUE 1201 NEW YORK NY 10001 611755050 INVESTMENTS NY VENTURE FOR AMERICA INC C 64417 783656 1.00000 1 VFA CREATE INC 307 7TH AVENUE 1201 NEW YORK NY 10001 465597863 INVESTMENTS NY VENTURE FOR AMERICA INC C 2774 403687 1.00000 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0