Newcorp Inc

Analysis

Newcorp Inc is a registered charity in United States, based in New Orleans, LA. It received its IRS tax-exemption ruling in August 2021, 5 years ago. Its declared purposes cover community improvement and capacity building, which this site groups under community and economic development. 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, Newcorp Inc reported income of $1.1m and spending of $1.2m, spending 106% of what it took in. Across the 2 years on record, from December 2022 to December 2023, income fell from $1.6m to $1.1m (-32%), an average of -32% a year. The sharpest change came in the year to December 2023, when income dropped by 32%. Over the whole period it spent 89% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Newcorp Inc sits at the 78th percentile: it is larger than about 78% of them. Against every charity in United States with reported income it ranks in the 80th percentile, and in the 79th percentile within LA. Charities of a similar size with the same main cause include Uptown Columbus Inc ($1.1m), Windstorm Insurance Network Inc ($1.1m) and Darien Community Association Inc ($1.1m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 70% of the total. Compensation of current officers, directors and key employees was $210k (18% of expenses). Other salaries and wages came to $356k. At year end it held assets of $10.5m against liabilities of $5.5m, net assets of $5.1m. It reported 7 employees.