New Majority Capital Foundation Inc

Analysis

New Majority Capital Foundation Inc is a registered charity in United States, based in Boston, MA. It received its IRS tax-exemption ruling in February 2023, 3 years ago. Its declared purposes cover employment, 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 Majority Capital Foundation Inc reported income of $1.5m and spending of $1.0m, leaving 32% of income unspent that year. Across the 2 years on record, from December 2022 to December 2023, income grew from $455k to $1.5m (+237%), an average of +236% a year. The sharpest change came in the year to December 2023, when income rose by 237%. Over the whole period it spent 59% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, New Majority Capital Foundation Inc sits at the 82nd percentile: it is larger than about 82% of them. Against every charity in United States with reported income it ranks in the 84th percentile, and in the 82nd percentile within MA. Charities of a similar size with the same main cause include Richland Community Development Group Inc ($1.5m), Alleghenies Broadband Incorporated ($1.5m) and Belmont Arthur Avenue Local Development Corporation ($1.5m).

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 $120k (11% of expenses). Other salaries and wages came to $144k. At year end it held assets of $957k against liabilities of $138k, net assets of $819k. It reported 2 employees.