Magic Hat Thrift Shop Inc in Marblehead, Massachusetts (MA)

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Magic Hat Thrift Shop Inc
Employer Identification Number (EIN)320136377
Name of OrganizationMagic Hat Thrift Shop Inc
In Care of NameMarblehead Veterans Middle School
Address217 Pleasant St, Marblehead, MA 01945-2251
SubsectionCharitable Organization
Ruling Date06/2006
DeductibilityContributions are deductible
FoundationOrganization which receives a substantial part of its support from a governmental unit or the general public
Exempt Organization StatusUnconditional Exemption
Tax Period06/2014
Assets$25,000 to $99,999
Income$100,000 to $499,999
Filing Requirement990 (all other) or 990EZ return
Asset Amount$44,235
Amount of Income$125,634
Form 990 Revenue Amount$125,634
National Taxonomy of Exempt Entities (NTEE)Human Services - Multipurpose and Other: Thrift Shops

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Amount of income in 2014: $125,634 (it was $122,400 in 2013)
Magic Hat Thrift Shop Inc: 

Other organizations performing similar types of work: 


Assets in 2014: $44,235 (it was $85,577 in 2013)
Magic Hat Thrift Shop Inc: 

Other organizations performing similar types of work: 


Expenses in 2013: $162,119
Magic Hat Thrift Shop Inc: 

Other organizations performing similar types of work: 


Income to expenses ratio in 2013: 0.8
Magic Hat Thrift Shop Inc: 

Other organizations performing similar types of work: 


Grants share in income in 2013: 0.9%
This organization: 

Other organizations performing similar types of work: 


Financial snapshot ($)

Revenue for 2013

Revenue, Expenses, and Changes in Net Assets or Fund Balances
Total revenue$113,827$122,400
Contributions, gifts, grants, and similar amounts received$395$1,134
Program service revenue including government fees and contracts$113,432$121,266
Membership dues and assessments$0$0
Investment income$0$0
Gain/Loss from sale of assets other than inventory$0$0
Net income/loss from gaming and fundraising events$0$0
Gross profit/loss from sales of inventory$0$0
Other revenue$0$0
Total expenses$91,338$162,119
Total net assets$54,077$14,358
Excess/Deficit for the year$22,489$-39,719
Net assets or fund balances at beginning of year$31,588$54,077
Other changes in net assets or fund balances$0$0
Net assets or fund balances at end of year$14,358
Balance Sheets
Total assets$77,584$85,577
Total liabilities$23,507$71,219
Net assets or fund balances$54,077$14,358
Other Information
Did the organization engage in any significant activity not previously reported to the IRS?No
Were any significant changes made to the organizing or governing documents?No
Did the organization have unrelated business gross income of $1,000 or more during the year from business activitiesNoNo
Has the organization filed a Form 990-T for the year?No
Did the organization undergo a liquidation, dissolution, termination, or significant disposition of net assets during the year?No
Amount of political expenditures, direct or indirect$0
Did the organization file Form 1120-POL for this year?No
Did the organization borrow from, or make any loans to, any officer, director, trustee, or key employee or were any such loans made in a prior year and still outstanding at the end of the tax year covered by this return?No
Total amount involved$0
Initiation fees and capital contributions$0$0
Gross receipts for public use of club facilities$0$0
Did the organization engage in any section 4958 excess benefit transaction during the year, or did it engage in an excess benefit transaction in a prior year that has not been reported on any of its prior Forms 990 or 990-EZ?No
At any time during the tax year, was the organization a party to a prohibited tax shelter transaction?No
Reason for Public Charity Status (for 2013)
The organization is not a private foundation because it is:An organization that normally receives a substantial part of its support from a governmental unit or from the general public described in section 170(b)(1)(A)(vi)
Number of organizations supported0
Sum of amounts of support$0
Support Schedule for Organizations Described in Sections 170(b)(1)(A)(iv) and 170(b)(1)(A)(vi) (for 2009 - 2013)
2009 - 2013 Total
Public Support$484,540
Subtotal Support$484,540
Gifts, grants, contributions, and membership fees received$484,540
Tax revenues levied for the organization's benefit and either paid to or expended on its behalf$0
The value of services or facilities furnished by a governmental unit to the organization without charge$0
The portion of total contributions by each person (other than a governmental unit or publicly supported organization) that exceeds 2% of the total support$0
Total Support$484,540
Public Support$484,540
Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources$0
Net income from unrelated business activities, whether or not the business is regularly carried on$0
Other income. Do not include gain or loss from the sale of capital assets$0
Gross receipts from related activities, etc.$0
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Organizations performing similar types of work
IdNameAddressStateEstablishedTotal Income
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2Community Aid Inc4833 Carlisle Pike, Mechanicsburg, PA 17050-3027PA2009-11$8,581,421
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8Tabithas Way37 West 200 North, Spanish Fork, UT 84660UT2011-05$2,003,979
9Leeward Industries Inc51st St, Salisbury, MA 01952MA2009-06$854,841
10Valley Thrift Store Inc, Treasures82 Worcester Rd, N Grafton, MA 01536-1048MA2008-08$271,292
11Seawinds Charity Inc754 Chief Justice Cushing Hwy, Cohasset, MA 02025-2116MA2009-04$186,201
12St Vincentde Paul Exchange Store Inc1799 Pleasant St, Fall River, MA 02723-3022MA2010-05$153,215
13Keeping Pace With Multiple Miracles Inc194 S Main St, West Bridgewater, MA 02379-1770MA2008-08$142,728
14Ruths House Inc54 Merrimack Street, Haverhill, MA 01830-6239MA1995-10$140,601
15Magic Hat Thrift Shop Inc217 Pleasant St, Marblehead, MA 01945-2251MA2006-06$125,634
16Orleans Community Exchange IncPO BOX 2542, Orleans, MA 02653-6542MA2015-01$121,722
17Tailored For Success15 Washington Street South Po Box 527, Malden, MA 02148MA2001-01$40,996
18American Family Thrift Stores33 Alden Dr, Norwood, MA 02062-5325MA1993-06$13,458
19Treasured Possessions Consignment & Thrift Shop240 Congress St, Milford, MA 01757-1465MA2001-09$0
20Union & Fifth Inc223 Needham St, Newton, MA 02464MA2014-09$0
Number of organizations performing similar types of work
District of Columbia1
North Carolina45
North Dakota2
New Hampshire5
New Jersey14
New Mexico8
New York29
Rhode Island1
South Carolina17
South Dakota8
West Virginia3
Total938 is not associated with, endorsed by, or sponsored by Magic Hat Thrift Shop Inc and has no official or unofficial affiliation with Magic Hat Thrift Shop Inc