Cleveland Furniture Bank
- Assets
- $988.5k
- Revenue
- $2.2m
- Investments
- $0.0
- Employees
- 37
- Location
- Middleburg Heights, OH
- Founding
- 01/2007
- Data as of
- 09/2022
- EIN
- 56-2610534
Organization Overview
Cleveland Furniture Bank is located in Middleburg Heights, OH. The organization was established in 2007. According to its NTEE Classification (P20) the organization is classified as: Human Service Organizations, under the broad grouping of Human Services and related organizations. As of 09/2022, Cleveland Furniture Bank employed 37 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cleveland 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 09/2022, Cleveland Furniture Bank generated $2.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.2% each year. All expenses for the organization totaled $2.0m during the year ending 09/2022. 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 CFB PROVIDES FURNISHINGS AND OTHER HOUSEHOLD ITEMS RECEIVED BY DONATION TO QUALIFIED LOW INCOME INDIVIDUALS THROUGH THE OPERATION OF A FURNITURE BANK AND RETAIL STORE FOR THE BENEFIT OF THE GREATER CLEVELAND COMMUNITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE COLLECTION AND DISTRIBUTION OF FURNITURE, CLOTHING, APPLIANCES, AND OTHER HOUSEHOLD ITEMS RECEIVED BY DONATION TO QUALIFIED LOW INCOME INDIVIDUALS THROUGH THE OPERATION OF A LARGE-SCALE FURNITURE BANK AND RETAIL STORE. DURING FISCAL 2021, 466,708 IN DONATED MERCHANDISE WAS DISTRIBUTED.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Thomas E Gaghan Exec Dir | Officer | 40 | $94,149 |
Stephanie Canute Accountant | Officer | 18 | $21,523 |
Michelle B Creger Vice Pres | Officer | 1 | $0 |
Eric Eber Secretary | Officer | 1 | $0 |
Lisa Vidacs President | Officer | 1 | $0 |
Joe Gilbert Treasurer | Officer | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $806 |
| Membership dues | $0 |
| Fundraising events | $38,050 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $643,021 |
| Noncash contributions included in lines 1a–1f | $552,795 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $681,877 |
| Total Program Service Revenue | $271,205 |
| Investment income | $36 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $43,370 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $1,219,805 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,229,373 |
| 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. | $122,285 |
| Compensation of current officers, directors, key employees. | $40,305 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $654,020 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $14,647 |
| Payroll taxes | $71,693 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $17,350 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $72,228 |
| Office expenses | $4,169 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $375,426 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,941 |
| Insurance | $9,330 |
| All other expenses | $7,612 |
| Total functional expenses | $1,989,518 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $629,549 |
| Savings and temporary cash investments | $92,099 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,721 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $199,662 |
| Prepaid expenses and deferred charges | $52,738 |
| Net Land, buildings, and equipment | $10,699 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $988,468 |
| Accounts payable and accrued expenses | $41,762 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $41,762 |
| Net assets without donor restrictions | $854,961 |
| Net assets with donor restrictions | $91,745 |
| 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 | $988,468 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Cleveland Furniture Bank has recieved totaling $13,250.
| Awarding Organization | Amount |
|---|---|
Cleveland Foundation Cleveland, OH PURPOSE: GENERAL SUPPORT FOR BEDS FOR KIDS | $10,750 |
Kaulig Foundation Hudson, OH PURPOSE: BEDS FOR KIDS | $2,500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Catholic Charities West Michigan Grand Rapids, MI | $13,577,921 | $21,603,747 |
Springboard Collaborative Philadelphia, PA | $12,671,655 | $22,795,961 |
Christs Home Warminster, PA | $89,380,042 | $18,912,760 |
Eight Cap Inc Orleans, MI | $2,750,464 | $18,614,954 |
Catholic Charities Of Shiawassee & Genesee Counties Flint, MI | $13,966,516 | $19,279,987 |
Wedgwood Christian Services Grand Rapids, MI | $24,031,475 | $18,911,597 |
Wheeler Mission Ministries Inc Indianapolis, IN | $56,135,021 | $28,744,599 |
Agency For Community Empowerment Of Nepa Scranton, PA | $6,588,255 | $19,491,125 |
Stark County Community Action Agency Canton, OH | $8,005,138 | $17,758,895 |
Community Action Organization Of Scioto County Inc Portsmouth, OH | $5,541,506 | $17,941,143 |
Onesight Mason, OH | $26,405,119 | $15,913,386 |
Ohio Heartland Community Action Marion, OH | $4,922,800 | $17,262,322 |