New Communities Inc

Analysis

New Communities Inc is a registered charity in United States, based in Westbrook, ME. It received its IRS tax-exemption ruling in March 2017, 9 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 (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 Communities Inc reported income of $22.5m and spending of $22.2m, spending 99% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $20.9m to $22.5m (+7.9%), an average of +1.9% a year. Over the whole period it spent 95% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, New Communities Inc sits at the 98th percentile: it is larger than about 98% of them. Against every charity in United States with reported income it ranks in the 97th percentile, and in the 97th percentile within ME. Charities of a similar size with the same main cause include Greenville Housing Fund ($22.5m), Chicago Low Income Housing Trust Fund ($22.6m) and Hookston Senior Homes Inc ($22.4m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 0.1% and program service revenue 99% of the total. Compensation of current officers, directors and key employees was $626k (2.8% of expenses). Other salaries and wages came to $12.7m. At year end it held assets of $22.4m against liabilities of $4.5m, net assets of $17.9m. It reported 510 employees.