New Life Furniture Inc

Analysis

New Life Furniture Inc is a registered charity in United States, based in Cincinnati, OH. It received its IRS tax-exemption ruling in January 2009, 17 years ago. Its declared purposes cover human services, which this site groups under poverty relief. 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 Life Furniture Inc reported income of $2.9m and spending of $3.0m, spending 105% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $757k to $2.9m (+277%), an average of +39% a year. The sharpest change came in the year to December 2022, when income rose by 54%. Over the whole period it spent 94% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, New Life Furniture Inc sits at the 86th percentile: it is larger than about 86% of them. Against every charity in United States with reported income it ranks in the 89th percentile, and in the 89th percentile within OH. Charities of a similar size with the same main cause include Des Moines Council of St Vincent de Paul Society ($2.9m), Christian Homes of Abilene ($2.9m) and Sports Outreach Institute Inc ($2.8m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 33% and program service revenue 63% of the total. Compensation of current officers, directors and key employees was $138k (4.6% of expenses). Other salaries and wages came to $1.1m. At year end it held assets of $3.5m against liabilities of $2.9m, net assets of $641k. It reported 59 employees.