The Innovation Academy Inc

Analysis

The Innovation Academy Inc is a registered charity in United States, based in Memphis, TN. 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 school under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2024, The Innovation Academy Inc reported income of $6.9m and spending of $6.0m, spending 88% of its income. Across the 6 years on record, from June 2019 to June 2024, income grew from $4.3m to $6.9m (+59%), an average of +9.8% a year. The sharpest change came in the year to June 2024, when income rose by 18%. Over the whole period it spent 92% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, The Innovation Academy Inc sits at the 91st percentile: it is larger than about 91% of them. Against every charity in United States with reported income it ranks in the 94th percentile, and in the 94th percentile within TN. Charities of a similar size with the same main cause include Noah Webster Schools-Mesa ($6.9m), Liber Inc ($6.9m) and Burch Charter School of Excellence Inc ($6.9m).

On its Form 990 for the period ending June 2024, revenue came from contributions and grants 99% and program service revenue 0.1% of the total. Compensation of current officers, directors and key employees was $358k (5.9% of expenses). Other salaries and wages came to $2.9m. At year end it held assets of $4.7m against liabilities of $882k, net assets of $3.8m. It reported 78 employees.