Yma Fashion Scholarship Fund
- Assets
- $7.4m
- Revenue
- $2.5m
- Investments
- $120.0k
- Employees
- 7
- Location
- New York, NY
- Founding
- 06/2007
- Data as of
- 07/2021
- EIN
- 20-8513748
Organization Overview
Yma Fashion Scholarship Fund is located in New York, NY. The organization was established in 2007. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. As of 07/2021, Yma Fashion Scholarship Fund employed 7 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Yma Fashion Scholarship Fund 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 07/2021, Yma Fashion Scholarship Fund generated $2.5m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (5.6%) each year. All expenses for the organization totaled $2.2m during the year ending 07/2021. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROMOTE EDUCATION OF THE FASHION ARTS AND BUSINESS BY GRANTING SCHOLARSHIPS TO TALENTED STUDENTS AND FACILITATING INTERNSHIPS, MENTORSHIPS, AND CAREER PROGRAMS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
AS THE PREMIER EDUCATIONAL FASHION NON-PROFIT IN THE UNITED STATES, THE FASHION SCHOLARSHIP FUND SEEKS TO IDENTIFY AND CREATE CAREER OPPORTUNITIES FOR YOUNG PEOPLE WORLDWIDE. THE ORGANIZATION GRANTS THE SINGLE LARGEST SUM OF MONEY AND TOTAL NUMBER OF SCHOLARSHIPS IN THE ENTIRE FASHION COMMUNITY, SUPPLEMENTING FINANCIAL SUPPORT WITH A RICH CURRICULUM OF COMPREHENSIVE, INDUSTRY-LEADING PROGRAMS FOR SCHOLARS, OFFERING HANDS-ON EXPERIENCE WITH THE WORLD'S TOP FASHION COMPANIES AND MOST INFLUENTIAL LEADERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Peter Arnold Executive Director, Secretary | OfficerTrustee | 40 | $357,700 |
Marie Colletta Director Of Ed Programs | 40 | $125,282 | |
William Susman Chairman | OfficerTrustee | 2 | $0 |
Jennifer Vecchio Vice President | OfficerTrustee | 2 | $0 |
Peter Sachse Treasurer | OfficerTrustee | 2 | $0 |
Marc Mastronardi President | OfficerTrustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
New York Marriot Marquis Venue For Gala Event | 7/30/19 | $142,500 |
Sandler Search Associates Llc Recruiting Service | 7/30/19 | $120,650 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $101,100 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,135,450 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,236,550 |
| Total Program Service Revenue | $0 |
| Investment income | $106,170 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $157,847 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,500,994 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $950,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $399,394 |
| Compensation of current officers, directors, key employees. | $79,879 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $232,301 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $17,072 |
| Payroll taxes | $34,730 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $54,970 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $134,859 |
| Advertising and promotion | $249,974 |
| Office expenses | $30,265 |
| Information technology | $25,770 |
| Royalties | $0 |
| Occupancy | $72,694 |
| Travel | $9,528 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $11,821 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $277 |
| Insurance | $4,844 |
| All other expenses | $0 |
| Total functional expenses | $2,229,074 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $314,864 |
| Savings and temporary cash investments | $21,704 |
| Pledges and grants receivable | $145,800 |
| Accounts receivable, net | $0 |
| 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 | $14,125 |
| Net Land, buildings, and equipment | $889 |
| Investments—publicly traded securities | $6,738,653 |
| Investments—other securities | $119,971 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $24,829 |
| Total assets | $7,380,835 |
| Accounts payable and accrued expenses | $146,165 |
| 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 | $10,738 |
| Total liabilities | $156,903 |
| Net assets without donor restrictions | $7,123,932 |
| Net assets with donor restrictions | $100,000 |
| 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 | $7,380,835 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Yma Fashion Scholarship Fund has recieved totaling $180,000.
| Awarding Organization | Amount |
|---|---|
Vf Foundation Wilmington, DE PURPOSE: THE VF FOUNDATION X FSF: ADVANCING EQUITY AND INCLUSION IN THE FASHION INDUSTRY'S TALENT AND LEADERSHIP PIPELINE | $180,000 |
Endowment Analysis
| Beg. Balance | $2,284,781 |
| Earnings | $790,487 |
| Ending Balance | $3,075,268 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Joan And Irwin Jacobs Technion-Cornell Innovation Instit New York, NY | $205,040,861 | $18,316,542 |
Tikvah Fund New York, NY | $103,047,859 | $6,270,985 |
Cigna Foundation Philadelphia, PA | $165,016,072 | $8,084,237 |
Catholic Schools Foundation Inc Boston, MA | $110,171,239 | $27,305,892 |
Echoing Green Inc New York, NY | $60,744,468 | $19,754,073 |
Partnership For Ed Advancement Inc New York, NY | $36,194,552 | $41,198,488 |
Alavi Foundation New York, NY | $64,468,510 | $30,201,673 |
Children Scholarship Fund Philadelphia Philadelphia, PA | $24,817,690 | $13,351,193 |
Foundation For Jewish Day Schools Of Greater Philadelphia Philadelphia, PA | $5,671,351 | $11,978,701 |
Uncommon Lender Inc New York, NY | $174,239,408 | $12,168,791 |
Family Enrichment Network Inc Johnson City, NY | $8,020,609 | $12,621,621 |
Laspau Inc Cambridge, MA | $9,172,350 | $9,862,515 |