BOTTOMLESS CLOSET

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1998

Legal Domicile

Principal Officer

NANCY OBLER

Phone

2125632499

Tax Period

2023-01-01 to 2023-12-31

BOTTOMLESS CLOSET, founded in 1998, is a community nonprofit in the Human Services sector that reported $1.7M in total revenue in fiscal year 2023. Revenue surged 51% from the prior year, signaling strong growth momentum. The organization ran a surplus of $317K, a strong 19% operating margin.

Mission

THE ORGANIZATION'S MISSION IS TO REDUCE THE BARRIERS NEW YORK CITY WOMEN FACE IN THE SEARCH FOR EMPLOYMENT AS WELL AS PROVIDE ON-GOING SUPPORT AND EDUCATION SO THAT THEY GAIN THE TOOLS TO SUCCEED IN THEIR PROFESSIONAL LIVES. THE ORGANIZATION OFFERS AN INNOVATIVE APPROACH TO WORKFORCE PREPARATION FOR DISADVANTAGED NEW YORK CITY WOMEN TRANSITIONING FROM UNEMPLOYMENT AND PUBLIC ASSISTANCE TO WORK.

Program Service Accomplishments

Program 1

Expenses: $1,029,630 Revenue: $64,503

THE MAIN PROGRAM OFFERED BY THE ORGANIZATION INCLUDES THE SELECTION OF HIGH QUALITY INTERVIEW ATTIRE, RESUME REVIEW/PREPARATION AND INTERVIEW COACHING AS WELL AS A BROAD WORKSHOP CURRICULUM THAT...

THE MAIN PROGRAM OFFERED BY THE ORGANIZATION INCLUDES THE SELECTION OF HIGH QUALITY INTERVIEW ATTIRE, RESUME REVIEW/PREPARATION AND INTERVIEW COACHING AS WELL AS A BROAD WORKSHOP CURRICULUM THAT PROMOTES PROFESSIONAL DEVELOPMENT, FINANCIAL MANAGEMENT AND PERSONAL ENRICHMENT.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $1,331,179

Program Service Revenue $0

Investment Income $263,909

Other Revenue $64,503

TOTAL REVENUE $1,659,591

Expense Breakdown

Grants Paid $0

Salaries & Benefits $806,546

Fundraising Expenses $200,081

Program Expenses $1,029,630

Other Expenses $535,548

TOTAL EXPENSES $1,342,094

Year-over-Year Comparison

	2023	2022	Change
Revenue	$1,659,591	$1,097,525	+0.5%
Expenses	$1,342,094	$1,363,803	0.0%
Net Income	$317,497	$-266,278	-2.2%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

140

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$213,719

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
LISA PRIMEGGIA	CHAIR	5.00	Officer Director	$0	$0	$0
AMANDA NUSSBAUM	VICE PRESIDENT	5.00	Officer Director	$0	$0	$0
NANCY OBLER	TREASURER	5.00	Officer Director	$0	$0	$0
DIANE KENNEY	SECRETARY	5.00	Officer Director	$0	$0	$0
ALEX JOHNSON	DIRECTOR	1.00	Director	$0	$0	$0
ANDREA LOWENTHAL	DIRECTOR	1.00	Director	$0	$0	$0
ANNE BLACKMAN	DIRECTOR	1.00	Director	$0	$0	$0
BETH LAWLOR	DIRECTOR	1.00	Director	$0	$0	$0
CAROLYN HUGGINS	DIRECTOR	1.00	Director	$0	$0	$0
CINDY MCNAMARA	DIRECTOR	1.00	Director	$0	$0	$0
DEBRA WASHINGTON	DIRECTOR	1.00	Director	$0	$0	$0
EILEEN SOLLA-DIAZ	DIRECTOR	1.00	Director	$0	$0	$0
INEZ JOHNSON	DIRECTOR	1.00	Director	$0	$0	$0
KAREN HEATH WADE	DIRECTOR	1.00	Director	$0	$0	$0
KATHERINE DAVISSON	DIRECTOR	1.00	Director	$0	$0	$0
KATIE WATKIN	DIRECTOR	1.00	Director	$0	$0	$0
MOLLY SHULMAN	DIRECTOR	1.00	Director	$0	$0	$0
PAIGE ROSS	DIRECTOR	1.00	Director	$0	$0	$0
SHIRIN TREHAN TOOR	DIRECTOR	1.00	Director	$0	$0	$0
YASMIN IBRAHIM	DIRECTOR	1.00	Director	$0	$0	$0
MELISSA NORDEN	EXECUTIVE DIRECTOR	40.00	Officer	$200,844	$12,875	$213,719
YVONNE CASSIDY	DEVELOPMENT DIRECTOR	40.00	Highest	$107,281	$0	$107,281

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	No data	No data	No data	No data
2023	$1,659,591	$1,342,094	$3,611,963	$317,497
2022	$1,097,525	$1,363,803	$3,307,236	$-266,278
2021	$1,484,630	$1,244,272	$2,028,640	$240,358
2020	$1,716,711	$1,268,858	$1,790,767	$447,853
2019	$1,393,970	$1,546,140	$1,500,642	$-152,170
2018	$1,375,278	$1,563,080	$1,499,943	$-187,802