Innovative Industries Inc

Analysis

Innovative Industries Inc is a registered charity in United States, based in Creston, IA. It received its IRS tax-exemption ruling in April 1969, 57 years ago. 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, Innovative Industries Inc reported income of $4.9m and spending of $4.7m, spending 96% of its income. Across the 4 years on record, from June 2020 to June 2023, income grew from $4.0m to $4.9m (+23%), an average of +7.1% a year. Over the whole period it spent 96% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Innovative Industries Inc sits at the 92nd percentile: it is larger than about 92% of them. Against every charity in United States with reported income it ranks in the 92nd percentile, and in the 92nd percentile within IA. Charities of a similar size with the same main cause include Folded Flag Foundation Inc ($4.9m), Apa Family Support Services ($4.9m) and Detroit Urban League ($4.9m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 2.5% and program service revenue 97% of the total. Other salaries and wages came to $2.6m. At year end it held assets of $2.4m against liabilities of $1.4m, net assets of $997k. It reported 168 employees.