Overview
What is Richmond Community Toolbank?
Richmond Community Toolbank is a nonprofit organization situated in Richmond, Virginia. Established in 2015, its primary mission is to strengthen the charitable sector in the greater Richmond area by providing necessary tools. With over 3 million dollars in tool loans to 500 organizations, it has empowered 115,000 volunteers to participate in 20,000 projects. By offering a tool lending program, Richmond Toolbank has saved the nonprofit sector in Central Virginia approximately 7 million dollars, which has been reallocated towards enhancing services and programs. Additionally, their Building Change program addresses the growing need for outdoor furniture and placemaking infrastructure, leveraging volunteers and tools to construct over 3,200 items for parks, community centers, schools, and public spaces. In summary, Richmond Community Toolbank serves as a vital resource for the local nonprofit sector, equipping volunteers with the tools required to contribute to various projects, saving substantial costs, and ultimately enabling organizations to make the most of their limited resources.
Official website here: www.richmondtoolbank.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 85% (Three-Star out of Four Star rating)
The Richmond Community Toolbank has earned a solid Three-Star rating from Charity Navigator, reflecting its strong performance in accountability and finance. With an impressive 93% score in this category, the organization demonstrates a commitment to transparency and responsible financial management. Notably, it boasts a fully independent board and maintains a high program expense ratio of over 81%, indicating that the majority of its funds are directed towards its mission.
Despite its strengths, the organization has some areas for improvement, particularly in governance policies. It lacks several critical policies such as a conflict of interest policy, a whistleblower policy, and a document retention policy, which are important for ensuring ethical operations and accountability. Addressing these gaps could enhance its overall governance framework and public trust.
On a positive note, the Toolbank has achieved a perfect score in culture and community, showcasing its effective practices in collecting and utilizing feedback from stakeholders. This reflects a strong commitment to community engagement and responsiveness, which are vital for meeting the needs of the populations it serves. Overall, the Richmond Community Toolbank demonstrates a solid foundation with the potential for further growth in governance practices.
This AI summary has been generated from information found on Charity Navigator.
Is Richmond Community Toolbank legitimate?
Richmond Community Toolbank is a legitimate nonprofit organization registered as a 501(c)(3) entity. Richmond Community Toolbank 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: $71,500
Professional Fundraising Fees: $0
Other Salaries and Wages: $102,633
For more financial information, click here
Official website here: www.richmondtoolbank.org
What is the mission statement of Richmond Community Toolbank?
The Richmond Community Toolbank's mission is to enhance the capacity of the charitable sector to serve by providing tools, thereby facilitating hands-on volunteerism in the greater Richmond area. Since its establishment in 2015, the toolbank has loaned over 7.5 million dollars worth of tools and equipment to over 500 organizations, enabling 115,000 volunteers to work on 20,000 projects. The Tools for Change tool lending program has saved the nonprofit sector in Central Virginia over 7 million dollars. These savings are reinvested into the services and programs offered by the toolbank's nonprofit members, allowing them to continue their work with limited resources. Additionally, Richmond Toolbank's Building Change program addresses the growing need for outdoor furniture and placemaking infrastructure, leveraging its extensive tool inventory and volunteer power to build over 3,200 outdoor furniture items since 2016, which have been donated to over 200 parks, community centers, schools, and public spaces.
Official website here: www.richmondtoolbank.org
Who is the CEO of Richmond Community Toolbank?
Toby Vernon is the Executive Di of Richmond Community Toolbank.
Official website here: www.richmondtoolbank.org
What is the revenue of Richmond Community Toolbank?
Richmond Community Toolbank's revenue in 2022 was $502,540.
Official website here: www.richmondtoolbank.org
Who are the executives of Richmond Community Toolbank and what are their salaries?
The average compensation at Richmond Community Toolbank during 2022 was $58,044. There are 3 employees and 1100 volunteers at Richmond Community Toolbank.
Here are 14 key members and their salaries:
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Official website here: www.richmondtoolbank.org
Where can I find the form 990 for Richmond Community Toolbank?
Richmond Community Toolbank's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.richmondtoolbank.org
Learn more at the official website: www.richmondtoolbank.org
Mission Statement of Richmond Community Toolbank
Richmond Community Toolbank, a nonprofit organization, aims to enhance the capacity of the charitable sector in serving the community through the facilitation of hands-on volunteerism in the Greater Richmond area. By providing tools and equipment on loan, the Toolbank enables various organizations to equip their volunteers for numerous projects, saving the nonprofit sector significant resources in the process. These savings are then reinvested into the services and programs offered by the member organizations, allowing them to continue their work effectively with limited resources.
In addition to its tool lending program, Richmond Community Toolbank also operates a Building Change program. This program addresses the growing need for outdoor furniture and placemaking infrastructure by leveraging its extensive tool inventory and volunteer power. The Toolbank provides an open request form to any community organization in need, and it fulfills these requests continuously. Since its inception in 2016, the Toolbank has built over 3,200 outdoor furniture items, which have been donated to parks, community centers, schools, and public spaces across the community. By supporting organizations with essential tools and equipment, Richmond Community Toolbank plays a crucial role in enabling volunteers to make a meaningful impact in their community.
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Impact
July, 2024
Richmond Community Toolbank has had a significant impact in the Greater Richmond area by providing tools to enhance the capacity of charitable organizations to serve their communities. Since 2015, the Toolbank has loaned over $7.5 million in tools and equipment to 500 organizations, equipping 115,000 volunteers for 20,000 projects. Through their Tools for Change tool lending program, they have saved the charitable sector in Central Virginia over $7 million, allowing these organizations to do more with limited resources year after year.
Additionally, the Toolbank's Building Change program addresses the need for outdoor furniture and placemaking infrastructure by leveraging their extensive tool inventory and the power of volunteers. They have built over 3,200 outdoor furniture items since 2016, which have been donated to over 200 parks, community centers, schools, and public spaces. This initiative has helped create more welcoming and functional community spaces, enhancing the quality of life for residents in the area.
This information is meant to be a general summary of Richmond Community Toolbank. 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: $27,671
- Gross Receipts: $522,355
Assets and Liabilities:
- Total Assets: $615,181
- Total Liabilities: $139,093
- Net Assets: $476,088
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
TOOL LENDING
Revenue
$27,671
Organization Details
Founding Year
2013
Phone
(804) 219-0606Principal Officer
Toby Vernon
Main Address
1407 CUMMINGS DRIVE, RICHMOND, VA, 23220
Website
www.richmondtoolbank.orgNTEE Category
Code: S192 - Community improvement
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