Foundation for the New England Medical Innovation Center

Analysis

Foundation for the New England Medical Innovation Center is a registered charity in United States, based in Providence, RI. It received its IRS tax-exemption ruling in April 2018, 8 years ago. Its declared purposes cover health care, which this site groups under health and saving lives. 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 June 2024, Foundation for the New England Medical Innovation Center reported income of $727k and spending of $721k, spending 99% of its income. Across the 6 years on record, from June 2019 to June 2024, income grew from $297k to $727k (+145%), an average of +20% a year. The sharpest change came in the year to June 2023, when income rose by 100%. Over the whole period it spent 103% of the income it received.

Among 40,470 United States charities whose main cause is health and saving lives and that reported income, Foundation for the New England Medical Innovation Center sits at the 60th percentile: it is larger than about 60% of them. Against every charity in United States with reported income it ranks in the 75th percentile, and in the 71st percentile within RI. Charities of a similar size with the same main cause include Hope Valley Ambulance Squad Inc ($727k), Lewis County Hospital Foundation Inc ($727k) and Good Neighbor Free Medical Clinic ($727k).

On its Form 990 for the period ending June 2024, revenue came from contributions and grants 81% and program service revenue 17% of the total. At year end it held assets of $160k against liabilities of $154k, net assets of $5,716.