Berkshire Innovation Center Inc

Analysis

Berkshire Innovation Center Inc is a registered charity in United States, based in Pittsfield, MA. It received its IRS tax-exemption ruling in January 2015, 11 years ago. Its declared purposes cover employment, which this site groups under community and economic development. 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, Berkshire Innovation Center Inc reported income of $1.5m and spending of $1.6m, spending 105% of its income. Across the 5 years on record, from June 2019 to June 2023, income fell from $6.4m to $1.5m (-77%), an average of -30% a year. The sharpest change came in the year to June 2021, when income dropped by 86%. Over the whole period it spent 29% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Berkshire Innovation Center Inc sits at the 82nd percentile: it is larger than about 82% of them. Against every charity in United States with reported income it ranks in the 83rd percentile, and in the 82nd percentile within MA. Charities of a similar size with the same main cause include Urban Neighborhood Initiative Inc ($1.5m), Young Adults Manufacturer Training Employment Program ($1.5m) and Alliance of Artists Communities ($1.5m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 75% and program service revenue 22% of the total. Compensation of current officers, directors and key employees was $148k (9.5% of expenses). Other salaries and wages came to $341k. At year end it held assets of $12.6m against liabilities of $1.2m, net assets of $11.4m. It reported 11 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.