mission - venture for america · mission. table of contents 3 a letter from 2012 fellow sean lane 4...

2 0 1 4 A N N U A L R E P O R T

To revitalize American cities and communities through entrepreneurship.

To enable our best and brightest to create new opportunities for themselves and others.

To restore the culture of achievement to include value-creation, risk and reward, and the common good.

M i s s i o n

Table of Contents

3 A letter from 2012 Fellow Sean Lane

4 Impact 2014 Timeline VFA Cities Fellow Founders Fellows at Work Fellows in the Community

18 #VFAmily A letter from Andrew Yang Team Press

22 Financials

27 Donors

Dear VFA Supporters, I’ll never forget when the bios for the inaugural class of Venture for America Fellows were first published on the VFA website in 2012. As I looked through this group of my peers and future friends, I couldn’t help but be intimidated by the endless list of academic achievements and entrepreneurial successes. I questioned whether I belonged with such a prestigious group, and whether I would stack up once the Fellowship began.

Shortly thereafter, when our class arrived at Brown University for VFA’s five-week training program, something strange happened. Despite my original apprehension, I didn’t find myself cornered by a cutthroat culture of overachievers, but rather inspired by a remarkable cohort of young people excited to build things and build themselves. Not to mention, I heard over and over that my new friends had been equally intimidated when looking at our new class on the VFA website.

I met Kathy Cheng, an MIT grad who wowed the judges as she sat across the table from me at VFA’s rigorous Selection Day. I was fortunate enough to be teamed up with her again for the duration of Training Camp. I met Sean Pennino, the rare Physics major/hockey player hybrid who moved to Providence with me at the start of our fellowship. Throughout the two years, we shared the ups and downs of our jobs, and even coached a local hockey team together. I’m now proud to call him one of most trusted friends. And finally, I’ve never forgotten the kind note that Brian Rudolph wrote to me at the end of Training Camp after working on just a single project together. Brian, another lifelong friend of mine, is now the founder of Banza, a pasta company that’s created over 25 manufacturing jobs in Michigan.

I could go on, but the point is that the more time I spent with this group, the better I wanted to be—not just for my own development, but for the betterment of VFA, and of my class.

While I have officially graduated from VFA, I still work at the same company I began my fellowship with and will forever consider myself a VFA Fellow. The fellowship led me to Swipely, a payments and analytics startup in Providence, RI. Over the past three years, I’ve seen Swipely surge from 25 employees to over 100, and have been fortunate enough to have my roles and responsibilities grow along with the company. Having a front row seat to this kind of growth would not have been possible without Venture for America, and more importantly, my personal development and growth would not have been possible without the guidance and inspiration from the VFA Team and from my classmates.

This thing that we’re building together—it’s working. I’m now a member of the first ever VFA Alumni Board, and I see it every day. Fellows are not only starting their own companies—some have even hired other Fellows to work for them. Others are key contributors at growing startups like Swipely, and play pivotal roles in their local startup ecosystems and communities.

Three years later, it’s hard to believe I was intimidated by those 39 other bios. I’m nothing but honored to call those incredible people my friends and my peers in the most close-knit network I’ll ever be part of. What you don’t see by looking at bios on a website is the incredible character, grit, and integrity of every person involved with VFA. Now, I know I belong and I couldn’t be more grateful for the opportunity VFA gave me.

I hope you enjoy learning more about what the Fellows and alumni are working on, and the impact we had in 2014. Imagine what we’ll do in 2015 and beyond!

Thank you for your support,

Sean Lane2012 Venture for America Fellow

I m p a c t

Jan Feb Mar Apr May Jun

Fellows jumpstart side projects and community initiatives with the annual VFA Innovation FundTo kick off the year in true VFA style, nine teams of Fellows took part in the 2014 Innovation Fund to crowd fund for their projects and ideas that could eventually turn into companies. Thanks to our partners Barclays and Indiegogo, top teams took home over $40k in prizes, along with the $100,551 they raised on their own over the 6 week competition.

We celebrate the release of Smart People Should Build ThingsIn his first book, Smart People Should Build Things published by Harper Collins, Andew Yang describes the problem that led him to found Venture for America in 2011: America’s most talented young people are no longer build-ing things. The solution? Sending our most talented college gradu-ates to startups and early- stage growth companies around the country, where they can learn to be entrepreneurs themselves. (Sound familiar?)

The book, which landed in the hands of entrepreneurs, business leaders, and college students across the country, is a true repre-sentation of what VFA stands for.

Fellows, Company Partners, and VFA supporters attend the first City as a Startup conferenceIn what would become an annual gathering, VFA friends and supporters from across the country attended the first City as a Startup conference in downtown Las Vegas to learn how leaders are turning their cities into entrepreneur-ial hubs. Attendees heard from speakers like Tony Hsieh, CEO of Zappos, Graham Weston, CEO of Rackspace, and a handful of other leaders spearheading the charge.

Impact2014 Timeline

Dan Gilbert, NYC Mayor Michael Bloomberg, and more join us for our annual Summer CelebrationEvery year, we bring together leaders in tech, business, media, and more to celebrate and support our work. In 2014, speakers included NYC Mayor Michael Bloomberg, New York Times columnist David Brooks, and Dan Gilbert, the chairman and found-er of Rock Ventures and Quicken Loans Inc. But the best part? For the first time, four Fel-low-founded companies — Banza, Zest Tea, Slope, and Castle — were grant-ed UBS Venture Catalyst Awards, totaling $150k in seed investments.

Matchmaking season beginsAfter four competitive Selection Days, the newly- minted 2014 Fellows began interviewing for jobs with our Compa-ny Partners all over the country. With advice, resume-tweaking, and a lot of support from our Company Partnerships team, every Fellow landed a job in one of 12 cities across the U.S.

Venture for America | 2014 Annual Report | 5

With the help of a Company Partner, we launch our brand new website Thanks to a Providence-based Company Partner, Figmints, we seriously spruced up our website and online presence to better tell the stories of our Fellows and the real VFA ex-perience. After its launch, a full 30% of 2015 applicants cited the website as what convinced them to apply to VFA, up from 13% in 2014.

For the first time ever, Fellows pitched the VFA Seed FundFour teams of graduating Fellows hoping to jumpstart their companies had the opportunity to pitch to a panel of potential investors and receive funding from a pool of $150k.

Jul Aug Sep Oct Nov Dec

The first class of Fellows became VFA Alumni The Class of 2012 returned to Training Camp to reunite be-fore officially embark-ing on their post-VFA journeys. This marked the first full VFA Fel-lowship cycle — and we couldn’t be proud-er. Many went on to start their own busi-nesses, while others kept growing with their VFA companies.

Fellow-founded company Banza appears on Restauraunt StartupAfter launching his company through the VFA Innovation Fund in 2013 and getting investment from the first VFA Seed Fund, Brian Rudolph ‘12 and his brother and co-founder, Scott, ap-peared on CNBC’s Restau-rant Startup to pitch their chickpea pasta, Banza, to a group of investors. Groups of Fellows, team members, and supporters gathered across the country to cheer Brian on from their couches (and eat Banza!) as the duo won $75,000 in investment from restaurateur and Eataly co-founder Joe Bastianich.

Impact: Timeline


Fellows fly in from all over for the Fellow-hosted “Philly Phormal”Over 70 Fellows traveled to Philadelphia for a weekend of getting to know the city, catching up, and celebrating the end of an incredible year with a seriously classy formal — all organized by a group of Philadelphia Fellows. There were Fellow-led Philly tours, plenty of reunions, and of course, a visit to the “Rocky” steps. We have a feeling this will become an annual tradition.

Rebirth Realty, a Fellow project to restore an abandoned Detroit home, opens its doorsIn 2013, Fellows Tim Dingman, Scott Lowe, Max Nussenbaum, and Sean Jackson bought an abandoned house in Detroit and spent the next year renovating it to create a home and co-working space for other Fellows. The project was funded in part by $16k raised during the first VFA Innovation Fund in 2012, with an additional $100k com-ing from private investments. In November, the house was finally ready for eight ten-ants, seven of them VFA Fellows, to move in and get to work.

The 2015 class begins to take shapeThe 2014 Fellows had just hit the ground to begin work, but recruiting and selecting our next class of Fellows was already underway. In late September, we held our first Selection Day for the 2015 class, and in October the first group of 2015’ers officially accepted their offers, with many more to come.

The 2014 Fellows head to work in cities around the country Fellows began work at startups around the country, including four new cities: San Antonio, Miami, Columbus, and St. Louis.

2014 Fellows land at our 3rd annual Training Camp at Brown UniversityOver five intense weeks in Providence, RI, the 2014 Fellows learned the hard and soft skills needed to thrive at a startup, while also forming the lifelong friendships that make the VFA Family so strong. Guided by the VFA team, leaders from the field like IDEO and the Flatiron School, and entrepreneurs and investors like Dave Tisch, David Rose, and more, the Fellows focused on learning everything they could—from programming and design, to sales, negotiation, and more.


CitiesMap of cities New cities highlighted Year that we went to that city# of Fellows per city

Philadelphia17 Fellows

San Antonio4 Fellows

Providence19 Fellows

Miami6 Fellows

New Orleans32 Fellows

Columbus5 Fellows

Cincinnati 17 Fellows*

Detroit40 Fellows

Baltimore23 Fellows

St. Louis5 Fellows

Cleveland15 Fellows

2012 2013 2014

Venture for America cities since…

Las Vegas13 Fellows

San Antonio80/20 FoundationGeekdomVentureLab

St. LouisBoeing VenturesHatchbuckTopOPPS

ColumbusAzotiBeamPrint SyndicateSafeWhiteTicketFire

MiamiCirleKairosRokk3r LabsZeel

New in 2014

Impact: VFA Cities

Company Partnersinclude:

*total Fellows who have worked in each city

F e l l o w s

$150,000

invested in Fellow founded companies through the UBS Venture Catalyst Awards

2014 by the Numbers: Fellow Founders & Job Creation

$100,551raised to fund Fellow projects during the Innovation Fund

1,200+


jobs created by Fellow-founded and partner companies by the end of 2014

15Innovation Fund

projects launched by Fellows

44% of Fellows

pursued side projects

8alumni worked full- time at companies

they founded

Fellow Founders

Today, Brian Rudolph is the co-founder and CEO of Banza, a chickpea pasta company that’s already created 25 manu-facturing jobs in Michigan. But in 2012, Brian was heading down a much more traditional college senior path— like a lot of his bright, talented peers, he was applying to consulting jobs. Even though he’d started his own business in college, the thought of founding a company so early in his career seemed like a risky direction without a clear path to follow. When Brian met Andrew Yang and heard about VFA, he

had a change of heart. He joined the first class of VFA Fellows, moved to Detroit where he spent his days working for a marketing plat-form, Quikly, and with

the encouragement of his VFA mentor, began brainstorming ideas for a company. “Venture for America gave me the belief that I could start a company,” he said. None of his initial ideas stuck, but like many entrepreneurs, Brian found inspiration in a problem of his own: he loved pasta, and struggled to find healthier, gluten-free alternatives. Soon, Bri-an started making batches of chickpea pasta in his kitchen, and many less-than-perfect iterations later, he had made something that actually tasted good — and when his friends started asking for more, he realized he might have a business on his hands. He found a co-founder in his older brother, Scott, and laid the foundation while completing his Fellowship, securing $27k in funding through VFA’s Innovation Fund and another $45k as the winner of the UBS Venture Catalyst Awards for VFA Fellows. In 2014, he finally made the move to build Banza full-time, and even hired a 2014 Fellow, Avery Hairston, to join his team. Needless to say, this is something Brian never saw coming on his graduation day from Emory. “Without this program, I would not be doing anything close to what I’m doing today,” Brian said. 25 jobs is quite a start, and we can’t wait to cheer Banza on in the years to come.

Brian Rudolph ‘12Co-founder of Banza

“Without this program, I would not be doing anything close to

what I’m doing today.”


Fellow Founders

Finding a good co-founder — someone who shares your vision, your values, and your hustle — isn’t easy. Luckily, Brian Bosché and Dan Bloom had a leg up. When they became roommates at the first VFA Training Camp in 2012, they clicked immediately. Over the next two years, Brian and Dan spent their days at startups in Detroit and Cincinnati, respectively, but

always kept each other in mind as co-found-ers, knowing that they shared a strong founda-tion of VFA values. Af-ter gaining experience at their startups, they

launched a company called TernPro, which aimed to help com-panies create and manage video content. Over time, TernPro evolved into Slope, a platform for marketers and creatives to manage and collaborate on media projects. In 2014, Slope re-ceived $30k in investments through the UBS Venture Catalyst Awards, and went on to hire four employees in Detroit. As the year drew to a close, they earned a spot in the highly compet-itive Microsoft Ventures Accelerator in Seattle. They were the only Detroit company to make the cut. When asked about their success, the duo gives credit to each other and to VFA. Dan says, “Our friendship has blos-somed into a partnership that seems to work pretty well. There is definitely this fundamental trust that we share for one another that stems from the foundation of VFA’s principles. There is a lot we don’t have to worry about, because as Andrew always points out, we simply aren’t jerks — VFA made sure of that during the selection process. We are both good people who were inspired to build something, or at least try. Even if we fail, it will be one hell of a learning experience and something we will share for-ever. Not a bad way to spend our 20s (and beyond...?).” We can’t help but agree — and we’re so glad VFA could bring these co-founders together.

Brian Bosché ‘12 & Dan Bloom ‘12Co-founders of Slope

“There is definitely this fundamental trust that we have for one another that stems from the foundation of VFA’s principles.”


2014 by the Numbers: Fellows at Work

The 2014 Class

of VFA alumni stayed involved in startups and growth companies

100+ Company Partners employed Fellows

and alumni

60% of partner companies are between 1 and 5 years old

Fellows generally join teams of 5-50 employees

Companies are well-distributed across software, physical product, and service


73companies hired 2014

Fellows

29companies

hired more than one Fellow

90%

Fellows at Work

As an undergrad at Barnard, Nazli Danis didn’t yet think startups were for her. She was set on a career in art, but gradual disenchantment with the whole scene left her feeling aimless. That is, until she worked with the president of Columbia’s entrepreneur-ship club during her senior year. He was smart, engaging, and really cared about the work he was doing— and Nazli realized she wanted her post-grad life to be full of people like him. But where would

she find them? The answer seemed to lie in startups, something Nazli had nev-er really considered. “It hadn’t dawned on me that someone like me [without programming skills] could work at a startup,” she said.

Though Nazli’s interest in entrepreneurship came later on in college, it was clear that she had the raw material to become a pos-itive force at any early-stage company and made her first foray into startups a lot less daunting by accepting a VFA Fellowship. Through VFA, she landed a job at Kairos, a Miami-based company that devel-ops APIs for facial recognition. It was all new to her — but her boss, Ben Virdee-Chapman, quickly realized she could handle some major projects. “If I don’t know how to do something, Ben says, ‘Just do it! You’ll figure it out along the way,’” Nazli said. And that’s exactly what she’s done. Beyond her day-to-day work as a designer, Nazli shot and edited videos for Kairos’ landing page with no experience and no budget – just a tripod and the acting skills of Ben’s wife. And she’s learned a lot more than just hard skills. “I’m usually a very practical and realistic person, but I think sometimes that’s sort of a cop out, as opposed to being optimistic and working towards a goal,” Nazli said. “My boss has extended my horizon on that front by an order of magnitude. He pulls things off.” Ben knows that Nazli can pull things off, too, and has trusted her to tackle big problems while growing her professional chops every day. As it turns out, people like Nazli can not only work at startups — they can thrive and truly help move a business forward.

Nazli Danis ‘14Designer at Kairos

“It hadn’t donned on me that someone like me could

work at a startup.”


Fellows at Work

When Chisom Uche joined VFA and accepted a marketing position at St. Louis-based TopOPPS, his own marketing experience boiled down to one summer internship. Needless to say, he had a lot to learn — and TopOPPS, a small, growing startup, turned out to be just the right environment to wear a lot of hats and quickly build a di-

verse skillset on the job. Within his first few months, Chisom began to under-stand that his title barely mattered at a company so small; from the beginning, he found himself working on anything and everything.

Taking on such a diverse set of projects was initially a little daunting. “VFA hard-wired us to always add value,” he said, “but it’s hard to add value when you don’t know what you’re doing.” So he took that drive to add value – something he says he learned at Training Camp– and adopted a new motto: “If I can do something, I just do it.” A few months in, after observing, listening, pitching in wherever he could, and asking a lot of questions, he realized he could take on anything, and his team at TopOPPS agreed. He’s now even taken on managing their website and is learning how to build custom code. One particular point of pride: during his first six months, Chi-som served as the project manager for TopOPPS’ first-ever compa-ny overview video, a project that involved everything from scripting a clear value proposition to working with a videographer — even per-forming a minor acting role. The project was formidable, but Chisom ran the process with success; the finished video drove sales in a seri-ous way. ”I didn’t realize how much it would help us,” he said. It was an incredible feeling to see a project he had worked on from start to finish add to TopOPPS’ bottom line, and he’s more excited than ever to take on the kind of big projects that will drive TopOPPS’s growth — not to mention his own.

Chisom Uche ‘14Marketing & Sales at TopOPPS

“VFA hard-wired us to always add value.”


2014 by the Numbers: The Newest Class of Fellows

233104 45

4A day-long, in-person interview during which candidates are assessed by members of the VFA team and a group of industry professionals.

12% acceptance rate

1,023applicants for the 2014 class

Where our 2014 Fellows came fromTop 5 schools: Duke UniversityNorthwestern University University of North Carolina Columbia UniversityUniversity of Michigan


on-campus events at...

universities across the country.

Selection Days

colleges and universities represented by the applicant pool

Fellows in the Class of 2014 105

Fellows in the Community

Emily Bowe grew up in Texas, but after moving away to attend college at UNC, this self-described “professional urban nerd” didn’t plan on moving back. Meanwhile, she kept hearing about Venture for America and its mission to revitalize America

cities through entrepre-neurship—an urban nerd’s dream come true!—and was accepted into the 2014 class. Then when she heard about the 80/20 Founda-tion and its effort to build San Antonio into America’s

next great hub for entrepreneurship, she knew she had to be a part of it. “If not for VFA, I would’ve moved to one of the coasts,” she said—but now she’s thrilled that she found her way back to Texas. Emily joined the three-person 80/20 Foundation, estab-lished by Rackspace CEO Graham Weston with the intent to turn San Antonio into an entrepreneurship hub. From the start, Emily was deeply involved in advancing the mission of the foundation, learning everything she could about the city’s growth and taking on huge projects to make it happen. But soon, that mission had seeped into her life outside of work, too. Through 80/20, Emily heard about TechBloc, an organi-zation aiming to bring together and organize the local tech sector to continue pushing toward building a robust tech economy in San Antonio. Wanting to get involved, she took on the project of plan-ning TechBloc’s launch event. While Emily had hoped for 300 at-tendees, thanks to her hard work and hustle, over 700 people came to meet and mingle—and the event even attracted both current mayoral candidates, who recognized a growing, powerful constit-uency when they saw it. At the launch, surrounded by a communi-ty hustling towards the same goals she and the 80/20 Foundation work towards every day, Emily was struck by San Antonio’s incred-ible potential for meaningful growth and development. She can’t wait to bring more VFA Fellows to San Antonio, where she knows their work will have a real, immediate impact—all they have to do is follow her lead.

Emily Bowe ‘14Operations Manager at 80/20 Foundation

“It doesn’t take an extra step to be involved in urban planning when

you’re already in a VFA city.”


Fellows in the Community

Eleanor Meegoda moved to Detroit for her Fellowship in 2013, and immediately fell in love with its entrepreneurial hustle. As an analyst at Detroit Venture Partners, she had the chance to work directly with a group of entrepreneurs who are building meaningful companies to help revitalize Detroit. But in true VFA fashion, she wanted to contribute to the Motor City beyond the office, too Eleanor saw that Detroit was a city of doers and mak-ers, like her — but noticed that the diverse groups hustling

across the city rarely came together under one roof. So she and 2012 Fellow Jake L’Ecuyer hatched a plan to bring a wide group of Detroiters together for an ambitious public art

project: creating a giant Rube Goldberg machine. The ambitious pair reached out to faith groups, youth groups, artists, nonprofits, and businesses, and held a series of workshops along the way to help the budding Rube Gold-berg engineers learn a few mechanical basics. Then on Oc-tober 18th, 19 mini-Rube Goldberg machines, comprised of more than 200 individual steps, were connected, forming the first (and so far, only) Rube Goldberg machine built for and by Detroiters. It was a spectacular display — but the real success came from the community that formed as a diverse group of Detroit leaders and community members learned and built alongside one another. Eleanor said: “Why are we doing this? Because we love Detroit. There are cool people doing amazing things all over the city. We want to bring them together.” And bring them together she did.

Eleanor Meegoda ‘13Co-founder of Motor City Machine

“There are cool people doing amazing things all over the city.

We want to bring them together.”


V FA F a m i l y

Dear Friends of Venture for America,Thank you for supporting us through an incredible year! In 2014 we achieved new levels of success on every front—from the number of Fellows recruited, trained, and placed at early stage companies, to the number of cities where Fellows live and work, to the number of new jobs and companies our Fellows have created or helped grow. 2014 saw our first class of Fellows graduate; the vast majority of them are continuing to work at growth companies in diverse communities around the country. Their continued commitment is a clear sign that we are building something profoundly impactful.

In Baltimore, St. Louis, Detroit, New Orleans, Cleveland, Providence and the other VFA cities, both the opportunity and needs are clear. Entrepreneurship among 18 to 30 year olds is at a multi-decade low nationwide and remains a distant possibility for the vast majority of young people. And yet we have seen what is possible with the right support, experience and community.

Take Mark Bernstein, a 2012 VFA Fellow who graduated from Northwestern University that year. He spent two years working at a wetlands mitigation company in New Orleans helping safeguard the environment and enabling responsible real estate development. His company was acquired, and now Mark is the co-founder of Magnolia Land Partners, a new company in New Orleans that builds upon his experience.

Mark is joined by dozens of other VFA Fellows founding or growing a new enterprise based on the needs of the community. If we want new companies to take shape, we have to cultivate people who will take on the challenge of starting them. These challenges are as much values-driven and human as they are resources-driven and technical (though money does help).

My son turned two this past year, and seeing him and Venture for America grow side-by-side has been edifying. How do we give our young people a path and set of choices to become the high-impact leaders we need them to be? My hope is that Venture for America can help provide an answer. As my wife says, trees take time to grow—but when they do they grow tall and strong.

In these pages, you’ve read about VFA’s growth and impact in 2014, none of which would have been possible without your generous support. Thank you for your belief and confidence in our young people and their potential impact on our country’s econ-omy and society.

Gratefully yours,

Andrew YangFounder & CEO


The VFA Team

Andrew YangFounder & CEO

Eileen LeeCOO

Mike TarulloSVP of Corporate

Development

Megan HurlburtSenior Marketing Manager

Elisabeth DeograciasCompany Partnerships

Manager

Lauren GillSenior Talent Manager

Jason TarreStartup Partnerships

Manager

Seon-Hye MoonDirector of Operations

Amy NelsonVP of External

Relations

Jackie MillerDirector of

Partnerships

Leandra ElbergerCommunications

& Development Manager

Joe GuyCommunity

Growth Manager

Eric CaballeroVP of Programs

Cathlin OlszewskiDirector of Programs

Isa BallardOperations Manager

Laila SelimCommunity

Growth Manager

Lauren KahnAssistant to the CEO

Barrie GrinbergDevelopment

Manager

Tom GriffinCommunity Development

Associate

Operations

Programs Community Growth

Development

Corporate Development

Company Partnerships

Recruitment Marketing


“Rather than complaining about the less than stellar US economy, high unemployment, and manufacturing jobs sent oversees, one nonprofit is actually doing something about it.”

—ABC News

Press


F i n a n c i a l s

Assets

Cash and cash equivalentsContributions receivable Other receivablesFellow loans receivablePrepaid expensesInvestmentsProperty and equipment, netOther assets

TOTAL ASSETS

2014

$1,808,291$2,110,581$2,864$168,145$33,505$33,639$46,119$79,790

$4,282,935

2013

$751,558$2,729,668$42,000--$26,735$27,470$45,064$25,871

$3,648,366

Liabilities

Accounts payable and accrued expensesDeferred rent

TOTAL LIABILITIES

$341,315$3,651

$344,966

$30,465$1,137

$31,602

Net Assets

Unrestricted Temporarily restricted

TOTAL LIABILITIES

TOTAL LIABILITIES AND NET ASSETS

$1,146,969$2,791,000

$3,937,969

$4,282,935

$766,914$2,849,850

$3,616,764

$3,648,366


Cash Flows from Operating Activities

Change in net assets

Adjustments to reconcile change in net assets to net cash provided by operating activities: Deprecation and amortization Unrealized losses (gains) Realized losses (gains)

Changes in operating assets and liabilities: (Increase) Decrease in assets: Contributions receivable Other receivables Fellow loans receivable Prepaid expenses Other assets

Increase in liabilities: Accounts payable and accrued expenses Deferred rent

Net cash provided by operating activities

Cash Flows from Investing Activities

Purchases of investmentsProceeds from sale of investments Purchases of property and equipment

NET INCREASE IN CASH AND CASH EQUIVALENTS

Cash and cash equivalents: beginning of year

CASH AND CASH EQUIVALENTS: END OF YEAR

2014

$321,205

$34,324($78)($2,075)$9,264

$609,822$39,136($168,145)($6,770)($53,919)

$310,850$2,514

$1,096,128

($58,722)$54,706($35,379)

$1,056,733

$751,558

$1,808,291

2013

$3,297,074

$22,532$80$535--

($2,633,498)($42,000)--($20,018)($22,288)

$8,810$1,137

$612,364

--$41,083($26,513)

$585,851

$165,707

$751,558



General Support and Revenue

ContributionsSpecial events In-kind contributionsInvestment income (loss) Interest income - Fellow loansNet assets released from restrictions

TOTAL SUPPORT AND REVENUE

Expenses

Program servicesManagement and general Fundraising

TOTAL EXPENSES

Change in net assets

Net assets: beginning of year

Net assets: end of year

$555,918$73,844$348,316$3,200$3,145$3,457,060

$4,441,483

$3,063,911$449,820$547,697

$4,061,428

$380,055

$766,914

$1,146,969

Unrestricted Temporarily Restricted

Total

$3,392,210

($3,457,060)

($58,850)

($58,850)

$2,849,850

$2,791,000

$3,954,128$73,844$348,316$3,200$3,145

$4,382,633

$3,063,911$449,820$547,697

$4,061,428

$321,205

$3,616,764

$3,937,969

$1,048,408$160,875$184,712($34)

$1,084,631

$2,478,592

$1,493,265 $449,820$547,697

$4,061,428

$380,055

$766,914

$1,146,969

Unrestricted Temporarily Restricted

Total

$3,784,481

$1,084,631

$2,699,850

$3,063,911$449,820$547,697

$4,061,428

$380,055

$766,914

$1,146,969

$4,832,889$160,875$184,712($34)

$5,178,442

$3,063,911$449,820$547,697

$4,061,428

$380,055

$766,914

$1,146,969

2014 2013


Personnel Costs

SalariesPayroll taxes and employee benefits

Total personnel costs

Program expensesProfessional and consulting feesOccupancyTravel and related costs Event costsMeals and entertainmentOffice supplies and expenses InsuranceDues and subscriptionsAdvertisingDepreciation and amortizationShippingBad debt expenseOther costs

Sub-total

Less: expenses deducted directly from revenues on the statenent of activities

TOTAL EXPENSES

$1,096,597

$198,621

$1,295,218

$139,665$767,935$250,118$229,755$139,900$159,225$18,487

$34,172

$20,149$7,972

$1,315

$3,063,922

$3,063,911

Program Services

Management & General

Fundraising Total

$109,693

$19,740

$129,433

$209,841$23,984$2,554$5,103$12,526$12,600$3,434$7,245$6,010$34,324$207

$2,559

$449,820

$449,820

$266,072

$48,692

$314,764

$30,973$68,526$36,099$280,462$2,986$5,149

$4,904

$3,970$9,264$3,784

$760,881

$213,184

$547,697

$1,472,362

$267,053

$1,739,415

$139,665$1,008,749$342,628$268,408$425,465$174,737$36,236$3,434$46,321$6,010$54,473$12,149$9,264$7,658

$4,274,612

$213,184

$4,061,428

$640,270

$116,712

$756,982

$128,057$130,066$175,891$21,038$161,735$72,483$14,529

$9,972$17,777$2,492

$2,243

$1,493,265

$1,493,265

Program Services

Management & General

Fundraising Total

$56,973

$10,342

$67,315

$22,505$16,866$3,993$10,667$4,142$24,810$9,943$12,040$1,459$22,532

$3767

$200,039

$200,039

$200,039

$116,659

$20,683

$137,342

$12,515$48,190$27,384$147,213$26,922$5,166

$2,169$4,189

$3,140

$414,230

$226,166

$188,064

$813,902

$147,737

$961,639

$128,057$165,086$240,947$52,415$319,615$103,547$44,505$9,943$24,181$23,425$25,024

$9,150

$2,107,534

$226,166

$1,8881,368

2014 2013

D o n o r s

$500,000+BarclaysPwC Charitable FoundationUBS

$100,000+Abell Foundation

Blackstone Charitable FoundationJohn S. & James L. Knight FoundationNew Economy Initiative for Southeast MichiganRobert W. Deutsch Foundation

$50,000+Burton D. Morgan FoundationCVC Capital PartnersGoldseker FoundationGreater Cincinnati FoundationRhode Island Foundation

$25,000+AnonymousBhikhaji ManeckjiDan PorterDelta DentalEric CantorEric FelderHaile/U.S. Bank FoundationLeon Lowenstein FoundationManhattan InstituteSy JacobsThe Nord Family Foundation

$10,000+Andy ParkerBernard SucherCharles PennerCharlie KrollDan RosenthalGregory HoJay BockhausMatt WisdomMichael KahanMiles LasaterPeter EzerskyShara MendelsonSt. Louis Regional Chamber of CommerceThe Fred A. Lennon Charitable TrustTom & Kathy Bendheim

$5,000+Andrew YangAshokaEMH StrategyJanel Fung KralJay AdyaJohn DelbridgeMarian SalzmanMark & Lydia Rhoades-BrownMarty HalbfingerProphaseRoadtrippersStephen CummingsZeroFOX

$1,000+Adam MeyersonAdam ZipperAndrew SternAndrew WeissmanAnne HubertBenjamin SteinBennett GoodmanBill ButlerBoxcastBreckenridge Capital AdvisorsCameron BreitnerCariann ChanChapter SpotChristopher AllenClutchDarren MacDonaldDavid MooreDenmark WestDonald BriefEd TamEric StarrErik GordonFederated SampleGary ConvertinoGenomOncologyGLGGraham DuncanJanet MartinJason van ItallieJeremy LevineJeremy ShinewaldJessica NagleJohn CrockerJohn Gans


Donors

$1,000+ (cont’d) John PierceJumpstartKenneth KirshenbaumKerry KelloggKhaliya Aga KhanKickboardLauren GoldmanLawrence SeidmanLeRoy KimLewis & Wendy RubinLiza Landsman GoldMichael BorofskyMichael FisherPolly DalyRay ShealyRichard KatzmanRick LeeRobert TsaiRoger BarrisSanjay KalavarScott JohnstonServane DemolSilicon Valley BankSwipelyWarby ParkerZeelzLien

Summer Celebration DonorsAdam GurenAdam NussenbaumAidan GouldAlan VaynerchukAlexander HantmanAlison LindlandAmit SharmaAmy HongAmy KadomatsuAmy NelsonAnabay SullivanAndrew DainesAndrew KresseAndrew SegalAndrew TsinikasAndy CohenAntoinette GenoveseAnuradha DuggalArthur ShermanBank Of AmericaBank Of America FoundationBarbara ElbergerBarbara GersonBarry FriedbergBen GregoryBill ArztBob WuBrett CrawfordBrett TopcheCarla HoltzeCharles Avery FisherCharles KemperCharles RobyChas Cocke

Chera HartleyChloe JacobsChoong-Hee LeeChris PaikChristina CorsoChristine LoomisChristine ShimChristopher SealeyClaire GruppoClive BrownCoachCorinne KuruczaCurtis & Stacy LaneCynthia ShimDahlia LoebDan KelleyDan OxmanDaniel AllenDaniel KwonDaniel YunDanielle DiciaccioDarren SeirerDave GarveyDave GilboaDavid ByneDavid DalessandroDavid FanDavid FilosaDavid FoxDavid MoonDavid PachterDeborah CurtisDebra GillDesiree CachetteDeutsch BankDiron Jebejian

Dorothy JeanDrew CurhanElaine GildeElizabeth WhiteElliott SchwartzEmilian DjindjicEmily WeingerEric NgEric SpencerEric SternErik SchreterEverett WallaceFarng-Yi FooFran HauserFred KleinGabe Tsuboyama & Angie LessuiseGeorge GoudeliasGirish PandeGlenn LaumeisterGoldman SachsGreg & Sophia GusheeGregory BesnerGregory WhiteGretchen Lee BergstresserHarry JhoHilary KivitzHwan Yoon ChungIan KempIcy LiuJack BasavaiahJacqui WuJaime YordanJames KahmannJames KwonJane Brown


Summer Celebration DonorsJared FriedbergJarret YoshidaJason ArvanitesJason TarreJay AlixJay DelongJayson PayneJean Virginia LauerJean YunJeanne MarkelJeffrey DruckerJeffrey StewartJeffrey VogelJenna MackJennette BrillaintJeremy DavisJerry TsongJo WeissJoan AbramowitzJoanne YunJoe GuyJoel JoachimJoel KahanJohn CammackJohn KatzmanJohn MartinJonathan SchneiderJordan L GraumannJorge EspinelJoseph ChinJoseph MullinJosh GreenJosh LondonJoshua Slocum

Juanita HalimJudd GrutmanJudy HurlburtJudy RicheyJukay HsuJulie BaherJulie PrinceJulie TurnerJulie YooJyoti ShahKai FalkenbergKara FoxKatie KrellKavita ReddyKen MilesKenneth CorbaKevin CavoloKimberly HestonKimmy ScottiKristen CondonKristen EricksonLaura ElseyLauren SalemLaurie SuskindLawrence YangLaxmikant ChudasamaLeslie GarfieldLisa CoyleLori FeinsilverMahsa PeloskyMangala KrishnamurthyMarc MichelMargaret Shim PerraMark CicirelliMark DavisMark Dimilia

Mark NelsonMartha MartinezMarty HalbfingerMary ArnettMathew FarkashMatt FlanneryMatt HillMatt PohlsonMatthew CohenMayur LodayaMegan MitchellMegan SmythMelissa MattiaceMichael AtkinsMichael EatonMichael KeefriderMichael MilsteinMichael WalshMichael WolvertonMike ConatonMike TarulloMitchell BarnettMonika PlatekMrinmoy MandalMyles MillerNaomi HymanNichole KirtleyNitika AroraPatrick AbouchalachePatrick CareyPaul SzurekPauline BrownPhil RacitiPhilip KafkaPhilip WeinbergProphase LLC

Randall FogelmanRandy BrandoffRavi BansalRebecca LecuyerRichard CarriereRobert CohanRobert DilioRobert HattaRobert MaurielloRobin RudolphRoman G. PtakowskiRyan DarnellRyan ZachariaSamantha DeGennaroSamuel R. ScottSandor HauSanjay ShahSara Dawes PriceSara LevinsonSara MandelSarah KunstScott ElbergerScott GerberScott MeltzerSean CarlsonSean MurphySean SeverinSebastien CottrellShane BurnShaun KhubchandaniSherman HuSonte ReavisSridhar IyengarStaci WhiteStephanie LungSteve Berk


Summer Celebration Donors (cont’d)Steve SchlafmanSteven LangmanStuart EricksonSuhag ParikhSusan GregorySven KarlssonTheodore van BeurenThomas Ibsen HuangThomas WisniewskiTina ImmTom JonovichTommy MooreTrea YipUday AhujaUma SeshamaniVenroy JulyVivian ChongWalter KimWarfield PriceWeiping LiWhitney BaxterWill NathanWilliam A SpechtWilliam DaleyXavier SmithYasmin TayebyYvonne ChanZach BornsteinZachary R GraumannZachary SheinbergZachary Wasserman

Fellow & Alumni DonorsAndrew ChathamBarry ConradBilly SchreroBrian BoscheBrian RudolphBryant YikBrentt BaltimoreChelsea KoglmeierDan BloomDerek TurnerEmily BoweEthan CarlsonGiuseppe CrostiJake L’EcuyerJames FayalJoshua LevineJude StanionKate LeisyKathy ChengLaura BerkMark BernsteinMax EisenbergMax NussenbaumMelanie FriedrichsMike MayerRickey IshidaRoanne LeeRob SolomonSara CullenSean LaneSean PenninoScott LoweTim DingmanTodd Nelson


THANK YOU FOR YOURSUPPORT!

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