Newport Inc
- Assets
- $324.4k
- Revenue
- $110.3k
- Investments
- $0.0
- Employees
- 0
- Location
- Spartanburg, SC
- Founding
- 06/1992
- Data as of
- 06/2023
- EIN
- 57-0935516
Organization Overview
Newport Inc is located in Spartanburg, SC. The organization was established in 1992. According to its NTEE Classification (L20) the organization is classified as: Housing Development, Construction & Management, under the broad grouping of Housing & Shelter and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Newport Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2023, Newport Inc generated $110.3k in total revenue. This represents relatively stable growth, over the past 4 years the organization has increased revenue by an average of 0.9% each year. All expenses for the organization totaled $130.0k during the year ending 06/2023. While expenses have increased by 0.4% per year over the past 4 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDING HOUSING FOR LOW INCOME CHRONICALLY MENTALLY ILL PERSONS BY OPERATING A HUD-ASSIESTED APARTMENT COMMUNITY REGULATED UNDER SECTION 811 OF THE NATIONAL AFFORDABLE HOUSING ACT OF 1990.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDING HOUSING FOR CHRONICALLY MENTALLY ILL PERSONS BY OPERATING A 20 UNIT APARTMENT COMMUNITY REGULATED UNDER SECTION 811 OF THE NATIONAL AFFORDABLE HOUSING ACT OF 1990.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Amber Pennington Director | Trustee | 1 | $0 |
Ron Laughridge Chair | OfficerTrustee | 1 | $0 |
Helen West Vice Chair | OfficerTrustee | 1 | $0 |
James Lockaby Director | Trustee | 1 | $0 |
Tyrone Whitener Director | Trustee | 1 | $0 |
Suzannah Lucas Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $110,247 |
| Investment income | $36 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $110,283 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $19,859 |
| Pension plan accruals and contributions | $1,024 |
| Other employee benefits | $6,847 |
| Payroll taxes | $1,614 |
| Fees for services: Management | $11,760 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $9,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $1,218 |
| Information technology | $2,596 |
| Royalties | $0 |
| Occupancy | $23,246 |
| Travel | $109 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,094 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $25,064 |
| Insurance | $10,117 |
| All other expenses | $0 |
| Total functional expenses | $129,993 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,543 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,087 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $277,637 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $43,109 |
| Total assets | $324,376 |
| Accounts payable and accrued expenses | $16,171 |
| Grants payable | $0 |
| Deferred revenue | $638 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $869,596 |
| Total liabilities | $886,405 |
| Net assets without donor restrictions | -$562,029 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $324,376 |