Magic Hat Thrift Shop Inc

Analysis

Magic Hat Thrift Shop Inc is a registered charity in United States, based in Marblehead, MA. It received its IRS tax-exemption ruling in June 2006, 20 years ago. Its declared purposes cover human services, which this site groups under poverty relief. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2024, Magic Hat Thrift Shop Inc reported income of $425k and spending of $390k, spending 92% of its income. Across the 3 years on record, from June 2022 to June 2024, income grew from $284k to $425k (+49%), an average of +22% a year. The sharpest change came in the year to June 2023, when income rose by 28%. Over the whole period it spent 92% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Magic Hat Thrift Shop Inc sits at the 62nd percentile: it is larger than about 62% of them. Against every charity in United States with reported income it ranks in the 68th percentile, and in the 68th percentile within MA. Charities of a similar size with the same main cause include Ultimate Care ($424k), Inspired Life Therapy ($425k) and Nancys Community Center Inc ($424k).

On its Form 990 for the period ending June 2024, revenue came from contributions and grants 0.9% and program service revenue 99% of the total. Other salaries and wages came to $97k. At year end it held assets of $173k against liabilities of $5,121, net assets of $167k. It reported 8 employees.