Castaways Thrift Co

Nonprofit profile at a glance

EIN
822508760
IRS 990 coverage
2021–2024
Forms available
Form 990 2024, Form 990-EZ 2020
Location
Stokesdale, NC, USA
Phone
3366444185
Rating confidence
Limited
Sector
Neighborhood Centers
Affiliation
Christianity

Reported finances

Revenue
$238,574
Expenses
$236,178
Assets
$32,749
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

3 people listed

Executive titles in this filing

  • Heidi Newman (Executive Director - Store Manager)

Highest reported compensation

  • Heidi Newman (Executive Director - Store Manager): $34,824 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Castaways Thrift Co. is a 5,000 square foot thrift store that exists to fulfill a three part mission. First we seek to reduce overall landfill waste by providing a better alternative to the community a place where they can bring unwanted items rather than throwing them away. Secondly the clothing and household items that we receive from the community are priced and put out for sale allowing people to pay drastically reduced prices of 50% - 90% below original retail cost. This is a great benefit to the low-income individuals of our small town Madison NC. And lastly with whatever proceeds Castaways Thrift Co. generates we seek to provide financial support to Christian substance abuse programs in order to help individuals overcome drug and alcohol addiction.

What it reported doing in 2024

Proceeds from Castaways Thrift Co. are being sent to two Christian substance-abuse rehab centers: Solus Christus a safe-house providing short-term care and Genesis Ministries a home for women seeking long-term rehabilitation. Solus Christus provides a warm and loving Christian environment while assisting women in the lengthy and tedious process of applying to long-term treatment programs. And Genesis Ministries is one of the aforementioned long-term treatment programs that assists women in their journey to freedom from addiction. Many people come through the doors of Castaways Thrift looking for prayer and direction for themselves or for a loved one trapped in addiction and it has been our great privilege to pray with them and to direct them to the help that Solus Christus and Genesis Ministries humbly offers.

Operating model

Revenue model
No positive adjusted resources. The filing reports no positive adjusted operating resources.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.

Rating breakdown

  • Financial Efficiency: 75
  • Transparency & Controls: 100
  • Accountability: 60
  • Sustainability: 34
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: Limited
  • Program expense ratio: 100%; rating input score 100
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 66.7%; rating input score 67; 18th percentile among comparable filings
  • Governance controls: 4 of 8 controls in place; rating input score 50
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Pass
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 1%; rating input score 42; 42nd percentile among comparable filings
  • Total-asset coverage ratio: 0.14; rating input score 8; 8th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 80; 80th percentile among comparable filings
  • Officer compensation ratio: 14.7%; rating input score 24; 24th percentile among comparable filings

Growth

  • Program expense growth: 3.3% per year; rating input score 100; 46th percentile among comparable filings
  • Revenue growth: 12.7% per year; rating input score 100; 78th percentile among comparable filings
  • Asset growth: 11.4% per year; rating input score 100; 70th percentile among comparable filings

Details

  • Where the money goes: 100% of spending went to programs
  • Governance: 2 of 3 board members independent · 4 of 8 filing controls reported
  • Programs: 3 filed program accomplishments · $236K in reported program spending
  • Leadership: top reported pay $35K · 3 people listed
  • Consistency: 40 of 40 current checks pass
  • Schedules: 3 filed schedules
  • Filing history: 4 filing years from 2021 to 2024
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Review — Accountability: Governance controls: 3 of 7 not reported.
  • Moderate — Sustainability: Operating margin scored 42/100.
  • High — Sustainability: Total-asset coverage ratio scored 8/100.
  • High — Sustainability: Officer compensation ratio scored 24/100.