Furniture Bank
- Assets
- $4.1m
- Revenue
- $6.1m
- Investments
- $0.0
- Employees
- 71
- Location
- Houston, TX
- Founding
- 07/2003
- Data as of
- 12/2022
- EIN
- 47-0907461
Organization Overview
Furniture Bank is located in Houston, TX. The organization was established in 2003. According to its NTEE Classification (P12) the organization is classified as: Fund Raising & Fund Distribution, under the broad grouping of Human Services and related organizations. As of 12/2022, Furniture Bank employed 71 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Furniture Bank 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, Furniture Bank generated $6.1m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 11.8% each year . All expenses for the organization totaled $6.4m during the year ending 12/2022. While expenses have increased by 13.7% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE FURNITURE BANK IS A CHARITABLE ORGANIZATION THAT COLLECTS AND DISTRIBUTES FURNITURE AND HOME FURNISHINGS TO THOSE IN NEED.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FURNITURE BANK IS A CHARITABLE ORGANIZATION THAT COLLECT DISTRIBUTES FURNITURE AND HOME FURNISHINGS FREE OF CHARGE OR REDUCED IN PRICE FOR PEOPLE IN NEED THAT HAVE RECEIVED HOUSING ASSISTANCE THROUGH A SOCIAL SERVICE AGENCY OR CHARITY IN THE HOUSTON AREA. SERVICES HAVE BEEN PROVIDED FOR OVER 22000 FAMILIES SINCE FURNITURE BANK'S 1992 INCEPTION.
THE FURNITURE BANK IS A CHARITABLE ORGANIZATION THAT COLLECT DISTRIBUTES FURNITURE AND HOME FURNISHINGS FREE OF CHARGE OR REDUCED IN PRICE FOR PEOPLE IN NEED THAT HAVE RECEIVED HOUSING ASSISTANCE THROUGH A SOCIAL SERVICE AGENCY OR CHARITY IN THE HOUSTON AREA. SERVICES HAVE BEEN PROVIDED FOR OVER 22000 FAMILIES SINCE FURNITURE BANK'S 1992 INCEPTION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Oli Mohammed Executive Di | Officer | 40 | $67,042 |
Charles W Lindsay Operations D | Officer | 40 | $11,095 |
Hal Lynde Vice Chairma | OfficerTrustee | $0 | |
Larry Cress Chairman | OfficerTrustee | $0 | |
Kari Smith Director | Trustee | $0 | |
Frank Monacelli Director | Trustee | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $518,067 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,950,071 |
| Noncash contributions included in lines 1a–1f | $2,716,600 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,468,138 |
| Total Program Service Revenue | $2,585,216 |
| Investment income | $120 |
| 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 | $6,054,139 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $796,364 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $78,137 |
| Compensation of current officers, directors, key employees. | $11,095 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,122,183 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $34,644 |
| Payroll taxes | $92,518 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $80,428 |
| Advertising and promotion | $15,447 |
| Office expenses | $26,261 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $131,611 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $182,506 |
| Insurance | $132,491 |
| All other expenses | $281,122 |
| Total functional expenses | $6,418,720 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $277,876 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $7,844 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $817,668 |
| Prepaid expenses and deferred charges | $33,042 |
| Net Land, buildings, and equipment | $2,997,002 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $4,133,432 |
| Accounts payable and accrued expenses | $17,046 |
| Grants payable | $0 |
| Deferred revenue | $544,705 |
| 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 | $2,000,000 |
| Unsecured mortgages and notes payable | $1,064,206 |
| Other liabilities | $45,415 |
| Total liabilities | $3,671,372 |
| Net assets without donor restrictions | $0 |
| 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 | $462,060 |
| Total liabilities and net assets/fund balances | $4,133,432 |