Virgil Abloh Foundation

Nonprofit profile at a glance

EIN
882495014
IRS 990 coverage
2024–2024
Forms available
Form 990 2024, Form 990-PF 2023
Location
White Plains, NY, USA
Phone
2123078000
Rating
61
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Public Foundations

Reported finances

Revenue
$225,540
Expenses
$1,693,004
Assets
$3,449,524
Liabilities
$0

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

Leadership & pay

4 people listed

Executive titles in this filing

  • DANA LOATMAN (EXECUTIVE DIRECTOR)
  • SHANNON ABLOH (PRESIDENT)

Highest reported compensation

  • DANA LOATMAN (EXECUTIVE DIRECTOR): $53,125 total reported compensation
  • SHANNON ABLOH (PRESIDENT): $4,250 total reported compensation

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

Overview

Mission

Virgil Abloh Foundation (the "Foundation") was established in 2022 as a 501(c)(3) nonprofit organization in the state of Illinois. The Foundation was created with a mission to open doors, break barriers, and build a more equitable and inclusive industry for diverse youth and cultural leaders in pursuit of a limitless creative future.

What it reported doing in 2024

.

Operating model

Revenue model
Investment-supported. 93% of the money available for current operations came from recurring investment income.
Distribution model
Hybrid. The nonprofit split its reported program spending across 53% for direct work, and 47% for grants.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. A relatively small share of total spending goes to programs and the filing reports few safeguards for money sent abroad.

Rating breakdown

  • Financial Efficiency: 62
  • Transparency & Controls: 75
  • Accountability: 60
  • Sustainability: 31
  • Growth: NotEnoughData

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 18.2%; rating input score 18
  • Fundraising efficiency: $0.02 raised per $1 spent on fundraising; rating input score 3; 3rd 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: 0 of 8 controls in place; rating input score 0
    • Claims monitoring procedures: Fail
    • Requires narrative reports: Fail
    • Conducts field audits: Fail
    • May suspend future funding: Fail
    • Requires financial reports: Fail
    • Conducts site visits: Fail
    • Requires grant agreements: Fail
    • May require repayment: Fail
  • Grant itemization coverage: 100%; rating input score 100; 80th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 66.7%; rating input score 67; 18th percentile among comparable filings
  • Governance controls: 4 of 8 controls in place; rating input score 50
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Fail
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -650.6%; rating input score 0; 0th percentile among comparable filings
  • Total-asset coverage ratio: 2.04; rating input score 60; 60th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 80; 80th percentile among comparable filings
  • Officer compensation ratio: 3.4%; rating input score 34; 34th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: Limited
  • Asset growth: Limited

Details

  • Where the money goes: 100% of revenue deployed · 18.2% of spending went to programs
  • Governance: 2 of 3 board members independent · 4 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $308K in reported program spending
  • Leadership: top reported pay $53K · 4 people listed
  • Highest-paid contractors: 4 contractors listed · $1.3M reported
  • Consistency: 26 of 26 current checks pass
  • Schedules: 6 filed schedules · includes major donors, foreign activity, and grants
  • Contacts: How to reach this organization
  • Money network: 17 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: Program expense ratio scored 18/100.
  • High — Transparency & Controls: Foreign activity oversight: 8 of 8 not reported.
  • High — Financial Efficiency: Fundraising efficiency scored 3/100.
  • Review — Accountability: Governance controls: 4 of 8 not reported.
  • High — Sustainability: Operating margin scored 0/100.
  • Moderate — Sustainability: Officer compensation ratio scored 34/100.