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
OrganizationCorporation
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: 

 $125,634
Other organizations performing similar types of work: 

 $128,815

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

 $44,235
Other organizations performing similar types of work: 

 $51,025

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

 $162,119
Other organizations performing similar types of work: 

 $115,376

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

 0.8
Other organizations performing similar types of work: 

 1.0

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

 0.9%
Other organizations performing similar types of work: 

 2.9%

Financial snapshot ($)

Revenue for 2013

Revenue, Expenses, and Changes in Net Assets or Fund Balances
20122013
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
20122013
Total assets$77,584$85,577
Total liabilities$23,507$71,219
Net assets or fund balances$54,077$14,358
Other Information
20122013
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
1St Vincent De Paul Thrift Store Of Dallas, St Vincent De Paul Thrift Store Of3052 W Northwest Hwy, Dallas, TX 75220-5941TX2004-05$1,838,464
2White County Community Resource Association IncPO BOX 2975, Cleveland, GA 30528-0052GA2004-07$216,564
3Angel Aid Inc, Born Again Treasures17100 Bear Valley Rd, Victorville, CA 92395-8320CA2006-11$55,773
4Memphis Goodwill Inc6895 Stage Rd, Memphis, TN 38133-4015TN2009-02$28,236,360
5Disabled American Veterans Thrift Stores Combining Chapters Of Hampt6812 Meadowlawn Dr, Norfolk, VA 23518-4946VA2014-09$11,035,366
6Cradles To Crayons Inc155 North Beacon Street, Brighton, MA 02135-2049MA2002-06$10,601,535
7Impact Thrift Stores Inc14 E Moreland Ave, Hatboro, PA 19040-3215PA2001-10$8,450,248
8Cars 4 Causes4864 Market St Ste D, Ventura, CA 93003-5786CA1999-02$5,020,041
9Childrens RetailPO BOX 5371 MSC RC-507, Seattle, WA 98145-5005WA1999-12$4,883,874
10Care & Share Shoppes Inc783 Route 113, Souderton, PA 18964-1000PA1995-06$4,358,342
11Guardian Angel Thrift742 N Main St, Fuquay Varina, NC 27526-2029NC2002-03$4,323,345
12Achievement House Inc496 Linne Rd, Paso Robles, CA 93446-7470CA2004-10$4,262,749
13Golden Goose Thrift Shop15970 N Oracle Rd, Tucson, AZ 85739-9112AZ2005-07$3,790,982
143 Way Thrift Store Inc13364 Central Ave, Chino, CA 91710-5169CA1994-04$2,270,952
15Chatham Pta Thrift Shop IncPO BOX 890, Siler City, NC 27344-0890NC1984-03$1,576,240
16Big Brothers Big Sisters Of Central New Mexico Donation Center Inc2500 Louisiana Blvd Ne Ste 200, Albuquerque, NM 87110-4341NM2009-07$1,488,543
17Lexington Rescue Mission IncPO BOX 1050, Lexington, KY 40588-1050KY2001-08$1,431,396
18Keeping Pace With Multiple Miracles Inc194 S Main St, West Bridgewater, MA 02379-1770MA2008-08$142,728
19Magic Hat Thrift Shop Inc217 Pleasant St, Marblehead, MA 01945-2251MA2006-06$125,634
20American Family Thrift Stores33 Alden Dr, Norwood, MA 02062-5325MA1993-06$13,458
Number of organizations performing similar types of work
Alaska2
Alabama22
Arkansas5
Arizona21
California80
Colorado19
Connecticut5
District of Columbia1
Delaware3
Florida50
Georgia43
Hawaii2
Iowa13
Idaho10
Illinois42
Indiana18
Kansas19
Kentucky13
Louisiana9
Massachusetts13
Maryland11
Maine9
Michigan43
Minnesota18
Missouri32
Mississippi5
Montana3
North Carolina45
North Dakota2
Nebraska7
New Hampshire5
New Jersey14
New Mexico8
Nevada10
New York29
Ohio29
Oklahoma19
Oregon8
Pennsylvania37
Rhode Island1
South Carolina17
South Dakota8
Tennessee24
Texas51
Utah5
Virginia34
Vermont7
Washington23
Wisconsin36
West Virginia3
Wyoming4
International1
Total938

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