The Center for Advancing Innovation Inc

Analysis

The Center for Advancing Innovation Inc is a registered charity in United States, based in Bethesda, MD. It received its IRS tax-exemption ruling in June 2014, 12 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 (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, The Center for Advancing Innovation Inc reported income of $310k and spending of $752k, spending 243% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $1.9m to $310k (-83%), an average of -36% a year. The sharpest change came in the year to December 2022, when income rose by 99%. Over the whole period it spent 89% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, The Center for Advancing Innovation Inc sits at the 69th percentile: it is larger than about 69% of them. Against every charity in United States with reported income it ranks in the 62nd percentile, and in the 62nd percentile within MD. Charities of a similar size with the same main cause include Colorado Municipal Clerks Association ($310k), Applause Academy Ma Inc ($310k) and International Skiing History Association ($310k).

On its Form 990 for the period ending December 2023, revenue came from program service revenue 86% of the total. Compensation of current officers, directors and key employees was $366k (49% of expenses). Other salaries and wages came to $208k. At year end it held assets of $1.2m against liabilities of $13k, net assets of $1.2m. It reported 6 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.