Open Transformation Lab Inc

Analysis

Open Transformation Lab Inc is a registered charity in United States, based in New York, NY. It received its IRS tax-exemption ruling in May 2018, 8 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, Open Transformation Lab Inc reported income of $841k and spending of $810k, spending 96% of its income. Across the 4 years on record, from December 2020 to December 2023, income grew from $221k to $841k (+281%), an average of +56% a year. The sharpest change came in the year to December 2022, when income rose by 137%. Over the whole period it spent 86% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Open Transformation Lab Inc sits at the 84th percentile: it is larger than about 84% of them. Against every charity in United States with reported income it ranks in the 77th percentile, and in the 73rd percentile within NY. Charities of a similar size with the same main cause include Alabama Center for the Arts Foundation ($841k), Wow Childrens Museum World of Wonder Ltd ($841k) and Artbridge Projects Inc ($840k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 100% of the total. Compensation of current officers, directors and key employees was $94k (12% of expenses). Other salaries and wages came to $5,432. At year end it held assets of $299k against liabilities of $22k, net assets of $278k. It reported 2 employees.