Renewal of Life Inc

Analysis

Renewal of Life Inc is a registered charity in United States, based in Brooklyn, NY. It received its IRS tax-exemption ruling in September 2012, 14 years ago. Its declared purposes cover human services, which this site groups under poverty relief. 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 June 2023, Renewal of Life Inc reported income of $11.4m and spending of $6.5m, leaving 43% of income unspent that year. Across the 5 years on record, from June 2019 to June 2023, income grew from $3.8m to $11.4m (+199%), an average of +32% a year. The sharpest change came in the year to June 2023, when income rose by 50%. Over the whole period it spent 59% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Renewal of Life Inc sits at the 95th percentile: it is larger than about 95% of them. Against every charity in United States with reported income it ranks in the 95th percentile, and in the 94th percentile within NY. Charities of a similar size with the same main cause include Casa de Amparo ($11.4m), WVSC Metro Area Agency on Aging Inc ($11.4m) and Harris County Domestic Violence Coordinating Council ($11.4m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 100% of the total. Compensation of current officers, directors and key employees was $1.3m (20% of expenses). Other salaries and wages came to $888k. At year end it held assets of $16.6m against liabilities of $310k, net assets of $16.3m. It reported 19 employees.