Innovation Works Inc

Analysis

Innovation Works Inc is a registered charity in United States, based in Baltimore, MD. It received its IRS tax-exemption ruling in May 2018, 8 years ago. Its declared purposes cover community improvement and capacity building, which this site groups under community and economic development. 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 2023, Innovation Works Inc reported income of $1.4m and spending of $1.3m, spending 90% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $487k to $1.4m (+191%), an average of +31% a year. The sharpest change came in the year to June 2020, when income rose by 74%. Over the whole period it spent 85% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Innovation Works Inc sits at the 81st percentile: it is larger than about 81% of them. Against every charity in United States with reported income it ranks in the 83rd percentile, and in the 82nd percentile within MD. Charities of a similar size with the same main cause include West Jacksonville Restoration Center Inc ($1.4m), Hispanic Metropolitan Chamber of Commerce ($1.4m) and Lee Initiative Inc ($1.4m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 99% of the total. Other salaries and wages came to $730k. At year end it held assets of $1.3m against liabilities of $38k, net assets of $1.3m. It reported 12 employees.