Frederick Innovative Technology Center Inc

Analysis

Frederick Innovative Technology Center Inc is a registered charity in United States, based in Frederick, MD. It received its IRS tax-exemption ruling in November 2006, 20 years ago. Its declared purposes cover community improvement and capacity building, which this site groups under community and economic development. 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 June 2023, Frederick Innovative Technology Center Inc reported income of $1.6m and spending of $1.1m, leaving 33% of income unspent that year. Across the 4 years on record, from June 2020 to June 2023, income grew from $668k to $1.6m (+145%), an average of +35% a year. The sharpest change came in the year to June 2023, when income rose by 106%. Over the whole period it spent 86% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Frederick Innovative Technology Center Inc sits at the 83rd percentile: it is larger than about 83% of them. Against every charity in United States with reported income it ranks in the 84th percentile, and in the 83rd percentile within MD. Charities of a similar size with the same main cause include Black Wellness & Prosperity Center ($1.6m), The Afl-Cio Working for America Institute ($1.6m) and The Greater Indianapolis Chamber of Commerce Foundation Inc ($1.6m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 59% and program service revenue 41% of the total. Compensation of current officers, directors and key employees was $168k (15% of expenses). Other salaries and wages came to $190k. At year end it held assets of $2.9m against liabilities of $2.1m, net assets of $838k. It reported 6 employees.