New Way Homes Inc

Analysis

New Way Homes Inc is a registered charity in United States, based in Santa Cruz, CA. It received its IRS tax-exemption ruling in June 2017, 9 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 December 2023, New Way Homes Inc reported income of $4.7m and spending of $1.2m, leaving 74% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $400k to $4.7m (+1078%), an average of +85% a year. The sharpest change came in the year to December 2023, when income rose by 746%. Over the whole period it spent 40% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, New Way Homes Inc sits at the 90th percentile: it is larger than about 90% of them. Against every charity in United States with reported income it ranks in the 92nd percentile, and in the 92nd percentile within CA. Charities of a similar size with the same main cause include The Coffee Oasis ($4.7m), Angelheart Inc ($4.7m) and Young Mens Christian Association YMCA Camp Coniston Inc ($4.7m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 86% and program service revenue 0.5% of the total. Other salaries and wages came to $151k. At year end it held assets of $10.6m against liabilities of $6.6m, net assets of $4.0m. It reported 2 employees.