Fedcap Inc
- Assets
- $18.1m
- Revenue
- $39.4m
- Investments
- $0.0
- Employees
- 406
- Location
- New York, NY
- Founding
- 02/2019
- Data as of
- 09/2023
- EIN
- 83-0837061
Organization Overview
Fedcap Inc is located in New York, NY. The organization was established in 2019. According to its NTEE Classification (J22) the organization is classified as: Job Training, under the broad grouping of Employment and related organizations. As of 09/2023, Fedcap Inc employed 406 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Fedcap 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 09/2023, Fedcap Inc generated $39.4m in total revenue. All expenses for the organization totaled $33.3m during the year ending 09/2023. While expenses have increased by 86.7% per year over the past 5 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
WE SEEK TO IMPROVE THE ECONOMIC WELL-BEING OF INDIVIDUALS & FAMILIES IN NEED.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SEE SCHEDULE O
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kenneth Raisler Chair | OfficerTrustee | 1 | $0 |
Martha Sproule Treasurer | OfficerTrustee | 1 | $0 |
Michael Weinstein Board Member | Trustee | 1 | $0 |
Ron Torok Board Member | Trustee | 1 | $0 |
Christine Mcmahon President And CEO | Officer | 1 | $0 |
Carol Khoury CFO | Officer | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Verrill Legal Services | 9/29/23 | $104,506 |
Innovate 2 Work Llc Project Consultant | 9/29/23 | $115,185 |
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 | $227,707 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $227,707 |
| Total Program Service Revenue | $39,105,172 |
| Investment income | $44 |
| 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 | $39,407,444 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $1,722,674 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $300,000 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $15,689,672 |
| Pension plan accruals and contributions | $1,077,449 |
| Other employee benefits | $1,508,301 |
| Payroll taxes | $1,475,181 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $270,695 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,257,277 |
| Advertising and promotion | $19,364 |
| Office expenses | $679,121 |
| Information technology | $336,243 |
| Royalties | $0 |
| Occupancy | $4,085,821 |
| Travel | $659,565 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $44,043 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $42,773 |
| Insurance | $430,750 |
| All other expenses | $423,668 |
| Total functional expenses | $33,328,578 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $669,119 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $13,560,832 |
| 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 | $8,950 |
| Net Land, buildings, and equipment | $14,403 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,876,568 |
| Total assets | $18,129,872 |
| Accounts payable and accrued expenses | $2,245,892 |
| 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 | $5,345,317 |
| Total liabilities | $7,591,209 |
| Net assets without donor restrictions | $10,437,492 |
| Net assets with donor restrictions | $101,171 |
| 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 | $18,129,872 |