New Heritage Towers

Analysis

New Heritage Towers is a registered charity in United States, based in Warminster, PA. It received its IRS tax-exemption ruling in October 1995, 31 years ago. 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 December 2023, New Heritage Towers reported income of $19.6m and spending of $18.1m, spending 92% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $17.2m to $19.6m (+14%), an average of +3.3% a year. Over the whole period it spent 91% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, New Heritage Towers sits at the 97th percentile: it is larger than about 97% of them. Against every charity in United States with reported income it ranks in the 97th percentile, and in the 96th percentile within PA. Charities of a similar size with the same main cause include Nobel Foundation ($19.6m), Childrens Center the Childrens Center Utah ($19.6m) and Putney School Inc ($19.6m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 0.3% and program service revenue 95% of the total. Compensation of current officers, directors and key employees was $203k (1.1% of expenses). Other salaries and wages came to $7.4m. At year end it held assets of $56.7m against liabilities of $36.9m, net assets of $19.8m. It reported 337 employees.