Institute for Patent Studies Inc

Analysis

Institute for Patent Studies Inc is a registered charity in United States, based in Albany, NY. It received its IRS tax-exemption ruling in August 1994, 32 years ago. Its declared purposes cover social science, which this site groups under arts, culture, heritage and science. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Institute for Patent Studies Inc reported income of $117k and spending of $314k, spending 269% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $109k to $117k (+7.3%), an average of +1.8% a year. The sharpest change came in the year to December 2022, when income rose by 49%. Over the whole period it spent 234% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Institute for Patent Studies Inc sits at the 46th percentile: it is larger than about 46% of them. Against every charity in United States with reported income it ranks in the 41st percentile, and in the 40th percentile within NY. Charities of a similar size with the same main cause include Ocean City Historical Museum Inc ($117k), New Camerata Opera Inc ($117k) and Sruti India Music & Dance Society ($117k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 50% of the total. Compensation of current officers, directors and key employees was $248k (79% of expenses). At year end it held assets of $1.3m against liabilities of $0, net assets of $1.3m. It reported 2 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.