Island Thrift

Analysis

Island Thrift is a registered charity in United States, based in Oak Harbor, WA. It received its IRS tax-exemption ruling in December 1977, 49 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 December 2023, Island Thrift reported income of $1.3m and spending of $1.2m, spending 86% of its income. Across the 6 years on record, from December 2018 to December 2023, income grew from $1.1m to $1.3m (+26%), an average of +4.7% a year. The sharpest change came in the year to December 2021, when income rose by 49%. Over the whole period it spent 90% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Island Thrift sits at the 79th percentile: it is larger than about 79% of them. Against every charity in United States with reported income it ranks in the 82nd percentile, and in the 82nd percentile within WA. Charities of a similar size with the same main cause include Counseling Options & Parent Education Support Center Inc ($1.3m), James Island Presbyterian Foundation ($1.3m) and Family Service of El Paso Inc ($1.3m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 0.2% of the total. Other salaries and wages came to $566k. At year end it held assets of $1.5m against liabilities of $21k, net assets of $1.5m. It reported 18 employees.