Igem Foundation Inc

Analysis

Igem Foundation Inc is a registered charity in United States, based in Cambridge, MA. It received its IRS tax-exemption ruling in September 2013, 13 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 2022, Igem Foundation Inc reported income of $5.0m and spending of $7.4m, spending 148% of what it took in. Across the 4 years on record, from December 2019 to December 2022, income fell from $5.0m to $5.0m (-0.3%), an average of -0.1% a year. The sharpest change came in the year to December 2021, when income rose by 53%. Over the whole period it spent 94% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Igem Foundation Inc sits at the 96th percentile: it is larger than about 96% of them. Against every charity in United States with reported income it ranks in the 92nd percentile, and in the 91st percentile within MA. Charities of a similar size with the same main cause include Boston Arts Academy Foundation Inc ($5.0m), Lower Manhattan Cultural Council Inc ($5.0m) and Peninsula Arts Guild ($5.0m).

On its Form 990 for the period ending December 2022, revenue came from contributions and grants 13% and program service revenue 87% of the total. Compensation of current officers, directors and key employees was $382k (5.2% of expenses). Other salaries and wages came to $507k. At year end it held assets of $2.0m against liabilities of $456k, net assets of $1.6m. It reported 13 employees.