Thread Inc
- Assets
- $7.3m
- Revenue
- $4.6m
- Investments
- $1.8m
- Employees
- 99
- Location
- Baltimore, MD
- Founding
- 08/2006
- Data as of
- 06/2022
- EIN
- 84-1700955
Organization Overview
Thread Inc is located in Baltimore, MD. The organization was established in 2006. According to its NTEE Classification (O99) the organization is classified as: Youth Development N.E.C., under the broad grouping of Youth Development and related organizations. As of 06/2022, Thread Inc employed 99 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Thread Inc 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 06/2022, Thread Inc generated $4.6m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 12.3% each year . All expenses for the organization totaled $5.1m during the year ending 06/2022. While expenses have increased by 18.4% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
SUPPORTS YOUNG PEOPLE FACING THE MOST SIGNIFICANT OPPORTUNITY AND ACHIEVEMENT GAPS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THREAD INTERVENES IN THE 9TH GRADE AND DISRUPTS THE PATTERN OF ISOLATION THAT LEADS TO ACADEMIC UNDERPERFORMANCE, ENROLLING STUDENTS WHO RANK IN THE BOTTOM 25% OF THEIR CLASS AND WHO FACE AN ABUNDANCE OF CHALLENGES OUTSIDE OF THE CLASSROOM. STUDENTS REMAIN IN THREAD FOR 10 YEARS, SURROUNDED BY A GROUP OF UP TO FOUR VOLUNTEERS - A THREAD FAMILY - THAT PROVIDES THE STUDENT WITH CONTINUOUS SUPPORT AND INCREASED ACCESS TO COMMUNITY RESOURCES WHILE DEEPLY ENRICHING THE LIVES OF COMMITTED VOLUNTEERS. ONCE ENROLLED, THREAD COMMITS TO NEVER GIVING UP ON A SINGLE STUDENT, AND OUR STUDENTS CONSISTENTLY DEFY THE ODDS. THREAD STUDENTS COMPLETE HIGH SCHOOL AT A RATE TEN TIMES THAT OF SIMILAR PEERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dia Simms Co-Chair | Trustee | 8 | $0 |
Jeff Cohen Co-Chair | Trustee | 8 | $0 |
Heather Benz Secretary | Trustee | 2 | $0 |
Aaron Copeland Treasurer | Trustee | 2 | $0 |
Cheryl Boyer Board Member | Trustee | 2 | $0 |
Ryan Hemminger Board Member | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $14,165 |
| All other contributions, gifts, grants, and similar amounts not included above | $4,573,255 |
| Noncash contributions included in lines 1a–1f | $99,995 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,587,420 |
| Total Program Service Revenue | $0 |
| Investment income | $1,657 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $2,052 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,591,129 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $213,042 |
| Compensation of current officers, directors, key employees. | $19,447 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,045,636 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $216,964 |
| Payroll taxes | $258,292 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $31,088 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $493,779 |
| Advertising and promotion | $1,371 |
| Office expenses | $0 |
| Information technology | $5,192 |
| Royalties | $0 |
| Occupancy | $58,420 |
| Travel | $84,925 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $13,090 |
| Insurance | $47,434 |
| All other expenses | $59,552 |
| Total functional expenses | $5,103,597 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $366,908 |
| Savings and temporary cash investments | $4,265,978 |
| Pledges and grants receivable | $677,701 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $156,347 |
| Net Land, buildings, and equipment | $23,563 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $1,800,000 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $7,290,497 |
| Accounts payable and accrued expenses | $422,216 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $422,216 |
| Net assets without donor restrictions | $5,913,613 |
| Net assets with donor restrictions | $954,668 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $7,290,497 |