Innovation Depot Inc

Analysis

Innovation Depot Inc is a registered charity in United States, based in Birmingham, AL. It received its IRS tax-exemption ruling in August 1986, 40 years ago. 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 December 2023, Innovation Depot Inc reported income of $5.7m and spending of $3.2m, leaving 44% of income unspent that year. Across the 5 years on record, from June 2020 to December 2023, income grew from $3.1m to $5.7m (+82%), an average of +16% a year. The sharpest change came in the year to December 2023, when income rose by 381%. Over the whole period it spent 92% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Innovation Depot Inc sits at the 93rd percentile: it is larger than about 93% of them. Against every charity in United States with reported income it ranks in the 93rd percentile, and in the 95th percentile within AL. Charities of a similar size with the same main cause include St Louis Counseling Inc ($5.7m), White Center Emergency Food Association ($5.7m) and Greater Omaha Chamber Foundation ($5.7m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 59% and program service revenue 41% of the total. Compensation of current officers, directors and key employees was $254k (7.9% of expenses). Other salaries and wages came to $449k. At year end it held assets of $16.2m against liabilities of $3.7m, net assets of $12.6m. It reported 10 employees.