Spectrum Thrift Store Inc

Analysis

Spectrum Thrift Store Inc is a registered charity in United States, based in Jacksonville, FL. It received its IRS tax-exemption ruling in May 2018, 8 years ago. Its declared purposes cover human services, which this site groups under poverty relief. 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, Spectrum Thrift Store Inc reported income of $510k and spending of $514k, spending 101% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $357k to $510k (+43%), an average of +9.3% a year. The sharpest change came in the year to December 2020, when income rose by 45%. Over the whole period it spent 100% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Spectrum Thrift Store Inc sits at the 65th percentile: it is larger than about 65% of them. Against every charity in United States with reported income it ranks in the 70th percentile, and in the 73rd percentile within FL. Charities of a similar size with the same main cause include Southern Delaware Therapeutic and Recreational Horseback Riding Inc ($510k), Network of Behavioral Health Providers Inc ($510k) and Smartie Pants Academy Center Houston ($510k).

Compensation of current officers, directors and key employees was $31k (6.1% of expenses). Other salaries and wages came to $136k. At year end it held assets of $114k against liabilities of $61k, net assets of $53k. It reported 26 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.