New Growth Innovation Network

Analysis

New Growth Innovation Network is a registered charity in United States, based in Miami, FL. It received its IRS tax-exemption ruling in October 2019, 7 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, New Growth Innovation Network reported income of $1.8m and spending of $2.7m, spending 150% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $913k to $1.8m (+101%), an average of +19% a year. The sharpest change came in the year to December 2022, when income rose by 404%. Over the whole period it spent 68% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, New Growth Innovation Network sits at the 84th percentile: it is larger than about 84% of them. Against every charity in United States with reported income it ranks in the 85th percentile, and in the 87th percentile within FL. Charities of a similar size with the same main cause include American Association for Public Opinion Research ($1.8m), Ocean Bay Community Developement Corporation ($1.8m) and Northwest Minority Supplier Development Council ($1.8m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 100% of the total. Compensation of current officers, directors and key employees was $413k (15% of expenses). Other salaries and wages came to $1.1m. At year end it held assets of $2.7m against liabilities of $166k, net assets of $2.6m. It reported 12 employees.