Innovation Institute for Tomorrow Inc

Analysis

Innovation Institute for Tomorrow Inc is a registered charity in United States, based in Oil City, PA. It received its IRS tax-exemption ruling in March 2022, 4 years ago. Its declared purposes cover education, which this site groups under education and training. 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 December 2023, Innovation Institute for Tomorrow Inc reported income of $331k and spending of $358k, spending 108% of what it took in. Across the 2 years on record, from December 2022 to December 2023, income fell from $379k to $331k (-13%), an average of -13% a year. Over the whole period it spent 85% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Innovation Institute for Tomorrow Inc sits at the 62nd percentile: it is larger than about 62% of them. Against every charity in United States with reported income it ranks in the 63rd percentile, and in the 61st percentile within PA. Charities of a similar size with the same main cause include Folds of Honor Foundation ($331k), Morgan County Schools Foundation ($331k) and Every Child Can Read Inc ($330k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 55% and program service revenue 45% of the total. Compensation of current officers, directors and key employees was $91k (25% of expenses). Other salaries and wages came to $44k. At year end it held assets of $118k against liabilities of $3,558, net assets of $114k. It reported 3 employees.