Newthreads of Hope Inc

Analysis

Newthreads of Hope Inc is a registered charity in United States, based in Wauwatosa, WI. It received its IRS tax-exemption ruling in September 1995, 31 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 May 2023, Newthreads of Hope Inc reported income of $8.2m and spending of $4.9m, leaving 41% of income unspent that year. Across the 5 years on record, from May 2019 to May 2023, income grew from $6.6m to $8.2m (+25%), an average of +5.7% a year. The sharpest change came in the year to May 2023, when income rose by 356%. Over the whole period it spent 77% of the income it received.

Among 19,413 United States charities whose main cause is grant-making and general purposes and that reported income, Newthreads of Hope Inc sits at the 95th percentile: it is larger than about 95% of them. Against every charity in United States with reported income it ranks in the 94th percentile, and in the 95th percentile within WI. Charities of a similar size with the same main cause include Living Stones Foundation Charitable TR ($8.2m), United Way-Mccormick Partnership for Strong Neighborhoods Inc ($8.2m) and Coxhealth Foundation ($8.2m).

On its Form 990 for the period ending May 2023, revenue came from contributions and grants 100% of the total. Compensation of current officers, directors and key employees was $79k (1.6% of expenses). Other salaries and wages came to $45k. At year end it held assets of $22.3m against liabilities of $19k, net assets of $22.3m. It reported 2 employees.