Nova Labs Inc

Analysis

Nova Labs Inc is a registered charity in United States, based in Fairfax, VA. It received its IRS tax-exemption ruling in July 2014, 12 years ago. Its declared purposes cover philanthropy, voluntarism and grantmaking foundations, which this site groups under grant-making and general purposes. 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 June 2024, Nova Labs Inc reported income of $1.4m and spending of $1.3m, spending 89% of its income. Across the 5 years on record, from June 2020 to June 2024, income grew from $689k to $1.4m (+109%), an average of +20% a year. The sharpest change came in the year to June 2022, when income rose by 39%. Over the whole period it spent 82% of the income it received.

Among 19,413 United States charities whose main cause is grant-making and general purposes and that reported income, Nova Labs Inc sits at the 84th percentile: it is larger than about 84% of them. Against every charity in United States with reported income it ranks in the 83rd percentile, and in the 83rd percentile within VA. Charities of a similar size with the same main cause include Cherokee Crossroads Foundation Inc ($1.4m), Periwinkle Foundation ($1.4m) and Martin W Richard Charitable ($1.4m).

On its Form 990 for the period ending June 2024, revenue came from contributions and grants 71% and program service revenue 16% of the total. Compensation of current officers, directors and key employees was $114k (8.9% of expenses). At year end it held assets of $5.5m against liabilities of $3.9m, net assets of $1.6m. It reported 25 employees.