Center for Innovation Inc

Analysis

Center for Innovation Inc is a registered charity in United States, based in Linthicum Heights, MD. It received its IRS tax-exemption ruling in April 2016, 10 years ago. Its declared purposes cover housing and shelter, which this site groups under housing and shelter. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Center for Innovation Inc reported income of $2.4m and spending of $2.1m, spending 87% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $1.5m to $2.4m (+65%), an average of +13% a year. The sharpest change came in the year to December 2023, when income rose by 73%. Over the whole period it spent 107% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Center for Innovation Inc sits at the 84th percentile: it is larger than about 84% of them. Against every charity in United States with reported income it ranks in the 87th percentile, and in the 86th percentile within MD. Charities of a similar size with the same main cause include Masonic and Eastern Star Home of the District of Columbia Charities ($2.4m), Northern Nevada Community Housing Resorce Board ($2.4m) and Dewittsburg Housing Development Fund Corporation ($2.4m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 26% and program service revenue 74% of the total. Compensation of current officers, directors and key employees was $503k (24% of expenses). Other salaries and wages came to $538k. At year end it held assets of $1.4m against liabilities of $530k, net assets of $912k. It reported 11 employees.