Innovative Concepts Inc
EIN: 61816677 · Silver Springs, MD · NTEE: J22
| Metric | Value |
|---|---|
| Total Revenue | $884K |
| Total Expenses | $659K |
| Net Assets | $45K |
Is Innovative Concepts Inc Legit?
Insufficient Data
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
About Innovative Concepts Inc
Innovative Concepts Inc (EIN: 61816677) is a nonprofit organization based in Silver Springs, MD, classified under NTEE code J22. The organization reported total revenue of $884K and total assets of $128K according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Innovative Concepts Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Innovative Concepts Inc is a small nonprofit that has been operating for 18 years, with 13 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of 3.2%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $654K |
| Total Expenses | $659K |
| Surplus / Deficit | $-4,205 |
| Total Assets | $45K |
| Total Liabilities | $15 |
| Net Assets | $45K |
| Operating Margin | -0.6% |
| Debt-to-Asset Ratio | 0.0% |
| Months of Reserves | 0.8 months |
Financial Health Grade: C
In 2023, Innovative Concepts Inc reported a deficit of $4K with expenses exceeding revenue, holds 0.8 months of operating reserves (limited), has a debt-to-asset ratio of 0.0% (very low leverage).
Financial Trends
Over 13 years of filings (2011–2023), Innovative Concepts Inc's revenue has grown at a compound annual growth rate (CAGR) of 3.2%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | -13.2% | +0.6% | -13.0% |
| 2022 | +6.6% | -9.0% | +47.9% |
| 2021 | -2.3% | -3.9% | -73.9% |
| 2020 | +6.7% | +8.3% | +5310.2% |
| 2019 | +2.1% | +1.0% | -82.6% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 2008 |
Classification data from ProPublica Nonprofit Explorer. Additional BMF data may be available after enrichment.
AI Analysis Pending
AI enrichment for Innovative Concepts Inc has not yet been completed. Basic IRS 990 data is shown below. Check back later for a full transparency report including a Mission Score, spending breakdown, executive compensation analysis, and red flags assessment.
Mission Effectiveness Score
NonprofitSpending's AI analysis rates Innovative Concepts Inc with a Mission Score of 0 out of 100 (Very Poor). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
- The organization reported a deficit of $4K, with expenses exceeding revenue.
- Debt-to-asset ratio: 0.0%.
Frequently Asked Questions about Innovative Concepts Inc
Is Innovative Concepts Inc a legitimate charity?
Innovative Concepts Inc (EIN: 61816677) is a registered tax-exempt nonprofit based in Maryland. It has 13 years of IRS 990 filings on record. Total revenue: $884K. No red flags identified. Financial health grade: C.
How does Innovative Concepts Inc spend its money?
Innovative Concepts Inc reported $884K in total revenue in IRS 990 filings. 13 years of filing data available. Expenses exceeded revenue in the most recent year. Review the full spending breakdown on NonprofitSpending.
Are donations to Innovative Concepts Inc tax-deductible?
Innovative Concepts Inc is registered as a tax-exempt nonprofit (EIN: 61816677). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
Where is Innovative Concepts Inc located?
Innovative Concepts Inc is headquartered in Silver Springs, Maryland and files with the IRS under EIN 61816677. It is classified under NTEE code J22.
How many years of IRS 990 filings does Innovative Concepts Inc have?
Innovative Concepts Inc has 13 years of IRS 990 filings on record at NonprofitSpending. This extensive filing history provides a strong basis for evaluating long-term financial trends. The most recent filing shows $884K in total revenue.
Filing History
IRS 990 filing history for Innovative Concepts Inc showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), Innovative Concepts Inc's revenue has grown by 46%, moving from $448K to $654K. Total assets decreased by 17.6% over the same period, from $55K to $45K. Total functional expenses rose by 68%, from $392K to $659K. In its most recent filing year (2023), Innovative Concepts Inc reported a deficit of $4K, with expenses exceeding revenue. The organization holds $15 in liabilities against $45K in assets (debt-to-asset ratio: 0.0%), resulting in net assets of $45K.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $654K | $659K | $45K | $15 | — | — |
| 2022 | $754K | $655K | $52K | $3K | — | View 990 |
| 2021 | $707K | $719K | $35K | $83K | — | View 990 |
| 2020 | $724K | $748K | $134K | $170K | — | View 990 |
| 2019 | $679K | $691K | $2K | $14K | — | View 990 |
| 2018 | $665K | $684K | $14K | $14K | — | View 990 |
| 2017 | $567K | $561K | $27K | $8K | — | — |
| 2016 | $535K | $519K | $26K | $14K | — | View 990 |
| 2015 | $523K | $530K | $12K | $15K | — | View 990 |
| 2014 | $404K | $421K | $3K | $10K | — | View 990 |
| 2013 | $400K | $436K | $53K | $44K | — | View 990 |
| 2012 | $553K | $550K | $56K | $11K | — | View 990 |
| 2011 | $448K | $392K | $55K | $13K | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $654K, expenses of $659K, and assets of $45K (revenue -13.2% year-over-year).
- 2022: Revenue of $754K, expenses of $655K, and assets of $52K (revenue +6.6% year-over-year).
- 2021: Revenue of $707K, expenses of $719K, and assets of $35K (revenue -2.3% year-over-year).
- 2020: Revenue of $724K, expenses of $748K, and assets of $134K (revenue +6.7% year-over-year).
- 2019: Revenue of $679K, expenses of $691K, and assets of $2K (revenue +2.1% year-over-year).
- 2018: Revenue of $665K, expenses of $684K, and assets of $14K (revenue +17.3% year-over-year).
- 2017: Revenue of $567K, expenses of $561K, and assets of $27K (revenue +5.9% year-over-year).
- 2016: Revenue of $535K, expenses of $519K, and assets of $26K (revenue +2.3% year-over-year).
- 2015: Revenue of $523K, expenses of $530K, and assets of $12K (revenue +29.3% year-over-year).
- 2014: Revenue of $404K, expenses of $421K, and assets of $3K (revenue +1.1% year-over-year).
- 2013: Revenue of $400K, expenses of $436K, and assets of $53K (revenue -27.7% year-over-year).
- 2012: Revenue of $553K, expenses of $550K, and assets of $56K (revenue +23.4% year-over-year).
- 2011: Revenue of $448K, expenses of $392K, and assets of $55K.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Innovative Concepts Inc:
Data Sources and Methodology
This transparency report for Innovative Concepts 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.