Cleveland Furniture Bank
- Assets
- $1.5m
- Revenue
- $2.4m
- Investments
- $0.0
- Employees
- 37
- Location
- Middleburg Heights, OH
- Founding
- 01/2007
- Data as of
- 09/2023
- 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 09/2023, 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 09/2023, Cleveland Furniture Bank generated $2.4m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 1.0% each year. All expenses for the organization totaled $2.3m during the year ending 09/2023. While expenses have increased by 0.8% 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
2023
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 2023, 547,974 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 | $106,550 |
Stephanie Canute Accountant | Officer | 18 | $23,629 |
Carol Garvey Director | Trustee | 1 | $0 |
Nathan Hunt Director | Trustee | 1 | $0 |
Lisa Kay Director | Trustee | 1 | $0 |
John M Klipfell Director | 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 | $753,091 |
| Noncash contributions included in lines 1a–1f | $561,156 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $753,091 |
| Total Program Service Revenue | $353,029 |
| Investment income | $11,422 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $53,227 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $1,223,818 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,394,587 |
| 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. | $106,550 |
| Compensation of current officers, directors, key employees. | $42,620 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $827,644 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $19,982 |
| Payroll taxes | $84,227 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $14,880 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $15,638 |
| Advertising and promotion | $86,134 |
| Office expenses | $5,021 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $379,682 |
| 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 | $18,145 |
| Insurance | $9,375 |
| All other expenses | $13,869 |
| Total functional expenses | $2,328,865 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $235,337 |
| Savings and temporary cash investments | $541,167 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,615 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $212,844 |
| Prepaid expenses and deferred charges | $51,661 |
| Net Land, buildings, and equipment | $78,177 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $369,990 |
| Total assets | $1,491,791 |
| Accounts payable and accrued expenses | $60,887 |
| 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 | $48,486 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $369,990 |
| Total liabilities | $479,363 |
| Net assets without donor restrictions | $904,678 |
| Net assets with donor restrictions | $107,750 |
| 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 | $1,491,791 |