New York Institute of Credit

Analysis

New York Institute of Credit is a registered charity in United States, based in New York, NY. It received its IRS tax-exemption ruling in November 1950, 76 years ago. 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 July 2023, New York Institute of Credit reported income of $448k and spending of $480k, spending 107% of what it took in. Across the 5 years on record, from July 2019 to July 2023, income fell from $531k to $448k (-16%), an average of -4.1% a year. The sharpest change came in the year to July 2022, when income rose by 68%. Over the whole period it spent 107% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, New York Institute of Credit sits at the 67th percentile: it is larger than about 67% of them. Against every charity in United States with reported income it ranks in the 68th percentile, and in the 65th percentile within NY. Charities of a similar size with the same main cause include Seminary Covenant Community ($448k), Jeff Davis Learning Center Inc ($448k) and National Society of the Daughters of the American Revolution ($448k).

On its Form 990 for the period ending July 2023, revenue came from program service revenue 99% of the total. At year end it held assets of $210k against liabilities of $131k, net assets of $79k.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.