New Africa Fund Inc

Analysis

New Africa Fund Inc is a registered charity in United States, based in Boca Raton, FL. It received its IRS tax-exemption ruling in March 2021, 5 years ago. 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 Africa Fund Inc reported income of $654k and spending of $557k, spending 85% of its income. Across the 3 years on record, from December 2021 to December 2023, income fell from $1.0m to $654k (-35%), an average of -20% a year. The sharpest change came in the year to December 2023, when income rose by 4437%. Over the whole period it spent 51% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, New Africa Fund Inc sits at the 72nd percentile: it is larger than about 72% of them. Against every charity in United States with reported income it ranks in the 74th percentile, and in the 76th percentile within FL. Charities of a similar size with the same main cause include St Marks Day School Inc ($654k), Oak Park Education Foundation ($654k) and B a S I C Training Inc ($653k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 93% of the total. At year end it held assets of $1.2m against liabilities of $0, net assets of $1.2m.