Fabnewport

Analysis

Fabnewport is a registered charity in United States, based in Newport, RI. It received its IRS tax-exemption ruling in September 2015, 11 years ago. Its declared purposes cover education, which this site groups under education and training. 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, Fabnewport reported income of $1.1m and spending of $1.2m, spending 112% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $885k to $1.1m (+21%), an average of +5.0% a year. The sharpest change came in the year to December 2021, when income rose by 45%. Over the whole period it spent 94% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Fabnewport sits at the 76th percentile: it is larger than about 76% of them. Against every charity in United States with reported income it ranks in the 80th percentile, and in the 76th percentile within RI. Charities of a similar size with the same main cause include Friends of Hec Inc ($1.1m), Every Shelter Inc ($1.1m) and Centro San Francisco Inc ($1.1m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 61% and program service revenue 34% of the total. Compensation of current officers, directors and key employees was $77k (6.4% of expenses). Other salaries and wages came to $598k. At year end it held assets of $579k against liabilities of $22k, net assets of $557k. It reported 65 employees.