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Economic Impact Study | 2 Our Partnership ARC THRIFT STORES & THE ARC OF COLORADO ECONOMIC IMPACT ASSESSMENT TABLE OF CONTENTS 3 Our Partnership 4 Economic Impact Assessment 6 Contributors 7 Terms and Definitions 8 Executive Summary 9 Introduction 10 Goals and Methodology Definition and Methodology of Impact 11 Characteristics of arc Thrift Store’s Business Retail Stores Tax 12 Employment - Including Payroll and Benefits Funding of Arc Advocacy Programs Annual Gala 13 Media Coverage Food Drive 14 Auto Donation Program Store Vouchers Scrap and Recycled Goods 15 Alternative Donation Sourcing Support of Ability Connections 16 Economic Assessment of arc Thrift Stores of Colorado Revenue Wages and Salary Tax 17 Economic Impact of The Arc of Colorado 18 Summary Findings 19 Works Cited 20 Lloyd Lewis Bio 21 Christiano Sosa Bio ARC THRIFT STORES: ECONOMIC IMPACT STUDY | 2 OUR PARTNERSHIP For more than 50 years, arc Thrift Stores has been a valued part of the fabric of Colorado. Since we opened our first store in 1968, we have been known for many things: as a great place for great deals, as a place to donate gently used clothing and household items, as one of the state’s largest employers of people with intellectual and developmental disabilities, and as an organization that has had a $2.7 BILLION impact on our state. Our reach and our impact was perhaps never more keenly felt than in the challenging year that was 2020. When COVID-19 changed our world, arc Thrift Stores was designated an Essential Business. We continued to take donations of crucial items that were then distributed to at-risk and vulnerable communities; we gathered and delivered over 60 tons of food to thousands of families and individuals; we provided much-needed clothing to those experiencing homelessness. Every week our team delivered critically-necessary items, material for masks, hygiene products, hospital scrubs, and PPE to organizations throughout Colorado. Along the way, we continued to partner with and support The Arc of Colorado’s advocacy programs. of Colorado was founded in 1954 by a group of parents who wanted to change the public’s perception of children with intellectual disabilities. ’s goal was – and remains – to provide education, systems change, and individual advocacy, and to work on legislative education for sound public policy in all executive branches of Colorado state government. The organization – comprised of 15 chapters – is supported primarily through funding from arc Thrift Stores. From our first store on Broadway to the now 31 throughout the state, our organization lives and breathes its mission and its commitment to the people in our community with intellectual and developmental disabilities. Our growth -- and our economic impact on the state overall -- enabled us to help more people and more families across Colorado, and the findings in this Economic Impact Study prove that our business model – mission-driven and community-centric – works. Everything arc Thrift Stores does – to the numerous programs the organization has put in place to enrich and empower the lives of people with intellectual and developmental disabilities – is in advocacy support for Colorado. The partnership has made a lasting difference in the lives of thousands of people and their families. It is our heartfelt belief that our two organizations have had a profound economic as well as human impact on the state that reaches far beyond the chapters and the stores. Sincerely, Lloyd Lewis President and CEO, arc Thrift Stores Christiano Sosa, Executive Sosa Director, the Arc of Colorado ARC THRIFT STORES: ECONOMIC IMPACT STUDY | 3 ECONOMIC IMPACT ASSESSMENT This economic impact assessment aims to examine the economic impact of the major business units, business functions, and charitable programs and communities supported by arc Thrift Stores. The chart below summarizes these impacts: ECONOMIC IMPACT $ MILLIONS $ MILLIONS 2005-2020 2020 2005-2020 2020 Business Revenue 1,904 169 Payroll & Benefits 789 78 Direct 891 83 Direct 479 48 Indirect & Induced 1,013 86 Indirect & Induced 310 30 Sales & Property Taxes 156 12 Direct 77 6 Indirect & Induced 79 6 Capital Expenditures 58 3 Direct 31 2 Indirect & Induced 28 2 Charity/Social Programs (1) 359 36 Direct 180 18 Indirect & Induced 179 18 Other Community Benefits (2) 224 23 Direct 201 16 Indirect & Induced 23 17 TOTAL 2,700 242 ARC THRIFT STORES: ECONOMIC IMPACT STUDY | 4 ECONOMIC IMPACT $ MILLIONS $ MILLIONS (1) CHARITY/SOCIAL PROGRAMS 2005-2020 2020 (2) OTHER COMMUNITY BENEFITS 2005-2020 2020 Arc Advocacy Programs 216 21 State Expenditures (Since 2016) 126 8 Direct 101 10 Scrap & Recycled Goods 39 2 Indirect & Induced 115 11 Volunteerism 15 0 Charitable Vehicle Donations 87 8 Earned Media 13 1 Direct 40 3 Direct 8 1 Indirect & Induced 46 4 Indirect 5 0 I/DD Employment 45 5 Store Vouchers to Persons in Need 13 2 Direct 28 3 Direct 6 1 Indirect & Induced 17 2 Indirect 7 1 Ability Connections 7 1 Food Drive 18 10 (Formerly CP Colorado) Direct 7 4 Alternative Sourcing Payments 4 1 Indirect 11 6 (To Other Charities) TOTAL 359 36 TOTAL 224 23 GRAND TOTAL ARC THRIFT STORES ECONOMIC IMPACT SINCE 2005 - $2.7 BILLION FORT COLLINS The region impacted by arc Thrift Stores includes LOVELAND GREELEY the entire state of Colorado, which overlaps the Arc BOULDER LONGMONT of Colorado’s sphere of influence, and the 15 local LAFAYETTE BRIGHTON BROOMFIELD Arc Chapters serving over 9,000 individuals in THORNTON designated geographical areas. As a limitation of ARVADA this assessment, impact beyond the state of COMMERCE CITY DENVER Colorado is not examined. GRAND JUNCTION GOLDEN EVERGREEN LAKEWOOD AURORA ENGLEWOOD LITTLETON CENTENNIAL CASTLE ROCK RETAIL STORES DONATION STATIONS COLORADO SPRINGS ARC THRIFT STORES: ECONOMIC IMPACT STUDY | 5 CONTRIBUTORS This is a study analyzing the economic impact of arc Thrift Stores of Colorado and The Arc of Colorado updated by arc Thrift Stores staff to reflect arc Thrift Stores actual fiscal 2020 financial results as a revision to the original study applying the methodology developed by the University of Denver students. The methodology is a combination of the knowledge and research gathered through a University of Denver BUS-4600-22 capstone course with support from University of Denver faculty and staff. ARC THRIFT STORES: ECONOMIC IMPACT STUDY | 6 TERMS AND DEFINITIONS RIMS II The Regional Input-Output Modeling System (RIMS II), a regional economic model, is a tool used by investors, planners, and elected officials to objectively assess the potential economic impacts of various projects. Direct Impact A measure of the total amount of additional expenditure within the Front Range region of Colorado, which can be directly attributed to arc Thrift Stores. Indirect Impact Changes in sales, income, or employment within the region in backward linked industries supplying goods and services to arc Thrift Stores. Induced Impact Increases in sales within the region from spending earned because of arc Thrift Stores (e.g., employment, job placement, etc.). Total Effect Sum of direct, indirect and induced impacts. Multipliers Measure the total change throughout the economy from one-unit change for a given sector. Type I Multipliers Include direct or initial spending as well as indirect spending that occurs in a given sector. Type II Multipliers Include the same effects as Type I multipliers with the added impact of induced effects. ARC THRIFT STORES: ECONOMIC IMPACT STUDY | 7 EXECUTIVE SUMMARY As an economic impact assessment of arc Thrift Stores (“Company”), this study shows the general nature of key areas of arc Thrift’s economic contribution to the state of Colorado. This study demonstrates the far reaching and vast impact of arc Thrift Stores throughout Colorado. The impact delivered by the Company has grown dramatically over the last 15 years and is expected to continue to grow in the future. The result of the research associated with this project includes details from arc Thrift Stores vast community- based projects that impact individuals with intellectual and developmental disabilities as well as other vulnerable communities throughout the state, including multiple charitable organizations. Further, the impact associated with the growth of the Company the legislative measures directly impacting the community through the work of the Arc of Colorado suggest an economic impact of $2.7 billion. ARC THRIFT STORES: ECONOMIC IMPACT STUDY | 8 INTRODUCTION arc Thrift Stores is a vital component of the regional economy as evidenced by the impact it has had over the last 15 years. The mission of the arc Thrift Stores is: We are a non-profit organization operating 31 locations in Metro Denver, Fort Collins, Greeley, Loveland, Colorado Springs, Pueblo, and Grand Junction. The proceeds generated through the sale of gently used clothing and household items at arc Thrift Stores are distributed throughout Colorado to the Arc Chapters, the Association for Community Living (“ACL”) and Advocacy Denver. The mission of the Company is to enhance the lives of individuals with intellectual / developmental disabilities (“I/DD”) and their families by providing funding to support the Arc and ACL Chapters across Colorado and Advocacy Denver. We believe that all people with I/DD should have the opportunity to decide how they live, learn, work and play. This study will show that the impact of arc Thrift Stores goes beyond helping individuals, affecting communities and regional businesses, thus strengthening the local economy. Using the University of Denver methodology, arc Thrift Stores staff has updated the assessment of the organization’s impact on the regional economy to reflect actual fiscal 2020 financial results. The purpose of this study was to answer the following questions: • What is arc Thrift’s impact on the individuals, communities, and businesses of the region? • How has arc Thrift’s impact grown under the leadership of its CEO Lloyd Lewis and the new team he installed beginning in 2005? • What impact has The Arc of Colorado-supported legislation had on the local economy? To answer these questions, the University of Denver team utilized literature resources as well as data obtained directly from Arc of Colorado and arc Thrift Stores and various other sources.
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