Institute for Commercialization of Florida Technology Inc

Analysis

Institute for Commercialization of Florida Technology Inc is a registered charity in United States, based in Clearwater, FL. It received its IRS tax-exemption ruling in February 2010, 16 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, Institute for Commercialization of Florida Technology Inc reported income of $163k and spending of $2.9m, spending 1789% of what it took in. Across the 4 years on record, from June 2020 to June 2023, income fell from $552k to $163k (-70%), an average of -33% a year. The sharpest change came in the year to June 2022, when income dropped by 56%. Over the whole period it spent 502% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Institute for Commercialization of Florida Technology Inc sits at the 46th percentile: it is larger than about 46% of them. Against every charity in United States with reported income it ranks in the 49th percentile, and in the 53rd percentile within FL. Charities of a similar size with the same main cause include Valvoline Instant Oil Change Hands on Assistance Fund Inc ($163k), Knights of Columbus Foundation of Oklahoma ($163k) and Larchmont Friends of the Family ($163k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 0.3% and program service revenue 93% of the total. Compensation of current officers, directors and key employees was $90k (3.1% of expenses). Other salaries and wages came to $40k. At year end it held assets of $14.3m against liabilities of $100k, net assets of $14.2m. It reported 2 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.