The Philadelphia Fashion Incubator

Analysis

The Philadelphia Fashion Incubator is a registered charity in United States, based in Philadelphia, PA. It received its IRS tax-exemption ruling in March 2012, 14 years ago. Its declared purposes cover community improvement and capacity building, which this site groups under community and economic development. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, The Philadelphia Fashion Incubator reported income of $105k and spending of $152k, spending 145% of what it took in. Across the 6 years on record, from December 2018 to December 2023, income fell from $173k to $105k (-40%), an average of -9.6% a year. The sharpest change came in the year to December 2022, when income dropped by 56%. Over the whole period it spent 119% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, The Philadelphia Fashion Incubator sits at the 36th percentile: it is larger than about 36% of them. Against every charity in United States with reported income it ranks in the 38th percentile, and in the 36th percentile within PA. Charities of a similar size with the same main cause include Go Collaberative ($104k), 490 Farmers Inc ($105k) and Yellow Springs Community Development Corporation ($104k).

On its Form 990-EZ for the period ending December 2023, revenue came from contributions and grants 81% and program service revenue 19% of the total. At year end it held assets of $239k against liabilities of $8,985, net assets of $230k.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.