Esperanza Threads Inc
- Assets
- $192.5k
- Revenue
- $0.0
- Investments
- $0.0
- Employees
- 7
- Location
- Cleveland, OH
- Founding
- 09/2002
- Data as of
- 12/2022
- EIN
- 34-1921602
Organization Overview
Esperanza Threads Inc is located in Cleveland, OH. The organization was established in 2002. According to its NTEE Classification (J22) the organization is classified as: Job Training, under the broad grouping of Employment and related organizations. As of 12/2022, Esperanza Threads Inc employed 7 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Esperanza Threads 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 12/2022, Esperanza Threads Inc generated $172.3k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.6% each year. All expenses for the organization totaled $174.3k during the year ending 12/2022. While expenses have increased by 4.1% 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
990EZ
Mission & Program ActivityExcerpts From the 990EZ Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
ESPERANZA THREADS, INC. (ESPERANZA THREADS) IS A NONPROFIT ORGANIZATION CHARTERED IN THE STATE OF OHIO IN 1971. THE MISSION OF ESPERANZA THREADS IS TO PROVIDE SEWING SKILL TRAINING AND FINDING EMPLOYMENT. ESPERANZA THREADS USES 100% SUSTAINABLE FABRIC DESIGNS. THEY MAKE PRODUCTS FOR ADULTS, YOUTHS, BABIES AS WELL AS BEDS, BATHS AND KITCHENS WHILE TOUTING THE FACT THAT THEY ARE A NON-PROFIT TRAINING FACILITY TEACHING THOSE NEEDING SKILLS FOR EMPLOYMENT HOW TO SEW ON INDUSTRIAL MACHINES.
Describe the Organization's Program Activity:
Part 3
ESPERANZA THREADS OPERATES TWO PROGRAMS: AN INDUSTRIAL SEWING JOB TRAINING AND JOB PLACEMENT PROGRAM FOR LOW INCOME INDIVIDUALS WHICH INCLUDES CLEVELANDERS AND MIGRANT REFUGEES WHO ARE NEW TO THE CITY AND AN ORGANIC CLOTHING MANUFACTURER AND RETAILER. THE MISSION OF ESPERANZA THREADS IS TO PROVIDE SEWING TRAINING IN GOOD-QUALITY JOBS, TO ASSIST INDIVIDUALS WITH BARRIERS TO EMPLOYMENT TO SUPPORT A FAMILY AND TO HAVE THE OPPORTUNITY TO BUILD A CAREER. THE TRAINING PROGRAM CURRENTLY INSTRUCTS 40-50 PEOPLE A YEAR WITH A 50-65% HIRING RATE IN JOBS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Patrick Gaughan President | 2 | $0 | |
Emily Tiell Exec Directo | 40 | $40,000 | |
Myrle Weems Director | 2 | $0 | |
Marie Hickle Finance Chai | 2 | $0 | |
Beatrice Oppong Director | 2 | $0 | |
Cathy Young Director | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $158,000 |
| Total Program Service Revenue | $13,763 |
| Membership dues | $0 |
| Investment income | $164 |
| Gain or Loss | $0 |
| Net Income from Gaming & Fundraising | $0 |
| Other Revenue | $340 |
| Total Revenue | $172,267 |
| Statement of Expenses | |
|---|---|
| Grants and similar amounts paid | $0 |
| Benefits paid to or for members | $0 |
| Salaries, other compensation, and employee benefits | $84,680 |
| Professional fees and other payments to independent contractors | $2,266 |
| Occupancy, rent, utilities, and maintenance | $25,088 |
| Printing, publications, postage, and shipping | $267 |
| Other expenses | $62,026 |
| Total expenses | $174,327 |
| Balance Sheet | |
|---|---|
| Cash, savings, and investments | $175,683 |
| Other assets | $0 |
| Total assets | $192,499 |
| Total liabilities | $159 |
| Net assets or fund balances | $192,340 |