The Innovation Project

Analysis

The Innovation Project is a registered charity in United States, based in Raleigh, NC. It received its IRS tax-exemption ruling in July 2014, 12 years ago. Its declared purposes cover education, which this site groups under education and training. 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 June 2023, The Innovation Project reported income of $3.5m and spending of $3.8m, spending 108% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income grew from $1.1m to $3.5m (+234%), an average of +35% a year. The sharpest change came in the year to June 2022, when income rose by 173%. Over the whole period it spent 97% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, The Innovation Project sits at the 87th percentile: it is larger than about 87% of them. Against every charity in United States with reported income it ranks in the 90th percentile, and in the 91st percentile within NC. Charities of a similar size with the same main cause include The One Unmah Foundation in Memory of Nabil and Mustafa Rahman ($3.5m), Kipp Philadelphia Octavius Catto Charter School ($3.5m) and Impactstory ($3.5m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 88% and program service revenue 12% of the total. Compensation of current officers, directors and key employees was $472k (12% of expenses). Other salaries and wages came to $636k. At year end it held assets of $2.9m against liabilities of $1.7m, net assets of $1.2m. It reported 8 employees.