Patel Institute for Innovation Inc

Analysis

Patel Institute for Innovation Inc is a registered charity in United States, based in Tampa, FL. It received its IRS tax-exemption ruling in May 2019, 7 years ago. Its declared purposes cover education, which this site groups under education and training. The IRS classifies it as a school under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Patel Institute for Innovation Inc reported income of $10.3m and spending of $9.1m, spending 89% of its income. Across the 4 years on record, from June 2020 to June 2023, income grew from $2.6m to $10.3m (+300%), an average of +59% a year. The sharpest change came in the year to June 2022, when income rose by 72%. Over the whole period it spent 84% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Patel Institute for Innovation Inc sits at the 93rd percentile: it is larger than about 93% of them. Against every charity in United States with reported income it ranks in the 95th percentile, and in the 96th percentile within FL. Charities of a similar size with the same main cause include Morrison Education Group Inc ($10.3m), Indiana Math and Science Academy-North Indianapolis ($10.3m) and Innovation Charter High School ($10.3m).

On its Form 990 for the period ending June 2023, revenue came from program service revenue 92% of the total. At year end it held assets of $21.8m against liabilities of $17.9m, net assets of $3.9m. It reported 122 employees.