New Opportunities Inc

Analysis

New Opportunities Inc is a registered charity in United States, based in Waterbury, CT. It received its IRS tax-exemption ruling in February 1983, 43 years ago. 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 October 2023, New Opportunities Inc reported income of $45.9m and spending of $45.8m, spending 100% of its income. Across the 5 years on record, from October 2019 to October 2023, income grew from $32.1m to $45.9m (+43%), an average of +9.4% a year. The sharpest change came in the year to October 2021, when income rose by 18%. Over the whole period it spent 98% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, New Opportunities Inc sits at the 99th percentile: it is one of the largest 1% in its cause. Against every charity in United States with reported income it ranks in the 99th percentile, and in the 98th percentile within CT. Charities of a similar size with the same main cause include Dirne Health Centers Inc ($45.9m), Visiting Nurse Association Health Group Inc ($46.1m) and South-West Community Health Center Inc ($45.9m).

On its Form 990 for the period ending October 2023, revenue came from contributions and grants 95% and program service revenue 4.1% of the total. Compensation of current officers, directors and key employees was $1.1m (2.3% of expenses). Other salaries and wages came to $10.0m. At year end it held assets of $15.4m against liabilities of $15.5m, net assets of -$73k. It reported 566 employees.