Institute for Workforce Advancement

Analysis

Institute for Workforce Advancement is a registered charity in United States, based in Melville, NY. It received its IRS tax-exemption ruling in March 2015, 11 years ago. Its declared purposes cover science and technology, which this site groups under arts, culture, heritage and science. 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 2021, Institute for Workforce Advancement reported income of $148k and spending of $478k, spending 323% of what it took in. Across the 3 years on record, from December 2019 to December 2021, income fell from $457k to $148k (-68%), an average of -43% a year. The sharpest change came in the year to December 2021, when income rose by 151%. Over the whole period it spent 323% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Institute for Workforce Advancement sits at the 52nd percentile: it is larger than about 52% of them. Against every charity in United States with reported income it ranks in the 47th percentile, and in the 45th percentile within NY. Charities of a similar size with the same main cause include Iranian American Cultural and Educational Center ($148k), The Heritage Museum and Cultural Center ($148k) and Nois Performing Arts Organization NFP ($148k).

On its Form 990 for the period ending December 2021, revenue came from contributions and grants 65% and program service revenue 35% of the total. Compensation of current officers, directors and key employees was $224k (47% of expenses). Other salaries and wages came to $21k. At year end it held assets of $46k against liabilities of $4.1m, net assets of -$4.0m. It reported 3 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.