Overview
What is New Nearly New Inc?
New Nearly New Inc, located in Durham, North Carolina, is a nonprofit organization dedicated to serving its local community and beyond. In 2022, they continued to foster relationships with customers, donors, and partners, adhering to their mission of providing a place for the community to shop for reduced-price clothes and household items while donating an item for every item sold. The organization operates a thrift store and accepts donations of clothing, jewelry, furniture, and other household goods. Their goal is to distribute these items to those in need within the Durham and North Carolina communities. New Nearly New Inc relies on partner organizations to identify and assist those in need, while also generating revenue through the sale of donated items to cover operational expenses. In 2022, they assisted 4,306 customers with a total of 99,862 items and donated a substantial amount to several partner organizations.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 69%, Two-Star out of Four Star rating
New Nearly New Inc has received a two-star rating from Charity Navigator, indicating that while it demonstrates strengths in certain areas, it also has significant gaps in accountability and transparency. Notably, the organization has a high program expense ratio of 90.44%, suggesting that a substantial portion of its funds is directed towards its programs rather than administrative costs. Additionally, it boasts a fully independent board, scoring full points in board-related metrics.
However, the nonprofit has several critical limitations that impact its overall score. The lack of key policies, including a conflict of interest policy, whistleblower policy, and document retention and destruction policy, raises concerns regarding governance. Furthermore, the absence of its tax form on the website could indicate a lack of transparency that may deter potential donors and supporters from fully trusting the organization's operations.
Overall, while New Nearly New Inc shows potential in its financial management and board independence, its accountability practices require significant improvement to enhance donor confidence and meet best practices in nonprofit governance.
This AI summary has been generated from information found on Charity Navigator.
Is New Nearly New Inc legitimate?
New Nearly New Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. New Nearly New 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: $80,264
Professional Fundraising Fees: $0
Other Salaries and Wages: $193,446
For more financial information, click here
What is the mission statement of New Nearly New Inc?
New Nearly New Inc welcomes donations of clothing, household goods, jewelry, and furniture. Their primary goal is to provide free clothing and other items to individuals in need within the Durham and North Carolina communities. To support this endeavor, they sell a portion of the donated items in their thrift store. The intention is to give away at least one item for every item sold. They rely on partner organizations to identify and work with those in need, distributing the donated items for free within the community. Additionally, they welcome cash and in-kind donations.
Who is the CEO of New Nearly New Inc?
Stacey Mccorison is the Secretary / Store Manager of New Nearly New Inc.
What is the revenue of New Nearly New Inc?
New Nearly New Inc's revenue in 2022 was $560,862.
Who are the executives of New Nearly New Inc and what are their salaries?
The average compensation at New Nearly New Inc during 2022 was $16,101. There are 17 employees and 21 volunteers at New Nearly New Inc.
Here are 4 key members and their salaries:
- Compensation: $69,912
- Related: $0
- Other: $10,352
- 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 New Nearly New Inc?
New Nearly New Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of New Nearly New Inc
New Nearly New Inc, a nonprofit organization, welcomes donations of various items such as clothing, household goods, jewelry, and furniture. Their primary goal is to provide free clothing and other items to those in need within the Durham and North Carolina communities. To support this endeavor, they sell a portion of the donated items in their thrift store. The intention is to give away at least one item for every item sold. To make sure their donations reach those in need, New Nearly New Inc relies on partner organizations that identify and work with individuals within their community. Additionally, they welcome cash and in-kind donations. The organization's mission is to bridge the gap between those who have excess items and those who are in need, promoting a sense of community and care.
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Impact
July, 2024
New Nearly New Inc's impact is profound. In 2022, they were able to assist 4,306 customers with 99,862 items, providing much-needed clothing and household items to people in need in the Durham community and beyond. By following their mission of giving away at least one item for every item sold in their thrift store, they are making a tangible difference in the lives of those facing economic challenges. Additionally, by donating items to partner organizations such as animal shelters, Catholic charities, and the Durham Rescue Mission, they are extending their impact and reaching even more individuals in need. Through their dedication to serving the community and creating opportunities for both customers and employees, New Nearly New Inc is making a positive difference in the lives of many.
This information is meant to be a general summary of New Nearly New 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.
- Program Service Revenue: $381,237
- Gross Receipts: $560,862
Assets and Liabilities:
- Total Assets: $92,564
- Total Liabilities: $0
- Net Assets: $92,564
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
SALES OF PRODUCT
Revenue
$381,237
Organization Details
Founding Year
2020
Phone
(919) 748-4444Principal Officer
Stacey Mccorison
Main Address
3167 HILLSBOROUGH ROAD, DURHAM, NC, 27705
NTEE Category
Code: P29 - Human services
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