Virginia Innovation Partnership Corporation

Analysis

Virginia Innovation Partnership Corporation is a registered charity in United States, based in Herndon, VA. It received its IRS tax-exemption ruling in September 1984, 42 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, Virginia Innovation Partnership Corporation reported income of $34.8m and spending of $38.0m, spending 109% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income grew from $15.2m to $34.8m (+129%), an average of +23% a year. The sharpest change came in the year to June 2021, when income rose by 167%. Over the whole period it spent 66% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Virginia Innovation Partnership Corporation 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 98th percentile within VA. Charities of a similar size with the same main cause include National Society of the Daughters of the American Revolution ($34.8m), Griffiss Institute Inc ($34.9m) and Jazz at Lincoln Center Inc ($34.6m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 50% and program service revenue 43% of the total. Compensation of current officers, directors and key employees was $1.6m (4.3% of expenses). Other salaries and wages came to $4.4m. At year end it held assets of $85.8m against liabilities of $15.9m, net assets of $69.9m. It reported 42 employees.