Island Thrift
- Assets
- $1.5m
- Revenue
- $1.3m
- Investments
- $0.0
- Employees
- 18
- Location
- Oak Harbor, WA
- Founding
- 12/1977
- Data as of
- 12/2023
- EIN
- 91-0996800
Organization Overview
Island Thrift is located in Oak Harbor, WA. The organization was established in 1977. According to its NTEE Classification (P29) the organization is classified as: Thrift Shops, under the broad grouping of Human Services and related organizations. As of 12/2023, Island Thrift employed 18 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Island Thrift 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, Island Thrift generated $1.3m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.7% each year. All expenses for the organization totaled $1.2m during the year ending 12/2023. While expenses have increased by 0.9% 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.
Since 2014, Island Thrift has awarded 237 individual grants totaling $2,858,110. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
OPERATE A THRIFT STORE TO GENERATE FUNDS FOR CHARITABLE PURPOSES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
COMMUNITY CONTRIBUTIONS - ISLAND THRIFT PROVIDES GRANT FUNDING TO NUMEROUS ISLAND COUNTY, WA ORGANIZATIONS AND CHARITIES. TOGETHER, WE ARE REINVESTING IN THE COMMUNITY WE LOVE.
THRIFT STORE OPERATIONS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Alex Pfeiffer President | OfficerTrustee | 2 | $0 |
Peg Shannon Treasurer | OfficerTrustee | 2 | $0 |
Gary Berner Board Member | Trustee | 2 | $0 |
Jim Kotschwar Secretary | OfficerTrustee | 2 | $0 |
Joe Mosolino Board Member | Trustee | 2 | $0 |
Beth Munns Board Member | Trustee | 2 | $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 | $2,845 |
| Noncash contributions included in lines 1a–1f | $1,045 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,845 |
| Total Program Service Revenue | $0 |
| Investment income | $22,622 |
| 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 | $1,319,022 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,344,489 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $228,865 |
| 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 | $565,527 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $22,318 |
| Payroll taxes | $57,216 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $20,123 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $950 |
| Fees for services: Other | $0 |
| Advertising and promotion | $964 |
| Office expenses | $7,615 |
| Information technology | $8,393 |
| Royalties | $0 |
| Occupancy | $162,763 |
| Travel | $145 |
| 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 | $20,032 |
| Insurance | $15,055 |
| All other expenses | $0 |
| Total functional expenses | $1,158,744 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $30,183 |
| Savings and temporary cash investments | $1,073,326 |
| 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 | $407,469 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,510,978 |
| Accounts payable and accrued expenses | $21,362 |
| 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 | $21,362 |
| Net assets without donor restrictions | $1,489,616 |
| 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 | $1,510,978 |
Grants Awarded
Over the last fiscal year, Island Thrift has awarded $228,865 in support to 30 organizations.
| Grant Recipient | Amount |
|---|---|
BOYS AND GIRL CLUB OF SNOHOMISH COUPEVILLE PURPOSE: Matching grant for single year general operating support to raise funds to provide youth services in Coupeville, WA | $10,000 |
CADA PURPOSE: Matching grant event sponsorship for the Whidbey Wine Cellar CADA Fundraiser 2022 to raise funds to provide services and shelter to victims of crime and abuse in Island County, WA | $8,400 |
NORTH WHIDBEY HELP HOUSE PURPOSE: Multi-year general operating support grant to purchase nutritious food for low income people on North Whidbey Island, WA | $5,500 |
OAK HARBOR SENIOR CENTER PURPOSE: Multi-year general operating support grant to provide senior programming and a senior center for senior age people in Oak Harbor, WA | $14,400 |
WHIDBEY ISLAND WOMENS CLINIC PURPOSE: Multi-year general operating support grant to provide equipment, materials, and support to new parents and their babies on Whidbey Island, WA | $12,000 |
STEPS PURPOSE: Multi-year general operating support grant for early intervention therapy for children with developmental delays and their families on Whidbey Island, WA | $18,000 |