New Foundations Inc

Analysis

New Foundations Inc is a registered charity in United States, based in Wolcott, CT. It received its IRS tax-exemption ruling in May 1988, 38 years ago. Its declared purposes cover human services, which this site groups under poverty relief. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, New Foundations Inc reported income of $3.0m and spending of $3.0m, spending 102% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $2.6m to $3.0m (+14%), an average of +3.4% a year. The sharpest change came in the year to June 2021, when income rose by 16%. Over the whole period it spent 98% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, New Foundations Inc sits at the 87th percentile: it is larger than about 87% of them. Against every charity in United States with reported income it ranks in the 89th percentile, and in the 87th percentile within CT. Charities of a similar size with the same main cause include Scera Corporation ($3.0m), Maine Needs Inc ($3.0m) and Merrick Community Services ($3.0m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 1.4% and program service revenue 99% of the total. Compensation of current officers, directors and key employees was $184k (6.1% of expenses). Other salaries and wages came to $1.8m. At year end it held assets of $2.4m against liabilities of $2.4m, net assets of -$13k. It reported 57 employees.