New American Association of Massachusetts Inc

Analysis

New American Association of Massachusetts Inc is a registered charity in United States, based in Lynn, MA. It received its IRS tax-exemption ruling in March 1997, 29 years ago. Its declared purposes cover community improvement and capacity building, which this site groups under community and economic development. 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 June 2023, New American Association of Massachusetts Inc reported income of $2.8m and spending of $2.8m, spending 100% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $859k to $2.8m (+225%), an average of +34% a year. The sharpest change came in the year to June 2022, when income rose by 43%. Over the whole period it spent 94% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, New American Association of Massachusetts Inc sits at the 88th percentile: it is larger than about 88% of them. Against every charity in United States with reported income it ranks in the 88th percentile, and in the 87th percentile within MA. Charities of a similar size with the same main cause include Leadership Training and Education Fund ($2.8m), Pierce County Community Development Corporation ($2.8m) and Street Law Inc ($2.8m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 99% of the total. Compensation of current officers, directors and key employees was $103k (3.7% of expenses). Other salaries and wages came to $1.4m. At year end it held assets of $1.1m against liabilities of $440k, net assets of $614k. It reported 71 employees.