Spreading Threads Clothing Bank
- Assets
- $555.6k
- Revenue
- $275.6k
- Investments
- $0.0
- Employees
- 2
- Location
- Tucson, AZ
- Founding
- 07/2018
- Data as of
- 12/2023
- EIN
- 83-1151614
Organization Overview
Spreading Threads Clothing Bank is located in Tucson, AZ. The organization was established in 2018. According to its NTEE Classification (P30) the organization is classified as: Children & Youth Services, under the broad grouping of Human Services and related organizations. As of 12/2023, Spreading Threads Clothing Bank employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Spreading Threads Clothing 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 12/2023, Spreading Threads Clothing Bank generated $275.6k in total revenue. This organization has experienced exceptional growth, as over the past 4 years, it has increased revenue by an average of 22.0% each year . All expenses for the organization totaled $157.8k during the year ending 12/2023. While expenses have increased by 29.2% per year over the past 4 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
PROVIDE NEW AND USED CLOTHING TO FOSTER/ADOPTIVE AND KINSHIP FAMILIES IN SOUTHERN ARIZONA IN ORDER TO DECREASE THEIR FINANCIAL BURDEN AND PROVIDE CLOTHING THAT CHILDREN FEEL GOOD WEARING
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED NEW AND USED CLOTHING TO SEVERAL FOSTER AND ADOPTIVE FAMILIES IN 2022 THAT HELPED REDUVS THE FINANCIAL BURDEN ON THESE FAMILIES
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mary Springer Board Member | Officer | 5 | $0 |
Beth Mcabee Board Member | Officer | 5 | $0 |
Sandy Larowe Board Member | Officer | 5 | $0 |
Mary Hernandez Secretary | Officer | 5 | $0 |
Michele Bennett President | Officer | 10 | $0 |
Anna Phillips Vice President | Officer | 10 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $71,701 |
| All other contributions, gifts, grants, and similar amounts not included above | $202,754 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $274,455 |
| Total Program Service Revenue | $0 |
| Investment income | $2 |
| 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 | $275,586 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $46,000 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $3,519 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $2,216 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $6,477 |
| Office expenses | $0 |
| 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 | $18,811 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $11,277 |
| Insurance | $1,586 |
| All other expenses | $26,018 |
| Total functional expenses | $157,843 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $73,101 |
| 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 | $482,485 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $555,586 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $320,930 |
| Other liabilities | -$6,554 |
| Total liabilities | $314,376 |
| 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 | $241,210 |
| Total liabilities and net assets/fund balances | $555,586 |