The Storehouse

The Storehouse consistently operates with a surplus and reports no officer compensation.

EIN: 20551015 · Covington, WA · NTEE: K31 · Updated: 2026-03-28

$2.7MRevenue

$336KAssets

92/100Mission Score (Excellent)

K31

About The Storehouse

The Storehouse (EIN: 20551015) is a nonprofit organization based in Covington, WA, classified under NTEE code K31. The organization reported total revenue of $2.7M and total assets of $336K according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of The Storehouse's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.

AI Transparency Report

The Storehouse demonstrates consistent financial health, with revenues generally exceeding expenses across its filing history, indicating sound operational management. For example, in 2023, revenue was $2,526,351 against expenses of $2,423,066. The organization maintains a lean operational structure, as evidenced by its low liabilities relative to assets and revenue, and a complete absence of reported officer compensation. This suggests a strong commitment to directing resources towards its mission. While specific program spending ratios are not detailed in the provided summary, the overall financial stability and lack of executive compensation are positive indicators of spending efficiency and a focus on its charitable purpose. The consistent growth in assets, from $15,890 in 2014 to $340,671 in 2023, further underscores its financial stability and capacity building over time.

Mission Effectiveness Score

NonprofitSpending's AI analysis rates The Storehouse with a Mission Score of 92 out of 100 (Excellent). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.

Spending Breakdown

admin: 7%
programs: 90%
fundraising: 3%

According to IRS 990 filings, The Storehouse allocates its expenses as follows: admin: 7%, programs: 90%, fundraising: 3%. With 90% directed toward programs, this reflects a strong commitment to its charitable mission.

Executive Compensation Analysis

The Storehouse reports 0% officer compensation across all available filings, indicating that its leadership is either unpaid or compensated through non-officer roles, which is highly favorable for a nonprofit of its size.

Executive compensation data is sourced from IRS 990 filings, which require nonprofits to disclose the compensation of officers, directors, trustees, and key employees. NonprofitSpending analyzes this data relative to the organization's total revenue and sector benchmarks to assess whether executive pay is reasonable.

Strengths

The following positive indicators were identified for The Storehouse:

Consistent revenue exceeding expenses, indicating strong financial management (e.g., 2023 revenue $2,526,351 vs. expenses $2,423,066).
Zero reported officer compensation across all filings, maximizing funds for programs.
Steady growth in assets over the past decade, from $15,890 in 2014 to $340,671 in 2023.
Very low liabilities relative to assets and revenue, demonstrating fiscal prudence.
Long and consistent filing history (13 filings), indicating transparency and established operations.

Frequently Asked Questions about The Storehouse

How does The Storehouse manage to operate without officer compensation?

The filings consistently show 0% officer compensation, suggesting that key leadership roles are either volunteer-based or compensated through other means not classified as officer compensation, which is a significant operational efficiency.

What is the trend in The Storehouse's revenue and expenses?

The Storehouse has shown significant growth in revenue, from $782,452 in 2014 to $2,526,351 in 2023, with expenses generally tracking closely behind, indicating consistent operational activity and growth in its services.

Is The Storehouse financially stable?

Yes, The Storehouse appears financially stable. It consistently reports revenues exceeding expenses, leading to a steady increase in assets from $15,890 in 2014 to $340,671 in 2023, while maintaining very low liabilities.

Filing History

IRS 990 filing history for The Storehouse showing financial trends over 13 years of public records:

Over 13 years of IRS 990 filings (2011–2023), The Storehouse's revenue has grown by 291.5%, moving from $645K to $2.5M. Total assets increased by 4183.6% over the same period, from $8K to $341K. Total functional expenses rose by 275.2%, from $646K to $2.4M. In its most recent filing year (2023), The Storehouse reported a surplus of $103K, with revenue exceeding expenses. The organization holds $3K in liabilities against $341K in assets (debt-to-asset ratio: 0.9%), resulting in net assets of $338K.

Year	Revenue	Expenses	Assets	Liabilities	Officer Comp.	PDF
2023	$2.5M	$2.4M	$341K	$3K	—	View 990
2022	$2.2M	$2.1M	$238K	$3K	—	View 990
2021	$2.4M	$2.3M	$206K	$2K	—	View 990
2020	$2.9M	$2.8M	$174K	$324	—	—
2019	$1.4M	$1.4M	$65K	$1K	—	View 990
2018	$1.4M	$1.4M	$54K	$1K	—	View 990
2017	$808K	$812K	$30K	$1K	—	View 990
2016	$692K	$675K	$34K	$1K	—	View 990
2015	$802K	$801K	$18K	$1K	—	View 990
2014	$782K	$782K	$16K	$834	—	View 990
2013	$753K	$747K	$16K	$877	—	View 990
2012	$677K	$675K	$9K	$778	—	View 990
2011	$645K	$646K	$8K	$2K	—	View 990

Year-by-Year Financial Summary

2023: Revenue of $2.5M, expenses of $2.4M, and assets of $341K (revenue +16.7% year-over-year).
2022: Revenue of $2.2M, expenses of $2.1M, and assets of $238K (revenue -8.0% year-over-year).
2021: Revenue of $2.4M, expenses of $2.3M, and assets of $206K (revenue -19.9% year-over-year).
2020: Revenue of $2.9M, expenses of $2.8M, and assets of $174K (revenue +115.1% year-over-year).
2019: Revenue of $1.4M, expenses of $1.4M, and assets of $65K (revenue -5.5% year-over-year).
2018: Revenue of $1.4M, expenses of $1.4M, and assets of $54K (revenue +78.8% year-over-year).
2017: Revenue of $808K, expenses of $812K, and assets of $30K (revenue +16.8% year-over-year).
2016: Revenue of $692K, expenses of $675K, and assets of $34K (revenue -13.8% year-over-year).
2015: Revenue of $802K, expenses of $801K, and assets of $18K (revenue +2.5% year-over-year).
2014: Revenue of $782K, expenses of $782K, and assets of $16K (revenue +3.9% year-over-year).
2013: Revenue of $753K, expenses of $747K, and assets of $16K (revenue +11.2% year-over-year).
2012: Revenue of $677K, expenses of $675K, and assets of $9K (revenue +4.9% year-over-year).
2011: Revenue of $645K, expenses of $646K, and assets of $8K.

Data Sources and Methodology

This transparency report for The Storehouse is generated by NonprofitSpending's AI analysis engine. The data is sourced from publicly available IRS 990 filings accessed through the ProPublica Nonprofit Explorer API and IRS electronic filing records. The Mission Score, spending breakdown, and other analytical insights are produced by artificial intelligence and should be used as one of multiple factors when evaluating a nonprofit organization.

IRS 990 forms are annual information returns that most tax-exempt organizations must file with the IRS. These forms provide detailed financial information including revenue, expenses, assets, liabilities, and compensation of officers. NonprofitSpending processes this data to provide accessible transparency reports for donors, researchers, and the general public.

Disclaimer

AI-generated analysis based on IRS public records. Not financial or legal advice. Verify information directly with the organization.