Overview
What is Common Thread Community?
Common Thread Community is a nonprofit organization based in Homewood, Alabama, specifically at 174 Oxmoor Road. Their mission is to uplift underserved communities by fostering an environment where nonprofits and socially conscious entrepreneurs can thrive. They achieve this by establishing community hubs that cater to small businesses, educational entities, workforce development programs, and wellness providers. These venues are designed to be convenient and accessible, making it easier for residents in these neighborhoods to access essential services. Common Thread Community's activities are centered around reaching out to the underprivileged and disadvantaged, advocating for socioeconomic growth, and providing marketplace opportunities. They currently employ 92 individuals, committed to their mission of uplifting and empowering underserved communities.
Official website here: www.commonthread.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 66%, Two-Star out of Four Star rating
Common Thread Community has achieved a rating of 66% from Charity Navigator, reflecting a Two-Star designation. This rating indicates moderate performance in terms of accountability and finance, while highlighting strengths such as having a fully independent board and a high program expense ratio of 85.34%, which suggests a strong focus on its charitable mission.
The organization demonstrates strong governance practices, evidenced by its comprehensive conflict of interest and whistleblower policies. However, it faces significant challenges in financial transparency, as indicated by a low score in financial statement reviews. Additionally, the high liabilities to assets ratio of 76.88% is a concern, showing potential risks in financial stability.
While Common Thread Community has solid programmatic expenditure, the organization needs to improve its financial reporting and transparency practices to enhance stakeholder trust and overall effectiveness. Addressing these limitations could potentially lead to a higher rating in the future and better support for its mission.
This AI summary has been generated from information found on Charity Navigator.
Is Common Thread Community legitimate?
Common Thread Community is a legitimate nonprofit organization registered as a 501(c)(3) entity. Common Thread Community 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: $104,844
Professional Fundraising Fees: $0
Other Salaries and Wages: $402,894
For more financial information, click here
Official website here: www.commonthread.org
What is the mission statement of Common Thread Community?
Common Thread Community is a community-driven organization with a mission to assist the underprivileged and lost individuals. They achieve this goal through marketplace activities and socioeconomic involvement. The community creates spaces that foster the growth of nonprofits and mission-driven entrepreneurs, while simultaneously addressing the needs of residents in historically underserved communities. Their community hubs support small businesses, educational entities, workforce development programs, and wellness providers, providing convenient and accessible venues for these entities to thrive.
Official website here: www.commonthread.org
What is the revenue of Common Thread Community?
Common Thread Community's revenue in 2023 was $1,548,680.
Official website here: www.commonthread.org
Who are the executives of Common Thread Community and what are their salaries?
The average compensation at Common Thread Community during 2023 was $17,508. There are 29 employees and 125 volunteers at Common Thread Community.
Here are 3 key members and their salaries:
- Compensation: $95,644
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.commonthread.org
Where can I find the form 990 for Common Thread Community?
Common Thread Community's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.commonthread.org
Learn more at the official website: www.commonthread.org
Mission Statement of Common Thread Community
Common Thread Community is a community-driven organization with a mission to reach out to the lost and impoverished individuals. They achieve this mission through marketplace activities and community and socioeconomic involvement. By creating spaces, Common Thread Community provides a platform for nonprofits and mission-driven entrepreneurs to grow while simultaneously addressing the needs of residents in historically underserved neighborhoods. Their community hubs support various entities, such as small businesses, educational entities, workforce development programs, and wellness providers, in convenient and accessible venues. The organization's unique approach aims to foster growth and development while simultaneously addressing the needs of the underprivileged communities they serve.
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Impact
July, 2024
Common Thread Community's impact is seen in the transformation of historically underserved neighborhoods in Homewood, Alabama. By creating spaces where mission-driven entrepreneurs can grow while meeting the needs of residents, Common Thread Community is actively involved in supporting small businesses, educational entities, workforce development programs, and wellness providers. Through their community hubs, they are fostering economic growth, educational opportunities, and access to essential services, contributing to the overall well-being and upliftment of the community.
This information is meant to be a general summary of Common Thread Community. 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.
- Program Service Revenue: $1,121,831
- Gross Receipts: $1,686,679
Assets and Liabilities:
- Total Assets: $3,477,690
- Total Liabilities: $2,673,937
- Net Assets: $803,753
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
MARKETPLACE SOCIOECONOM
Revenue
$384,790
HOUSING NEIGHBORHOODS
Revenue
$168,552
LOCAL GLOBAL MISSIONS
Revenue
$60,550
COMMUNITY COFFEE SHOP
Revenue
$507,939
Organization Details
Founding Year
2011
Principal Officer
Nicholas Crawford
Website
www.commonthread.orgNTEE Category
Code: P20 - Human services
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