Civic Intelligence

Island Thrift

990 • Fiscal year 2023 • EIN 91-0996800

Jan 01, 2023 to Dec 31, 2023 • Filed on Mar 14, 2024

600 SE BarringtonOak Harbor, WA 98277

(360) 675-1133

Siviq Scores

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

Liabilities / Assets

34th percentile

0.01x

Higher debt load relative to assets than 34% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Liabilities / Revenue

30th percentile

0.02x

Higher debt load relative to revenue than 30% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Net Margin

67th percentile

14%

Higher net margin than 67% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Top Officer Pay

39th percentile

$0

Higher top officer pay than 39% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Asset Growth

71st percentile

15%

Faster asset growth than 71% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Revenue Growth

35th percentile

-1.9%

Faster revenue growth than 35% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Assets

Up

$1,510,978

Up $197,285 (+15%) from 2022

Net Assets

Up

$1,489,616

Up $194,842 (+15%) from 2022

Liabilities

Up

$21,362

Up $2,443 (+13%) from 2022

Revenue

Down

$1,344,489

Down $26,368 (-1.9%) from 2022

Expenses

Up

$1,158,744

Up $103,091 (+9.8%) from 2022

Net Income

Down

$185,745

Down $129,459 (-41%) from 2022

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 2011: $628,627Liabilities 2011: $14,924Net Assets 2011: $613,7032011Assets 2012: $738,160Liabilities 2012: $16,430Net Assets 2012: $721,7302012Assets 2013: $753,442Liabilities 2013: $15,565Net Assets 2013: $737,8772013Assets 2014: $791,921Liabilities 2014: $12,490Net Assets 2014: $779,4312014Assets 2015: $915,114Liabilities 2015: $17,821Net Assets 2015: $897,2932015Assets 2016: $840,580Liabilities 2016: $15,513Net Assets 2016: $825,0672016Assets 2017: $815,535Liabilities 2017: $16,824Net Assets 2017: $798,7112017Assets 2018: $719,878Liabilities 2018: $18,889Net Assets 2018: $700,9892018Assets 2019: $792,088Liabilities 2019: $19,544Net Assets 2019: $772,5442019Assets 2020: $895,118Liabilities 2020: $132,016Net Assets 2020: $763,1022020Assets 2021: $1,109,541Liabilities 2021: $131,680Net Assets 2021: $977,8612021Assets 2022: $1,313,693Liabilities 2022: $18,919Net Assets 2022: $1,294,7742022Assets 2023: $1,510,978Liabilities 2023: $21,362Net Assets 2023: $1,489,6162023Assets 2024: $1,718,456Liabilities 2024: $22,027Net Assets 2024: $1,696,4292024

Highlighted filing

2023

Assets$1,510,978
Liabilities$21,362
Net Assets$1,489,616

Operations Trend

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

$1.5M$1.0M$500K$0-$500KRevenue 2011: $902,107Expenses 2011: $807,637Net Income 2011: $94,4702011Expenses 2012: $818,1192012Revenue 2013: $917,821Expenses 2013: $902,241Net Income 2013: $15,5802013Revenue 2014: $936,004Expenses 2014: $894,451Net Income 2014: $41,5532014Revenue 2015: $1,012,752Expenses 2015: $894,890Net Income 2015: $117,8622015Revenue 2016: $1,005,063Expenses 2016: $1,077,289Net Income 2016: -$72,2262016Revenue 2017: $1,020,812Expenses 2017: $1,047,168Net Income 2017: -$26,3562017Revenue 2018: $1,069,557Expenses 2018: $1,167,279Net Income 2018: -$97,7222018Revenue 2019: $1,183,890Expenses 2019: $1,112,335Net Income 2019: $71,5552019Revenue 2020: $874,057Expenses 2020: $883,499Net Income 2020: -$9,4422020Revenue 2021: $1,303,558Expenses 2021: $1,052,968Net Income 2021: $250,5902021Revenue 2022: $1,370,857Expenses 2022: $1,055,653Net Income 2022: $315,2042022Revenue 2023: $1,344,489Expenses 2023: $1,158,744Net Income 2023: $185,7452023Revenue 2024: $1,326,074Expenses 2024: $1,129,259Net Income 2024: $196,8152024

Highlighted filing

2023

Revenue$1,344,489
Expenses$1,158,744
Net Income$185,745
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Mar 14, 2024
Return Version
2023v4.0
Gross Receipts
$1,344,489
Mission and Program Overview

Mission

Raise funds through the thrift store to provide support and contributions to worthwhile community organizations.

Operate a thrift store to generate funds for charitable purposes.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$885,623$1,073,326▲ $187,703
Land, Buildings, and Equipment, Net$407,501$407,469▼ $32
Cash and Non-Interest-Bearing Accounts$10,569$30,183▲ $19,614
Prepaid Expenses and Deferred Charges$10,000--
Total Assets$1,313,693$1,510,978▲ $197,285
Liabilities
Accounts Payable and Accrued Expenses$18,919$21,362▲ $2,443
Total Liabilities$18,919$21,362▲ $2,443
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$1,294,774$1,489,616▲ $194,842
Total Net Assets Fund Balance$1,294,774$1,489,616▲ $194,842
Total Liabilities and Net Assets / Fund Balance$1,313,693$1,510,978▲ $197,285

Asset Categories

AssetBook ValueDepreciationBasis
Land$402,309-$402,309
Equipment$5,159$73,232$78,391
Other Land Buildings$1$48,223$48,224
Leasehold Improvements-$5,935$5,935
Compensation and Service Providers

Board Members and Trustees

NameTitle
Alex PfeifferPresident
Kyle RenningerVice President
Beth MunnsBoard Member
Gary BernerBoard Member
Jan HughesBoard Member
Jim PalmerBoard Member
Jim SlowikBoard Member
Joe MosolinoBoard Member
Ken EelkemaBoard Member
Lyn BankowskiBoard Member
Renee HanksBoard Member
Rhonda SevernsBoard Member
Jim KotschwarSecretary
Peg ShannonTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$2,845
Program Service Revenue
$0
Investment Income
$22,622
Other Revenue
$1,319,022
All Other Contributions
$2,845
Change in Net Assets
$185,745
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$645,061
Other Expenses$284,818
Grants and Similar Amounts Paid$228,865
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$559,874$5,653-$565,527
Grants to Domestic Orgs$228,865--$228,865
Occupancy$154,625$8,138-$162,763
Payroll Taxes$51,494$5,722-$57,216
Other Expenses$23,519$313-$23,519
Other Employee Benefits$20,086$2,232-$22,318
Fees for Services Accounting-$20,123-$20,123
Depreciation Depletion$18,029$2,003-$20,032
Insurance$9,334$5,721-$15,055
Information Technology-$8,393-$8,393
Office Expenses$6,092$1,523-$7,615
Advertising$964--$964
Fees for Service Investment Mgmnt Fees-$950-$950
Travel$145--$145
Total Functional Expenses$1,097,630$61,114$0$1,158,744
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Big Brothers Big SistersOak Harbor, WA-Matching grant event sponsorship for the Annual Festival of Trees Gala Fundraiser 2023 to raise funds to provide youth mentoring services in Island County, WA$25,000
Boys and Girls ClubOak Harbor, WA-Matching grant event sponsorship for the Bids for Kids Dinner Auction 2023 to raise funds to provide youth services in Oak Harbor, WA$25,000
Oak Harbor Music FestivalOak Harbor, WA-Matching grant event sponsorship for the Oak Harbor Music Festival to provide a free community music festival in Oak Harbor, WA$20,500
StepsOak Harbor, WA-Multi-year general operating support grant for early intervention therapy for children with developmental delays and their families on Whidbey Island, WA$18,000
Oak Harbor Senior CenterOak Harbor, WA-Multi-year general operating support grant to provide senior programming and a senior center for senior age people in Oak Harbor, WA$14,400
Whidbey Island Womens ClinicOak Harbor, WA-Multi-year general operating support grant to provide equipment, materials, and support to new parents and their babies on Whidbey Island, WA$12,000
Boys and Girl Club of Snohomish CoupevilleEverett, WA-Matching grant for single year general operating support to raise funds to provide youth services in Coupeville, WA$10,000
Island Senior ResourcesFreeland, WA-Single year general operating support grant supporting the Integrated Community Program for senior aged people on Whidbey Island, WA$10,000
Whidbeyhealth FoundtionCoupeville, WA-Event sponsorship grant for Tour De Whidbey 2023 to raise funds for community healthcare and the public hospital on Whidbey Island, WA$10,000
CadaOak Harbor, WA-Matching grant event sponsorship for the Whidbey Wine Cellar CADA Fundraiser 2022 to raise funds to provide services and shelter to victims of crime and abuse in Island County, WA$8,400
Oak Harbor Education FoundationOak Harbor, WA-Purchase grant for inclusive playground communication boards for elementary schools in Oak Harbor, WA$8,000
Oak Harbor Main Street AssociationOak Harbor, WA-Capital project grant to construct Serendipity Lane, a pedestrian walkway project serving the community in the commercial downtown area in Oak Harbor, WA$8,000
Spin CafeOak Harbor, WA-Single year general operating support grant for providing hot meals to people experiencing homelessness in Oak Harbor, WA$6,000
North Whidbey Help HouseOak Harbor, WA-Multi-year general operating support grant to purchase nutritious food for low income people on North Whidbey Island, WA$5,500
Habitat for HumanityOak Harbor, WA-Capital project grant to build housing for low income people in Oak Harbor, WA$5,065
Coupeville Farm to SchoolCoupeville, WA-Matching grant event sponsorship for the Cook For A Cause 2023 to raise funds that provide school-based agriculture for K-12 students in Coupeville, WA$5,000
Mother MentorsLangley, WA-Single year general operating support grant for programs that support parents including in-home mentoring, playscape, parent pantry, and parent support circles in Oak Harbor, WA$5,000
Pby Memorial FoundtionOak Harbor, WA-Matching grant event sponsorship for the PBY Celebration of Flight 2023 to raise funds to support the Pacific Northwest Naval Air Museum in Oak Harbor, WA$5,000
Soroptimist International of Oak HarborOak Harbor, WA-Matching grant event sponsorship for Power of The Purse 2023 to raise funds for scholarships and support programs for women and girls on Whidbey Island, WA$5,000
South Whidbey Parks and Aquatics FoundationLangley, WA-Single year general operating support grant for Healthy Island Youth Initiative HIYI 2023 that is administered by Island County Public Health to provide needs-based scholarships to low income children to cover registration fees for sports and physical activity classes$4,500
Central Whidbey Volleyball ClugOak Harbor, WA-Seed money grant to startup the Central Whidbey Volleyball Club which will provide youth volleyball to Central Whidbey Island, WA$4,000
Officers Spouses Club of Whidbey IslandOak Harbor, WA-Event sponsorship grant for the Time and Talent Fundraiser 2023 to raise funds that provide scholarships to military spouses and local military dependent high school seniors as well as grants to organizations on Whidbey Island, WA$3,500
Oak Harbor High SchoolOak Harbor, WA-Event sponsorship grant for Girls In Sports to provide motivational keynote speakers and to cover travel expenses for young females at Oak Harbor High School in Oak Harbor, WA$2,500
All Island Comminity BandCoupeville, WA-Single year general operating support grant to purchase or rent the tools, supplies, and space needed to offer the community free band concerts on Whidbey Island, WA$2,000
Male Ensemble NorthwestPuyallup, WA-Event sponsorship grant for All The Cats Join In to provide an musical education workshop to high school students in choir or band at Oak Harbor High School in Oak Harbor, WA as well as students from surrounding areas$2,000
Miss Oak Harbor PageantOak Harbor, WA-Support for a new program grant for Mr. Oak Harbor Scholarship Pageant 2023 serving high school students who live in or attend a school in the Oak Harbor School District that will provide scholarships and life-changing experiences through pageantry$1,000
North Whidbey Hearts and HammersOak Harbor, WA-Purchase grant for the needed construction materials to complete home repairs for qualified senior citizens, disabled persons and/or low income individuals on North Whidbey Island, WA.$1,000
The BackyardClinton, WA-Purchase grant for the needed equipment to update the bouldering climbing wall for use by children and adults on Whidbey Island, WA$1,000
Whidbey Childrens TheatreLangley, WA-Support for a new program grant for Whidbey Childrens Theatre Academy Middle School Engagement to bring theatre outreach to middle school aged children on South Whidbey Island, WA$1,000
Meander Dance CollectiveFreeland, WA-Purchase grant for the needed dance floor equipment for use in an artistic studio space and for outdoor dance shows on Whidbey Island, WA$500
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Federal income taxes-
Payroll taxes-
State sales tax-
SBA PPP Loan - Peoples Bank-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Backup withholding compliance
Yes
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
No
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, Section B, Line 11B

Treasurer reviews return before filing. All board members review for questions at a subsequent board of directors meeting.

Form 990, Part VI, Section C, Line 19

Copy of tax return, form 990 is available upon request.

Form 990, Part VI, Section B, Line 12C

Each board member signs a conflict of interest policy statement when joining the board. This policy requires disclosure of members association with any organizations requesting a grant and abstention from any board consideration and action with respect to that grant request.

Filing and Contact Details

Filer

Filer Name
Island Thrift
EIN
91-0996800
Phone
3606751133
Address
600 SE BARRINGTON, OAK HARBOR, WA 98277

Signing Officer

Name
Peg Shannon
Title
Treasurer
Phone
3606751133
Signed
2024-03-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Peg Shannon
Formed
1977
Legal Domicile
Wa
Voting Board Members
13
Independent Board Members
13
Employees
18

Preparer

Firm
Pacific Grace Tax and Accounting
Address
31925 SR 20, OAK HARBOR, WA 98277
Preparer
Ronnie D Wright MBA EA
Phone
3606756838
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IRS990/Form990PartVIISectionAGrp/TitleTxt6BOARD MEMBER
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IRS990/Form990PartVIISectionAGrp/TitleTxt8VICE PRESIDENT
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IRS990/OtherExpensesGrp/Desc1OPERATING EXPENSES
IRS990/OtherExpensesGrp/Desc2IN KIND EXPENSES-VOUCHERS
IRS990/OtherExpensesGrp/Desc3MERCHANT CARD FEES/DIRECT DEPOSIT FEES
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IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt05935
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt01
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Federal income taxes
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1Payroll taxes
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2State sales tax
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc3SBA PPP Loan - Peoples Bank
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IRS990ScheduleI/RecipientTable/CashGrantAmt825000
IRS990ScheduleI/RecipientTable/CashGrantAmt925000
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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.$1.72$0.02$1.70$1.33$1.13$0.20
2023Detailed filing. Detailed filing data is available for this year.$1.51$0.02$1.49$1.34$1.16$0.19
2022Detailed filing. Detailed filing data is available for this year.$1.31$0.02$1.29$1.37$1.06$0.32
2021Detailed filing. Detailed filing data is available for this year.$1.11$0.13$0.98$1.30$1.05$0.25
2020Detailed filing. Detailed filing data is available for this year.$0.90$0.13$0.76$0.87$0.88$0.01
2019Detailed filing. Detailed filing data is available for this year.$0.79$0.02$0.77$1.18$1.11$0.07
2018Detailed filing. Detailed filing data is available for this year.$0.72$0.02$0.70$1.07$1.17$0.10
2017Detailed filing. Detailed filing data is available for this year.$0.82$0.02$0.80$1.02$1.05$0.03
2016Detailed filing. Detailed filing data is available for this year.$0.84$0.02$0.83$1.01$1.08$0.07
2015Detailed filing. Detailed filing data is available for this year.$0.92$0.02$0.90$1.01$0.89$0.12
2014Detailed filing. Detailed filing data is available for this year.$0.79$0.01$0.78$0.94$0.89$0.04
2013Detailed filing. Detailed filing data is available for this year.$0.75$0.02$0.74$0.92$0.90$0.02
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.74$0.02$0.72$0.82
2011Summary only. Only limited summary data is available for this year.$0.63$0.01$0.61$0.90$0.81$0.09