Overview
What is Re-Use-It Thrift Store?
Re-Use-It Thrift Store is a nonprofit organization situated in Perham, Minnesota, specifically at 225 E Main Street. Its primary mission is to financially support the Boys & Girls Club of Perham. The nonprofit achieves this by operating a thrift shop, where it accepts donated household items. The revenue generated from selling these donated items serves as a source of income for the thrift store. Additionally, the store was able to cover its rent during a period of closure due to COVID-19, thanks to a government grant in the form of a Paycheck Protection Program (PPP) loan, which was later forgiven by the Small Business Administration (SBA). The store currently employs a team of two individuals.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 67%, earning it a Two-Star out of Four Star rating. This rating indicates that Re-Use-It Thrift Store has room for improvement in its accountability and financial practices, despite scoring well in certain areas such as having a fully independent board and a strong program expense ratio.
The organization demonstrates a high level of commitment to its mission, as evidenced by its impressive program expense ratio of 92.24%. This shows that a significant majority of its expenditures are directed toward its programs. Additionally, the board of directors is fully independent, which is a positive sign for governance and oversight.
However, there are notable limitations in areas such as financial transparency and governance policies. The organization has not provided financial statements or posted essential documents on its website, which raises concerns about accountability. Missing policies concerning conflicts of interest and document retention further highlight areas that need attention for improved operational integrity.
This AI summary has been generated from information found on Charity Navigator.
Is Re-Use-It Thrift Store legitimate?
Re-Use-It Thrift Store is a legitimate nonprofit organization registered as a 501(c)(3) entity. Re-Use-It Thrift Store 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: $234,787
For more financial information, click here
What is the mission statement of Re-Use-It Thrift Store?
The Re-Use-It Thrift Store is a venture established with the primary objective of financially supporting the Boys & Girls Club of Perham. This is accomplished by receiving donations of household items and selling them in the thrift shop. The income generated from these sales serves as a financial aid for the Boys & Girls Club. Additionally, the store has benefited from donations, such as those from Kenny Nelson, which covered the rent for the facility. During the COVID-19 pandemic, the store received a government grant, specifically a Paycheck Protection Program (PPP) loan, which was later forgiven by the Small Business Administration (SBA), helping to offset the costs of paying employees during the store's temporary closure.
Who is the CEO of Re-Use-It Thrift Store?
Zach Fjestad is the President of Re-Use-It Thrift Store.
What is the revenue of Re-Use-It Thrift Store?
Re-Use-It Thrift Store's revenue in 2022 was $1,040,052.
Who are the executives of Re-Use-It Thrift Store and what are their salaries?
The average compensation at Re-Use-It Thrift Store during 2022 was $117,394. There are 2 employees at Re-Use-It Thrift Store.
Here are 9 key members and their salaries:
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Where can I find the form 990 for Re-Use-It Thrift Store?
Re-Use-It Thrift Store's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Re-Use-It Thrift Store
Re-Use-It Thrift Store is a nonprofit organization that serves a unique purpose. Its mission is centered around receiving donated household items, transforming them into revenue streams. Established with the aim of financially supporting the Boys & Girls Club of Perham, this thrift shop operates as a means to give new life to unwanted items while contributing to a noble cause. The store's operation relies on the income generated from the sale of these donations. Additionally, Re-Use-It Thrift Store has benefited from generous donations, such as a substantial contribution from Kenny Nelson, which covered the rent for their facility. During the COVID-19 pandemic, the store also received a government grant in the form of a Paycheck Protection Program (PPP) loan, which was subsequently forgiven by the Small Business Administration (SBA). This financial assistance helped the organization continue to pay its employees, even when the store had to temporarily close its doors.
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Impact
October, 2024
Re-Use-It Thrift Store has a significant impact on the community by promoting sustainable consumption and providing essential financial support to the Boys & Girls Club of Perham. By accepting donated household items, the store encourages community members to recycle goods, reducing waste and encouraging a circular economy.
The income generated from the sale of these donated items directly benefits local youth programs, underscoring the store's commitment to fostering a supportive environment for the next generation. Additionally, the forgiveness of a PPP loan during the COVID-19 pandemic highlights the store's resilience and ability to navigate challenging economic conditions while maintaining employment for its staff.
Overall, Re-Use-It Thrift Store serves as a vital resource for affordable goods, community engagement, and support for local initiatives, reinforcing the interconnectedness of service, sustainability, and social responsibility.
This information is meant to be a general summary of Re-Use-It Thrift Store. 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: $574
- Program Service Revenue: $491,733
- Gross Receipts: $1,040,052
Assets and Liabilities:
- Total Assets: $896,771
- Total Liabilities: $39,609
- Net Assets: $857,162
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
PROGRAM SERVICE REVENUE
Revenue
$491,733
Organization Details
Founding Year
2011
Phone
(218) 346-2616Principal Officer
Zach Fjestad
Main Address
225 E MAIN STREET, PERHAM, MN, 56573
NTEE Category
Code: P29 - Human services
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