Richland Newhope Industries Inc

Analysis

Richland Newhope Industries Inc is a registered charity in United States, based in Mansfield, OH. It received its IRS tax-exemption ruling in January 1968, 58 years ago. Its declared purposes cover employment, which this site groups under community and economic development. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending August 2023, Richland Newhope Industries Inc reported income of $7.1m and spending of $8.0m, spending 114% of what it took in. Across the 5 years on record, from August 2019 to August 2023, income fell from $8.9m to $7.1m (-21%), an average of -5.7% a year. The sharpest change came in the year to August 2022, when income dropped by 26%. Over the whole period it spent 97% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Richland Newhope Industries Inc sits at the 94th percentile: it is larger than about 94% of them. Against every charity in United States with reported income it ranks in the 94th percentile, and in the 94th percentile within OH. Charities of a similar size with the same main cause include Mountain States Line Constructors Apprenticeship & TRNG Joint Comm ($7.1m), Vermont Association of Business Industry & Rehabilitation Inc ($7.1m) and Local Union 104 Occupational Safety Health and Educational Trust Fund ($7.0m).

On its Form 990 for the period ending August 2023, revenue came from contributions and grants 1.7% and program service revenue 98% of the total. Compensation of current officers, directors and key employees was $110k (1.4% of expenses). Other salaries and wages came to $3.7m. At year end it held assets of $8.3m against liabilities of $1.2m, net assets of $7.1m. It reported 422 employees.