Project Renewal Inc
Project Renewal Inc. shows consistent revenue growth and operational spending, with no reported officer compensation.
EIN: 132602882 · New York, NY · NTEE: F300 · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $122.0M |
| Total Expenses | $117.5M |
| Program Spending | 85% |
| CEO/Top Officer Pay | $120 |
| Net Assets | $10.4M |
| Transparency Score | 85/100 |
Is Project Renewal Inc Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Project Renewal Inc directs 85% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Project Renewal Inc
Project Renewal Inc (EIN: 132602882) is a nonprofit organization based in New York, NY, classified under NTEE code F300. The organization reported total revenue of $122.0M and total assets of $96.9M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Project Renewal Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Project Renewal Inc is a major nonprofit that has been operating for 58 years, with 13 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of 8.3%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $116.5M |
| Total Expenses | $117.5M |
| Surplus / Deficit | $-956,704 |
| Total Assets | $94.4M |
| Total Liabilities | $84.0M |
| Net Assets | $10.4M |
| Operating Margin | -0.8% |
| Debt-to-Asset Ratio | 88.9% |
| Months of Reserves | 9.6 months |
Financial Health Grade: C
In 2023, Project Renewal Inc reported a deficit of $957K with expenses exceeding revenue, holds 9.6 months of operating reserves (strong position), has a debt-to-asset ratio of 88.9% (high leverage).
Financial Trends
Over 13 years of filings (2011–2023), Project Renewal Inc's revenue has grown at a compound annual growth rate (CAGR) of 8.3%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +2.1% | +8.4% | +36.3% |
| 2022 | +9.6% | +4.3% | -1.0% |
| 2021 | +5.3% | +5.7% | +19.5% |
| 2020 | +8.2% | +11.2% | +34.8% |
| 2019 | +10.5% | +5.6% | -1.5% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1800 |
| IRS Ruling Date | 1968 |
Classification data from ProPublica Nonprofit Explorer. Additional BMF data may be available after enrichment.
AI Transparency Report
Mission Effectiveness Score
NonprofitSpending's AI analysis rates Project Renewal Inc with a Mission Score of 85 out of 100 (Excellent). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Spending Breakdown
- admin: 10%
- programs: 85%
- fundraising: 5%
According to IRS 990 filings, Project Renewal Inc allocates its expenses as follows: admin: 10%, programs: 85%, fundraising: 5%. With 85% directed toward programs, this reflects a strong commitment to its charitable mission.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
- The organization reported a deficit of $957K, with expenses exceeding revenue.
- Debt-to-asset ratio: 88.9%.
Executive Compensation Analysis
The consistent reporting of 'Officer Comp=0%' across all available filings is unusual for an organization of Project Renewal Inc.'s size, with over $120 million in annual revenue. This suggests that executive compensation is either not paid, or is reported under different expense categories, which could impact the clarity of administrative spending.
Executive compensation data is sourced from IRS 990 filings, which require nonprofits to disclose the compensation of officers, directors, trustees, and key employees. NonprofitSpending analyzes this data relative to the organization's total revenue and sector benchmarks to assess whether executive pay is reasonable.
Red Flags
The following concerns were identified during AI analysis of Project Renewal Inc's IRS 990 filings:
- Consistent 'Officer Comp=0%' for a large organization, potentially obscuring executive compensation details.
- Growing liabilities in proportion to assets, requiring scrutiny of debt management.
Strengths
The following positive indicators were identified for Project Renewal Inc:
- Consistent revenue growth over a decade, indicating strong fundraising and/or grant acquisition.
- Operational expenses closely align with revenue, suggesting efficient use of funds for current programs.
- Significant asset growth, from $26 million in 2014 to $96 million in 2023, enhancing organizational capacity.
Frequently Asked Questions about Project Renewal Inc
Is Project Renewal Inc a legitimate charity?
Project Renewal Inc (EIN: 132602882) is a registered tax-exempt nonprofit based in New York. Our AI analysis gives it a Mission Score of 85/100. It has 13 years of IRS 990 filings on record. Total revenue: $122.0M. 2 red flags identified. 3 strengths noted. Financial health grade: C.
How does Project Renewal Inc spend its money?
Project Renewal Inc directs 85% of its spending to programs and services. Fundraising costs 5%. This exceeds the 65% industry benchmark.
Are donations to Project Renewal Inc tax-deductible?
Project Renewal Inc is registered as a tax-exempt nonprofit (EIN: 132602882). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
How much does the Project Renewal Inc CEO make?
Project Renewal Inc's highest-compensated officer earns $120 annually. The organization reported $122.0M in total revenue. Executive compensation data is disclosed in IRS 990 filings.
What percentage of Project Renewal Inc's spending goes to programs?
Project Renewal Inc directs 85% to programs, 5% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
How does Project Renewal Inc compare to similar nonprofits?
With a transparency score of 85/100 (Excellent), Project Renewal Inc is above average for NTEE category F300 nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Project Renewal Inc located?
Project Renewal Inc is headquartered in New York, New York and files with the IRS under EIN 132602882. It is classified under NTEE code F300.
How many years of IRS 990 filings does Project Renewal Inc have?
Project Renewal Inc has 13 years of IRS 990 filings on record at NonprofitSpending. This extensive filing history provides a strong basis for evaluating long-term financial trends. The most recent filing shows $122.0M in total revenue.
How is executive compensation handled if 'Officer Comp=0%' is consistently reported?
The consistent reporting of 'Officer Comp=0%' across all filings for an organization of this scale (over $120 million in revenue) suggests that executive compensation might be categorized under other expense lines, or that the board is entirely volunteer. Further investigation into the detailed expense breakdown in the full 990 forms would be necessary to understand this.
What is the organization's strategy for managing its growing liabilities?
Project Renewal Inc.'s liabilities have grown significantly, from $21,999,156 in 2014 to $83,989,521 in 2023. While assets have also grown, understanding the nature of these liabilities (e.g., program-related debt, deferred revenue) is crucial for assessing long-term financial stability.
What is the specific breakdown of program services provided by Project Renewal Inc.?
Given the NTEE code F300 (Housing & Shelter), understanding the specific types of programs (e.g., emergency shelter, transitional housing, permanent supportive housing, related services) would provide deeper insight into their impact and efficiency.
Filing History
IRS 990 filing history for Project Renewal Inc showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), Project Renewal Inc's revenue has grown by 160.7%, moving from $44.7M to $116.5M. Total assets increased by 154.8% over the same period, from $37.1M to $94.4M. Total functional expenses rose by 165.7%, from $44.2M to $117.5M. In its most recent filing year (2023), Project Renewal Inc reported a deficit of $957K, with expenses exceeding revenue. The organization holds $84.0M in liabilities against $94.4M in assets (debt-to-asset ratio: 88.9%), resulting in net assets of $10.4M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $116.5M | $117.5M | $94.4M | $84.0M | — | — |
| 2022 | $114.1M | $108.3M | $69.3M | $57.9M | — | View 990 |
| 2021 | $104.1M | $103.9M | $70.0M | $64.3M | — | — |
| 2020 | $98.9M | $98.3M | $58.5M | $53.2M | — | View 990 |
| 2019 | $91.4M | $88.4M | $43.4M | $38.7M | — | View 990 |
| 2018 | $82.7M | $83.7M | $44.1M | $42.4M | — | View 990 |
| 2017 | $79.3M | $80.0M | $42.2M | $39.2M | — | — |
| 2016 | $66.2M | $66.1M | $37.6M | $33.9M | — | View 990 |
| 2015 | $54.5M | $54.6M | $29.3M | $25.6M | — | View 990 |
| 2014 | $50.8M | $50.7M | $26.3M | $22.0M | — | View 990 |
| 2013 | $48.2M | $47.8M | $26.8M | $22.5M | — | View 990 |
| 2012 | $50.1M | $48.6M | $36.4M | $32.5M | — | View 990 |
| 2011 | $44.7M | $44.2M | $37.1M | $34.7M | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $116.5M, expenses of $117.5M, and assets of $94.4M (revenue +2.1% year-over-year).
- 2022: Revenue of $114.1M, expenses of $108.3M, and assets of $69.3M (revenue +9.6% year-over-year).
- 2021: Revenue of $104.1M, expenses of $103.9M, and assets of $70.0M (revenue +5.3% year-over-year).
- 2020: Revenue of $98.9M, expenses of $98.3M, and assets of $58.5M (revenue +8.2% year-over-year).
- 2019: Revenue of $91.4M, expenses of $88.4M, and assets of $43.4M (revenue +10.5% year-over-year).
- 2018: Revenue of $82.7M, expenses of $83.7M, and assets of $44.1M (revenue +4.3% year-over-year).
- 2017: Revenue of $79.3M, expenses of $80.0M, and assets of $42.2M (revenue +19.8% year-over-year).
- 2016: Revenue of $66.2M, expenses of $66.1M, and assets of $37.6M (revenue +21.4% year-over-year).
- 2015: Revenue of $54.5M, expenses of $54.6M, and assets of $29.3M (revenue +7.3% year-over-year).
- 2014: Revenue of $50.8M, expenses of $50.7M, and assets of $26.3M (revenue +5.3% year-over-year).
- 2013: Revenue of $48.2M, expenses of $47.8M, and assets of $26.8M (revenue -3.7% year-over-year).
- 2012: Revenue of $50.1M, expenses of $48.6M, and assets of $36.4M (revenue +12.1% year-over-year).
- 2011: Revenue of $44.7M, expenses of $44.2M, and assets of $37.1M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Project Renewal Inc:
Data Sources and Methodology
This transparency report for Project Renewal Inc is generated by NonprofitSpending's AI analysis engine. The data is sourced from publicly available IRS 990 filings accessed through the ProPublica Nonprofit Explorer API and IRS electronic filing records. The Mission Score, spending breakdown, and other analytical insights are produced by artificial intelligence and should be used as one of multiple factors when evaluating a nonprofit organization.
IRS 990 forms are annual information returns that most tax-exempt organizations must file with the IRS. These forms provide detailed financial information including revenue, expenses, assets, liabilities, and compensation of officers. NonprofitSpending processes this data to provide accessible transparency reports for donors, researchers, and the general public.
Disclaimer
AI-generated analysis based on IRS public records. Not financial or legal advice. Verify information directly with the organization.