New Life Enterprises Corp

Analysis

New Life Enterprises Corp is a registered charity in United States, based in Richmond, VA. It received its IRS tax-exemption ruling in August 2002, 24 years ago. Its declared purposes cover employment, which this site groups under community and economic development. The IRS classifies it as a supporting organisation under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, New Life Enterprises Corp reported income of $549k and spending of $535k, spending 98% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $484k to $549k (+13%), an average of +3.2% a year. The sharpest change came in the year to December 2021, when income rose by 24%. Over the whole period it spent 105% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, New Life Enterprises Corp sits at the 69th percentile: it is larger than about 68% of them. Against every charity in United States with reported income it ranks in the 72nd percentile, and in the 72nd percentile within VA. Charities of a similar size with the same main cause include Partnership in Property Commercial Land Trust ($548k), Osborn Neighborhood Alliance ($549k) and Urban Renewal Center ($548k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 18% and program service revenue 2.0% of the total. Compensation of current officers, directors and key employees was $65k (12% of expenses). Other salaries and wages came to $87k. At year end it held assets of $60k against liabilities of $164k, net assets of -$104k. It reported 8 employees.