New Point Acquisitions Inc

Analysis

New Point Acquisitions Inc is a registered charity in United States, based in Salem, MA. It received its IRS tax-exemption ruling in April 2022, 4 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 December 2023, New Point Acquisitions Inc reported income of $2.6m and spending of $44k, leaving 98% of income unspent that year. Across the 6 years on record, from December 2018 to December 2023, income grew from $258k to $2.6m (+895%), an average of +58% a year. The sharpest change came in the year to December 2023, when income rose by 980%. Over the whole period it spent 49% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, New Point Acquisitions Inc sits at the 85th percentile: it is larger than about 85% of them. Against every charity in United States with reported income it ranks in the 88th percentile, and in the 87th percentile within MA. Charities of a similar size with the same main cause include Legacy Redevelopment Corporation ($2.6m), Mercy House Chdo Inc ($2.6m) and CMHP Properties Inc ($2.6m).

On its Form 990 for the period ending December 2023, revenue came from program service revenue 1.0% of the total. At year end it held assets of $1.9m against liabilities of $0, net assets of $1.9m.