Overview
What is Circle Venture Inc?
Circle Venture Inc is a nonprofit organization situated in Philadelphia, primarily serving the Fishtown/East Kensington community. Their primary activity involves operating Circle Thrift, a thrift store that sells gently used clothing and household items at prices lower than the market rate. This endeavor aims to provide essential assistance to local families in need. The organization's mission statement, which outlines their purpose and goals, is available in an attached document. By offering these items at affordable prices, Circle Venture Inc aims to make a positive impact on the community and support its residents.
What are the reviews and ratings of this charity?
Charity Navigator Rating: Needs Improvement - 61%, Two-Star out of Four Star rating
Circle Venture Inc has received a Two-Star rating from Charity Navigator, indicating that there are significant areas of concern regarding their financial accountability and transparency. While the organization has a fully independent board, scoring well in aspects such as board size and majority independence, it falls short in critical areas like financial statements and transparency, receiving a score of 0 out of 15 points for that category.
The nonprofit demonstrates a strong commitment to its programs, as evidenced by a program expense ratio of 100%. This suggests that all of its expenses are directed toward its mission. However, the lack of financial disclosure and the absence of key policies, such as a conflict of interest policy, raises questions about governance practices and overall accountability.
Additionally, the organization's liabilities to assets ratio is moderately concerning at 58.12%, which reflects a potential financial risk. The absence of documents like tax forms on the nonprofit's website further emphasizes the need for improved transparency to foster trust among donors and stakeholders.
This AI summary has been generated from information found on Charity Navigator.
Is Circle Venture Inc legitimate?
Circle Venture Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Circle Venture Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $459,456
For more financial information, click here
What is the mission statement of Circle Venture Inc?
Circle Venture Inc, through its thrift store Circle Thrift, aims to assist families in need within the Fishtown/East Kensington community of Philadelphia. By selling donated clothing and household items at prices lower than market rates, the organization provides essential aid. The mission statement of Circle Venture Inc, as outlined in the attached document, is focused on this objective, with the intention of offering support to families in need. The organization's operations are centered around this mission, making affordable items accessible to those who require assistance.
Who is the CEO of Circle Venture Inc?
Megan Rosenbach is the Treasurer of Circle Venture Inc.
What is the revenue of Circle Venture Inc?
Circle Venture Inc's revenue in 2022 was $1,104,998.
Who are the executives of Circle Venture Inc and what are their salaries?
The average compensation at Circle Venture Inc during 2022 was $16,409. There are 28 employees at Circle Venture Inc.
Here are 5 key members and their salaries:
- Compensation: $55,000
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Where can I find the form 990 for Circle Venture Inc?
Circle Venture Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Circle Venture Inc
Circle Venture Inc, a nonprofit organization, is dedicated to assisting families in the Fishtown/East Kensington community of Philadelphia through its thrift store, Circle Thrift. This initiative sells donated clothing and household goods at prices that are lower than the market rate. The organization's primary mission, as stated in the attached document, is to provide aid to these families in need. Circle Venture Inc's mission is not just about selling second-hand items; it's about making a difference in the lives of the local community by offering affordable solutions. The organization's mission is a testament to its commitment to supporting the less fortunate and contributing positively to the community it serves.
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Impact
October, 2024
Circle Venture Inc makes a significant impact in the Fishtown and East Kensington communities of Philadelphia through its operation of Circle Thrift. By selling donated clothing and household goods at prices below market rates, the organization provides affordable options for families in need, helping to alleviate financial burdens and improve access to essential items. This service enhances community welfare by promoting sustainability and encouraging the spirit of giving through donations.
Additionally, Circle Venture Inc contributes to local employment opportunities, creating jobs that further support the economic stability of the community. Through its mission, the organization fosters a sense of community resilience and empowerment, ensuring that families have access to vital resources while also promoting environmental sustainability through the reuse of donated goods. The dual focus on affordability and employment underscores Circle Venture's commitment to uplifting the community it serves.
This information is meant to be a general summary of Circle Venture Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $416
- Program Service Revenue: $1,094,133
- Gross Receipts: $1,104,998
Assets and Liabilities:
- Total Assets: $2,262,032
- Total Liabilities: $1,353,428
- Net Assets: $908,604
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Program Revenue
Revenue
$1,088,006
Salvage
Revenue
$6,127
Organization Details
Founding Year
2010
Principal Officer
Megan Rosenbach
Main Address
2007 Frankford Ave, Philadelphia, PA, 19125
NTEE Category
Code: J20 - Employment
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