Innovation Works Inc

Analysis

Innovation Works Inc is a registered charity in United States, based in Pittsburgh, PA. It received its IRS tax-exemption ruling in August 1989, 37 years ago. 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 June 2023, Innovation Works Inc reported income of $15.8m and spending of $15.9m, spending 100% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $9.2m to $15.8m (+73%), an average of +15% a year. The sharpest change came in the year to June 2021, when income rose by 83%. Over the whole period it spent 81% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Innovation Works Inc sits at the 97th percentile: it is larger than about 97% of them. Against every charity in United States with reported income it ranks in the 96th percentile, and in the 96th percentile within PA. Charities of a similar size with the same main cause include Monongahela Valley Association of Health Centers Inc ($15.8m), Options Counseling Services of Oregon ($15.8m) and All Care Vna of Greater Lynn Inc ($15.8m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 79% and program service revenue 13% of the total. Compensation of current officers, directors and key employees was $2.2m (14% of expenses). Other salaries and wages came to $3.0m. At year end it held assets of $49.2m against liabilities of $7.7m, net assets of $41.5m. It reported 38 employees.