Modern School Of Fashion And Design Inc
- Assets
- $7.1m
- Revenue
- $7.2m
- Investments
- $6.4m
- Employees
- 12
- Location
- Boston, MA
- Founding
- 04/1957
- Data as of
- 05/2023
- EIN
- 04-2037931
Organization Overview
Modern School Of Fashion And Design Inc is located in Boston, MA. The organization was established in 1957. As of 05/2023, Modern School Of Fashion And Design Inc employed 12 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Modern School Of Fashion And Design Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 05/2023, Modern School Of Fashion And Design Inc generated $7.2m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 44.4% each year . All expenses for the organization totaled $666.4k during the year ending 05/2023. While expenses have increased by 3.5% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
EDUCATIONAL SERVICES OFFERING COURSES EXCLUSIVELY IN THE APPLIED ART OF FASHION DESIGN
Describe the Organization's Program Activity:
Part 3 - Line 4a
EDUCATIONAL PROGRAM OFFERING COURSES IN THE APPLIED ART OF FASHION DESIGN
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jane Conway Caspe Director | Trustee | 5 | $0 |
Carol Winterhalter Director, Clerk | OfficerTrustee | 5 | $0 |
Peter Frasca Chairman, President | OfficerTrustee | 5 | $22,350 |
Edward Grant Director | Trustee | 5 | $0 |
Denise Hammon Director | Trustee | 5 | $0 |
Donald Laliberte Treasurer | OfficerTrustee | 5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $58,701 |
| Noncash contributions included in lines 1a–1f | $43,922 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $58,701 |
| Total Program Service Revenue | $152,099 |
| Investment income | $126,013 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $6,904,406 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $7,241,219 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $4,670 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $5,100 |
| Compensation of current officers, directors, key employees. | $4,590 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $254,775 |
| Pension plan accruals and contributions | $5,522 |
| Other employee benefits | $0 |
| Payroll taxes | $28,196 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $23,538 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $37,509 |
| Fees for services: Other | $15,613 |
| Advertising and promotion | $57,988 |
| Office expenses | $7,474 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $145,486 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,277 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,262 |
| Insurance | $11,397 |
| All other expenses | $9,657 |
| Total functional expenses | $666,402 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $106,535 |
| Savings and temporary cash investments | $519,367 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $350 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $14,374 |
| Net Land, buildings, and equipment | $10,497 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $6,410,987 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $7,062,110 |
| Accounts payable and accrued expenses | $31,638 |
| Grants payable | $0 |
| Deferred revenue | $40,455 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $72,093 |
| Net assets without donor restrictions | $6,859,155 |
| Net assets with donor restrictions | $130,862 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $7,062,110 |