Fabscrap Inc
- Assets
- $398.4k
- Revenue
- $1.5m
- Investments
- $0.0
- Employees
- 27
- Location
- Brooklyn, NY
- Founding
- 11/2016
- Data as of
- 12/2022
- EIN
- 81-3795981
Organization Overview
Fabscrap Inc is located in Brooklyn, NY. The organization was established in 2016. According to its NTEE Classification (C27) the organization is classified as: Recycling, under the broad grouping of Environment and related organizations. As of 12/2022, Fabscrap Inc employed 27 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Fabscrap 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 12/2022, Fabscrap Inc generated $1.5m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 59.3% each year . All expenses for the organization totaled $1.6m during the year ending 12/2022. While expenses have increased by 56.6% per year over the past 6 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO MAXIMIZE THE VALUE OF UNUSED FABRIC, FABSCRAP IS A CONVENIENT AND TRANSPARENT SERVICE, IS AN AFFORDABLE AND ACCESSIBLE MATERIALS RESOURCE, AND IS EDUCATING AND EMPOWERING A COMMUNITY OF CHANGEMAKERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SERVICE FEES: FABSCRAP PROVIDES CONVENIENT PICKUP AND RECYCLING OF TEXTILES FOR BUSINESSES IN NEW YORK CITY. THE ORGANIZATION WILL PICKUP FABRIC SCRAPS TO RECYLCE OR REUSE.
DONATIONS: FABSCRAP ACCEPTS INDIVIDUAL DONATIONS. THE DONATIONS ARE USED TO PUT FORWARD THE MISSION, HIRE MORE PEOPLE AND KEEP FABRIC PRICES LOW.
FABRIC SALES: FABSCRAP WILL SELL THE FABRIC SCRAP. THESE FABRICS ARE RECOVERED FROM HIGH-END DESIGNERS IN NYC, SOLD AS A SUSTAINABLE ALTERNATIVE TO DESTRUCTION AND DISCARD IN LANFILL.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jessica Dominguez Holduin Executive Dir. | Officer | 40 | $50,946 |
Camille D Tagle Director | Officer | 40 | $48,090 |
Dave Hirschler Chairman | Trustee | 1 | $0 |
Nicholas Dominguez Holguin Treasurer | Trustee | 1 | $0 |
Margaret Bishop Trustee | Trustee | 1 | $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 | $489,202 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $489,202 |
| Total Program Service Revenue | $1,005,712 |
| Investment income | $60 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $15,127 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,510,101 |
| 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. | $99,036 |
| Compensation of current officers, directors, key employees. | $14,855 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $486,202 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $1,623 |
| Payroll taxes | $45,493 |
| Fees for services: Management | $80,728 |
| Fees for services: Legal | $8,621 |
| Fees for services: Accounting | $24,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $12,034 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $399,287 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $6,571 |
| Interest | $4,504 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $6,737 |
| Insurance | $96,813 |
| All other expenses | $28,161 |
| Total functional expenses | $1,569,068 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $40,815 |
| Savings and temporary cash investments | $65,427 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $113,106 |
| 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 | $74,926 |
| Net Land, buildings, and equipment | $27,524 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $76,557 |
| Total assets | $398,355 |
| Accounts payable and accrued expenses | $14,720 |
| 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 | $258,374 |
| Total liabilities | $273,094 |
| Net assets without donor restrictions | $125,261 |
| 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 | $398,355 |