Mid-Atlantic Gigabit Innovation Collaboratory Inc

Analysis

Mid-Atlantic Gigabit Innovation Collaboratory Inc is a registered charity in United States, based in Westminster, MD. It received its IRS tax-exemption ruling in April 2016, 10 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 2024, Mid-Atlantic Gigabit Innovation Collaboratory Inc reported income of $339k and spending of $354k, spending 104% of its income. Across the 4 years on record, from June 2021 to June 2024, income grew from $226k to $339k (+50%), an average of +14% a year. The sharpest change came in the year to June 2022, when income rose by 80%. Over the whole period it spent 108% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Mid-Atlantic Gigabit Innovation Collaboratory Inc sits at the 71st percentile: it is larger than about 70% of them. Against every charity in United States with reported income it ranks in the 64th percentile, and in the 64th percentile within MD. Charities of a similar size with the same main cause include LA Porte County Historical Steam Society Inc ($339k), Public Space One ($339k) and Anderson Abruzzo International Balloon Museum Foundation ($339k).

On its Form 990 for the period ending June 2024, revenue came from contributions and grants 90% and program service revenue 10% of the total. Compensation of current officers, directors and key employees was $82k (23% of expenses). Other salaries and wages came to $97k. At year end it held assets of $44k against liabilities of $87k, net assets of -$43k. It reported 7 employees.