Overview
What is Fabscrap Inc?
Fabscrap Inc, based in Brooklyn, New York, is a nonprofit organization with a focus on sustainability and waste reduction. Specifically, they offer a pickup service for businesses in New York City to recycle fabric scraps, aiming to reuse or recycle these materials. Their mission is multifaceted, as they strive to be a convenient and transparent service, an affordable and accessible materials resource, and an educator and empowerer of a community of change-makers. With 27 employees, they aim to maximize the value of unused fabric, promoting a culture of sustainability and resourcefulness.
Official website here: www.fabscrap.org/
What are the reviews and ratings of this charity?
Charity Navigator Rating: One-Star out of Four Star rating (55%)
Fabscrap Inc has received a low rating of 55% from Charity Navigator, indicating significant concerns regarding its accountability and financial practices. The organization scored particularly poorly in areas such as the lack of independent board members and insufficient financial statement reviews, which raises questions about governance and oversight.
Despite these issues, Fabscrap Inc demonstrates a strong commitment to its mission, as reflected in its high program expense ratio of 85%. This suggests that a substantial majority of its funding is directed towards its programs rather than administrative costs. However, the organization's high liabilities to assets ratio of 68.55% may point to financial instability that could impact its long-term sustainability.
Overall, while Fabscrap Inc shows promise in its programmatic focus, its governance and financial management practices require significant improvement. Potential supporters should consider these factors when evaluating the effectiveness and reliability of the organization.
This AI summary has been generated from information found on Charity Navigator.
Is Fabscrap Inc legitimate?
Fabscrap Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Fabscrap 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:
Executive Compensation: $99,036
Professional Fundraising Fees: $0
Other Salaries and Wages: $486,202
For more financial information, click here
Official website here: www.fabscrap.org/
What is the mission statement of Fabscrap Inc?
Fabscrap Inc's mission is to create value from unused fabric by operating as a reliable and transparent service, providing an affordable and accessible materials resource, and educating and empowering a community of change-makers. Specifically, the organization offers convenient pickup and recycling services for businesses, aiming to reuse or recycle fabric scraps. In essence, Fabscrap Inc is dedicated to making a positive impact on waste reduction and fostering a community of individuals passionate about sustainability.
Official website here: www.fabscrap.org/
Who is the CEO of Fabscrap Inc?
Unavailable
Official website here: www.fabscrap.org/
What is the revenue of Fabscrap Inc?
Fabscrap Inc's revenue in 2022 was $1,510,101.
Official website here: www.fabscrap.org/
Who are the executives of Fabscrap Inc and what are their salaries?
The average compensation at Fabscrap Inc during 2022 was $21,675. There are 27 employees and 4360 volunteers at Fabscrap Inc.
Here are 5 key members and their salaries:
- Compensation: $50,946
- Related: $0
- Other: $0
- Compensation: $48,090
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.fabscrap.org/
Where can I find the form 990 for Fabscrap Inc?
Fabscrap Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.fabscrap.org/
Learn more at the official website: www.fabscrap.org/
Mission Statement of Fabscrap Inc
Fabscrap Inc, a forward-thinking organization, is dedicated to maximizing the value of unused fabric by serving as a convenient and transparent recycling service, an affordable and accessible materials resource, and an educator and empowerer of a community of changemakers. By providing pickup and recycling of textiles for businesses in various locations, Fabscrap Inc aims to reuse or recycle these materials, thereby reducing waste and promoting sustainability. The mission of Fabscrap Inc is to not only provide a practical solution for businesses to dispose of their fabric scraps but also to foster a community that values sustainability and takes action to make a positive impact on the environment.
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Impact
June, 2024
Fabscrap Inc's impact lies in maximizing the value of unused fabric by providing a convenient and transparent service. They offer affordable and accessible materials resources while educating and empowering a community of changemakers. Through their service fees, Fabscrap collects fabric scraps for recycling or reuse, effectively reducing waste and promoting sustainability. Located in Brooklyn, NY, Fabscrap Inc's mission is centered around environmental responsibility and creating a positive impact on the textile industry.
This information is meant to be a general summary of Fabscrap 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: $60
- Program Service Revenue: $1,005,712
- Gross Receipts: $1,510,101
Assets and Liabilities:
- Total Assets: $398,355
- Total Liabilities: $273,094
- Net Assets: $125,261
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Fabric Sales
Revenue
$497,428
Service Fees
Revenue
$508,284
Organization Details
Phone
(929) 276-3188Main Address
140 58th Street Bldg B Unit 5H-4, Brooklyn, NY, 11220
Website
www.fabscrap.org/NTEE Category
Code: C27 - Environment
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