Overview
What is Newthreads Of Hope Inc?
Newthreads Of Hope Inc is a nonprofit organization situated in Wauwatosa, Wisconsin (WI 53222). Their primary program, NewThreads, focuses on distributing brand new clothing, bedding, household goods, books, and other essential items to organizations serving the needs of the poor, sick, children, and elderly. They receive these donations from manufacturers, retailers, and wholesalers, who contribute returned or excess merchandise. The nonprofit then sorts, warehouses, and redistributes this merchandise to various charitable organizations, aiming to help these individuals and families lead more self-sufficient lives. Newthreads Of Hope Inc employs a team of two dedicated individuals.
Official website here: www.newthreads.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 80%
Newthreads Of Hope Inc has received a Three-Star out of Four Star rating, reflecting an overall score of 80%. This score is based solely on the Accountability & Finance beacon, indicating that financial practices and governance are key areas of assessment. The charity has demonstrated strong accountability, with a perfect score for independent board members and transparency in financial matters, such as making tax forms available on its website.
However, the organization does face some limitations, particularly in financial statement transparency, where it scored zero points. Additionally, it received no points for fundraising efficiency, suggesting that there may be challenges in how effectively it raises funds relative to its expenses. The lack of policies regarding whistleblower protection and document retention also highlights areas for improvement in governance practices, which are crucial for donor confidence and operational integrity.
Overall, while Newthreads Of Hope Inc shows strengths in certain aspects of accountability and financial management, it will benefit from addressing its weaknesses to enhance its operational transparency and fundraising capabilities. This would not only improve its rating but also strengthen trust with its stakeholders and the communities it serves.
This AI summary has been generated from information found on Charity Navigator.
Is Newthreads Of Hope Inc legitimate?
Newthreads Of Hope Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Newthreads Of Hope 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: $83,100
Professional Fundraising Fees: $0
Other Salaries and Wages: $6,600
For more financial information, click here
Official website here: www.newthreads.org
What is the mission statement of Newthreads Of Hope Inc?
Newthreads of Hope Inc., through its innovative program, aims to offer support and revitalize hope for individuals in need. They accomplish this by collecting and redistributing brand new clothing, household items, and educational materials, sourced from corporations and manufacturers, to charitable organizations. These organizations then utilize this merchandise to aid the poor, sick, children, and elderly, enabling them to live more self-sufficient lives. The organization's primary program, the gifts-in-kind merchandise distribution program, solicits donations of new items, processes them, and distributes them to eligible recipients.
Official website here: www.newthreads.org
Who is the CEO of Newthreads Of Hope Inc?
Dennis J Brand is the Principal Officer of Newthreads Of Hope Inc.
Official website here: www.newthreads.org
What is the revenue of Newthreads Of Hope Inc?
Newthreads Of Hope Inc's revenue in 2022 was $1,807,558.
Official website here: www.newthreads.org
Who are the executives of Newthreads Of Hope Inc and what are their salaries?
The average compensation at Newthreads Of Hope Inc during 2022 was $44,850. There are 2 employees and 500 volunteers at Newthreads Of Hope Inc.
Here are 4 key members and their salaries:
- Compensation: $83,100
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.newthreads.org
Where can I find the form 990 for Newthreads Of Hope Inc?
Newthreads Of Hope Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.newthreads.org
Learn more at the official website: www.newthreads.org
Mission Statement of Newthreads Of Hope Inc
Newthreads Of Hope, a nonprofit organization, strives to offer assistance and restore hope by supplying brand new clothing, household items, and educational materials to individuals and families in need. Specifically targeting the poor, the ill, children, and the elderly, the organization aims to help these individuals live more self-sufficient lives. NewThreads of Hope achieves this mission by soliciting and receiving excess or returned brand new merchandise from corporations. This merchandise is then sorted, warehoused, and redistributed to various charitable organizations, which use it for the care of or direct benefit of the specified groups. The organization's innovative gifts-in-kind program serves as a vital resource, providing essential items that can significantly improve the lives of those in need.
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Impact
July, 2024
NewThreads Of Hope Inc's impact is significant in providing brand new clothing, household items, and educational materials to those in need, including the poor, the ill, children, and seniors. Through their innovative gifts-in-kind program, the organization offers support and a renewed sense of hope to these individuals, enabling them to live more self-sufficient lives. NewThreads of Hope solicits and redistributes returned and excess merchandise to charitable organizations, ensuring that it reaches those who require assistance the most. Their work contributes to improving the quality of life for vulnerable populations and promoting philanthropy within the community.
This information is meant to be a general summary of Newthreads Of Hope 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.
- Gross Receipts: $1,807,558
Assets and Liabilities:
- Total Assets: $19,019,442
- Total Liabilities: $63,493
- Net Assets: $18,955,949
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Organization Details
Founding Year
1990
Phone
(414) 443-0060Principal Officer
Dennis J Brand
Main Address
3001 North 112th Street, Wauwatosa, WI, 53222
Website
www.newthreads.orgNTEE Category
Code: T300 - Philanthropy
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