North Shore Innoventures Inc

Analysis

North Shore Innoventures Inc is a registered charity in United States, based in Beverly, MA. It received its IRS tax-exemption ruling in February 2009, 17 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, North Shore Innoventures Inc reported income of $2.2m and spending of $1.6m, leaving 26% of income unspent that year. Across the 5 years on record, from June 2019 to June 2023, income grew from $1.0m to $2.2m (+117%), an average of +21% a year. The sharpest change came in the year to June 2021, when income rose by 108%. Over the whole period it spent 88% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, North Shore Innoventures Inc sits at the 86th percentile: it is larger than about 86% of them. Against every charity in United States with reported income it ranks in the 87th percentile, and in the 86th percentile within MA. Charities of a similar size with the same main cause include The El Segundo Educational Foundation ($2.2m), Evjue Foundation Inc ($2.2m) and Catholic Investment Services Inc ($2.2m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 46% and program service revenue 54% of the total. Compensation of current officers, directors and key employees was $197k (12% of expenses). Other salaries and wages came to $337k. At year end it held assets of $3.2m against liabilities of $946k, net assets of $2.2m. It reported 7 employees.