RaiseFashion Inc
Nonprofit profile at a glance
- EIN
- 852172543
- IRS 990 coverage
- 2023–2024
- Forms available
- Form 990 2024, Form 990-EZ 2022
- Location
- Woodbury, CT, USA
- Phone
- 9175937018
- Rating
- 64
- Verdict
- SUPPORTED
- Rating confidence
- Moderate
Reported finances
- Revenue
- $765,191
- Expenses
- $651,309
- Assets
- $218,428
- Liabilities
- $0
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
16 people listed
Executive titles in this filing
- Felita Harris (Executive Director)
People named in this filing
- Kutina Ruhumbika (Secretary)
- Melisa Goldie (Chairman)
- Nelli Kim (Board Member)
Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
Focusing on the opportunity and responsibility of workers in the fashion world to cultivate a more diverse industry, one that actively promotes and fosters black-owned businesses.
What it reported doing in 2024
Internship Program: To provide intership opportunities to students from Historically Black Colleges and Universities (HBCU). The program is managed in partnership with the Anti Racism Fund. Students are placed into internships in the fashion industry fields such as marketing and communication, wholesale, logistics, production, and buying. Students receive stipends for living expenses from the Anti Racism Fund in order to help them offset costs associated with living in New York and Los Angeles, where the internships are located. Students are provided a mentor in their field to support them through their experience. Virtual seminars are conducted around job preparation, interview skills, and career path mapping.
Operating model
- Revenue model
- Donor-supported. 100% of the money available for current operations came from contributions and gifts.
- Distribution model
- Grant intermediary. The nonprofit sent 97% of its reported program spending out as grants.
- Includes noncash contributions: Reported contributions include donated property or goods.
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 a relatively small share of total spending goes to programs.
Rating breakdown
- Financial Efficiency: 54
- Transparency & Controls: 70
- Accountability: 70
- Sustainability: 58
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 47.5%; rating input score 47
- Program expense ratio: 55.8%; rating input score 56
- Fundraising efficiency: $79.5 raised per $1 spent on fundraising; rating input score 84; 84th percentile among comparable filings
Transparency & Controls
- Consistency checks: 75%; rating input score 75; 0th percentile among comparable filings
- Pay-setting controls: Limited
- Foreign activity oversight: Limited
- Grant itemization coverage: 61.7%; rating input score 62; 31st percentile among comparable filings
- 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: 2 of 7 controls in place; rating input score 29
- Conflict-of-interest policy: Fail
- Whistleblower policy: Fail
- Document-retention policy: Fail
- CEO compensation review process: NotApplicable
- Other executive compensation review process: NotApplicable
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Fail
- Audit committee oversight: Missing
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: 14.9%; rating input score 70; 70th percentile among comparable filings
- Total-asset coverage ratio: 0.34; rating input score 16; 16th percentile among comparable filings
- Liabilities to assets ratio: 0; rating input score 91; 91st percentile among comparable filings
- Officer compensation ratio: 0%; rating input score 81; 81st percentile among comparable filings
Growth
- Program expense growth: 54.3% per year; rating input score 100; 96th percentile among comparable filings
- Revenue growth: 64.6% per year; rating input score 100; 98th percentile among comparable filings
- Asset growth: 51.6% per year; rating input score 100; 96th percentile among comparable filings
Details
- Where the money goes: 47.5% of revenue deployed · 55.8% of spending went to programs
- Governance: 16 of 16 board members independent · 2 of 7 filing controls reported
- Programs: 4 filed program accomplishments · $363K in reported program spending
- Leadership: top reported pay $0 · 16 people listed
- Highest-paid contractors: 1 contractor listed · $127K reported
- Consistency: 19 of 22 current checks pass · 3 findings to review
- Schedules: 5 filed schedules · includes major donors and grants
- Filing history: 2 filing years from 2023 to 2024
- Contacts: How to reach this organization
- Money network: 1 filed money-flow record
- Related organizations: Filed and resolved organization relationships.
- 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 47/100.
- Review — Financial Efficiency: Program expense ratio scored 56/100.
- High — Accountability: Governance controls: 4 of 6 not reported.
- High — Sustainability: Total-asset coverage ratio scored 16/100.
- Moderate — Transparency & Controls: Schedule D expense reconciliation did not reconcile in the filed values.
- Moderate — Transparency & Controls: Schedule D revenue reconciliation did not reconcile in the filed values.
- Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.