New Life Economic Development Inc

Analysis

New Life Economic Development Inc is a registered charity in United States, based in Los Angeles, CA. It received its IRS tax-exemption ruling in January 2020, 6 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 (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 Life Economic Development Inc reported income of $538k and spending of $516k, spending 96% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $320k to $538k (+68%), an average of +14% a year. The sharpest change came in the year to December 2020, when income rose by 36%. Over the whole period it spent 113% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, New Life Economic Development Inc sits at the 59th percentile: it is larger than about 59% of them. Against every charity in United States with reported income it ranks in the 71st percentile, and in the 73rd percentile within CA. Charities of a similar size with the same main cause include Riverview Terrace Inc ($537k), Intercontinental Affordable Housing Inc ($538k) and Allied Jewish Apartments Endowment ($537k).

On its Form 990 for the period ending December 2023, revenue came from program service revenue 100% of the total. Compensation of current officers, directors and key employees was $37k (7.2% of expenses). Other salaries and wages came to $258k. At year end it held assets of $1.2m against liabilities of $496k, net assets of $709k. It reported 8 employees.