The Philadelphia Fashion Incubator
- Assets
- $368.0k
- Revenue
- $166.5k
- Investments
- $0.0
- Employees
- 2
- Location
- Philadelphia, PA
- Founding
- 03/2012
- Data as of
- 12/2021
- EIN
- 45-2561701
Organization Overview
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. As of 12/2021, Philadelphia Fashion Incubator employed 2 individuals. 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 12/2021, Philadelphia Fashion Incubator generated $166.5k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.3% each year. All expenses for the organization totaled $200.6k during the year ending 12/2021. While expenses have increased by 6.2% per year over the past 7 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
2021
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 - Line 4a
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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Elissa Bloom Executive Director | Officer | 40 | $94,967 |
Erik Seel Board Chair | OfficerTrustee | 5 | $0 |
Earl Boyd Director | Trustee | 2 | $0 |
Conrad Booker Director | Trustee | 2 | $0 |
Vickie Rotante Director | Trustee | 2 | $0 |
Michelle Shannon Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $136,330 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $136,330 |
| Total Program Service Revenue | $30,028 |
| Investment income | $183 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $166,541 |
| 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. | $111,161 |
| Compensation of current officers, directors, key employees. | $44,464 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $6,225 |
| Payroll taxes | $8,876 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $10,598 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $34,538 |
| Advertising and promotion | $1,188 |
| Office expenses | $3,204 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $3,996 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $7,450 |
| Insurance | $3,906 |
| All other expenses | $126 |
| Total functional expenses | $200,550 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $144,909 |
| Savings and temporary cash investments | $209,033 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,000 |
| 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 | $0 |
| Net Land, buildings, and equipment | $11,048 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $367,990 |
| Accounts payable and accrued expenses | $8,536 |
| 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 | $8,536 |
| Net assets without donor restrictions | $359,454 |
| 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 | $367,990 |
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