New Economy Project

Analysis

New Economy Project is a registered charity in United States, based in New York, NY. It received its IRS tax-exemption ruling in April 1996, 30 years ago. Its declared purposes cover community improvement and capacity building, which this site groups under community and economic development. 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 June 2023, New Economy Project reported income of $2.0m and spending of $2.2m, spending 108% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income grew from $1.7m to $2.0m (+21%), an average of +5.0% a year. The sharpest change came in the year to June 2022, when income rose by 44%. Over the whole period it spent 96% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, New Economy Project sits at the 85th percentile: it is larger than about 85% of them. Against every charity in United States with reported income it ranks in the 86th percentile, and in the 83rd percentile within NY. Charities of a similar size with the same main cause include Iron Workers Local 40 & 361 Apprenticeship & Training Fund ($2.0m), Delray United Action Council ($2.0m) and Madera Coalition for Community ($2.0m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 86% and program service revenue 9.9% of the total. Compensation of current officers, directors and key employees was $437k (20% of expenses). Other salaries and wages came to $950k. At year end it held assets of $7.3m against liabilities of $75k, net assets of $7.3m. It reported 15 employees.