New England Life Care Inc

Analysis

New England Life Care Inc is a registered charity in United States, based in Scarborough, ME. It received its IRS tax-exemption ruling in June 1994, 32 years ago. The IRS classifies it as a hospital or medical research organisation under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, New England Life Care Inc reported income of $130.4m and spending of $135.7m, spending 104% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $92.7m to $130.4m (+41%), an average of +8.9% a year. The sharpest change came in the year to December 2020, when income rose by 21%. Over the whole period it spent 96% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, New England Life Care Inc sits at the 100th percentile: it is one of the largest 1% in its cause. Against every charity in United States with reported income it ranks in the 99th percentile, and in the 100th percentile within ME. Charities of a similar size with the same main cause include Arctic Slope Native Association Ltd ($129.3m), Orlando Physicians Network Inc ($131.5m) and Low Income Housing Institute ($129.3m).

On its Form 990 for the period ending December 2023, revenue came from program service revenue 100% of the total. Compensation of current officers, directors and key employees was $885k (0.7% of expenses). Other salaries and wages came to $38.8m. At year end it held assets of $58.4m against liabilities of $22.9m, net assets of $35.5m. It reported 634 employees.