Undersea Technology Innovation Center

Analysis

Undersea Technology Innovation Center is a registered charity in United States, based in Middletown, RI. It received its IRS tax-exemption ruling in November 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 (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Undersea Technology Innovation Center reported income of $1.0m and spending of $586k, leaving 42% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $485k to $1.0m (+108%), an average of +20% a year. The sharpest change came in the year to December 2020, when income rose by 157%. Over the whole period it spent 33% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Undersea Technology Innovation Center sits at the 86th percentile: it is larger than about 86% of them. Against every charity in United States with reported income it ranks in the 79th percentile, and in the 75th percentile within RI. Charities of a similar size with the same main cause include Crowded Fire Theater Company ($1.0m), Childrens Dance Foundation ($1.0m) and Aviation Heritage Foundation Inc ($1.0m).

On its Form 990 for the period ending December 2023, revenue came from program service revenue 95% of the total. Compensation of current officers, directors and key employees was $193k (33% of expenses). Other salaries and wages came to $14k. At year end it held assets of $3.4m against liabilities of $92k, net assets of $3.3m. It reported 2 employees.