Newport Millennium Housing Corporation III

Analysis

Newport Millennium Housing Corporation III is a registered charity in United States, based in Newport, KY. It received its IRS tax-exemption ruling in June 2001, 25 years ago. Its declared purposes cover housing and shelter, which this site groups under housing and shelter. 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, Newport Millennium Housing Corporation III reported income of $1.1m and spending of $540k, leaving 50% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $978k to $1.1m (+11%), an average of +2.5% a year. The sharpest change came in the year to December 2022, when income dropped by 102%. Over the whole period it spent 44% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Newport Millennium Housing Corporation III sits at the 73rd percentile: it is larger than about 73% of them. Against every charity in United States with reported income it ranks in the 80th percentile, and in the 81st percentile within KY. Charities of a similar size with the same main cause include FH Homes Housing Development Fund Corporation ($1.1m), Housing Now-Flaget Inc ($1.1m) and Palm Terrace Interfaith Housing Corp ($1.1m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 132% and program service revenue 26% of the total. Compensation of current officers, directors and key employees was $29k (5.3% of expenses). Other salaries and wages came to $175k. At year end it held assets of $14.2m against liabilities of $326k, net assets of $13.9m.