New Life Ministries Inc

Analysis

New Life Ministries Inc is a registered charity in United States, based in Wake Forest, NC. It received its IRS tax-exemption ruling in July 1978, 48 years ago. 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 Life Ministries Inc reported income of $368k and spending of $403k, spending 110% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $286k to $368k (+29%), an average of +6.5% a year. The sharpest change came in the year to December 2022, when income rose by 80%. Over the whole period it spent 76% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, New Life Ministries Inc sits at the 63rd percentile: it is larger than about 63% of them. Against every charity in United States with reported income it ranks in the 65th percentile, and in the 64th percentile within NC. Charities of a similar size with the same main cause include Housing Foundation ($368k), Educational Divide Reform Inc ($368k) and Reading Buccaneers Inc ($368k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 97% of the total. Other salaries and wages came to $147k. At year end it held assets of $499k against liabilities of $1,000, net assets of $498k. It reported 1 employees.