Overview
What is The Benefit Shop Foundation Inc?
The Benefit Shop Foundation Inc, located in Mount Kisco, New York, is a nonprofit organization that operates a retail thrift shop. Volunteers from the foundation collect, process, display, and sell donated items in this shop. The public generously contributes goods to the shop, which are then sorted, priced, and sold at a retail price within the thrift shop. After covering expenses, the generated revenues are donated to various local charities, making it their mission to receive contributions with an open heart and return them to the public for resale, thereby supporting other local charitable organizations. The foundation employs a team of 16 individuals to carry out its mission.
Official website here: www.thebenefitshop.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: Needs Improvement
The Benefit Shop Foundation Inc. has received a Two-Star out of Four Star rating from Charity Navigator, indicating that while it meets some standards of accountability and finance, there are significant areas that require attention. The organization excels in having a fully independent board and maintaining a strong program expense ratio of 87.37%, suggesting that a substantial portion of its funds are directed toward its mission. However, the lack of financial statements and the absence of a whistleblower policy raise concerns about transparency and governance practices.
Despite its strengths, notable deficiencies were highlighted in the organization's operational policies. For instance, while the foundation has a conflict of interest policy and effectively documents board meeting minutes, it fails to provide financial statements or post its tax form on its website, which are crucial for public accountability. Additionally, the organization has only one independent board member, which may limit diverse oversight and perspectives within leadership.
Overall, while The Benefit Shop Foundation demonstrates a commitment to using its resources effectively, improvements in transparency and governance could enhance its credibility and trust with donors and the public. Addressing these areas will be essential for the organization to strengthen its rating and increase community confidence in its operations.
This AI summary has been generated from information found on Charity Navigator.
Is The Benefit Shop Foundation Inc legitimate?
The Benefit Shop Foundation Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. The Benefit Shop Foundation 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: $277,531
Professional Fundraising Fees: $0
Other Salaries and Wages: $443,697
For more financial information, click here
Official website here: www.thebenefitshop.org
What is the mission statement of The Benefit Shop Foundation Inc?
The Benefit Shop Foundation Inc's mission is centered around receiving donations from the public with an open and welcoming attitude. These contributions are then resold in a retail thrift shop, managed by volunteers. The proceeds from these sales, after covering expenses, are donated to various local charities. In essence, The Benefit Shop Foundation Inc serves as a conduit, using resale revenue to support other charitable organizations in the community.
Official website here: www.thebenefitshop.org
Who is the CEO of The Benefit Shop Foundation Inc?
Pamela Stone is the Director of The Benefit Shop Foundation Inc.
Official website here: www.thebenefitshop.org
What is the revenue of The Benefit Shop Foundation Inc?
The Benefit Shop Foundation Inc's revenue in 2022 was $2,736,249.
Official website here: www.thebenefitshop.org
Who are the executives of The Benefit Shop Foundation Inc and what are their salaries?
The average compensation at The Benefit Shop Foundation Inc during 2022 was $45,077. There are 16 employees at The Benefit Shop Foundation Inc.
There is 1 key member and their salary:
- Compensation: $277,531
- Related: $0
- Other: $0
Official website here: www.thebenefitshop.org
Where can I find the form 990 for The Benefit Shop Foundation Inc?
The Benefit Shop Foundation Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.thebenefitshop.org
Learn more at the official website: www.thebenefitshop.org
Mission Statement of The Benefit Shop Foundation Inc
The Benefit Shop Foundation, with an open-armed approach, receives various contributions from the public. Their mission is not to keep these contributions for themselves, but rather to put them back into circulation through resale. By operating a retail thrift shop, this nonprofit organization allows volunteers to collect, process, display, and sell donated materials. The general public contributes a wide array of goods to the shop, which are then sorted, priced, and offered for sale at retail prices in the thrift shop. After covering all expenses, the remaining net revenues are donated to various local charities. This cycle of giving and receiving enables The Benefit Shop Foundation to significantly contribute to the support of numerous local charities, thus making a tangible impact in its community.
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Impact
October, 2024
The Benefit Shop Foundation Inc has a significant impact on the community by fostering a cycle of giving and support. By operating a retail thrift shop, it creates a platform for the public to donate goods, which are then sorted, priced, and sold. This not only encourages a spirit of generosity but also provides affordable options for shoppers. The net revenues generated from these sales are redirected to support various local charities, amplifying the foundation's reach and effectiveness in addressing community needs. Through the collective efforts of dedicated volunteers, the foundation not only facilitates recycling and reuse of materials but also strengthens the social fabric of Mount Kisco, NY, by empowering other charitable initiatives.
This information is meant to be a general summary of The Benefit Shop Foundation 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.
- Program Service Revenue: $2,736,249
- Gross Receipts: $2,736,249
Assets and Liabilities:
- Total Assets: $735,755
- Total Liabilities: $56,286
- Net Assets: $679,469
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
THRIFT SHOP SALES/AUCTION
Revenue
$2,736,249
Organization Details
Founding Year
2011
Phone
(914) 602-3348Principal Officer
Pamela Stone
Main Address
185 KISCO AVENUE SUITE 201, MOUNT KISCO, NY, 10549
Website
www.thebenefitshop.orgNTEE Category
Code: W20 - Public benefit
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