Tailored For Success Inc
Nonprofit profile at a glance
- EIN
- 043488106
- IRS 990 coverage
- 2015–2024
- Forms available
- Form 990 2024, Form 990-EZ 2014, Form 990-N 2009
- Location
- Malden, MA, USA
- Phone
- 7813240499
- Rating
- 79
- Verdict
- SUPPORTED
- Rating confidence
- Moderate
- Sector
- Thrift Shops
Reported finances
- Revenue
- $185,171
- Expenses
- $155,460
- Assets
- $99,298
- Liabilities
- $0
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
10 people listed
Executive titles in this filing
- Claire S Bean (President)
- Elizabeth Hart (Executive Director)
Highest reported compensation
- Elizabeth Hart (Executive Director): $55,182 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 programs and services of Tailored for Success, provide job seekers with a competitive edge by focusing on developing their soft skills, helping them stay current with the changing labor force, and building their self-confidence through professional image development.
What it reported doing in 2024
The TFS Career Closet Program specializes in filling the need (and expense) for business clothing that women and men need to make a positive first impression on a prospective employer. The TFS Career Closets continues to be an essential resource for job seekers, and nonprofits who work with job seekers, to empower economically disadvantaged individuals toward economic self-sufficiency. This simple but important service helps job seekers realize their potential to reach their professional goals. Because of our partnership with MassHire, TFS is able to offer job seekers two Career Closet locations (i.e., Malden, Woburn and Cambridge) to obtain free business clothing. TFS utilizes a unique Client choice Model, of enabling job seekers to individually (or with assistance) select clothing that meets their needs, thereby increasing dignity.
Operating model
- Revenue model
- Donor-supported. 100% of the money available for current operations came from contributions and gifts.
- Distribution model
- Hybrid. The nonprofit split its reported program spending across 76% for direct work, and 24% for grants.
- 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. Some filing-based governance responses are negative or unanswered and program spending has declined or grown slowly.
Rating breakdown
- Financial Efficiency: 72
- Transparency & Controls: 94
- Accountability: 84
- Sustainability: 52
- Growth: 60
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 68.6%; rating input score 69
- Program expense ratio: 81.7%; rating input score 82
- Fundraising efficiency: $19.04 raised per $1 spent on fundraising; rating input score 56; 56th percentile among comparable filings
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
- Pay-setting controls: Limited
- Foreign activity oversight: Limited
- Grant itemization coverage: 99.8%; rating input score 100; 60th 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: 5 of 8 controls in place; rating input score 62
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- Document-retention policy: Pass
- CEO compensation review process: Fail
- Other executive compensation review process: NotApplicable
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Missing
- Independent financial-statement audit: Fail
Sustainability
- Operating margin: 16%; rating input score 69; 69th percentile among comparable filings
- Total-asset coverage ratio: 0.64; rating input score 30; 30th percentile among comparable filings
- Liabilities to assets ratio: 0; rating input score 80; 80th percentile among comparable filings
- Officer compensation ratio: 35.5%; rating input score 8; 8th percentile among comparable filings
Growth
- Program expense growth: -5.2% per year; rating input score 0; 17th percentile among comparable filings
- Revenue growth: 4.9% per year; rating input score 100; 52nd percentile among comparable filings
- Asset growth: 20.6% per year; rating input score 100; 85th percentile among comparable filings
Details
- Where the money goes: 68.6% of revenue deployed · 81.7% of spending went to programs
- Governance: 8 of 8 board members independent · 5 of 8 filing controls reported
- Programs: 3 filed program accomplishments · $127K in reported program spending
- Leadership: top reported pay $55K · 10 people listed
- Consistency: 25 of 25 current checks pass
- Schedules: 5 filed schedules · includes major donors and grants
- Filing history: 10 filing years from 2015 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.
- Review — Accountability: Governance controls: 2 of 7 not reported.
- High — Growth: Program expense growth scored 0/100.
- Review — Financial Efficiency: Fundraising efficiency scored 56/100.
- Moderate — Sustainability: Total-asset coverage ratio scored 30/100.
- High — Sustainability: Officer compensation ratio scored 8/100.