Newjets Inc

Analysis

Newjets Inc is a registered charity in United States, based in Eden Prairie, MN. It received its IRS tax-exemption ruling in October 2007, 19 years ago. Its declared purposes cover recreation and sports, which this site groups under amateur sport and recreation. 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 December 2023, Newjets Inc reported income of $1.2m and spending of $1.3m, spending 112% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $1.1m to $1.2m (+11%), an average of +2.7% a year. The sharpest change came in the year to December 2021, when income rose by 32%. Over the whole period it spent 103% of the income it received.

Among 30,892 United States charities whose main cause is amateur sport and recreation and that reported income, Newjets Inc sits at the 93rd percentile: it is larger than about 93% of them. Against every charity in United States with reported income it ranks in the 81st percentile, and in the 80th percentile within MN. Charities of a similar size with the same main cause include Camp Highlands for Boys Foundation Inc ($1.2m), Northeast Ten Conference Inc ($1.2m) and Atlantic Hockey America Inc ($1.2m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 1.8% and program service revenue 97% of the total. Compensation of current officers, directors and key employees was $145k (11% of expenses). Other salaries and wages came to $346k. At year end it held assets of $6.9m against liabilities of $6.4m, net assets of $518k. It reported 43 employees.