Newport Inc

Analysis

Newport Inc is a registered charity in United States, based in Spartanburg, SC. It received its IRS tax-exemption ruling in June 1992, 34 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 (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2024, Newport Inc reported income of $108k and spending of $143k, spending 132% of what it took in. Across the 6 years on record, from June 2019 to June 2024, income grew from $101k to $108k (+6.8%), an average of +1.3% a year. Over the whole period it spent 120% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Newport Inc sits at the 24th percentile: it is larger than about 24% of them. Against every charity in United States with reported income it ranks in the 39th percentile, and in the 44th percentile within SC. Charities of a similar size with the same main cause include Abilities at San Juan Inc ($108k), Dima VI Inc ($108k) and West Routt Housing Inc ($108k).

On its Form 990 for the period ending June 2024, revenue came from program service revenue 99% of the total. Other salaries and wages came to $21k. At year end it held assets of $298k against liabilities of $895k, net assets of -$597k.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.