Civic Intelligence

Josephs Coat Inc.

990 • Fiscal year 2020 • EIN 41-1647621

Jan 01, 2020 to Dec 31, 2020 • Filed on Oct 22, 2021

1107 West 7th StreetSt Paul, MN 55102

(651) 291-2472

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

32nd percentile

0.02x

Higher debt load relative to assets than 32% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Liabilities / Revenue

27th percentile

0.03x

Higher debt load relative to revenue than 27% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Net Margin

55th percentile

7.6%

Higher net margin than 55% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Top Officer Pay

61st percentile

$83,802

Higher top officer pay than 61% of similar nonprofits.

Top officer pay equals 6.7% of source-year revenue.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Asset Growth

57th percentile

9.2%

Faster asset growth than 57% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2019 to 2020

Revenue Growth

14th percentile

-34%

Faster revenue growth than 14% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2019 to 2020

Assets

Up

$1,421,384

Up $119,292 (+9.2%) from 2019

Net Assets

Up

$1,387,401

Up $94,022 (+7.3%) from 2019

Liabilities

Up

$33,983

Up $25,270 (+290%) from 2019

Revenue

Down

$1,243,514

Down $646,989 (-34%) from 2019

Expenses

Down

$1,149,492

Down $675,101 (-37%) from 2019

Net Income

Up

$94,022

Up $28,112 (+43%) from 2019

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$2.0M$1.5M$1.0M$500K$0Assets 2010: $340,007Liabilities 2010: $2,4652010Assets 2011: $312,628Liabilities 2011: $0Net Assets 2011: $312,6282011Assets 2012: $324,409Liabilities 2012: $0Net Assets 2012: $324,4092012Assets 2013: $340,379Liabilities 2013: $0Net Assets 2013: $340,3792013Assets 2014: $340,906Liabilities 2014: $0Net Assets 2014: $340,9062014Assets 2015: $295,788Liabilities 2015: $0Net Assets 2015: $295,7882015Assets 2016: $1,159,490Liabilities 2016: $2,691Net Assets 2016: $1,156,7992016Assets 2017: $1,123,017Liabilities 2017: $7,415Net Assets 2017: $1,115,6022017Assets 2018: $1,239,034Liabilities 2018: $11,565Net Assets 2018: $1,227,4692018Assets 2019: $1,302,092Liabilities 2019: $8,713Net Assets 2019: $1,293,3792019Assets 2020: $1,421,384Liabilities 2020: $33,983Net Assets 2020: $1,387,4012020Assets 2021: $1,436,191Liabilities 2021: $7,866Net Assets 2021: $1,428,3252021Assets 2022: $1,513,378Liabilities 2022: $310,118Net Assets 2022: $1,203,2602022Assets 2023: $1,435,939Liabilities 2023: $270,673Net Assets 2023: $1,165,2662023Assets 2024: $1,466,812Liabilities 2024: $249,693Net Assets 2024: $1,217,1192024

Highlighted filing

2020

Assets$1,421,384
Liabilities$33,983
Net Assets$1,387,401

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$3.0M$2.0M$1.0M$0-$1.0MRevenue 2010: $196,608Expenses 2010: $230,126Net Income 2010: -$33,5182010Expenses 2011: $2,631,8972011Expenses 2012: $1,422,3512012Revenue 2013: $1,914,486Expenses 2013: $1,898,516Net Income 2013: $15,9702013Revenue 2014: $1,585,965Expenses 2014: $1,585,438Net Income 2014: $5272014Revenue 2015: $1,403,263Expenses 2015: $1,448,381Net Income 2015: -$45,1182015Revenue 2016: $2,381,736Expenses 2016: $1,520,725Net Income 2016: $861,0112016Revenue 2017: $1,665,333Expenses 2017: $1,706,530Net Income 2017: -$41,1972017Revenue 2018: $1,457,698Expenses 2018: $1,345,831Net Income 2018: $111,8672018Revenue 2019: $1,890,503Expenses 2019: $1,824,593Net Income 2019: $65,9102019Revenue 2020: $1,243,514Expenses 2020: $1,149,492Net Income 2020: $94,0222020Revenue 2021: $880,036Expenses 2021: $906,681Net Income 2021: -$26,6452021Revenue 2022: $1,020,957Expenses 2022: $1,062,165Net Income 2022: -$41,2082022Revenue 2023: $959,184Expenses 2023: $1,090,560Net Income 2023: -$131,3762023Revenue 2024: $1,221,075Expenses 2024: $1,235,953Net Income 2024: -$14,8782024

Highlighted filing

2020

Revenue$1,243,514
Expenses$1,149,492
Net Income$94,022
Jump To
Filing Snapshot
Filing Period
Jan 1, 2020 to Dec 31, 2020
Signed
Oct 22, 2021
Return Version
2020v4.0
Gross Receipts
$1,243,514
Mission and Program Overview

Mission

In fulfilling its mission as a free store providing goods and services to those in need, in an environment of dignity and respect, joseph's coat maintains an inclusive philosophy toward the community's neediest and often most marginalized members. People of all ages ethnic and cultural backgrounds, abilities and challenges are welcomed and served. The agency offers essential support to low-income families, the homeless, those living on fixed incomes, the working poor, new immigrants, the unemployed, those recently released from prison, and individuals battling chemical addictions and mental health issues. Joseph's coat provides a welcoming environment where the dignity of each person who comes through its doors is acknowledged and affirmed.

Providing goods and services to those in need within an environment of dignity and respect.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$1,080,961$1,150,847▲ $69,886
Savings and Temporary Cash Investments$167,380$168,740▲ $1,360
Cash and Non-Interest-Bearing Accounts$36,469$95,161▲ $58,692
Accounts Receivable$5,000$0▼ $5,000
Land, Buildings, and Equipment, Net$2,384$1,392▼ $992
Other Notes and Loans Receivable, Net-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Prepaid Expenses and Deferred Charges-$0-
Total Assets$1,302,092$1,421,384▲ $119,292
Other Assets Total$9,898$5,244▼ $4,654
Liabilities
Accounts Payable and Accrued Expenses$8,713$33,983▲ $25,270
Total Liabilities$8,713$33,983▲ $25,270
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$1,288,379$1,387,401▲ $99,022
Net Assets With Donor Restrictions$5,000--
Total Net Assets Fund Balance$1,293,379$1,387,401▲ $94,022
Total Liabilities and Net Assets / Fund Balance$1,302,092$1,421,384▲ $119,292

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$1,392$33,664$35,056
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Cheryl SternExecutive DirectorFT$77,861$5,941$83,802

Board Members and Trustees

NameTitle
Betsy KeyesChairman
Barb PhillipsBoard Member
Devin MckinleyBoard Member
Frank MileyBoard Member
Kevin NoelBoard Member
Maria GonzalezBoard Member
Meghan RedmondBoard Member
Mike MaxwellBoard Member
Paula FaughenderBoard Member
Tanya BeckBoard Member
Linda MischkeSecretary
Ted JessenTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$1,126,154
Program Service Revenue
$0
Investment Income
$95,826
Other Revenue
$21,534
All Other Contributions
$1,092,754
Change in Net Assets
$94,022

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
No
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeReported AmountValuation Method
Clothing and Household Goods$802,174Fair Market Value (FMV)
Total Noncash Contributions$802,174-
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$802,174
Other Expenses$174,108
Salaries, Compensation, and Employee Benefits$173,210
Total Fundraising Expense$8,661
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$802,174--$802,174
Current Officers, Directors, Trustees, and Key Employees$83,802--$83,802
Other Salaries and Wages$52,921$16,085$8,043$77,049
Occupancy$48,558$12,139-$60,697
Fees for Services Accounting-$15,710-$15,710
Payroll Taxes$10,505$1,236$618$12,359
All Other Expenses$8,465$2,105-$10,570
Office Expenses$7,039$1,760-$8,799
Insurance$6,800$1,700-$8,500
Other Expenses$6,404$1,601-$8,005
Travel$2,598$649-$3,247
Depreciation Depletion$794$198-$992
Total Functional Expenses$1,081,980$58,851$8,661$1,149,492
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
No
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 11B: Form 990 Review Process

The form 990 is reviewed by the executive director. After the initial reveiw is completed the executive director of joseph's coat presents the completed form 990 at the first scheduled board of directors meeting after receipt. The board reviews the form 990 and accepts or rejects it for filing. If there are corrections or concerns, the executive director will contact the organization's accounting firm to have revisions made before filing.

Form 990, Part VI, Line 12C: Explanation of Monitoring and Enforcement of Conflicts

The conflict of interest policy covers any person serving as an officer, employee, or member of the board of directors of joseph's coat. On an annual basis, employees and members of the board of directors complete a disclosure form, identifying any circumstances that could contribute to a conflict of interest.if a conflict of interest were to arise the involved individual would disclose all facts material to the situation, to the board of directors. Such disclosure shall be reflected in the minutes of the meeting. The board of directors will then discuss and vote on the issue. The conflicted indiviual is not allowed to participate in the discussion or vote on the issue.

Form 990, Part VI, Line 15B: Compensation Review and Approval Process for Officers and Key Employees

The board of directors determines and approves the compensation of the executive director based on the results of an annual performance review. The performance review for 2020 was presented to the executive director by the chairman of the board of directors on february 17, 2021.

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

Joseph's coat makes its financial statements available for public inspection on their website. The organization's governing documents and conflict of interest policy are not made available for public inspection.

Filing and Contact Details

Filer

Filer Name
Josephs Coat Inc
EIN
41-1647621
Phone
6512912472
Address
1107 WEST 7TH STREET, ST PAUL, MN 55102

Signing Officer

Name
Cheryl Stern
Title
Executive Director
Signed
2021-10-22
Discuss with paid preparer
Yes

Organization Details

Formed
1989
Legal Domicile
Mn
Voting Board Members
12
Independent Board Members
12
Employees
8
Volunteers
120

Preparer

Firm
Haworth & Company Ltd
Address
1880 Livingston Avenue Suite 201, West Saint Paul, MN 55118
Preparer
Matthew Kissell CPA
Phone
6514519373
Supplemental Narrative

Financial Statement Notes

Part X : FIN48 Footnote

The organization has tax exempt status under section 501(c)(3) of the internal revenue code and minnesota statute 290.05 and has been classified as an organization that is not a private foundation under the internal revenue code and charitable contributions by donors are tax deductible. The organization is not aware of any unrelated business income, which would be subject to tax.the organization follows guidance in the income tax standard regarding the recognition of uncertain tax positions. This guidance prescribes recognition threshold principles for the financial statement recognition of tax positions taken or expected to be taken on a tax return that are not certain to be realized. The organization is not aware of any uncertain tax positions. The organization's tax returns are subject to review and examination by federal and state authorities. The tax returns for the years 2017 through 2019 are open to examination by federal and state authorities.

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IRS990/MissionDesc0IN FULFILLING ITS MISSION AS A FREE STORE PROVIDING GOODS AND SERVICES TO THOSE IN NEED, IN AN ENVIRONMENT OF DIGNITY AND RESPECT, JOSEPH'S COAT MAINTAINS AN INCLUSIVE PHILOSOPHY TOWARD THE COMMUNITY'S NEEDIEST AND OFTEN MOST MARGINALIZED MEMBERS. PEOPLE OF ALL AGES ETHNIC AND CULTURAL BACKGROUNDS, ABILITIES AND CHALLENGES ARE WELCOMED AND SERVED. THE AGENCY OFFERS ESSENTIAL SUPPORT TO LOW-INCOME FAMILIES, THE HOMELESS, THOSE LIVING ON FIXED INCOMES, THE WORKING POOR, NEW IMMIGRANTS, THE UNEMPLOYED, THOSE RECENTLY RELEASED FROM PRISON, AND INDIVIDUALS BATTLING CHEMICAL ADDICTIONS AND MENTAL HEALTH ISSUES. JOSEPH'S COAT PROVIDES A WELCOMING ENVIRONMENT WHERE THE DIGNITY OF EACH PERSON WHO COMES THROUGH ITS DOORS IS ACKNOWLEDGED AND AFFIRMED.
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION HAS TAX EXEMPT STATUS UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND MINNESOTA STATUTE 290.05 AND HAS BEEN CLASSIFIED AS AN ORGANIZATION THAT IS NOT A PRIVATE FOUNDATION UNDER THE INTERNAL REVENUE CODE AND CHARITABLE CONTRIBUTIONS BY DONORS ARE TAX DEDUCTIBLE. THE ORGANIZATION IS NOT AWARE OF ANY UNRELATED BUSINESS INCOME, WHICH WOULD BE SUBJECT TO TAX.THE ORGANIZATION FOLLOWS GUIDANCE IN THE INCOME TAX STANDARD REGARDING THE RECOGNITION OF UNCERTAIN TAX POSITIONS. THIS GUIDANCE PRESCRIBES RECOGNITION THRESHOLD PRINCIPLES FOR THE FINANCIAL STATEMENT RECOGNITION OF TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN ON A TAX RETURN THAT ARE NOT CERTAIN TO BE REALIZED. THE ORGANIZATION IS NOT AWARE OF ANY UNCERTAIN TAX POSITIONS. THE ORGANIZATION'S TAX RETURNS ARE SUBJECT TO REVIEW AND EXAMINATION BY FEDERAL AND STATE AUTHORITIES. THE TAX RETURNS FOR THE YEARS 2017 THROUGH 2019 ARE OPEN TO EXAMINATION BY FEDERAL AND STATE AUTHORITIES.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part X : FIN48 Footnote
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IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/ValuationMethodUsedDesc0ESTIMATED FAIR VALUE

Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.47$0.25$1.22$1.22$1.24$0.01
2023Detailed filing. Detailed filing data is available for this year.$1.44$0.27$1.17$0.96$1.09$0.13
2022Detailed filing. Detailed filing data is available for this year.$1.51$0.31$1.20$1.02$1.06$0.04
2021Detailed filing. Detailed filing data is available for this year.$1.44$0.01$1.43$0.88$0.91$0.03
2020Detailed filing. Detailed filing data is available for this year.$1.42$0.03$1.39$1.24$1.15$0.09
2019Detailed filing. Detailed filing data is available for this year.$1.30$0.01$1.29$1.89$1.82$0.07
2018Detailed filing. Detailed filing data is available for this year.$1.24$0.01$1.23$1.46$1.35$0.11
2017Detailed filing. Detailed filing data is available for this year.$1.12$0.01$1.12$1.67$1.71$0.04
2016Detailed filing. Detailed filing data is available for this year.$1.16$0.00$1.16$2.38$1.52$0.86
2015Detailed filing. Detailed filing data is available for this year.$0.30$0.00$0.30$1.40$1.45$0.05
2014Detailed filing. Detailed filing data is available for this year.$0.34$0.00$0.34$1.59$1.59$0.00
2013Detailed filing. Detailed filing data is available for this year.$0.34$0.00$0.34$1.91$1.90$0.02
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.32$0.00$0.32$1.42
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.31$0.00$0.31$2.63
2010Summary only. Only limited summary data is available for this year.$0.34$0.00$0.20$0.23$0.03