Sova Innovation Hub Corporation

Analysis

Sova Innovation Hub Corporation is a registered charity in United States, based in South Boston, VA. It received its IRS tax-exemption ruling in December 2019, 7 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 (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Sova Innovation Hub Corporation reported income of $716k and spending of $750k, spending 105% of its income. Across the 4 years on record, from June 2020 to June 2023, income grew from $228k to $716k (+215%), an average of +47% a year. The sharpest change came in the year to June 2021, when income rose by 323%. Over the whole period it spent 62% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Sova Innovation Hub Corporation sits at the 73rd percentile: it is larger than about 72% of them. Against every charity in United States with reported income it ranks in the 75th percentile, and in the 75th percentile within VA. Charities of a similar size with the same main cause include Marion County Industrial Foundation Inc ($716k), Project Fine Inc ($716k) and Kids Making It Inc ($716k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 90% and program service revenue 10% of the total. At year end it held assets of $1.6m against liabilities of $525k, net assets of $1.1m.