New England Institute of Technology

Analysis

New England Institute of Technology is a registered charity in United States, based in E Greenwich, RI. It received its IRS tax-exemption ruling in March 1970, 56 years ago. Its declared purposes cover education, which this site groups under education and training. The IRS classifies it as a school under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, New England Institute of Technology reported income of $78.6m and spending of $81.4m, spending 103% of its income. Across the 5 years on record, from June 2019 to June 2023, income fell from $90.6m to $78.6m (-13%), an average of -3.5% a year. The sharpest change came in the year to June 2020, when income dropped by 15%. Over the whole period it spent 95% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, New England Institute of Technology sits at the 99th percentile: it is larger than about 99% of them. Against every charity in United States with reported income it ranks in the 99th percentile, and in the 99th percentile within RI. Charities of a similar size with the same main cause include Ascendium Education Group Inc ($78.4m), Wittenberg College Board of Directors ($78.7m) and William Penn Charter School Inc ($78.4m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 0.1% and program service revenue 94% of the total. Compensation of current officers, directors and key employees was $3.8m (4.6% of expenses). Other salaries and wages came to $25.2m. At year end it held assets of $427.3m against liabilities of $100.0m, net assets of $327.3m. It reported 725 employees.