The Philadelphia Fashion Incubator is located in Philadelphia, PA. The organization was established in 2012. According to its NTEE Classification (S43) the organization is classified as: Small Business Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Philadelphia Fashion Incubator 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, Philadelphia Fashion Incubator generated $104.5k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (5.3%) each year. All expenses for the organization totaled $151.9k during the year ending 12/2023. You can explore the organizations financials more deeply in the financial statements section below.
Form
990EZ
Mission & Program ActivityExcerpts From the 990EZ Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE PURPOSE OF THE INCUABTOR IS TO PROVIDE OPPORTUNITIES FOR EDUCATION AND SUPPORT AND PROMOTE EMERGING FASHION DESIGNERS AND THE FASHION COMMUNITY IN THE PHILADELPHIA AREA.
Describe the Organization's Program Activity:
Part 3
THE PHILADELPHIA FASHION INCUBATOR IS A TWELVE-MONTH RESIDENCY PROGRAM FEATURING SIX ANNUALLY SELECTED DESIGNERS-IN-RESIDENCE (DIR). THE DIR HAVE ACCESS TO OFFICE AND DESIGN/WORK SPACE, BUSINESS CURRICULUM, MENTORING, AND OTHER IMPORTANT RESOURCES ALL WITHIN MACY'S CENTER CITY, IN AN EFFORT TO HELP THEM LAUNCH AND FURTHER GROW THEIR COMPANIES IN THE CITY OF PHILADELPHIA. THE 2018 PROGRAM BEGAN WITH A WEEK-LONG BUSINESS BOOT CAMP, A SERIES OF 16 BUSINESS WORKSHOPS. THE BUSINESS BOOT CAMP JUMP STARTS THE RESIDENCY AND PROVIDES THE DIR WITH ESSENTIAL BUSINESS INFORMATION, ALLOWING THEM TO ACCELERATE THEIR BUSINESSES AND EXECUTE STRATEGIES EARLY ON IN THE PROGRAM. THE DIR ALSO PARTICIPATED IN VARIOUS WORKSHOPS THROUGHOUT THE YEAR WHICH FOCUSED ON VARIOUS BUSINESS TOPICS. WORKSHOPS PROVIDED IN DEPTH KNOWLEDGE ON EACH TOPIC AND SERVED AS A WORKING CLASSROOM WHERE DIR PREPARED INFORMATION IN ADVANCE WAS REVIEWED BY EACH INSTRUCTOR. IN ADDITION, THE WORKSHOPS PROVIDED OPPORTUNITY FOR DIR TO TAP INTO INDUSTRY EXPERTS. EACH DIR IS ALSO PAIRED WITH AN INDUSTRY LEADER MENTOR WHOM THEY MEET WITH THROUGHOUT THE RESIDENCY. THE MENTORS ASSIST THE DIR IN DEVELOPING THEIR PROFESSIONAL AND BUSINESS SKILLS ALONG WITH GAINING FEEDBACK ON THEIR BUSINESS MODELS AND COLLECTIONS. TRIPS TO NEW YORK CITY ARE ALSO HELD EACH MONTH. THE TRIPS INCLUDE MEETINGS WITH FASHION ENTREPRENEURS, TOURS OF PRODUCTION AND SOURCING RESOURCES, INDUSTRY SHOWS AND EVENTS. DIRS ALSO PARTICIPATED IN VARIOUS TRADE SHOWS AND EVENTS.
PUBLIC PROGRAMS HAVE HELPED CREATE A HUB FOR THE PHILADELPHIA FASHION COMMUNITY, NETWORKING OPPORTUNITIES FOR ATTENDEES AND PROMOTION OF THE FASHION INCUBATOR.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Conrad Booker Director | 2 | $0 | |
Earl Boyd Director | 2 | $0 | |
Aliza Karetnick Director | 2 | $0 | |
Vickie Rotante Director | 2 | $0 | |
Erik Seel Board Chair | 2 | $0 | |
Michelle Shannon Director | 2 | $0 |
Statement of Revenue | |
---|---|
Total Revenue from Contributions, Gifts, Grants & Similar | $84,609 |
Total Program Service Revenue | $19,824 |
Membership dues | $0 |
Investment income | $92 |
Gain or Loss | $0 |
Net Income from Gaming & Fundraising | $0 |
Other Revenue | $0 |
Total Revenue | $104,525 |
Statement of Expenses | |
---|---|
Grants and similar amounts paid | $0 |
Benefits paid to or for members | $0 |
Salaries, other compensation, and employee benefits | $108,807 |
Professional fees and other payments to independent contractors | $11,860 |
Occupancy, rent, utilities, and maintenance | $5,040 |
Printing, publications, postage, and shipping | $99 |
Other expenses | $26,125 |
Total expenses | $151,931 |
Balance Sheet | |
---|---|
Cash, savings, and investments | $141,847 |
Other assets | $0 |
Total assets | $238,777 |
Total liabilities | $8,985 |
Net assets or fund balances | $229,792 |