Two Ten Footwear Foundation Inc

What it reported doing in 2024

Two ten changes the lives of footwear employees and their families during times of crisis by providing emergency financial assistance to cover housing costs, utility bills, car repairs, and other immediate needs; natural disaster relief; referrals to special services such as crisis intervention, credit and debit counseling; and essential community resources. (continued on schedule o)funds are paid directly to footwear employees via e-check. Payments range from $1,000 - $3,000 based on need. The populations of footwear families we assist work in retail sales, customer service, factories, warehouses, and distribution centers. Most people work in lower-wage positions and are vulnerable to loss of income at different times of the year when business slows or orders in a factory or warehouse decrease. Two ten provides resources for footwear employees from 50 states, puerto rico, and the u.s. Virgin islands. In fy25, the top five states seeking two ten's services were South Carolina, Texas, Florida, Georgia, and puerto rico. The two ten relief services team assisted 2,435 footwear families with emergency assistance; 64% of grantees were female, and 35% were male. The three largest age groups who we supported were between the ages of 33-50 (46%), 18-32 (34%), and 51+ (20%). The reason most cited by those needing assistance was "natural disaster," followed by "health and "eviction/foreclosure."as part of our commitment to strengthening the footwear industry, two ten footwear foundation offers footwear employees and their families higher education scholarships and career-focused upskilling and professional development grants. Scholarships for higher education are based on financial need, academic ability, and contributions beyond the classroom that reflect leadership, service, and community values. In fy25, two ten funded 148 students with scholarships. Most students received an award between $4,000 and $5,000 with the opportunity to renew annually if they maintain a required gpa of at least 2.5 and continued to meet employment in the footwear industry. All new scholarship awards will average $4,000 per annum, renewable for three years or until they have completed their degree or certificate. To be eligible for a two ten scholarship, the applicant must be working within the footwear industry for a minimum of two years or the child of a parent working in the industry for the same duration. The scholars working in the footwear industry comprised 53% of the total pool, while 47% had parents working in the footwear industry. The application administration process is outsourced to the international scholarship and tuition services (ists). After ists presents the completed applications, two ten staff rank applicants using a scoring rubric weighted by the following system: 60% financial need, 25% academics based on gpa, and 15% contributions beyond the classroom that reflect leadership, service, and community values. Two ten then selects the top students from the new pool and those who maintained eligibility from the renewal pool until the endowment has been spent.upskilling and professional development grants offer financial assistance towards training and educational opportunities to support women in advancing in their career within the footwear industry. Courses included but were not limited to self-paced virtual learning and certifications in human resources and in-person training for footwear designers, which covered a range of topics from fabrics and textiles to manufacturing requirements for a successful design. In fy25, 100% of grantees identified as women, with 43% working in corporate, and 36% in retail. 68% of grantees identified as mid-career and 20% identified as early career. Additionally, 47% of grantees reported having at least one dependent in their household.

Financial Efficiency

• Mission deployment rate: 100%; rating input score 100
• Program expense ratio: 76%; rating input score 76
• Fundraising efficiency: $4.79 raised per $1 spent on fundraising; rating input score 16; 16th percentile among comparable filings

Transparency & Controls

• Consistency checks: 94.4%; rating input score 94; 24th percentile among comparable filings
• Pay-setting controls: 0 of 6 controls in place; rating input score 0
  • Compensation committee: Missing
  • Independent consultant: Missing
  • Other Form 990s reviewed: Missing
  • Written employment contract: Missing
  • Compensation survey or study: Missing
  • Board or committee approval: Missing
• Foreign activity oversight: Scored; rating input score 0
• Grant itemization coverage: 100%; rating input score 100; 72nd percentile among comparable filings
• Major donor itemization: Yes; rating input score 100
• Related-party transparency: Limited

Accountability

• Independent voting board: 97.2%; rating input score 97; 27th percentile among comparable filings
• Governance controls: 9 of 9 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: Pass
  • Form 990 shared with the board: Pass
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Pass
  • Independent financial-statement audit: Pass

Sustainability

• Operating margin: -10.1%; rating input score 13; 13th percentile among comparable filings
• Total-asset coverage ratio: 6.67; rating input score 87; 87th percentile among comparable filings
• Liabilities to assets ratio: 0.01; rating input score 87; 87th percentile among comparable filings
• Officer compensation ratio: 19.9%; rating input score 12; 12th percentile among comparable filings

Growth

• Program expense growth: 1.1% per year; rating input score 100; 18th percentile among comparable filings
• Revenue growth: 0.7% per year; rating input score 100; 14th percentile among comparable filings
• Asset growth: 1.4% per year; rating input score 100; 17th percentile among comparable filings