Bottomless Closet

Nonprofit profile at a glance

EIN
134037622
IRS 990 coverage
2011–2024
Forms available
Form 990 2024
Location
New York, NY, USA
Phone
2125632499
Rating
76
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Personal Social Services

Reported finances

Revenue
$1,716,513
Expenses
$1,445,926
Assets
$4,038,839
Liabilities
$1,346,159

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

20 people listed

Executive titles in this filing

  • AMANDA NUSSBAUM (VICE PRESIDENT)
  • MELISSA NORDEN (EXECUTIVE DIRECTOR)

Highest reported compensation

  • MELISSA NORDEN (EXECUTIVE DIRECTOR): $224,218 total reported compensation
  • YVONNE CASSIDY (DEVELOPMENT DIRECTOR): $111,543 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The organization's mission is to reduce the barriers New York city women face in the search for employment as well as provide on-going support and education so that they gain the tools to succeed in their professional lives. The organization offers an innovative approach to workforce preparation for disadvantaged New York city women transitioning from unemployment and public assistance to work.

What it reported doing in 2024

The main program offered by the organization includes the selection of high quality interview attire, resume review/preparation and interview coaching as well as a broad workshop curriculum that promotes professional development, financial management and personal enrichment.

Operating model

Revenue model
Donor-supported. 97% of the money available for current operations came from contributions and gifts.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Fundraising costs are high for each dollar raised and program spending has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 66
  • Transparency & Controls: 79
  • Accountability: 100
  • Sustainability: 59
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 71.1%; rating input score 71
  • Program expense ratio: 72.6%; rating input score 73
  • Fundraising efficiency: $5.51 raised per $1 spent on fundraising; rating input score 20; 20th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 3 of 6 controls in place; rating input score 50
    • Compensation committee: Missing
    • Independent consultant: Pass
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 8 of 8 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 15.8%; rating input score 71; 71st percentile among comparable filings
  • Total-asset coverage ratio: 2.79; rating input score 73; 73rd percentile among comparable filings
  • Liabilities to assets ratio: 0.33; rating input score 23; 23rd percentile among comparable filings
  • Officer compensation ratio: 23.2%; rating input score 11; 11th percentile among comparable filings

Growth

  • Program expense growth: -1.2% per year; rating input score 0; 14th percentile among comparable filings
  • Revenue growth: 0.7% per year; rating input score 100; 18th percentile among comparable filings
  • Asset growth: 8.4% per year; rating input score 100; 53rd percentile among comparable filings

Details

  • Where the money goes: 71.1% of revenue deployed · 72.6% of spending went to programs
  • Governance: 18 of 18 board members independent · 8 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $1M in reported program spending
  • Leadership: top reported pay $224K · 20 people listed · 3 of 6 pay-setting controls reported
  • Consistency: 32 of 32 current checks pass
  • Schedules: 7 filed schedules · includes major donors and executive pay
  • Filing history: 13 filing years from 2011 to 2024
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Financial Efficiency: Fundraising efficiency scored 20/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Sustainability: Officer compensation ratio scored 11/100.
  • High — Sustainability: Liabilities to assets ratio scored 23/100.