Fair Factories Clearinghouse Inc
- Assets
- $916.4k
- Revenue
- $3.0m
- Investments
- $0.0
- Employees
- 14
- Location
- Lexington, MA
- Founding
- 02/2006
- Data as of
- 12/2023
- EIN
- 20-1930681
Organization Overview
Fair Factories Clearinghouse Inc is located in Lexington, MA. The organization was established in 2006. According to its NTEE Classification (R01) the organization is classified as: Alliances & Advocacy, under the broad grouping of Civil Rights, Social Action & Advocacy and related organizations. As of 12/2023, Fair Factories Clearinghouse Inc employed 14 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Fair Factories Clearinghouse Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2023, Fair Factories Clearinghouse Inc generated $3.0m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 9.6% each year. All expenses for the organization totaled $1.9m during the year ending 12/2023. While expenses have increased by 2.7% per year over the past 9 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
OUR MISSION IS TO FACILITATE INFORMED ETHICAL BUSINESS DECISIONS FOR A BETTER AND MORE LIVABLE WORLD. WE BUILD SCALABLE SOFTWARE THAT FACILITATES CONTINUOUS IMPROVEMENTS IN SOCIAL, ENVIROMENTAL AND SECURITY ISSUES. THIS RESULTS IN SAFER, MORE HUMANE WORKING CONDITIONS FOR WORKERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE SOFTWARE AND SERVICES TO INDIVIDUAL MEMBER COMPANIES SERIOUS ABOUT SUPPLY CHAIN COMPLIANCE: BEENFITS OF THE SOFTWARE INCLUDE COST EFFECTIVE AND CONFIGURABLE SOLUTIONS THA CAN EASILY FIT FFC TO MEMBERS EXISTING PROCESSES.
PROVIDE UNIQUE SOFTWARE AND SERVICES TO OTHER NON-PROFIT ORGANIZATIONS TO HELP THEM BETTER PERFORM THEIR MISSIONS: BENEFIT OF THIS SOFTWARE IS TO AMPLIFY FFCS VOICE IN NEW WAYS AND IN OTHER INDUSTRIES. 10 CLONES OF FFC TECHNOLOGY HAVE BEEN IMPLEMENTED IN THE LAST 10 YEARS.
FOUNDING SLCP ACRREDITED HOST TO HELP DRIVE A SINGLE VERIFIED SUPPLIER SELF-ASSESSMENT IN THE FOOTWEAR AND APPAREL INDUSTRIES: FFC INVENTED A WAY TO MAP A VERIFIED SLCP AGAINST A COMPANY SUPPLIER CODE OF CONDUCT AUTOMATICALLY CREATED A CAP.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Sheetal Patel Cto | Officer | 40 | $170,865 |
Peter Burrows Ed And Vice Chair Of Board | OfficerTrustee | 40 | $127,813 |
Lynn Stevenson Customer Impact And Engagemen | Officer | 40 | $122,538 |
Mark Mcdonough CFO And Data Protection | Officer | 40 | $104,992 |
Brendan Mcmahon Sr Product Qa Manager | 40 | $81,922 | |
Timmy Langhill Account Manager | 40 | $65,055 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Extreme Digital Solutions Software Developme | 12/30/22 | $404,540 |
Sungard Availability Services Data Center Servic | 12/30/22 | $105,000 |
Wiggin And Dana Llp Legal Services | 12/30/22 | $106,885 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $687,131 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $687,131 |
| Total Program Service Revenue | $962,281 |
| Investment income | $5,864 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,380,500 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,035,776 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $275,579 |
| Compensation of current officers, directors, key employees. | $195,535 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $671,012 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $47,710 |
| Payroll taxes | $82,035 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $166,309 |
| Fees for services: Accounting | $38,763 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $5,749 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $1,451 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $29,568 |
| Interest | $10,878 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,638 |
| Insurance | $31,181 |
| All other expenses | $40,338 |
| Total functional expenses | $1,938,811 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $214,199 |
| Savings and temporary cash investments | $450,864 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $214,082 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $37,232 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $916,377 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $916,377 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $916,377 |