New Jersey Innovation Institute Inc

Analysis

New Jersey Innovation Institute Inc is a registered charity in United States, based in Newark, NJ. It received its IRS tax-exemption ruling in January 2015, 11 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 (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, New Jersey Innovation Institute Inc reported income of $34.3m and spending of $34.8m, spending 101% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $25.1m to $34.3m (+37%), an average of +8.1% a year. The sharpest change came in the year to June 2022, when income rose by 202%. Over the whole period it spent 72% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, New Jersey Innovation Institute Inc sits at the 99th percentile: it is one of the largest 1% in its cause. Against every charity in United States with reported income it ranks in the 98th percentile, and in the 99th percentile within NJ. Charities of a similar size with the same main cause include Southern California Public Radio ($34.2m), Jazz at Lincoln Center Inc ($34.6m) and Common Sense Media ($34.0m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 79% and program service revenue 9.4% of the total. Compensation of current officers, directors and key employees was $284k (0.8% of expenses). Other salaries and wages came to $8.7m. At year end it held assets of $73.8m against liabilities of $16.9m, net assets of $57.0m. It reported 131 employees.