Innovative Concepts Inc

Analysis

Innovative Concepts Inc is a registered charity in United States, based in Silver Springs, MD. It received its IRS tax-exemption ruling in June 2008, 18 years ago. Its declared purposes cover employment, which this site groups under community and economic development. 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, Innovative Concepts Inc reported income of $654k and spending of $659k, spending 101% of its income. Across the 6 years on record, from December 2018 to December 2023, income fell from $665k to $654k (-1.6%), an average of -0.3% a year. Over the whole period it spent 99% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Innovative Concepts Inc sits at the 71st percentile: it is larger than about 71% of them. Against every charity in United States with reported income it ranks in the 74th percentile, and in the 73rd percentile within MD. Charities of a similar size with the same main cause include Vermont Center for Emerging Technologies Inc ($654k), Northwest Federated Womans Club Senior Daycare & Alzheimers Center ($655k) and Empowerment Zone Coalition ($653k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 100% of the total. Compensation of current officers, directors and key employees was $53k (8.1% of expenses). Other salaries and wages came to $332k. At year end it held assets of $45k against liabilities of $15, net assets of $45k. It reported 24 employees.