New Beginnings Inc

Analysis

New Beginnings Inc is a registered charity in United States, based in Lewiston, ME. It received its IRS tax-exemption ruling in June 1979, 47 years ago. Its declared purposes cover human services, which this site groups under poverty relief. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, New Beginnings Inc reported income of $4.1m and spending of $3.8m, spending 93% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $2.7m to $4.1m (+52%), an average of +11% a year. The sharpest change came in the year to December 2022, when income rose by 39%. Over the whole period it spent 95% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, New Beginnings Inc sits at the 89th percentile: it is larger than about 89% of them. Against every charity in United States with reported income it ranks in the 91st percentile, and in the 90th percentile within ME. Charities of a similar size with the same main cause include Aim-High Child Care Center Inc ($4.1m), Degage Ministries ($4.1m) and Saugatuck Child Care Services Inc ($4.1m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 94% and program service revenue 4.9% of the total. Compensation of current officers, directors and key employees was $190k (5.0% of expenses). Other salaries and wages came to $2.0m. At year end it held assets of $6.3m against liabilities of $1.2m, net assets of $5.1m. It reported 71 employees.