Castaways Thrift Shop Inc

Analysis

Castaways Thrift Shop Inc is a registered charity in United States, based in Rockport, TX. It received its IRS tax-exemption ruling in May 2020, 6 years ago. Its declared purposes cover community improvement and capacity building, 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 2022, Castaways Thrift Shop Inc reported income of $206k and spending of $268k, spending 130% of what it took in. Across the 6 years on record, from December 2017 to December 2022, income fell from $1.2m to $206k (-82%), an average of -29% a year. The sharpest change came in the year to December 2020, when income dropped by 88%. Over the whole period it spent 51% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Castaways Thrift Shop Inc sits at the 51st percentile: it is larger than about 51% of them. Against every charity in United States with reported income it ranks in the 54th percentile, and in the 58th percentile within TX. Charities of a similar size with the same main cause include Arcadia Building Company ($206k), Integrative Development Initiative ($206k) and Main Street Clinton ($205k).

On its Form 990 for the period ending December 2022, revenue came from contributions and grants 2.3% and program service revenue 91% of the total. Other salaries and wages came to $39k. At year end it held assets of $2.4m against liabilities of $0, net assets of $2.4m. It reported 4 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.