Institute of Food Techologists Inc

Analysis

Institute of Food Techologists Inc is a registered charity in United States, based in Chicago, IL. It received its IRS tax-exemption ruling in February 1952, 74 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 August 2023, Institute of Food Techologists Inc reported income of $31.4m and spending of $26.5m, spending 84% of its income. Across the 5 years on record, from August 2019 to August 2023, income grew from $18.8m to $31.4m (+67%), an average of +14% a year. The sharpest change came in the year to August 2022, when income rose by 152%. Over the whole period it spent 106% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Institute of Food Techologists Inc sits at the 98th percentile: it is larger than about 98% of them. Against every charity in United States with reported income it ranks in the 98th percentile, and in the 98th percentile within IL. Charities of a similar size with the same main cause include Hewitt School ($31.4m), Hospice of Northwest Ohio ($31.5m) and Goddard Riverside Community Center ($31.4m).

On its Form 990 for the period ending August 2023, revenue came from contributions and grants 3.8% and program service revenue 70% of the total. Compensation of current officers, directors and key employees was $1.2m (4.4% of expenses). Other salaries and wages came to $8.6m. At year end it held assets of $50.8m against liabilities of $11.2m, net assets of $39.6m. It reported 89 employees.