Industrial Sewing And Innovation Center Isaic
- Assets
- $1.2m
- Revenue
- $1.3m
- Investments
- $0.0
- Employees
- 42
- Location
- Detroit, MI
- Founding
- 07/2019
- Data as of
- 09/2021
- EIN
- 83-1881248
Organization Overview
Industrial Sewing And Innovation Center Isaic, operating under the name Isaic, is located in Detroit, MI. The organization was established in 2019. According to its NTEE Classification (B30) the organization is classified as: Vocational & Technical Schools, under the broad grouping of Education and related organizations. As of 09/2021, Isaic employed 42 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Isaic 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 09/2021, Isaic generated $1.3m in total revenue. This organization has experienced exceptional growth, as over the past 3 years, it has increased revenue by an average of 38.4% each year . All expenses for the organization totaled $2.1m during the year ending 09/2021. 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
WE EMPOWER PEOPLE WITH THE FREEDOM TO RELENTLESSLY PURSUE INNOVATION FOR BETTER INDUSTRY, BETTER LIVES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
INTERNAL APPRENTICESHIP, EXTERNAL EDUCATION AND ONGOING TRAINING PROGRAM
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jennifer Guarino President | OfficerTrustee | 1.5 | $176,539 |
Michael Tyson Chair | OfficerTrustee | 1.5 | $0 |
Mike Miller Treasurer | OfficerTrustee | 1.5 | $0 |
Christian Birky Vice Chair | OfficerTrustee | 1.5 | $0 |
Reuben Levy Secretary | OfficerTrustee | 1.5 | $0 |
Brenna Lane Director | Trustee | 1.5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Tsg Apparel Consulting | 9/29/21 | $274,347 |
Peg Tallet Strategic Consulting Fundraising Services | 9/29/21 | $173,292 |
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 | $1,317,958 |
| Noncash contributions included in lines 1a–1f | $138,687 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,317,958 |
| Total Program Service Revenue | $65,544 |
| 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 | -$205,724 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,257,813 |
| 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. | $180,000 |
| Compensation of current officers, directors, key employees. | $180,000 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $797,038 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $188,952 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $7,664 |
| Fees for services: Accounting | $70,986 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $419,454 |
| Advertising and promotion | $10,028 |
| Office expenses | $83,656 |
| Information technology | $48,251 |
| Royalties | $0 |
| Occupancy | $27,880 |
| Travel | $5,590 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $39,804 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $120,435 |
| Insurance | $24,495 |
| All other expenses | $0 |
| Total functional expenses | $2,060,726 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $21,308 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $317,420 |
| Accounts receivable, net | $92,311 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $153,497 |
| Prepaid expenses and deferred charges | $4,884 |
| Net Land, buildings, and equipment | $652,644 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,242,064 |
| Accounts payable and accrued expenses | $138,236 |
| Grants payable | $0 |
| Deferred revenue | $293,500 |
| 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 | $967,350 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $1,399,086 |
| Net assets without donor restrictions | -$494,453 |
| Net assets with donor restrictions | $337,431 |
| 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 | $1,242,064 |
Grants Recieved
Over the last fiscal year, we have identified 6 grants that Industrial Sewing And Innovation Center Isaic has recieved totaling $776,000.
| Awarding Organization | Amount |
|---|---|
William Davidson Foundation Birmingham, MI PURPOSE: TO SUPPORT APPRENTICESHIP AND TRAINING PROGRAMS | $300,000 |
Impactassets Inc Bethesda, MD PURPOSE: GENERAL SUPPORT | $260,000 |
Kresge Foundation Troy, MI PURPOSE: THE PURPOSE OF THIS GRANT WILL BE TO HELP BUILD A PIPELINE OF TRAINED INDIVIDUALS TO SUPPORT THE GROWING SEWN GOODS INDUSTRY IN DETROIT WHILE ALSO INCUBATING A WORKER-OWNED FACTORY AT THE CURRENT ISAIC SITE WITH THE ULTIMATE GOAL OF SPINNING IT OFF INTO ITS OWN FACILITY. | $106,000 |
Walters Family Foundation Milford, MI PURPOSE: WWF FUNDING WILL HELP TO CEASELESSLY ADVANCE INNOVATION IN SUSTAINABLE APPAREL MANUFACTURING AND EQUITABLE TALENT FORCE DEVELOPMENT AS RESPONSIBLE STEWARDS FOR THE WELLBEING OF OUR TEAM, PARTNERS, COMMUNITY AND PLANET. | $55,000 |
Dte Energy Foundation Detroit, MI PURPOSE: EMPLOYMENT | $30,000 |
Cordes Foundation Bethesda, MD PURPOSE: GENERAL SUPPORT | $25,000 |