New Horizons Inc

Analysis

New Horizons Inc is a registered charity in United States, based in Farmington, CT. It received its IRS tax-exemption ruling in March 1957, 69 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 September 2023, New Horizons Inc reported income of $22.1m and spending of $23.1m, spending 105% of its income. Across the 5 years on record, from September 2019 to September 2023, income grew from $19.1m to $22.1m (+16%), an average of +3.7% a year. The sharpest change came in the year to September 2021, when income rose by 18%. Over the whole period it spent 90% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, New Horizons Inc sits at the 97th percentile: it is larger than about 97% of them. Against every charity in United States with reported income it ranks in the 97th percentile, and in the 97th percentile within CT. Charities of a similar size with the same main cause include St Andrews Resources for Seniors ($22.1m), Robison Jewish Home ($22.1m) and Childrens Home Society of New Jersey ($22.1m).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 14% and program service revenue 85% of the total. Compensation of current officers, directors and key employees was $566k (2.4% of expenses). Other salaries and wages came to $8.3m. At year end it held assets of $30.6m against liabilities of $7.7m, net assets of $22.8m. It reported 257 employees.