Old Newsboys Goodfellow Fund of Detroit

Analysis

Old Newsboys Goodfellow Fund of Detroit is a registered charity in United States, based in Detroit, MI. It received its IRS tax-exemption ruling in July 1944, 82 years ago. Its declared purposes cover community improvement and capacity building, which this site groups under community and economic development. 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 January 2024, Old Newsboys Goodfellow Fund of Detroit reported income of $1.6m and spending of $1.7m, spending 106% of what it took in. Across the 5 years on record, from January 2020 to January 2024, income fell from $1.6m to $1.6m (-1.7%), an average of -0.4% a year. The sharpest change came in the year to January 2024, when income dropped by 22%. Over the whole period it spent 86% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Old Newsboys Goodfellow Fund of Detroit sits at the 83rd percentile: it is larger than about 82% of them. Against every charity in United States with reported income it ranks in the 84th percentile, and in the 84th percentile within MI. Charities of a similar size with the same main cause include Pennsylvania State Association of County Fairs ($1.6m), Vietnamese Minnesotans Association ($1.6m) and Peters Valley Craft Center Inc ($1.6m).

On its Form 990 for the period ending January 2024, revenue came from contributions and grants 72% of the total. Compensation of current officers, directors and key employees was $113k (6.7% of expenses). Other salaries and wages came to $85k. At year end it held assets of $8.8m against liabilities of $218k, net assets of $8.6m. It reported 3 employees.