First State Innovation Inc
First State Innovation Inc. maintains assets with minimal operational activity and no revenue in recent years.
EIN: 205095603 · Wilmington, DE · NTEE: S30 · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Expenses | $40 |
| Net Assets | $404K |
| Transparency Score | 30/100 |
Is First State Innovation Inc Legit?
Significant Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
About First State Innovation Inc
First State Innovation Inc (EIN: 205095603) is a nonprofit organization based in Wilmington, DE, classified under NTEE code S30. The organization reported total revenue of $0 and total assets of $401K according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of First State Innovation Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
First State Innovation Inc is a micro nonprofit that has been operating for 19 years, with 11 years of IRS 990 filings on record (2011–2023).
Financial Trends
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | -100.0% | -98.0% | -0.1% |
| 2021 | -100.0% | +348.7% | -3.0% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 2007 |
Classification data from ProPublica Nonprofit Explorer. Additional BMF data may be available after enrichment.
AI Transparency Report
Mission Effectiveness Score
NonprofitSpending's AI analysis rates First State Innovation Inc with a Mission Score of 30 out of 100 (Poor). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Spending Breakdown
- admin: 100%
- programs: 0%
- fundraising: 0%
According to IRS 990 filings, First State Innovation Inc allocates its expenses as follows: admin: 100%, programs: 0%, fundraising: 0%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
Executive Compensation Analysis
Executive compensation has consistently been reported as 0% across all available filings, indicating that no officers or key employees are receiving salaries from the organization, which is positive for a nonprofit of this size and activity level.
Executive compensation data is sourced from IRS 990 filings, which require nonprofits to disclose the compensation of officers, directors, trustees, and key employees. NonprofitSpending analyzes this data relative to the organization's total revenue and sector benchmarks to assess whether executive pay is reasonable.
Red Flags
The following concerns were identified during AI analysis of First State Innovation Inc's IRS 990 filings:
- Minimal to zero revenue for the past five years (2019-2023), indicating a lack of public support or active operations.
- Extremely low expenses in recent years (e.g., $40 in 2023), suggesting a largely dormant organization despite holding significant assets.
- Lack of clear programmatic impact given the minimal financial activity and substantial asset base.
Strengths
The following positive indicators were identified for First State Innovation Inc:
- Consistent filing of IRS Form 990s, demonstrating transparency in reporting.
- Zero reported officer compensation across all available filings, indicating no private benefit to executives.
- Strong asset base ($401,323) with no reported liabilities, indicating financial stability and asset preservation.
Frequently Asked Questions about First State Innovation Inc
Is First State Innovation Inc a legitimate charity?
First State Innovation Inc (EIN: 205095603) is a registered tax-exempt nonprofit based in Delaware. Our AI analysis gives it a Mission Score of 30/100. It has 11 years of IRS 990 filings on record. 3 red flags identified. 3 strengths noted. Financial health grade: B.
How does First State Innovation Inc spend its money?
First State Innovation Inc reported its financials in IRS 990 filings. 11 years of filing data available. Expenses exceeded revenue in the most recent year. Review the full spending breakdown on NonprofitSpending.
Are donations to First State Innovation Inc tax-deductible?
First State Innovation Inc is registered as a tax-exempt nonprofit (EIN: 205095603). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
How does First State Innovation Inc compare to similar nonprofits?
With a transparency score of 30/100 (Poor), First State Innovation Inc is below average for NTEE category S30 nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is First State Innovation Inc located?
First State Innovation Inc is headquartered in Wilmington, Delaware and files with the IRS under EIN 205095603. It is classified under NTEE code S30.
How many years of IRS 990 filings does First State Innovation Inc have?
First State Innovation Inc has 11 years of IRS 990 filings on record at NonprofitSpending. This extensive filing history provides a strong basis for evaluating long-term financial trends.
What is the current programmatic activity of First State Innovation Inc. given its minimal expenses and revenue in recent years?
Based on the filings, the organization has reported negligible expenses (e.g., $40 in 2023, $2,038 in 2022) and near-zero revenue, suggesting very limited or no active programmatic operations in recent years, despite holding over $400,000 in assets.
Why does First State Innovation Inc. maintain over $400,000 in assets with such low operational costs?
The filings do not provide a specific reason. It's possible the assets are held for future initiatives, are restricted, or represent an endowment, but without significant program spending, their current utility towards the stated mission is unclear.
Is First State Innovation Inc. actively fundraising?
Given the reported revenue of $0 or minimal amounts in recent years, and the extremely low overall expenses, there is no indication of active or successful fundraising efforts.
What were the significant expenses in periods like 2021 ($12,634) and 2018 ($13,838) compared to other low-activity years?
The provided data does not detail the nature of these expenses. While higher than other recent years, they are still relatively low for a nonprofit and would likely cover administrative costs or minor project expenses, not large-scale program delivery.
Filing History
IRS 990 filing history for First State Innovation Inc showing financial trends over 11 years of public records:
Over 11 years of IRS 990 filings (2011–2023), First State Innovation Inc's revenue has declined by 100%, moving from $24K to $0. Total assets decreased by 6.4% over the same period, from $432K to $404K. Total functional expenses fell by 99.9%, from $41K to $40.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $0 | $40 | $404K | $0 | — | — |
| 2022 | $200 | $2K | $404K | $0 | — | — |
| 2021 | $0 | $13K | $406K | $0 | — | — |
| 2020 | $100 | $3K | $418K | $0 | — | — |
| 2019 | $0 | $5K | $421K | $0 | — | View 990 |
| 2018 | $0 | $14K | $426K | $0 | — | View 990 |
| 2017 | $50 | $11K | $451K | $0 | — | View 990 |
| 2016 | $329K | $313K | $481K | $19K | — | View 990 |
| 2015 | $67K | $26K | $473K | $27K | — | View 990 |
| 2013 | $60K | $36K | $458K | $27K | — | View 990 |
| 2011 | $24K | $41K | $432K | $27K | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $0, expenses of $40, and assets of $404K (revenue -100.0% year-over-year).
- 2022: Revenue of $200, expenses of $2K, and assets of $404K.
- 2021: Revenue of $0, expenses of $13K, and assets of $406K (revenue -100.0% year-over-year).
- 2020: Revenue of $100, expenses of $3K, and assets of $418K.
- 2019: Revenue of $0, expenses of $5K, and assets of $421K.
- 2018: Revenue of $0, expenses of $14K, and assets of $426K (revenue -100.0% year-over-year).
- 2017: Revenue of $50, expenses of $11K, and assets of $451K (revenue -100.0% year-over-year).
- 2016: Revenue of $329K, expenses of $313K, and assets of $481K (revenue +391.0% year-over-year).
- 2015: Revenue of $67K, expenses of $26K, and assets of $473K (revenue +12.4% year-over-year).
- 2013: Revenue of $60K, expenses of $36K, and assets of $458K (revenue +148.0% year-over-year).
- 2011: Revenue of $24K, expenses of $41K, and assets of $432K.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for First State Innovation Inc:
Data Sources and Methodology
This transparency report for First State Innovation Inc is generated by NonprofitSpending's AI analysis engine. The data is sourced from publicly available IRS 990 filings accessed through the ProPublica Nonprofit Explorer API and IRS electronic filing records. The Mission Score, spending breakdown, and other analytical insights are produced by artificial intelligence and should be used as one of multiple factors when evaluating a nonprofit organization.
IRS 990 forms are annual information returns that most tax-exempt organizations must file with the IRS. These forms provide detailed financial information including revenue, expenses, assets, liabilities, and compensation of officers. NonprofitSpending processes this data to provide accessible transparency reports for donors, researchers, and the general public.
Disclaimer
AI-generated analysis based on IRS public records. Not financial or legal advice. Verify information directly with the organization.