Overview
What is Laboratory Institute Of Merchandising Fashion Education Foundation Inc?
The Laboratory Institute of Merchandising Fashion Education Foundation Inc, located in New York City, New York, is a nonprofit organization dedicated to supporting students who attend LIM College. Through scholarships and grant aid, this foundation aims to alleviate financial burdens and empower aspiring individuals in the field of fashion merchandising. The foundation's primary mission is to foster learning opportunities, enabling students to reach their full potential and contribute to the broader fashion industry.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 40%, Zero-Star out of Four Star rating.
The Laboratory Institute Of Merchandising Fashion Education Foundation Inc has received a low rating due to concerns regarding its financial management. The overall score is primarily based on its Accountability & Finance metrics, where it excelled in board independence and conflict of interest policies but struggled significantly in program expense ratio and liabilities to assets ratio. This indicates that while governance practices are strong, financial health and effective use of resources are concerning.
Strengths include a fully independent board of directors and proper documentation of board meeting minutes, reflecting good governance practices. Additionally, there is no material diversion of assets, which speaks positively about the organization's integrity. However, the low program expense ratio of 37.19% suggests that a significant portion of its expenses may not be directed towards programs that fulfill its mission, raising questions about the efficiency and impact of the organization's operations.
Overall, while the Laboratory Institute Of Merchandising Fashion Education Foundation Inc demonstrates strong accountability in governance, the lack of program funding and high liabilities indicate potential issues in fulfilling its charitable objectives. Stakeholders may want to consider these financial metrics carefully when evaluating the organization’s effectiveness and sustainability.
This AI summary has been generated from information found on Charity Navigator.
Is Laboratory Institute Of Merchandising Fashion Education Foundation Inc legitimate?
Laboratory Institute Of Merchandising Fashion Education Foundation Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Laboratory Institute Of Merchandising Fashion Education Foundation Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
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What is the mission statement of Laboratory Institute Of Merchandising Fashion Education Foundation Inc?
The Laboratory Institute of Merchandising Fashion Education Foundation Inc is committed to providing financial aid in the form of scholarships to students who attend LIM College. This mission is aimed at supporting students' educational pursuits in the field of merchandising and fashion. By offering scholarships and grant aid, the foundation aims to make higher education more accessible, thereby empowering students to reach their full potential in their chosen field. The foundation's activities are focused solely on this mission, providing a valuable resource for students seeking financial assistance.
Who is the CEO of Laboratory Institute Of Merchandising Fashion Education Foundation Inc?
Michael Donohue is the Treasurer of Laboratory Institute Of Merchandising Fashion Education Foundation Inc.
What is the revenue of Laboratory Institute Of Merchandising Fashion Education Foundation Inc?
Laboratory Institute Of Merchandising Fashion Education Foundation Inc's revenue in 2022 was $139,302.
Who are the executives of Laboratory Institute Of Merchandising Fashion Education Foundation Inc and what are their salaries?
There 15 volunteers at Laboratory Institute Of Merchandising Fashion Education Foundation Inc.
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Where can I find the form 990 for Laboratory Institute Of Merchandising Fashion Education Foundation Inc?
Laboratory Institute Of Merchandising Fashion Education Foundation Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Laboratory Institute Of Merchandising Fashion Education Foundation Inc
The Laboratory Institute of Merchandising Fashion Education Foundation Inc is dedicated to extending financial aid through scholarships and grants to students who are enrolled at LIM College. This nonprofit organization's mission is to support the educational pursuits of these students, enabling them to excel in their chosen field of fashion merchandising. By providing scholarships and grants, the Foundation enables deserving students to overcome financial barriers and pursue their dreams, thereby contributing to the growth and development of the fashion industry. The Foundation's mission is instrumental in fostering talent and nurturing future leaders in the field of fashion merchandising.
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Impact
October, 2024
The Laboratory Institute Of Merchandising Fashion Education Foundation Inc plays a crucial role in supporting students pursuing their education at LIM College by offering scholarships and grant aid. This financial assistance helps alleviate the burden of tuition costs, enabling students to focus on their studies and gain valuable skills in the fashion industry. By fostering access to quality education, the foundation contributes to the development of the next generation of leaders in the fashion field, ultimately enhancing the industry with a diverse pool of talent. The impact of its programs extends beyond individual beneficiaries, as it strengthens the fashion sector by promoting educational opportunities and empowering aspiring professionals in New York and beyond.
This information is meant to be a general summary of Laboratory Institute Of Merchandising Fashion Education Foundation Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $108,112
- Gross Receipts: $160,086
Assets and Liabilities:
- Total Assets: $1,474,754
- Total Liabilities: $43,206
- Net Assets: $1,431,548
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Organization Details
Founding Year
1977
Phone
(212) 752-1530Principal Officer
Michael Donohue
Main Address
545 FIFTH AVENUE 7TH FLOOR, NEW YORK, NY, 10017
NTEE Category
Code: B82 - Education
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