New Life Thrift Inc
- Assets
- $3.1m
- Revenue
- $2.8m
- Investments
- $0.0
- Employees
- 76
- Location
- Glenside, PA
- Founding
- 04/2011
- Data as of
- 06/2022
- EIN
- 27-4526837
Organization Overview
New Life Thrift Inc is located in Glenside, PA. The organization was established in 2011. According to its NTEE Classification (T50) the organization is classified as: Philanthropy, Charity & Voluntarism Promotion, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. As of 06/2022, New Life Thrift Inc employed 76 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. New Life Thrift 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 06/2022, New Life Thrift Inc generated $2.8m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 7.6% each year. All expenses for the organization totaled $2.2m during the year ending 06/2022. While expenses have increased by 2.9% per year over the past 7 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.
Since 2015, New Life Thrift Inc has awarded 54 individual grants totaling $1,113,003. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
NEW LIFE THRIFT IS A MINISTRY OF NEW LIFE PRESBYTERIAN CHURCH OF GLENSIDE. THE PRIMARY PURPOSE OF THE ORGANIZATION IS THE OPERATION OF TWO THRIFT STORES. ALL OF THE NEW PROFITS OF THE STORES ARE DISTRIBUTED TO THE CHURCH OR LOCAL CHARITIES TO HELP THOSE IN NEED.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE PRIMARY ACTIVITY IS THE OPERATION OF TWO THRIFT STORES. ALL STORE MERCHANDISE IS DONATED TO THE STORES. MERCHANDISE THAT IS ACCEPTED AND SOLD AT THE STORES INCLUDES CLOTHING, KNICK KNACKS, FURNITURE, BOOKS AND JEWELRY.A PORTION OF THE NET PROCEEDS FROM SALES ARE DISTRIBUTED TO THE CHURCH ON A QUATERLY BASIS TO HELP INDIVIDUALS IN THE COMMUNITY OF THE STORE IN NEED.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David Channing Executive Director | Officer | 50 | $119,583 |
John Hagerty Board Member | Trustee | 1 | $0 |
Russlyn Cook Board Member | Trustee | 1 | $0 |
Greg Raysor Board Member | Trustee | 1 | $0 |
Scott Dirksen Board Member | Trustee | 1 | $0 |
Rita Harris Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $411,014 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,386,508 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,797,522 |
| Total Program Service Revenue | $0 |
| Investment income | $899 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,798,421 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $196,500 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $119,583 |
| Compensation of current officers, directors, key employees. | $89,687 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,092,829 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $10,293 |
| Payroll taxes | $99,981 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $8,081 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,000 |
| Advertising and promotion | $22,895 |
| Office expenses | $11,132 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $354,420 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $14,408 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $58,493 |
| Insurance | $35,007 |
| All other expenses | $0 |
| Total functional expenses | $2,160,813 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $708,522 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $0 |
| Net Land, buildings, and equipment | $2,375,345 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $15,103 |
| Total assets | $3,098,970 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $782,006 |
| Unsecured mortgages and notes payable | $500,000 |
| Other liabilities | $33,781 |
| Total liabilities | $1,315,787 |
| Net assets without donor restrictions | $1,783,183 |
| Net assets with donor restrictions | $0 |
| 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 | $3,098,970 |
Grants Awarded
Over the last fiscal year, New Life Thrift Inc has awarded $182,500 in support to 9 organizations.
| Grant Recipient | Amount |
|---|---|
NEW LIFE PRESBYTERIAN CHURCH PURPOSE: Assist the ministry | $100,000 |
ALPHA CARE PURPOSE: Assist the ministry | $10,000 |
TWIN STATE CHRISTIAN COUNSELING PURPOSE: Assist the ministry | $6,000 |
TENTH PRESBYTERIAN CHURCH PURPOSE: Assist with ministry | $8,500 |
EVERY GOOD GIFT PURPOSE: Assist with ministry | $15,000 |
GROW PURPOSE: Assist with ministry | $8,000 |