New Beginnings for Tomorrow Inc

Analysis

New Beginnings for Tomorrow Inc is a registered charity in United States, based in Fairfield, NJ. It received its IRS tax-exemption ruling in February 2015, 11 years ago. Its declared purposes cover human services, which this site groups under poverty relief. 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 June 2023, New Beginnings for Tomorrow Inc reported income of $3.5m and spending of $3.2m, spending 90% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $1.3m to $3.5m (+172%), an average of +28% a year. The sharpest change came in the year to June 2020, when income rose by 52%. Over the whole period it spent 86% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, New Beginnings for Tomorrow Inc sits at the 88th percentile: it is larger than about 88% of them. Against every charity in United States with reported income it ranks in the 90th percentile, and in the 91st percentile within NJ. Charities of a similar size with the same main cause include Moving Out Inc ($3.5m), Angelwood Inc ($3.5m) and Tory Burch Foundation Inc ($3.5m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 2.7% and program service revenue 91% of the total. Compensation of current officers, directors and key employees was $125k (4.0% of expenses). Other salaries and wages came to $1.6m. At year end it held assets of $12.2m against liabilities of $10.2m, net assets of $1.9m. It reported 47 employees.