New Life Thrift Inc

Analysis

New Life Thrift Inc is a registered charity in United States, based in Glenside, PA. It received its IRS tax-exemption ruling in April 2011, 15 years ago. Its declared purposes cover philanthropy, voluntarism and grantmaking foundations, which this site groups under grant-making and general purposes. 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 June 2023, New Life Thrift Inc reported income of $2.5m and spending of $2.4m, spending 98% of its income. Across the 4 years on record, from June 2020 to June 2023, income grew from $1.6m to $2.5m (+54%), an average of +15% a year. The sharpest change came in the year to June 2021, when income rose by 37%. Over the whole period it spent 90% of the income it received.

Among 19,413 United States charities whose main cause is grant-making and general purposes and that reported income, New Life Thrift Inc sits at the 89th percentile: it is larger than about 88% of them. Against every charity in United States with reported income it ranks in the 88th percentile, and in the 86th percentile within PA. Charities of a similar size with the same main cause include United Way of the Lakeshore Inc ($2.4m), Amador Community Foundation Inc ($2.5m) and Highgate Charitable Foundation Inc ($2.4m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 100% of the total. Compensation of current officers, directors and key employees was $125k (5.2% of expenses). Other salaries and wages came to $1.2m. At year end it held assets of $3.1m against liabilities of $1.3m, net assets of $1.8m. It reported 81 employees.