Goodwill Industries is a nonprofit organization with over 150 independent nonprofits across the U.S. and Canada, working under the umbrella of Goodwill Industries International. These branches focus on local needs, offering job training programs and community services. Instead of having a single owner, Goodwill reinvests all its profits into these initiatives.
As for executive compensation, Steve Preston, the CEO of Goodwill Industries International, earned a total compensation of around $1.2 million in 2024. This reflects the large scale operations and leadership required to manage such a significant nonprofit while staying true to its mission of community impact.
Goodwill Owner’s Key Facts
| Category | Details |
| Organization Name | Goodwill Industries International |
| Founded | 1902 |
| Headquarters | Rockville, Maryland, USA |
| CEO (2023) | Steve Preston |
| Revenue (2024) | $6.1 billion |
| Mission | Provide job training, employment services, and community programs to individuals in need |
| Net Worth | $1.2 million |
| Number of Employees | Over 100,000 employees worldwide |
| Global Reach | Operations in the U.S. and Canada |
| Compensation (CEO) | Base Salary: $350,200 (2024); Total Compensation: $1.19 million (2024) |
| Key Areas of Focus | Job training, employment services, community support programs |
| Nonprofit Status | Yes, all profits reinvested into community programs and services, not for private profit |
Goodwill Owner’s Net Worth Forbes
Unlike a typical business, Goodwill doesn’t have a single owner who profits from its success. Instead, it operates as a nonprofit, and any revenue it generates goes back into supporting its programs. While leaders like Jim Gibbons, former CEO of Goodwill Industries International, made $733,642 in 2011, this money isn’t going into private pockets.
Running an organization as large as Goodwill, with hundreds of branches and millions in revenue, is no easy task. Some people may question the high salaries of its leaders, especially when the nonprofit’s mission focuses on helping the disadvantaged. However, managing such a vast operation requires skilled leadership.
The key difference is that Goodwill isn’t a typical business. Its profits don’t go to shareholders but are reinvested in community programs, employment training, and services. While the salaries might seem high, the organization argues that they need experienced leaders to maintain and grow such a large-scale nonprofit.
Steve Preston in 2024
Steve Preston is the CEO of Goodwill Industries International, leading the nonprofit through significant growth and innovation. In 2024, his estimated net worth stands at $92.9 million, a notable increase from $83.6 million in 2023. Preston’s background in both public and private sectors has helped him steer Goodwill toward new opportunities.
As the CEO, Preston’s leadership has been pivotal in expanding Goodwill’s focus on modern job training and community development. In 2024, he continues to earn a competitive salary, with a base pay around $350,200, which could total approximately $1.19 million in compensation, including bonuses and benefits.
While Preston’s salary is substantial, Goodwill emphasizes that his expertise is crucial for managing its large scale operations. With hundreds of thousands of employees and billions in revenue, effective leadership is essential for maintaining Goodwill’s nonprofit mission while meeting the needs of local communities.
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Goodwill CEO Salary vs Salvation Army
The compensation of Goodwill’s CEO compared to the head of the Salvation Army highlights the impact of organizational structure and funding. Goodwill Industries has long paid higher salaries, with CEOs earning between $500,000 to over $1 million annually. For example, Steven Lufburrow, CEO of Goodwill Industries of Houston, made approximately $904,675 in 2024.
These higher salaries are typical for leaders managing large organizations like Goodwill, which oversees a network of thrift stores and community programs. While some argue about the size of these paychecks, Goodwill justifies it by needing skilled leaders to handle such a vast operation and workforce.
In contrast, the Salvation Army generally caps top salaries around $300,000. This difference is partly due to the Salvation Army’s reliance on donations and volunteers, which limits its ability to offer higher pay. These differences highlight the challenges nonprofit organizations face in balancing fair compensation with their mission to serve the community.
Goodwill Owner’s Net Worth in 2021, 2022, 2023, 2024
Goodwill Industries operates as a nonprofit, so it doesn’t have an owner reaping profits like a typical business. Instead, it focuses on supporting local communities through job training and services. Over the years, Goodwill has been led by individuals like Steve Preston, whose role as CEO highlights a trend in nonprofit leadership: higher salaries comparable to those in the corporate sector.
Steve Preston’s net worth saw steady growth from 2021 to 2024. In 2021, his compensation was reported to be around $598,300, with similar figures in 2022. By 2023, Preston’s compensation increased, reflecting the growing demands of managing such a large nonprofit network. His 2024 estimated net worth stood at $92.9 million, a significant jump from the previous year’s $83.6 million.
The discussion around Preston’s salary brings attention to a larger conversation about nonprofit executive pay. While Goodwill’s model prioritizes community programs and job training, the increasing salaries of its top leaders raise questions about balance. Nevertheless, Goodwill continues to focus on its mission, using its resources to benefit communities while ensuring experienced leadership for its vast operations.
Conclusions
Goodwill Owner’s Industries continues to be a major player in the nonprofit sector, providing valuable services and opportunities for communities across the U.S. and Canada. Despite having high paying executives like Steve Preston, the focus remains on reinvesting profits into job training, education and other community programs. The organization’s large scale operations require experienced leadership, which explains the substantial salaries.
While its financial figures are impressive, they reflect Goodwill’s commitment to social good, not private profits. Goodwill’s success isn’t just measured in revenue but in the positive impact it has on individuals and communities every day.
FAQ’s
Who owns Goodwill?
Goodwill is a nonprofit organization, meaning it doesn’t have a single owner. It operates through a network of independently run nonprofits across the U.S. and Canada.
How much does the CEO of Goodwill earn?
The CEO of Goodwill Industries International, Steve Preston, earned around $350,200 in base salary in 2024, with total compensation reaching about $1.19 million.
How much does Goodwill make in revenue?
In 2024, Goodwill Industries International generated about $6.1 billion in revenue, continuing its strong performance from previous years.
What is Goodwill’s primary mission?
Goodwill’s mission is to provide job training, employment services and community programs to help individuals overcome challenges and achieve self sufficiency.
Does Goodwill make a profit?
As a nonprofit, Goodwill doesn’t make profits for shareholders. Instead, it reinvests any earnings into community services and job training programs.
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