New Haven Innovation Labs Inc

Analysis

New Haven Innovation Labs Inc is a registered charity in United States, based in Cheshire, CT. It received its IRS tax-exemption ruling in October 2022, 4 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 December 2023, New Haven Innovation Labs Inc reported income of $753k and spending of $974k, spending 129% of what it took in. Across the 3 years on record, from December 2021 to December 2023, income grew from $85k to $753k (+784%), an average of +197% a year. The sharpest change came in the year to December 2022, when income rose by 380%. Over the whole period it spent 100% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, New Haven Innovation Labs Inc sits at the 73rd percentile: it is larger than about 73% of them. Against every charity in United States with reported income it ranks in the 76th percentile, and in the 74th percentile within CT. Charities of a similar size with the same main cause include Living Harvest Inc ($753k), Eb Foundation Inc ($753k) and Roosevelt Row Community Developmentcorporation ($753k).

On its Form 990 for the period ending December 2023, revenue came from program service revenue 100% of the total. At year end it held assets of $280k against liabilities of $280k, net assets of $0.