Mitags Inc

Analysis

Mitags Inc is a registered charity in United States, based in Linthicum HTS, MD. It received its IRS tax-exemption ruling in October 2021, 5 years ago. Its declared purposes cover employment, which this site groups under community and economic development. 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 December 2023, Mitags Inc reported income of $6.5m and spending of $6.5m, spending 100% of its income. Across the 3 years on record, from December 2021 to December 2023, income grew from $3.8m to $6.5m (+69%), an average of +30% a year. The sharpest change came in the year to December 2022, when income rose by 36%. 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, Mitags Inc sits at the 94th percentile: it is larger than about 94% of them. Against every charity in United States with reported income it ranks in the 93rd percentile, and in the 92nd percentile within MD. Charities of a similar size with the same main cause include Catawba Regional Council of Governments ($6.5m), Moreno Valley Community Foundation ($6.5m) and Eastern Maine Development Corporation ($6.5m).

On its Form 990 for the period ending December 2023, revenue came from program service revenue 100% of the total. Other salaries and wages came to $2.4m. At year end it held assets of $1.9m against liabilities of $2.3m, net assets of -$377k.