Icon360 INC EIN 85-1063640 Form 990 (PDF) Claim this org

Icon360 INC

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Provides capital to empower fashion designers of color to grow and scale their businesses. For fiscal year 2024 it reported $566K in revenue, $433K in expenses, and $258K in net assets.Pt I

Type
Public charity (501(c)(3)) · Nonprofit
Location
Brooklyn, NY
Website
www.hfricon360.com
Filings
4 on file (2020–2024)
Revenue
$566KFY2024
Expenses
$433K
Net assets
$258K
People
3
Filings
4
Updates
0
More identity details & actions ⌄
EIN  85-1063640 Public charity (501(c)(3)) Brooklyn, NY
Form 990 (PDF)
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Size
$100K–1M
What they do
Provides capital to empower fashion designers of color to grow and scale their businesses.
Leadership
Brandice Daniel · President
Money in and out
$566K revenue, $433K expenses
Bottom line
67% program efficiency
Where the money goes · FY2024
Total revenue
$566K
Pt VIII · Ln 12
Total expenses
$433K
Pt IX · Ln 25
Net assets
$258K
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): $133K
Where spending went · Part IX cols B–D
Program services $0.67 Management & general $0.16 Fundraising $0.17
Program efficiency
67%
of spending reaches programs▼ -14% vs prior filing year
Operating runway
5.7mo
months of highly liquid reserves at operating expense rate▲ +50% vs prior filing year
Surplus margin
+23%
revenue over expenses, this year▲ +237% vs prior filing year

Summary of the Filing

Part I · fiscal year 2024 · Form 990
Revenue
$566K
FY2024▼ -19%
Expenses
$433K
FY2024▼ -47%
Total assets
$286K
FY2024▲ +10%
Total liabilities
$28K
FY2024▼ -91%
Total revenue
$566K
Pt VIII · Ln 12
Total expenses
$433K
Pt IX · Ln 25
Net assets
$258K
Pt X · Ln 32
Revenue less expensesPt I · Ln 19$133K
Total assetsPt X · Ln 16$286K
Program-expense ratioPt IX · col B67%
Voting members of governing bodyPt I · Ln 33
Independent voting membersPt I · Ln 43

Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item CIcon360 INC
EINHdr · item D85-1063640
Principal addressHdr · item CBrooklyn, NY
WebsiteHdr · item Jwww.hfricon360.com
Year of formationHdr · item Lpending
State of legal domicileHdr · item MNY
Exempt statusHdr · item I501(c)(3) · active
NTEE classificationIRS BMFNonprofit
Ruling yearIRS BMFSep 2020

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a3
Independent voting membersPt VI · Ln 1b3
Conflict-of-interest policyPt VI · Ln 12aYes
Whistleblower policyPt VI · Ln 13Yes
Document retention policyPt VI · Ln 14Yes
CEO/top-official compensation independently reviewedPt VI · Ln 15aNo
Family or business relationships among officers/directorsPt VI · Ln 2No

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation
$0Pt VII · Sec A
Treasurer
$0Pt VII · Sec A
$0Pt VII · Sec A
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Mission & Programs · Part III

Where the work happens

1 program service account for $290K of program spending, described in the organization's own filed words · FY2024.
01

ICON360 awards grants to bipoc designers which provided capital and coaching to scale their businesses. The grants are in support of historically black colleges, universities (hbcus), & individuals for programs in either fashion design, fashion merchandising, or arts programs.

$290Kprogram expense

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Statement of Revenue

Part VIII
Contributions & grants100%$566K
Total revenueLn 12$566K

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.67 Management & general $0.16 Fundraising $0.17
Program services67%$290K
Management & general16%$68K
Fundraising17%$76K
Total functional expensesLn 25$433K

Balance Sheet

Part X · end of year
CashLn 1$207K
Total assetsLn 16$286K
Total liabilitiesLn 26$28K
Total net assetsLn 32$258K
Months of cash on handcomputed5.7

Financial Metrics

Form 990 · FY2024 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $207K · Operating expenses/yr $433K
5.7 months
Where the money goes
Program services
Program services $290K · Total expenses $433K
67%
Management & General
Management & general $68K · Total expenses $433K
16%
Fundraising
Fundraising $76K · Total expenses $433K
17%
Cost to raise $1
Fundraising expense (2-yr avg) $81K · Solicited contributions (2-yr avg) $633K
$0.13 to raise $1 (2-yr avg)
Where the money comes from
Contribution dependence
Contributions & grants $566K · Total revenue $566K
100%
Government reliance
Government grants — · Total revenue $566K
Earned-income share
Program service revenue $0 · Total revenue $566K
0%
Investment reliance
Investment income $0 · Total revenue $566K
0%
Program self-sufficiency
Program service revenue $0 · Total expenses $433K
0%
Growth & trend
Revenue growth (YoY)
This year $566K · Prior year $699K
-19%
Revenue CAGR
FY2020 $1.0M · FY2024 $566K
-14%
Net-asset trend (YoY)
End of year $258K · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $566K · Expenses $433K
+23%
Liabilities-to-Assets
Total liabilities — · Total assets $286K
Net-asset ratio
Net assets $258K · Total assets $286K
90%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) $0 · Other securities (Pt X, ln 12) $0 · Total assets (Pt X, ln 16) $286K
0%
People & payroll
Highest Reported Total Compensation
Individual Brandice Daniel · Reported title President · Highest reported compensation $0 · Total expenses $433K
0%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $0 · Total expenses $433K
0%
Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

MetricThis orgPeer medianPercentile
Program ratio 67%
Overhead ratio 16%
Fundraising cost ratio 13%
Revenue growth -19%
Investment management fee ratio 0%
Legal fee ratio 0%
Accounting fee ratio 0%
Fundraising fee ratio 0%

Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.

Grants

Schedule I · received and paid
Grants received · FY2024
Total grants receivedfrom 2 funders$90K
Grants paid · 26 grants · $2.4M · 2020–2024
Harlem Fashion RowFY2024$90,000
Neiman Marcus GroupFY2024$24,000
The Howard UniversityDC · FY2024$7,500
University of Maryland EasterFY2022$100,000
Clark Atlanta University INCGA · FY2022$75,000
Tennessee State UniversityTN · FY2022$50,000
North Carolina Central UniverFY2022$50,000
University of Arkansas at PinFY2022$30,000
Delaware State UniversityDE · FY2022$30,000
Unitemized GrantFY2021$111,500
North Carolina Central UniversityFY2021$100,000
University of Maryland Eastern ShoreFY2021$50,000
See all 26 grants →

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Filings & Schedule Manifest

Part IV
III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
FY2024 (Latest)$566K revenue · viewing · ⤓ 990 PDF
FY2023not on file
FY2022$699K revenue · ⤓ 990 PDF
FY2021$848K revenue · ⤓ 990 PDF
FY2020$1.0M revenue · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2024IRS
Classification, formation year, addressIRS Business Master File
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