Overview
What is Psi Iota Xi Charities Inc?
Psi Iota Xi Charities Inc is a nonprofit organization located in Muncie, Indiana, with a single employee. The primary focus of this organization is to distribute funds to local charitable organizations for philanthropic purposes. They operate the Bargain Box, a community-benefitting thrift store, where donated items from the public are sold. The revenue generated from the thrift store and the earnings of an unlimited quasi-endowment fund are utilized to provide direct financial aid to local charities. In addition, Psi Iota Xi Charities Inc may also donate surplus merchandise to other nonprofit organizations or clients associated with these organizations.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 80%, Three-Star out of Four Star rating
Psi Iota Xi Charities Inc has earned a solid Three-Star rating from Charity Navigator, reflecting a strong emphasis on accountability and financial health. The organization achieved an 80% score based entirely on its accountability metrics, indicating that it meets important standards for transparency and governance. The charity's independent board is notably robust, with 93% of members being independent, which adds to its credibility.
One of the organization's strengths lies in its high program expense ratio of 86.50%, demonstrating a commitment to utilizing most of its funds for its charitable programs rather than administrative expenses. Additionally, Psi Iota Xi has maintained a very low liabilities to assets ratio of only 0.04%, suggesting that it has a healthy financial structure and minimal debt.
However, while the charity shows strong governance and financial management, the overall score is derived from a single beacon score. This reliance on just one aspect of evaluation may limit a comprehensive understanding of its overall effectiveness. Nonetheless, the available data indicates that Psi Iota Xi Charities Inc operates with integrity and a focus on its mission.
This AI summary has been generated from information found on Charity Navigator.
Is Psi Iota Xi Charities Inc legitimate?
Psi Iota Xi Charities Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Psi Iota Xi Charities 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: $3,378
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
What is the mission statement of Psi Iota Xi Charities Inc?
Psi Iota Xi Charities Inc's mission involves accepting donations of property and selling them to generate income. This income is then distributed for philanthropic purposes, primarily to local charitable organizations. The organization operates a thrift store, known as the Bargain Box, which is beneficial to the community. Merchandise donated by the public is converted into cash or directly used for grants. Additionally, excess merchandise may be donated to other not-for-profit organizations or clients of these organizations. The main goal of Psi Iota Xi Charities Inc is to use its resources to support local charities and contribute positively to the community.
Who is the CEO of Psi Iota Xi Charities Inc?
Margaret Sikora is the President of Psi Iota Xi Charities Inc.
What is the revenue of Psi Iota Xi Charities Inc?
Psi Iota Xi Charities Inc's revenue in 2023 was $62,844.
Who are the executives of Psi Iota Xi Charities Inc and what are their salaries?
The average compensation at Psi Iota Xi Charities Inc during 2023 was $3,378. There is 1 employee and 57 volunteers at Psi Iota Xi Charities Inc.
Here are 17 key members and their salaries:
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $3,378
- 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
- Compensation: $0
- 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
- 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 Psi Iota Xi Charities Inc?
Psi Iota Xi Charities Inc's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of Psi Iota Xi Charities Inc
Psi Iota Xi Charities Inc, a philanthropic organization, is dedicated to accepting donations of property and selling them to generate income. This income is then distributed to local charitable organizations for various philanthropic purposes. The organization operates a thrift store named Bargain Box, which accepts donations from the public. The proceeds from this thrift store, along with the earnings from an unlimited quasi-endowment fund, are utilized to provide direct grants to these local charities. In addition, Psi Iota Xi Charities Inc may donate any excess merchandise to other not-for-profit organizations or clients associated with these organizations. The mission of Psi Iota Xi Charities Inc is to support and uplift local charities through the sale of donated items and the distribution of the resulting proceeds.
Shop smarter and support your favorite cause with the Give Freely browser extension. Save money with coupons and donate to charity with a single click. Download now!
Impact
August, 2024
The impact of Psi Iota Xi Charities Inc is felt directly in the local community of Muncie, Indiana. Through their operations of the Bargain Box thrift store, the organization is able to convert donated merchandise into funds that are then distributed to local charitable organizations. This direct financial support helps to address various needs within the community, making a tangible difference in the lives of individuals and families.
Furthermore, by also donating excess merchandise to other nonprofit organizations or clients of these organizations, Psi Iota Xi Charities Inc extends their impact beyond monetary donations. This kind of support helps to strengthen the network of nonprofits working to improve the quality of life in the area.
Overall, Psi Iota Xi Charities Inc's commitment to accepting donations, selling merchandise, and distributing funds for philanthropic purposes plays a vital role in supporting local charities and addressing community needs, particularly in the field of education.
This information is meant to be a general summary of Psi Iota Xi Charities 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 2023.
- Investment Income: $26,230
- Gross Receipts: $342,847
Assets and Liabilities:
- Total Assets: $1,066,365
- Total Liabilities: $502
- Net Assets: $1,065,863
Want to help this charity, for free? You can click here to learn more about Give Freely
Organization Details
Founding Year
1969
Phone
(765) 288-3835Principal Officer
Margaret Sikora
Main Address
607 EAST CHARLES STREET, MUNCIE, IN, 47305
NTEE Category
Code: B83 - Education
If you are a representative of Psi Iota Xi Charities Inc and wish to learn more about how Give Freely can help you raise funds, please click here: https://givefreely.com/nonprofits/. Our services are offered at no cost to your organization.