Novaworks Foundation

Analysis

Novaworks Foundation is a registered charity in United States, based in Sunnyvale, CA. It received its IRS tax-exemption ruling in October 1994, 32 years ago. 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 2024, Novaworks Foundation reported income of $114k and spending of $237k, spending 208% of what it took in. Across the 4 years on record, from June 2021 to June 2024, income grew from $71k to $114k (+59%), an average of +17% a year. The sharpest change came in the year to June 2022, when income rose by 1141%. Over the whole period it spent 24% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Novaworks Foundation sits at the 40th percentile: it is larger than about 40% of them. Against every charity in United States with reported income it ranks in the 40th percentile, and in the 42nd percentile within CA. Charities of a similar size with the same main cause include Korean School Foundation Inc ($114k), Little League Baseball Inc ($114k) and North American Folk Music and Dance Alliance Inc ($114k).

On its Form 990 for the period ending June 2024, revenue came from contributions and grants 100% of the total. Other salaries and wages came to $79k. At year end it held assets of $1.1m against liabilities of $0, net assets of $1.1m.