Chicago Fashion Development

Nonprofit profile at a glance

EIN
261889713
IRS 990 coverage
2014–2023
Forms available
Form 990 2023, Form 990-EZ 2022
Location
Chicago, IL, USA
Phone
3127815267
Rating
66
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Arts, Cultural Organizations - Multipurpose

Reported finances

Revenue
$114,325
Expenses
$72,403
Assets
$513,036
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2023. Amounts in USD.

Leadership & pay

4 people listed

Executive titles in this filing

  • ANNA HOVET (EXECUTIVE DIRECTOR)
  • ANDREA SCHWARTZ (PRESIDENT)
  • MEGAN BUESCHEL (VICE PRESIDENT)

Highest reported compensation

  • ANNA HOVET (EXECUTIVE DIRECTOR): $40,000 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2023. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To provided emerging chicago-based designers in residence with the resources, business acumen, and mentoring to launch their careers in fashion

What it reported doing in 2023

DESIGNER IN RESIDENCE uses innovative solutions to mentor and promote fashion entrepreneurs by bridging the gap between design education and business enterprise. It provides design and business development training to Chicagos fashion entrepreneurs through mentorship, workshops and seminars.

Operating model

Revenue model
Donor-supported. 70% 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.

The verdict

SUPPORTED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 48
  • Transparency & Controls: 92
  • Accountability: 74
  • Sustainability: 76
  • Growth: 20

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 45.8%; rating input score 46
  • Program expense ratio: 68.5%; rating input score 68
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: Limited
  • 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: 3 of 8 controls in place; rating input score 38
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • 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: Fail
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 36.7%; rating input score 87; 87th percentile among comparable filings
  • Total-asset coverage ratio: 7.09; rating input score 85; 85th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 81; 81st percentile among comparable filings
  • Officer compensation ratio: 55.2%; rating input score 3; 3rd percentile among comparable filings

Growth

  • Program expense growth: -7.6% per year; rating input score 0; 14th percentile among comparable filings
  • Revenue growth: -7.7% per year; rating input score 0; 8th percentile among comparable filings
  • Asset growth: 6.1% per year; rating input score 100; 52nd percentile among comparable filings

Details

  • Where the money goes: 45.8% of revenue deployed · 68.5% of spending went to programs
  • Governance: 3 of 3 board members independent · 3 of 8 filing controls reported
  • Programs: 2 filed program accomplishments · $50K in reported program spending
  • Leadership: top reported pay $40K · 4 people listed
  • Consistency: 19 of 19 current checks pass
  • Schedules: 4 filed schedules · includes major donors
  • Filing history: 3 filing years from 2014 to 2023
  • 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.

  • Moderate — Financial Efficiency: Mission deployment rate scored 46/100.
  • Moderate — Accountability: Governance controls: 5 of 8 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Officer compensation ratio scored 3/100.