Furniture Bank
- Assets
- $4.0m
- Revenue
- $6.5m
- Investments
- $0.0
- Employees
- 73
- Location
- Houston, TX
- Founding
- 07/2003
- Data as of
- 12/2021
- EIN
- 47-0907461
Organization Overview
Furniture Bank is located in Houston, TX. The organization was established in 2003. According to its NTEE Classification (P12) the organization is classified as: Fund Raising & Fund Distribution, under the broad grouping of Human Services and related organizations. As of 12/2021, Furniture Bank employed 73 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Furniture Bank is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, Furniture Bank generated $6.5m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 14.8% each year . All expenses for the organization totaled $6.8m during the year ending 12/2021. While expenses have increased by 16.7% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE FURNITURE BANK IS A CHARITABLE ORGANIZATION THAT COLLECTS AND DISTRIBUTES FURNITURE AND HOME FURNISHINGS TO THOSE IN NEED.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FURNITURE BANK IS A CHARITABLE ORGANIZATION THAT COLLECT DISTRIBUTES FURNITURE AND HOME FURNISHINGS FREE OF CHARGE OR REDUCED IN PRICE FOR PEOPLE IN NEED THAT HAVE RECEIVED HOUSING ASSISTANCE THROUGH A SOCIAL SERVICE AGENCY OR CHARITY IN THE HOUSTON AREA. SERVICES HAVE BEEN PROVIDED FOR OVER 20000 FAMILIES SINCE FURNITURE BANK'S 1992 INCEPTION.
THE FURNITURE BANK IS A CHARITABLE ORGANIZATION THAT COLLECT DISTRIBUTES FURNITURE AND HOME FURNISHINGS FREE OF CHARGE OR REDUCED IN PRICE FOR PEOPLE IN NEED THAT HAVE RECEIVED HOUSING ASSISTANCE THROUGH A SOCIAL SERVICE AGENCY OR CHARITY IN THE HOUSTON AREA. SERVICES HAVE BEEN PROVIDED FOR OVER 22000 FAMILIES SINCE FURNITURE BANK'S 1992 INCEPTION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Oli Mohammed Executive Di | Officer | 40 | $64,014 |
Charles W Lindsay Operations D | Officer | 40 | $58,461 |
Larry Cress Vice Chairma | OfficerTrustee | $0 | |
Hal Lynde Chairman | OfficerTrustee | $0 | |
Kari Smith Director | Trustee | $0 | |
Frank Monacelli Director | Trustee | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $311,396 |
| All other contributions, gifts, grants, and similar amounts not included above | $3,314,541 |
| Noncash contributions included in lines 1a–1f | $3,032,453 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,625,937 |
| Total Program Service Revenue | $2,914,179 |
| Investment income | $230 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $6,546,446 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $723,967 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $122,475 |
| Compensation of current officers, directors, key employees. | $58,461 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,197,472 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $35,151 |
| Payroll taxes | $100,546 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $82,245 |
| Advertising and promotion | $24,249 |
| Office expenses | $27,219 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $81,691 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $229,579 |
| Insurance | $127,807 |
| All other expenses | $376,472 |
| Total functional expenses | $6,787,757 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $249,462 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $6,148 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $549,262 |
| Prepaid expenses and deferred charges | $60,000 |
| Net Land, buildings, and equipment | $3,179,508 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $4,044,380 |
| Accounts payable and accrued expenses | $29,931 |
| Grants payable | $0 |
| Deferred revenue | $544,705 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $1,456,084 |
| Unsecured mortgages and notes payable | $1,132,100 |
| Other liabilities | $54,919 |
| Total liabilities | $3,217,739 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $826,641 |
| Total liabilities and net assets/fund balances | $4,044,380 |
Grants Recieved
Over the last fiscal year, we have identified 7 grants that Furniture Bank has recieved totaling $222,047.
| Awarding Organization | Amount |
|---|---|
Leslie L Alexander Foundation Delray Beach, FL PURPOSE: HUMANITARIAN CHARITY | $175,000 |
Charity Guild Of Catholic Women Of Harris County Houston, TX PURPOSE: No Kid on the Floor project | $12,000 |
National Christian Charitable Foundation Inc Alpharetta, GA PURPOSE: GROWTH | $10,000 |
Albert And Ethel Herzstein Charitable Foundation Houston, TX PURPOSE: TOWARDS SUPPORT OF THE NO KIDS ON THE FLOOR PROJECT. | $10,000 |
Robert W Knox Sr And Pearl Willis Knox Charitable Foundation Dallas, TX PURPOSE: NO KIDS ON THE FLOOR | $10,000 |
The Vaughn Foundation Houston, TX PURPOSE: GENERAL | $5,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
The Citizens Foundation Usa Houston, TX | $7,765,514 | $19,916,524 |
Morgans Wonderland Inclusion Foundation San Antonio, TX | $24,438,940 | $21,840,113 |
Furniture Bank Houston, TX | $4,044,380 | $6,546,446 |
Scanlan Foundation Houston, TX | $209,874,637 | $6,584,694 |
Kathleen S Craft Foundation Tulsa, OK | $94,596,287 | $6,487,856 |
White Cake Family Foundation Dallas, TX | $42,767,869 | $3,380,103 |
Charitable Properties Inc Mesquite, TX | $0 | $4,302,892 |
Bp Foundation Inc Houston, TX | $4,050,119 | $6,036,214 |
Soonae Foundation Burnet, TX | $2,322,115 | $4,666,451 |
Evergreen Foundation Haughton, LA | $11,601,707 | $713,824 |
Green Beret Foundation San Antonio, TX | $4,813,026 | $3,422,970 |
The Credit Bureau Of Baton Rouge Foundation Baton Rouge, LA | $26,265,049 | $1,414,019 |