New Life Furniture Bank of Ma Inc

Analysis

New Life Furniture Bank of Ma Inc is a registered charity in United States, based in Medfield, MA. It received its IRS tax-exemption ruling in June 2014, 12 years ago. Its declared purposes cover housing and shelter, which this site groups under housing and shelter. 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 October 2023, New Life Furniture Bank of Ma Inc reported income of $1.1m and spending of $1.1m, spending 99% of its income. Across the 5 years on record, from October 2019 to October 2023, income grew from $840k to $1.1m (+29%), an average of +6.6% a year. The sharpest change came in the year to October 2021, when income rose by 34%. Over the whole period it spent 98% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, New Life Furniture Bank of Ma Inc sits at the 73rd percentile: it is larger than about 73% of them. Against every charity in United States with reported income it ranks in the 80th percentile, and in the 79th percentile within MA. Charities of a similar size with the same main cause include The First Housing Corporation ($1.1m), Monsignor Bishop Manor Inc ($1.1m) and California Housing Consortium ($1.1m).

On its Form 990 for the period ending October 2023, revenue came from contributions and grants 98% and program service revenue 1.5% of the total. Compensation of current officers, directors and key employees was $110k (10% of expenses). Other salaries and wages came to $107k. At year end it held assets of $430k against liabilities of $213k, net assets of $218k. It reported 9 employees.