Overview
What is Scrap Exchange Inc?
Scrap Exchange Inc, located in Durham, North Carolina, is a flourishing nonprofit organization. Its primary mission revolves around promoting creativity, environmental awareness, and community by reusing materials, primarily sourced from industrial discards, pre-consumer, and post-consumer waste. The organization operates a retail store where donated and collected items from businesses, industries, and individuals are sold. The Scrap Exchange Inc seeks to make a positive impact on the environment and foster a sense of community through its innovative approach to waste management and creative reuse. With a dedicated team of 54 employees, the nonprofit continues to make strides in its mission.
Official website here: www.scrapexchange.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: Needs Improvement
Scrap Exchange Inc has received a Two-Star out of Four Star rating from Charity Navigator, indicating a need for improvement in its overall operational transparency and financial management. While the organization shows strong governance with 100% independent board members and a solid program expense ratio of nearly 88%, it lacks sufficient financial statements, which significantly impacts its overall score.
The nonprofit's strengths lie in its accountability measures, including a robust conflict of interest policy and documented board meeting minutes, which reflect good practices in governance. However, the organization faces challenges with its financial oversight, as indicated by its liabilities to assets ratio of over 115%, suggesting potential financial instability.
Overall, while Scrap Exchange Inc demonstrates commendable governance practices and a commitment to its mission through program expenditures, it must enhance its financial reporting and transparency to improve its standing and trust among donors and stakeholders.
This AI summary has been generated from information found on Charity Navigator.
What do the Facebook reviews say about Scrap Exchange Inc?
96% of 481 reviewers on Facebook recommend Scrap Exchange Inc. Here is a summary of their reviews:
Many patrons express their delight in discovering an array of creative and unique materials, describing the nonprofit as a fantastic place for sewing supplies, vintage patterns, and various unexpected treasures. The positive sentiment around the quality and diversity of items available resonates strongly within the community.
Overall, this organization appears to effectively fulfill its mission by providing valuable resources for crafters and creatives. Users feel inspired and satisfied with their shopping experiences, often returning for more discoveries.
This AI summary has been generated from reviews found on Facebook.
Is Scrap Exchange Inc legitimate?
Scrap Exchange Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Scrap Exchange 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: $147,039
Professional Fundraising Fees: $0
Other Salaries and Wages: $519,280
For more financial information, click here
Official website here: www.scrapexchange.org
What is the mission statement of Scrap Exchange Inc?
Scrap Exchange Inc's mission lies in promoting creativity, environmental awareness, and community through reuse. The organization strives to achieve this by selling ideas and materials derived from industrial discards and other pre-consumer and post-consumer waste materials. The inventory is primarily donated and collected from businesses and industries, as well as individuals. Their aim is to foster a creative and sustainable community, encouraging the reuse of resources and reducing waste.
Official website here: www.scrapexchange.org
Who is the CEO of Scrap Exchange Inc?
Cristian Santiago is the President of Scrap Exchange Inc.
Official website here: www.scrapexchange.org
What is the revenue of Scrap Exchange Inc?
Scrap Exchange Inc's revenue in 2022 was $1,592,667.
Official website here: www.scrapexchange.org
Who are the executives of Scrap Exchange Inc and what are their salaries?
The average compensation at Scrap Exchange Inc during 2022 was $12,339. There are 54 employees and 150 volunteers at Scrap Exchange Inc.
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Official website here: www.scrapexchange.org
Where can I find the form 990 for Scrap Exchange Inc?
Scrap Exchange Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.scrapexchange.org
Learn more at the official website: www.scrapexchange.org
Mission Statement of Scrap Exchange Inc
Scrap Exchange Inc, a non-profit organization, is dedicated to fostering creativity, environmental awareness, and community through reuse. By operating a retail store in an unspecified location, this innovative entity sells ideas and materials derived from industrial discards and pre-consumer and post-consumer waste materials. This unique approach not only promotes creativity and sustainability but also serves as a platform for community engagement. The inventory for Scrap Exchange Inc is sourced from a diverse range of donors, including businesses, industries, and individuals, making it an accessible resource for anyone seeking to repurpose materials. The organization's mission is to transform waste into valuable resources, thereby encouraging a more environmentally conscious and creative society.
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Impact
June, 2024
Scrap Exchange Inc's impact lies in its innovative approach to promoting creativity, environmental awareness, and community through reuse. By operating a retail store in Durham, NC that sells ideas and materials related to industrial discards and other waste materials, Scrap Exchange Inc encourages individuals and businesses to rethink their consumption patterns and find new uses for discarded items. Through its mission to promote reuse, the organization is contributing to a more sustainable future and fostering a sense of community around environmental consciousness. In doing so, Scrap Exchange Inc not only reduces waste but also inspires others to consider the environmental impact of their actions.
This information is meant to be a general summary of Scrap Exchange 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.
- Investment Income: $365
- Program Service Revenue: $1,547,328
- Gross Receipts: $1,592,667
Assets and Liabilities:
- Total Assets: $7,180,432
- Total Liabilities: $8,288,420
- Net Assets: -$1,107,988
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RAD RENTAL INCOME
Revenue
$599,091
THRIFT STORE SALES
Revenue
$502,028
REUSE ARTS SHOP SALES
Revenue
$393,361
CREATIVE ARTS SERVICES
Revenue
$26,197
MANAGEMENT FEE REVENUE
Revenue
$18,932
Organization Details
Founding Year
1991
Phone
(919) 688-6960Principal Officer
Cristian Santiago
Main Address
2050 CHAPEL HILL ROAD, DURHAM, NC, 27707
Website
www.scrapexchange.orgNTEE Category
Code: C200 - Environment
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