Overview
What is Institute For Patent Studies Inc?
The Institute for Patent Studies Inc, located at 200 Stratford Lane 32, Middletown, New York, is a nonprofit organization dedicated to providing educational programs for students aiming to register with the Patent Office. With approximately 370 students benefiting annually, their mission is to equip individuals with the necessary skills for utilizing the United States Patent Office. The organization, led by a team of two dedicated professionals, offers a comprehensive educational program to support its mission.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 60% (Two-Star out of Four Star Rating)
The Institute for Patent Studies Inc has received a Two-Star rating from Charity Navigator, indicating a moderate level of performance with a score of 60%. The organization demonstrates a strong commitment to program expenses, with an impressive program expense ratio of 77.08%, which suggests that a significant portion of its funds is directed toward its mission-related activities.
However, the nonprofit faces notable weaknesses in its governance and transparency practices. The board lacks a majority of independent members, with only 33% independence. Additionally, the organization has not made several key documents, such as its tax form and whistleblower policy, available on its website, which contributes to a lower accountability and finance score. These factors suggest potential areas for improvement in governance and transparency.
Overall, while the Institute for Patent Studies Inc performs well in utilizing funds for its programs, it has significant room for growth in its governance practices and public accessibility of information. Addressing these limitations could enhance its overall rating and trustworthiness among donors and stakeholders.
This AI summary has been generated from information found on Charity Navigator.
Is Institute For Patent Studies Inc legitimate?
Institute For Patent Studies Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Institute For Patent Studies Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $247,511
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
What is the mission statement of Institute For Patent Studies Inc?
The Institute for Patent Studies Inc. is dedicated to providing educational programs for individuals aiming to utilize the U.S. Patent Office. Their mission is centered around educating approximately 370 students annually, equipping them with the necessary knowledge for registration in the Patent Office. This non-profit organization focuses on fostering an understanding of patent-related matters, thereby contributing to the successful navigation of the patent application process.
What is the revenue of Institute For Patent Studies Inc?
Institute For Patent Studies Inc's revenue in 2023 was $116,937.
Who are the executives of Institute For Patent Studies Inc and what are their salaries?
The average compensation at Institute For Patent Studies Inc during 2023 was $123,756. There are 2 employees at Institute For Patent Studies Inc.
Here are 3 key members and their salaries:
- Compensation: $85,255
- Related: $0
- Other: $21,314
- Compensation: $77,460
- Related: $0
- Other: $19,365
- Compensation: $44,117
- Related: $0
- Other: $0
Where can I find the form 990 for Institute For Patent Studies Inc?
Institute For Patent Studies Inc's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of Institute For Patent Studies Inc
The Institute for Patent Studies Inc is committed to providing educational programs for individuals intending to utilize the United States Patent Office. Their mission is centered around equipping students with the necessary knowledge and skills required for registration in the patent office. Approximately 370 students benefit from these educational programs each year, making a significant contribution to the field of patent studies.
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Impact
October, 2024
Institute For Patent Studies Inc significantly contributes to the educational landscape by preparing students for registration in the US Patent Office. Each year, it serves approximately 370 students, equipping them with essential knowledge and skills necessary for navigating patent law and intellectual property. Through its targeted educational programs, the Institute ensures that aspiring professionals understand the intricacies of the patent system, fostering future innovation and intellectual property development. By focusing on educational outreach, the Institute helps cultivate a well-informed workforce that can effectively engage with and utilize the US Patent Office, ultimately enhancing the field of patent studies and intellectual property.
This information is meant to be a general summary of Institute For Patent Studies Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2023.
- Investment Income: $27,856
- Gross Receipts: $213,545
Assets and Liabilities:
- Total Assets: $1,397,746
- Total Liabilities: $0
- Net Assets: $1,397,746
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Organization Details
Founding Year
1994
Principal Officer
John Meeks
NTEE Category
Code: V99 - Social research
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