Overview
What is The Philadelphia Fashion Incubator?
The Philadelphia Fashion Incubator is a twelve-month residency program based in Philadelphia, Pennsylvania, located at 1300 Market Street 3rd Floor. This nonprofit organization selects six designers annually and offers them essential resources, such as office and design space, business curriculum, mentoring, and workshops, to assist in launching and growing their fashion businesses in the city. The program begins with a week-long business boot camp, followed by sixteen business workshops that provide in-depth knowledge on various topics, allowing designers to accelerate their businesses. Each designer is also paired with an industry leader mentor, who offers guidance and feedback on their business models and collections. Monthly trips to New York City include meetings with fashion entrepreneurs, tours of production and sourcing resources, and industry shows and events. The primary aim of the incubator is to offer opportunities for education, support, and promotion of emerging fashion designers and the fashion community in the Philadelphia area.
Official website here: www.philadelphiafashionincubator.com
What are the reviews and ratings of this charity?
Charity Navigator Rating: Needs Improvement (74%)
The Philadelphia Fashion Incubator has received a two-star rating, indicating areas of concern in its overall accountability and finance practices. While the organization demonstrates strong governance with a fully independent board and no material diversion of assets, it falls short in key transparency and policy areas, such as the absence of a whistleblower policy and a document retention policy.
Financially, the organization has a program expense ratio of 62.79%, suggesting that a significant portion of its expenditures is directed towards its programs. However, it does show a low liabilities to assets ratio of 1.13%, which reflects a healthy financial position in terms of asset management. The organization lists its website on the tax form, but it is missing some vital documents, such as the tax form itself on its website, which could hinder transparency.
Overall, while The Philadelphia Fashion Incubator showcases strengths in board governance and financial ratios, it faces challenges in transparency and policy implementation that could impact its effectiveness and public trust. Addressing these limitations may enhance its standing and reputation in the nonprofit sector.
This AI summary has been generated from information found on Charity Navigator.
What do the Facebook reviews say about The Philadelphia Fashion Incubator?
90% of 26 reviewers on Facebook recommend The Philadelphia Fashion Incubator. Here is a summary of their reviews:
Many individuals appreciate the organization's commitment to nurturing emerging fashion brands and providing mentorship to aspiring designers. Reviewers frequently highlight the supportive atmosphere that fosters creativity and innovation within the fashion community. This nurturing environment has been recognized as integral to the growth of new talent in the industry.
Overall, supporters feel that the Philadelphia Fashion Incubator is successfully delivering on its promise to mentor and guide up-and-coming designers. Those engaged with the nonprofit express gratitude for the resources and opportunities provided, which they believe are essential for their development and success in the competitive fashion landscape.
This AI summary has been generated from reviews found on Facebook.
Is The Philadelphia Fashion Incubator legitimate?
The Philadelphia Fashion Incubator is a legitimate nonprofit organization registered as a 501(c)(3) entity. The Philadelphia Fashion Incubator 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:
Executive Compensation: $97,620
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
Official website here: www.philadelphiafashionincubator.com
What is the mission statement of The Philadelphia Fashion Incubator?
The Philadelphia Fashion Incubator is dedicated to supporting and nurturing emerging fashion designers by offering educational opportunities and resources. Its mission is to promote these designers within the fashion community. The incubator provides a twelve-month residency program, offering workspace, business curriculum, mentoring, and various workshops to assist designers in launching and growing their businesses. The program begins with a business boot camp, followed by workshops focusing on various business topics, providing in-depth knowledge and access to industry experts. Each designer is also paired with an industry leader mentor for professional and business skills development. Regular trips to New York City are organized, offering meetings with fashion entrepreneurs, tours of production and sourcing resources, and industry events.
Official website here: www.philadelphiafashionincubator.com
Who is the CEO of The Philadelphia Fashion Incubator?
Elissa Bloom is the Director of The Philadelphia Fashion Incubator.
Official website here: www.philadelphiafashionincubator.com
What is the revenue of The Philadelphia Fashion Incubator?
The Philadelphia Fashion Incubator's revenue in 2022 was $73,610.
Official website here: www.philadelphiafashionincubator.com
Who are the executives of The Philadelphia Fashion Incubator and what are their salaries?
The average compensation at The Philadelphia Fashion Incubator during 2022 was $97,620. There is 1 employee and 10 volunteers at The Philadelphia Fashion Incubator.
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- Compensation: $97,583
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Official website here: www.philadelphiafashionincubator.com
Where can I find the form 990 for The Philadelphia Fashion Incubator?
The Philadelphia Fashion Incubator's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.philadelphiafashionincubator.com
Learn more at the official website: www.philadelphiafashionincubator.com
Mission Statement of The Philadelphia Fashion Incubator
The Philadelphia Fashion Incubator, a renowned organization, is committed to fostering the growth and development of emerging fashion designers in the Philadelphia area. Its primary mission is to provide educational opportunities and support, aiming to promote these designers and enrich the local fashion community. The incubator offers a comprehensive twelve-month residency program, welcoming six designers-in-residence (DIR) annually. These selected individuals are granted access to essential resources, including office and design space, business curriculum, mentoring, and numerous workshops.
The incubator's program begins with a week-long business boot camp, designed to equip the DIR with fundamental business knowledge. This intensive training allows them to accelerate their businesses and execute strategies effectively, setting them up for success throughout the residency. Throughout the year, the DIR participate in various workshops focusing on various business topics. These sessions provide in-depth knowledge and serve as a collaborative learning environment, where DIR can engage with industry experts.
Moreover, each DIR is assigned an industry leader mentor, who offers guidance on professional and business skills development, as well as providing valuable feedback on their business models and collections. Regular trips to New York City are also arranged, offering the DIR the opportunity to network with fashion entrepreneurs, tour production and sourcing resources, and attend industry shows and events. Participating in trade shows and events further enhances their exposure and experience within the fashion industry. In summary, the Philadelphia Fashion Incubator serves as a nurturing ground for budding fashion designers, providing them with the necessary tools and connections to launch and grow their businesses successfully.
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Impact
August, 2024
The Philadelphia Fashion Incubator provides emerging fashion designers in the Philadelphia area with a twelve-month residency program that includes access to office and design workspace, business curriculum, mentoring, and other resources. This program aims to help designers launch and grow their companies within the city. Participating designers receive essential business information through a week-long business boot camp and a series of workshops throughout the year. They also benefit from industry expert workshops, mentorship, and monthly trips to New York City for networking opportunities and industry events. By supporting and promoting these designers, The Philadelphia Fashion Incubator contributes to the growth and development of the local fashion community.
This information is meant to be a general summary of The Philadelphia Fashion Incubator. 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: $105
- Program Service Revenue: $16,901
- Gross Receipts: $73,610
Assets and Liabilities:
- Total Assets: $280,416
- Total Liabilities: $3,218
- Net Assets: $277,198
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
STUDIO FEES
Revenue
$16,841
PUBLIC PROGRAM FEES
Revenue
$60
Organization Details
Founding Year
2011
Phone
(215) 241-9000Principal Officer
Elissa Bloom
Main Address
1300 MARKET STREET 3RD FLOOR, PHILADELPHIA, PA, 19107
NTEE Category
Code: S43 - Community improvement
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