The Scrap Exchange Inc
- Assets
- $7.1m
- Revenue
- $2.2m
- Investments
- $0.0
- Employees
- 59
- Location
- Durham, NC
- Founding
- 07/1991
- Data as of
- 12/2023
- EIN
- 56-1728718
Organization Overview
The Scrap Exchange Inc is located in Durham, NC. The organization was established in 1991. According to its NTEE Classification (C20) the organization is classified as: Pollution Abatement & Control, under the broad grouping of Environment and related organizations. As of 12/2023, Scrap Exchange Inc employed 59 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Scrap Exchange 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 12/2023, Scrap Exchange Inc generated $2.2m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 13.3% each year . All expenses for the organization totaled $2.3m during the year ending 12/2023. While expenses have increased by 13.5% per year over the past 9 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
TO PROMOTE CREATIVITY, ENVIRONMENTAL AWARENESS, AND COMMUNITY THROUGH REUSE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
RETAIL STORE IN DURHAM, NC SELLS IDEAS AND MATERIALS RELATING TO INDUSTRIAL DISCARDS AND OTHER PRE-CONSUMER AND POST-CONSUMER WASTE MATERIALS. INVENTORY IS DONATED AND COLLECTED FROM BUSINESS AND INDUSTRIES AS WELL AS INDIVIDUALS.
REUSE ARTS DISTRICT: PROPERTY AND ASSET MANAGEMENT OF 10 ACRES AND 80,000 SF COMMERCIAL SPACE FOR VARIOUS TENANTS IN CONNECTION WITH SCRAP EXCHANGE MISSION OF ART AND REUSE. CONSIDERATION OF DEVELOPMENT OF THE PROPERTY IN MANNER TO CONTINUE SUPPORT FOR RAD, THE SCRAP EXCHANGE AND LAKEWOOD/DURHAM IS ONGOING.
EVENTS, PARTIES, AND CLASSES SHOWING CHILDREN AND ADULTS CREATIVE WAYS OF USING INDUSTRIAL DISCARDS.
WORKSHOPS SHOWING TEACHERS AND STUDENTS HOW TO CREATE TEACHING AIDS AND ARTS USING INDUSTRIAL DISCARDS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Micah Kordsmeier President | OfficerTrustee | 1 | $0 |
Madeline Bankson Vice Preside | OfficerTrustee | 1 | $0 |
Tom Dawson Secretary | OfficerTrustee | 1 | $0 |
Anna Aneja Treasurer | OfficerTrustee | 1 | $0 |
Jonathan Fuller Board Member | Trustee | 1 | $0 |
Jamie Beck Board Member | Trustee | 1 | $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 | $44,036 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $44,036 |
| Total Program Service Revenue | $2,115,760 |
| Investment income | $4,975 |
| 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 | $2,177,205 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $90,000 |
| Compensation of current officers, directors, key employees. | $21,600 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $718,428 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $44,579 |
| Payroll taxes | $66,225 |
| 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 | $70,043 |
| Advertising and promotion | $7,101 |
| Office expenses | $15,525 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $425,287 |
| Travel | $9,454 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $251,129 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $280,572 |
| Insurance | $45,733 |
| All other expenses | $16,235 |
| Total functional expenses | $2,277,622 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,242,760 |
| Savings and temporary cash investments | $1,020,358 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $217,339 |
| 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 | $295,584 |
| Net Land, buildings, and equipment | $4,188,437 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $2,054 |
| Other assets | $98,280 |
| Total assets | $7,064,812 |
| Accounts payable and accrued expenses | $131,949 |
| Grants payable | $0 |
| Deferred revenue | $660,000 |
| 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 | $7,333,583 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $161,125 |
| Total liabilities | $8,286,657 |
| Net assets without donor restrictions | -$1,221,845 |
| 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 | $7,064,812 |