Sail Newport Inc

Analysis

Sail Newport Inc is a registered charity in United States, based in Newport, RI. It received its IRS tax-exemption ruling in May 1987, 39 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 October 2023, Sail Newport Inc reported income of $5.5m and spending of $5.1m, spending 92% of its income. Across the 5 years on record, from October 2019 to October 2023, income grew from $2.3m to $5.5m (+138%), an average of +24% a year. The sharpest change came in the year to October 2023, when income rose by 83%. Over the whole period it spent 94% of the income it received.

Among 30,892 United States charities whose main cause is amateur sport and recreation and that reported income, Sail Newport Inc sits at the 99th percentile: it is larger than about 99% of them. Against every charity in United States with reported income it ranks in the 93rd percentile, and in the 90th percentile within RI. Charities of a similar size with the same main cause include Winter Guard International Inc ($5.5m), Bethesda Soccer Club Inc ($5.5m) and Raymond and Mirim Klein JCC ($5.5m).

On its Form 990 for the period ending October 2023, revenue came from contributions and grants 30% and program service revenue 54% of the total. Compensation of current officers, directors and key employees was $171k (3.4% of expenses). Other salaries and wages came to $1.5m. At year end it held assets of $8.5m against liabilities of $343k, net assets of $8.2m. It reported 82 employees.