Icon360 INC FY2021 filing

Tax-deductible

Brooklyn, NY501(c)(3)EIN 85-1063640

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To empower fashion designers of color with independent labels by providing capital to grow and scale their businesses.

501(c)(3) charity; gifts are tax-deductible.
86¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2021 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
3 of 4
filings with a surplus
Average surplus $23K a year · 3% of revenue · last 4 filings
Fine: a surplus in 3 of the last 4 filings.
Pt I · Ln 19 · 4 filings
Spent on programs
86%
of spending
Looks good: 86% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
<1 mo
of spending, in cash
Worth a look: 0.7 months of spending in cash; under 1.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
2
named funders · $90K
Fine: 2 funders name it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$22K
23% of total assets
Looks good: liabilities are 23% of assets; 50% or less.
Pt X · Ln 26
Independent board members
3
of 3 voting members
Looks good: 3 of 3 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$848K
-19% vs prior year
Spent
$788K
To programs
86%
Net assets
$77K
By yearFY2020–FY2024
Revenue
$848K
FY2021▼ -19%
Revenue by fiscal year
FY2020$1.0M
FY2021$848K
FY2022$699K
FY2024$566K
Expenses
$788K
FY2021▼ -23%
Expenses by fiscal year
FY2020$1.0M
FY2021$788K
FY2022$818K
FY2024$433K
Net assets
$77K
FY2021▲ +373%
Net assets by fiscal year
FY2020$16K
FY2021$77K
FY2022−$43K
FY2024$258K

From the FY2021 Form 990 · see the original

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You’re viewing the FY2021 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Sep 2020.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

86 cents of each dollar spent went to programs.

Program services 86% · $676K Management & general 9% · $70K Fundraising 5% · $42K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

3 people listed on the 990.

Part VII, Section A · reportable compensation
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
See Icon360 INC executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Provides capital to empower fashion designers of color to grow and scale their businesses.

Provided by the organization

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1 program · $676K · in their own filed words · FY2021
01

ICON360 awarded 20 grants to bipoc designers which provided capital and coaching to scale their businesses. There were a total of four grants in the amount of $10,000, 13 grants in the amount of $5,000, two grants in the amounts of $2,500, and one grant in the amount of $1,500.

$676Kprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · received and paid
Grants received · FY2024
Total grants receivedfrom 2 funders$90K
Grants paid · 26 grants · $2.4M · 2020–2024
Individual RecipientFY2024$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 →

By the numbers

The FY2021 990, line by line.

1The main four
Money inPt VIII
$848K
Ln 12
Gifts and grantsLn 1h$848K
Money outPt IX
$788K
Ln 25
Programscol B$676K
Managementcol C$70K
Fundraisingcol D$42K
Owns and owesPt X
$77K
net assets · Ln 32
Cash and savingsLn 1–2$47K
Total assetsLn 16$99K
LiabilitiesLn 26$22K
PeoplePt VI, VII
3
listed · VII A
PaidVII A0
Voting boardVI 1a3
IndependentVI 1b3
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$848K
Total revenueLn 12$848K
Assets in detailPt X, end of year
CashLn 1$47K
Cash and savings togetherLn 1–2$47K
Other assetsLn 15$2K
Total assetsLn 16$99K
LiabilitiesLn 26$22K
Net assetsLn 32$77K
OperationsPt I, VI
EmployeesI 50
VolunteersI 62
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY21End FY21
Cash and savingsLn 1–2$16K$47K
Total assetsLn 16$16K$99K
LiabilitiesLn 26$0$22K
Net assetsLn 32$16K$77K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$536K$536K
Grants to domestic individualsLn 2$112K$112K
Management feesLn 11a$44K$7K$7K$30K
Legal feesLn 11b$33K$33K
Accounting feesLn 11c$1K$1K
Other fees for servicesLn 11g$37K$11K$15K$12K
Advertising and promotionLn 12$2K$806$805
Office expensesLn 13$175$175
OccupancyLn 16$9K$9K
TravelLn 17$2K$2K
InsuranceLn 23$4K$4K
Other expenses (24a–d)Ln 24$8K$7K$405
Total functional expensesLn 25$788K$676K$70K$42K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $566K$433K$133K$258K 990 PDF
FY2023 Not on file
FY2022 $699K$818K−$119K−$43K 990 PDF
FY2021 Viewing $848K$788K$60K$77K 990 PDF
FY2020 $1.0M$1.0M$16K$16K 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2021 990 (5 parts)
Part I · Summary $848,000 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $1,041,200$848,000
I-9 Program service revenuePrior year $0$0
I-10 Investment incomePrior year $0$0
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $1,041,200$848,000
I-13 Grants and similar amounts paidPrior year $1,020,000$647,750
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $0$0
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $4,995$139,870
I-18 Total expensesPrior year $1,024,995$787,620
I-19 Revenue less expensesPrior year $16,205$60,380
Part VIII · Statement of revenue $848,000 across 3 lines filed
VIII-1f All other contributions, gifts and grants$848,000
VIII-1h Total contributions, gifts and grants$848,000
VIII-12 Total revenueRelated to mission $0 · Unrelated business $0 · Excluded from tax $0$848,000
Part IX · Statement of functional expenses $787,620 across 12 lines filed
IX-1 Grants to domestic organizationsPrograms $536,250$536,250
IX-2 Grants to domestic individualsPrograms $111,500$111,500
IX-11a Management feesPrograms $7,098 · Management $7,097 · Fundraising $30,000$44,195
IX-11b Legal feesManagement $32,690$32,690
IX-11c Accounting feesManagement $1,084$1,084
IX-11g Other fees for servicesPrograms $10,915 · Management $15,000 · Fundraising $11,577$37,492
IX-12 Advertising and promotionPrograms $806 · Fundraising $805$1,611
IX-13 Office expensesManagement $175$175
IX-16 OccupancyManagement $9,486$9,486
IX-17 TravelPrograms $1,754$1,754
IX-23 InsuranceManagement $3,761$3,761
IX-24 Other expenses (24a–d)Programs $7,217 · Management $405$7,622
IX-25 Total functional expensesPrograms $675,540 · Management $69,698 · Fundraising $42,382$787,620
Part X · Balance sheet $99,085 assets, 10 lines filed
X-1 Cash, non-interest-bearingStart of year $16,205$46,585
X-3 Pledges and grants receivable$50,000
X-15 Other assets$2,500
X-16 Total assetsStart of year $16,205$99,085
X-17 Accounts payable and accrued expenses$1,250
X-18 Grants payable$21,250
X-26 Total liabilitiesStart of year $0$22,500
X-27 Net assets without donor restrictionsStart of year $16,205$76,585
X-32 Total net assets or fund balancesStart of year $16,205$76,585
X-33 Total liabilities and net assetsStart of year $16,205$99,085
Part XI · Reconciliation of net assets $76,585 net assets at year end
XI-1 Total revenue$848,000
XI-2 Total expenses$787,620
XI-3 Revenue less expenses$60,380
XI-4 Net assets at start of year$16,205
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$76,585

Form 990 e-file (XML) FY2021 from the IRS · Classification, formation year and address from the IRS Business Master File

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