Advanced Functional Fabrics Of America Inc
- Assets
- $11.0m
- Revenue
- $22.1m
- Investments
- $0.0
- Employees
- 61
- Location
- Cambridge, MA
- Founding
- 12/2015
- Data as of
- 06/2023
- EIN
- 47-4830465
Organization Overview
Advanced Functional Fabrics Of America Inc is located in Cambridge, MA. The organization was established in 2015. According to its NTEE Classification (B11) the organization is classified as: Single Organization Support, under the broad grouping of Education and related organizations. As of 06/2023, Advanced Functional Fabrics Of America Inc employed 61 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Advanced Functional Fabrics Of America 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 06/2023, Advanced Functional Fabrics Of America Inc generated $22.1m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 73.4% each year . All expenses for the organization totaled $25.8m during the year ending 06/2023. While expenses have increased by 74.7% per year over the past 8 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
AFFOA IS A PUBLIC-PRIVATE PARTNERSHIP AMONG GOVERNMENT. ACADEMIA AND INDUSTRY, ESTABLISHED TO BUILD AND SUSTAIN U.S. GLOBAL LEADERSHIP IN THE REVOLUTIONARY FIBERS AND TEXTILES BY ACCELERATING THE WIDESPREAD COMMERICIALIZATION OF HIGHLY FUNCTIONAL ADVANCED FIBRES AND TEXTILES FOR DEFENSE AND COMMERCIAL MARKETS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ADVANCED FUNCTIONAL FABRICS OF AMERICAN (AFFOA) AIMS TO ESTABLISH A MANUFACTURING INNOVATION INSTITUTE IN THE AREA OF REVOLUTIONARY FIBERS AND TEXTILES AS A PUBLIC PRIVATE PARTNERSHIP BETWEEN GOVERNMENT, ACADEMIA AND INDUSTRY. AFFOA IS A NATIONWIDE NETWORK ADDRESSING THE SPECTRUMS OF MANUFACTURING CHALLENGES ASSOCIATED WITH THE FIBER AND TEXTILE INDUSTRY FROM CONCEPT TO END PRODUCTS. THIS INSTITUTE, WITH THE HELP OF THE FEDERAL GOVERNMENT FUNDING WILL BRING ACADEMIA, GOVERNMENT LABORATORIES, NONPROFIT ORGANIZATION AND INDUSTRIES (SMALL, MEDIUM BUSINESSES AND LARGE CORPORATIONS) UNDER ONE UMBRELLA SO THAT THE CURRENT FRAGMENTED U.S. CAPABILITIES BECOME ONE COHERENT ECOSYSTEM. THE PRINCIPAL OBJECTIVE OF THE INSTITUTE IS TO DEVELOP AND SCALE CRITICAL MANUFACTURING PROCESSES FOR THE REVOLUTIONARY FIBER AND TEXTILES AND TAKE THEM FROM MRL4 TO MRL7. AFFOA WILL ALSO PROVIDE GUIDANCE AND SERVE AS A TRANSITION PARTNER TO ACCELERATE LOWER MRL ACTIVITIES. FIBERS AND TEXTILES INDUSTRY, PREDOMINATELY A LABORINTENSIVE INDUSTRY, HAS BEEN LOSING GLOBAL MARKET SHARE AND US MANUFACTURING JOBS FOR THE PAST FOUR DECADES. CONCOMITANT WITH THE DECLINE HAS BEEN THE LOSS OF INFRASTRUCTURE FOR NEW DEVELOPMENT, INCLUDING LABSCALE AND PILOT LINE FACILITIES, AND THE KNOWLEDGE BASE IN THESE AREAS FOR THE MANUFACTURING SECTOR. ALSO, A VACUUM HAS BEEN CREATED IN THE TALENT POOL ESSENTIAL TO REVIVING THE FIBER AND TEXTILE MANUFACTURING SECTOR. THESE AREAS NEED STRATEGIC INVESTMENT TO SEED AND GROW THE MANUFACTURING BASE FOR ADVANCED FIBERS AND TECHNICAL TEXTILES INDUSTRY IN THE COUNTRY. AFFOA WILL SERVE AS THE ONESTOP NETWORK FOR FIBERS AND TEXTILE MANUFACTURERS, SYSTEM INTEGRATORS, COMPANIES DESIGNING AND DEVELOPING PRODUCTS USING FIBER/TEXTILES FOR VARIOUS APPLICATIONS SUCH AS APPAREL, FURNITURE AND UPHOLSTERY, TECHNICAL TEXTILES, ADVANCED SOLDIER AND WAR FIGHTER PROTECTION, SPACE AND AVIATION, AUTOMOTIVE, PERSONAL AND PROPERTY PROTECTION, COMPOSITES, GEOTEXTILES, SPORTS AND LEISURE, MEDICAL APPLICATIONS, AGRICULTURE AND BUILDINGS. TO ENABLE THIS MANUFACTURINGBASEDREVOLUTION, AFFOA'S GOAL IS THE TRANSFORMATION OF TRADITIONAL FIBERS, YARNS AND TEXTILES INTO HIGHLY SOPHISTICATED INTEGRATED AND NETWORKED DEVICES AND SYSTEMS. TO PURSUE THIS MISSION, AFFOA WILL ADDRESS THE SPECTRUM OF MANUFACTURING CHALLENGES ASSOCIATED WITH VOLUME MANUFACTURING OF REVOLUTIONARY FIBERS AND TEXTILES FROM CONCEPT TO END PRODUCTS THROUGH DELIBERATE PLANS, PROJECTS AND PROGRAMS. AFFOA PROVIDES AN UNPRESENTED CAPABILITY TO RAPIDLY AND FLEXIBLY PRODUCE ENDITEM PROTOTYPES THROUGH ITS UNIQUE COLLABORATIVE INFRASTRUCTURE (FIN) AND SUITE OF COMPUTATIONAL DESIGN TOOLS THAT ARE THE FOCUS OF AFFOA'S DEVELOPMENT EFFORT. AFFOA WILL ENABLE AGILE MANUFACTURING INNOVATION AND TRANSFER, PROTOTYPING AND PILOTPRODUCTION FACILITIES FOR RAPID PRODUCT AND PROJECT EXECUTION, WORKFORCE EDUCATION, AND DEDICATED STARTUP INCUBATORS DRIVING INNOVATION FOR THE ENTIRE U.S. INDUSTRY. IN ADDITION TO ADVANCING THE TEXTILE MANUFACTURING SECTOR, AFFOA IS STRUCTURED TO BECOME SELFSUSTAININGBY THE END OF FIVE YEARS OR EARLIER.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Alexander Stolyarov Ceo/president | OfficerTrustee | 50 | $342,799 |
Paul Kern Chairman Of Board | OfficerTrustee | 2 | $75,000 |
John Fry Chairman Of Compensation Commitee | Trustee | 2 | $7,500 |
Eric Spackey Board Member | Trustee | 2 | $0 |
Charles Howland Chair Of Governance & Nominating Committee | Trustee | 2 | $0 |
Norman Chapman Board Member | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Jennifer Mccabe General Counsel | 6/29/23 | $441,329 |
Jesse Jur Technical Counseling | 6/29/23 | $217,012 |
Jonathan Anderson Counseling | 6/29/23 | $147,018 |
Bonnie Haase Interim Hr Director | 6/29/23 | $137,828 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $10,936,472 |
| 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 | $10,936,472 |
| Total Program Service Revenue | $11,151,504 |
| Investment income | $0 |
| 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 | $22,087,976 |
| 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. | $1,507,450 |
| Compensation of current officers, directors, key employees. | $446,808 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,116,835 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $1,887,805 |
| Payroll taxes | $452,932 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $59,600 |
| Fees for services: Accounting | $786,700 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $12,243,871 |
| Advertising and promotion | $0 |
| Office expenses | $858,406 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,408,348 |
| Travel | $165,314 |
| 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 | $1,575,840 |
| Insurance | $69,010 |
| All other expenses | $0 |
| Total functional expenses | $25,814,263 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,236,067 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $869,893 |
| Accounts receivable, net | $451,073 |
| 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 | $249,918 |
| Net Land, buildings, and equipment | $1,702,913 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $4,457,305 |
| Total assets | $10,967,169 |
| Accounts payable and accrued expenses | $2,654,288 |
| Grants payable | $0 |
| Deferred revenue | $123,009 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $723,657 |
| 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 | $4,525,434 |
| Total liabilities | $8,026,388 |
| Net assets without donor restrictions | $2,940,781 |
| 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 | $10,967,169 |