Overview
What is Refraction Inc?
Refraction Inc, based in McLean, Virginia, is a thriving nonprofit organization situated at 7950 Jones Branch Dr, 8th Floor Nort. Its primary mission is to support the growth and development of startups and high-growth companies within the Washington, DC region. To accomplish this, Refraction provides valuable mentorship, innovative programs, and dedicated workspace, all aimed at fostering job creation. With a dedicated team of three individuals, Refraction Inc plays a significant role in nurturing the local entrepreneurial ecosystem.
Official website here: www.refraction.one/
What are the reviews and ratings of this charity?
Charity Navigator Rating: Needs Improvement (66%, Two-Star out of Four Star rating). This rating reflects that Refraction Inc has some strengths but also faces significant challenges in areas of accountability and transparency. The organization has a solid commitment to program expenses, with an impressive program expense ratio of 94.15%, indicating that a large portion of its funds is directed towards its mission.
However, the organization struggles with several aspects of governance and financial reporting. While it has a majority of independent board members, it lacks an independent board size and has not provided financial statements, which raises concerns about transparency. Additionally, the absence of a whistleblower policy and a document retention and destruction policy further highlight areas needing improvement.
The organization does exhibit some positive practices, such as having a conflict of interest policy and maintaining board meeting minutes. However, the missing elements in accountability practices and financial reporting detract from its overall effectiveness, making it essential for Refraction Inc to address these issues to enhance trust and support from the public and stakeholders.
This AI summary has been generated from information found on Charity Navigator.
What do the Facebook reviews say about Refraction Inc?
Currently, Refraction Inc has not yet received an overall rating, but three reviews have highlighted some positive aspects of the organization. One user particularly praised the friendly atmosphere, mentioning their appreciation for the host, Jordan, and the inviting space that is both open and serene, complemented by great views.
The sentiment reflects a warm and welcoming experience, suggesting that visitors feel comfortable and valued. This indicates a strong foundation of positive interaction and community spirit that could bode well for the nonprofit's future operations and events. Users are eager to return, hinting at a memorable experience that encourages repeat visits.
This AI summary has been generated from reviews found on Facebook.
Is Refraction Inc legitimate?
Refraction Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Refraction Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $250,000
Professional Fundraising Fees: $0
Other Salaries and Wages: $61,300
For more financial information, click here
Official website here: www.refraction.one/
What is the mission statement of Refraction Inc?
Refraction Inc, as a nonprofit innovation hub, is dedicated to supporting the growth and creation of jobs for startups and high-growth companies. They achieve this mission by offering mentoring, specialized programs, and providing workspace. This assists these companies in their development, ultimately contributing to the economic growth of their respective industries. By providing these resources, Refraction Inc aims to foster an environment that encourages innovation and entrepreneurship.
Official website here: www.refraction.one/
Who is the CEO of Refraction Inc?
Esther Lee is the President & Ceo of Refraction Inc. The CEO's salary of Refraction Inc is $246,757 and their total compensation is $302,460.
Official website here: www.refraction.one/
What is the revenue of Refraction Inc?
Refraction Inc's revenue in 2022 was $1,160,860.
Official website here: www.refraction.one/
Who are the executives of Refraction Inc and what are their salaries?
The average compensation at Refraction Inc during 2022 was $103,767. There are 3 employees at Refraction Inc.
Here are 3 key members and their salaries (Refraction Inc's CEO's salary is $246,757 and their total compensation is $302,460):
- Compensation: $246,757
- Related: $0
- Other: $55,703
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.refraction.one/
Where can I find the form 990 for Refraction Inc?
Refraction Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.refraction.one/
Learn more at the official website: www.refraction.one/
Mission Statement of Refraction Inc
Refraction, a nonprofit innovation hub, is dedicated to supporting the growth of startups and high-growth companies in the greater Washington, DC region. The organization's mission is multifaceted, encompassing the provision of mentoring, programs, and workspace. Refraction aims to foster an environment that empowers these companies to thrive, ultimately contributing to job creation within the region. By offering these resources, Refraction plays a significant role in nurturing the entrepreneurial spirit and promoting economic development in its community.
Shop smarter and support your favorite cause with the Give Freely browser extension. Save money with coupons and donate to charity with a single click. Download now!
Impact
July, 2024
Refraction Inc's impact is seen in the growth and job creation it catalyzes within the greater Washington, DC region. By providing mentoring, programs, and workspace to startups and high-growth companies, Refraction Inc plays a key role in fostering innovation and economic development in the area. Its initiatives not only support the growth of these businesses but also contribute to the overall improvement of the community by creating employment opportunities and driving entrepreneurship in the region.
This information is meant to be a general summary of Refraction Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $2,478
- Program Service Revenue: $1,158,382
- Gross Receipts: $1,160,860
Assets and Liabilities:
- Total Assets: $1,150,126
- Total Liabilities: $290,535
- Net Assets: $859,591
Want to help this charity, for free? You can click here to learn more about Give Freely
Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Membership Fees
Revenue
$922,741
Sponsorships and grants
Revenue
$235,641
Organization Details
Founding Year
2018
Phone
(703) 712-7565Principal Officer
Esther Lee
Main Address
7950 Jones Branch Dr 8th Floor Nort, McLean, VA, 22102
Website
www.refraction.one/NTEE Category
Code: S30 - Community improvement
If you are a representative of Refraction Inc and wish to learn more about how Give Freely can help you raise funds, please click here: https://givefreely.com/nonprofits/. Our services are offered at no cost to your organization.