Innovate Mississippi

Analysis

Innovate Mississippi is a registered charity in United States, based in Jackson, MS. It received its IRS tax-exemption ruling in March 1999, 27 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, Innovate Mississippi reported income of $2.0m and spending of $1.7m, spending 84% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $1.3m to $2.0m (+54%), an average of +11% a year. The sharpest change came in the year to June 2020, when income rose by 43%. Over the whole period it spent 105% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Innovate Mississippi sits at the 91st percentile: it is larger than about 91% of them. Against every charity in United States with reported income it ranks in the 86th percentile, and in the 87th percentile within MS. Charities of a similar size with the same main cause include The Film Society of Minneapolis St Paul ($2.0m), Osceola Center for the Arts ($2.0m) and New Bedford Light ($2.0m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 85% and program service revenue 4.9% of the total. Compensation of current officers, directors and key employees was $270k (16% of expenses). Other salaries and wages came to $244k. At year end it held assets of $1.5m against liabilities of $1.0m, net assets of $510k. It reported 16 employees.