License

This page explains how the things on hemrock.com are licensed. Hemrock is operated by Unstructured Ventures LLC (the "Company"), a limited liability company headquartered and registered in the Commonwealth of Pennsylvania and organized under the laws of the State of Delaware. The principle behind all of it is simple: the financial knowledge and tools are open, and Hemrock earns money through experiences, expertise, and services.

Open-source models

Every financial model identified as open source on hemrock.com is licensed under the Apache License, Version 2.0. You may use it, modify it, redistribute it, and incorporate it into commercial work, subject to the terms of that license. You don't need to buy anything from Hemrock to do any of that.

Copyright ^© 2008–2026 Unstructured Ventures LLC.

The license covers the downloadable model materials themselves: the workbook files, their formulas and calculation logic, any macros or scripts Hemrock owns that ship with them, and model-specific templates and documentation included in the download. It does not cover everything on hemrock.com. Website copy, articles, videos, course and workshop materials, graphics, photographs, and site design stay under Hemrock's normal copyright unless they are separately identified as open source.

The full, binding terms are in the Apache License itself. The summary here is not a substitute for reading it.

Pay what you want

The financial models are available on a pay-what-you-want basis, and that includes free. Payment is not required to receive a model or to exercise any of the rights the Apache License 2.0 grants. If a model is useful to you and you choose to contribute, the contribution supports Hemrock's open-source tools and educational work. It does not buy a different or broader license.

Open-source software

Hemrock's open-source software is also released under the Apache License 2.0. Each repository ships its own LICENSE file with the full, binding terms. The current set:

• Nevermodel: github.com/tdavidson/nevermodel
• Portfolio: github.com/tdavidson/reporting
• Send K-1s: github.com/tdavidson/sendk1s

Apache 2.0 is a permissive open-source license. You can use, modify, and distribute these products for any purpose, including commercial use, and there is no separate commercial license to buy. A fund management company can run them on its own funds, a fund administrator or outsourced CFO can run them across multiple clients, and either can fork and embed them in their own work.

The license asks a few things in return: keep the copyright and license notices, and note any significant changes you make to the files. It also includes a patent grant from contributors. The software is provided "as is," without warranty, and contributor liability is limited as the license sets out.

I'm glad to help with deployment, customization, or managed hosting on any of these products. For that, email hello@hemrock.com.

Trademarks

The Apache License 2.0 applies to the underlying licensed materials and does not grant permission to use Hemrock's names, logos, trademarks, service marks, or other brand identifiers except as reasonably necessary to describe the origin of the materials or comply with attribution requirements.

Modified or redistributed versions should not imply that Hemrock sponsors, endorses, certifies, or maintains the modified version unless Hemrock has expressly agreed otherwise.

Hosted web tools

Hosted web tools live on hemrock.com (for example the Fund Economics Tool). Use of the hosted experience is subject to:

• These license terms, the Terms of Service, and the Privacy Policy.
• Any product access you have purchased. Shared Fund Economics editing requires an invitation and qualifying product access for both owner and editor; a separate collaboration license is no longer sold. Historical qualifying purchases remain recognized. API and MCP compute use the separate annual product allowances described in the Terms of Service.
• Free hosted features (saving models, generating share links, forking from a public share link) require an active Hemrock account but no separate purchase.

The Company may suspend or terminate hosted access for violations of these terms, with reasonable notice and a 30-day cure period for curable violations. The hosted service is separate from the models: suspending hosted access never limits what you can do with a model you downloaded under Apache 2.0.

Services

Custom-model work, audits, advisory, fractional CFO work, and other paid services are governed by the terms of the engagement, not by this page. Workshops and other experiences are governed by the terms shown when you register.

Historical purchases

If you bought a model before it was released as open source, nothing is taken away. You keep access to what you purchased, your download history, your account, and the license that applied to your purchase. The open-source release adds rights, and where it's practical you also have access to the newer open-source version.

Not professional advice

The Company is not a financial advisor, planner, broker, or tax advisor. The models, software, and tools are designed to educate and inform entrepreneurs and investors. They include benchmark data and structure to help you create projections, but you will need to modify assumptions and structure to fit your business.

Your situation is unique, and any information obtained through a model, tool, or service may not be appropriate for you. Before making final decisions or implementing a financial strategy, consult an accountant or other advisor who knows your specific situation. You are responsible for reviewing any model and the accuracy of the information you put into it.

Warranty and liability

Where an open-source license governs particular materials, that license governs to the extent of any conflict with this page or the Terms. For the open-source models and software, the Apache License 2.0 governs warranty and liability for those materials: they are distributed on an "as is" basis without warranties, and contributor liability is limited as that license states.

For paid services, the Company's liability to you for costs, damages, or losses arising from the service, including third-party claims against you, is limited to the fees you paid for the service in question. The Company is not liable for consequential damages.

TO THE FULLEST EXTENT PERMITTED BY LAW, WE AND OUR AFFILIATES, SUPPLIERS, AND DISTRIBUTORS MAKE NO WARRANTIES, EITHER EXPRESS OR IMPLIED, ABOUT THE PRODUCTS AND SERVICES. THE PRODUCTS AND SERVICES ARE PROVIDED "AS IS." WE DISCLAIM ANY WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT. INFORMATION AND OPINIONS RECEIVED VIA THE PRODUCT, SERVICE, OR WEBSITE SHOULD NOT BE RELIED UPON FOR PERSONAL, MEDICAL, LEGAL, OR FINANCIAL DECISIONS. CONSULT AN APPROPRIATE PROFESSIONAL FOR ADVICE TAILORED TO YOUR SITUATION.

TO THE FULLEST EXTENT PERMITTED BY LAW, IN NO EVENT WILL WE, OUR AFFILIATES, SUPPLIERS, OR DISTRIBUTORS BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, EXEMPLARY, OR CONSEQUENTIAL DAMAGES OR ANY LOSS OF USE, DATA, BUSINESS, OR PROFITS, REGARDLESS OF LEGAL THEORY, WHETHER OR NOT WE HAVE BEEN WARNED OF THE POSSIBILITY OF SUCH DAMAGES, AND EVEN IF A REMEDY FAILS OF ITS ESSENTIAL PURPOSE.

Governing law

This page is governed by the laws of the Commonwealth of Pennsylvania and the applicable laws of the United States. Legal proceedings related to it may only be brought in the courts of Pennsylvania. You agree to service of process at the email address on your original order.

Contact

Notices to Unstructured Ventures LLC may be sent by email to hello@hemrock.com or by post to:

Unstructured Ventures, LLC
6360 Broad St, #5226
Pittsburgh, PA 15206
USA

Updated September 14, 2026