New Group Inc

Analysis

New Group Inc is a registered charity in United States, based in New York, NY. It received its IRS tax-exemption ruling in July 1991, 35 years ago. Its declared purposes cover arts, culture and humanities, which this site groups under arts, culture, heritage and science. 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 August 2023, New Group Inc reported income of $3.9m and spending of $5.0m, spending 128% of what it took in. Across the 5 years on record, from August 2019 to August 2023, income fell from $7.9m to $3.9m (-50%), an average of -16% a year. The sharpest change came in the year to August 2022, when income rose by 208%. Over the whole period it spent 94% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, New Group Inc sits at the 95th percentile: it is larger than about 95% of them. Against every charity in United States with reported income it ranks in the 91st percentile, and in the 88th percentile within NY. Charities of a similar size with the same main cause include Museum of Contemporary Art Cleveland ($3.9m), Community Center for the Arts ($3.9m) and Creative Time Inc ($3.9m).

On its Form 990 for the period ending August 2023, revenue came from contributions and grants 69% and program service revenue 30% of the total. Compensation of current officers, directors and key employees was $403k (8.0% of expenses). Other salaries and wages came to $1.7m. At year end it held assets of $2.9m against liabilities of $393k, net assets of $2.5m. It reported 284 employees.