Innovateedu Inc

Analysis

Innovateedu Inc is a registered charity in United States, based in Brooklyn, NY. It received its IRS tax-exemption ruling in August 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, Innovateedu Inc reported income of $4.9m and spending of $4.2m, spending 87% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $2.1m to $4.9m (+136%), an average of +24% a year. The sharpest change came in the year to June 2022, when income rose by 80%. Over the whole period it spent 88% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Innovateedu Inc sits at the 89th percentile: it is larger than about 89% of them. Against every charity in United States with reported income it ranks in the 92nd percentile, and in the 89th percentile within NY. Charities of a similar size with the same main cause include Center for Family Medicine ($4.9m), Legal Prep Charter Academies ($4.9m) and The Santa Monica College Foundation ($4.9m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 73% and program service revenue 27% of the total. Compensation of current officers, directors and key employees was $289k (6.9% of expenses). Other salaries and wages came to $2.2m. At year end it held assets of $5.9m against liabilities of $450k, net assets of $5.5m. It reported 76 employees.