Goodwill Industries of Northern Michigan Inc

Analysis

Goodwill Industries of Northern Michigan Inc is a registered charity in United States, based in Traverse City, MI. It received its IRS tax-exemption ruling in December 1993, 33 years ago. Its declared purposes cover employment, which this site groups under community and economic development. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Goodwill Industries of Northern Michigan Inc reported income of $6.3m and spending of $5.4m, spending 85% of its income. Across the 6 years on record, from September 2019 to December 2023, income fell from $15.6m to $6.3m (-59%), an average of -16% a year. The sharpest change came in the year to December 2023, when income dropped by 69%. Over the whole period it spent 89% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Goodwill Industries of Northern Michigan Inc sits at the 94th percentile: it is larger than about 94% of them. Against every charity in United States with reported income it ranks in the 93rd percentile, and in the 93rd percentile within MI. Charities of a similar size with the same main cause include Juma Ventures ($6.3m), Orange Country Conservation Corps ($6.4m) and Goodwill Industries of Central East ($6.3m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 35% and program service revenue 63% of the total. Compensation of current officers, directors and key employees was $113k (2.1% of expenses). Other salaries and wages came to $1.9m. At year end it held assets of $35.3m against liabilities of $14.1m, net assets of $21.2m. It reported 375 employees.