Overview
What is Edison Innovation Foundation?
Edison Innovation Foundation is a nonprofit organization situated in Newark, New Jersey, at 1 Riverfront Plaza, 3rd Floor. Its primary purpose is twofold: preserving and showcasing the historical facilities and documents related to Thomas Edison, where he invented innovations that significantly impacted the modern world. Additionally, the foundation aims to empower minorities and children by providing them with the necessary skills to pursue careers in science and technology. The organization boasts a modest workforce of three dedicated individuals.
Official website here: www.thomasedison.org
What are the reviews and ratings of this charity?
Rating from Charity Navigator: 37%, Zero-Star out of Four Star rating.
The Edison Innovation Foundation has received a low rating of 37%, indicating significant concerns regarding its accountability and financial practices. The board lacks independent members, which is crucial for ensuring unbiased governance. Additionally, the organization's program expense ratio is notably poor, suggesting that a minimal portion of its resources may be directed toward its intended charitable activities.
While the foundation has demonstrated commitment in certain areas, such as having an audit and oversight committee and maintaining a conflict of interest policy, it falls short in key aspects that contribute to overall accountability. There are deficiencies in the transparency of financial disclosures, including the absence of tax forms on its website and a weak liabilities-to-assets ratio.
Overall, the Edison Innovation Foundation faces serious challenges in governance and financial management, which may impact its effectiveness and public trust. Prospective donors and supporters should carefully consider these factors when evaluating their support for the organization.
This AI summary has been generated from information found on Charity Navigator.
Is Edison Innovation Foundation legitimate?
Edison Innovation Foundation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Edison Innovation Foundation 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: $322,520
Professional Fundraising Fees: $0
Other Salaries and Wages: $136,141
For more financial information, click here
Official website here: www.thomasedison.org
What is the mission statement of Edison Innovation Foundation?
The Edison Innovation Foundation's mission is centered around preserving and showcasing the historical facilities and documents associated with Thomas Edison's groundbreaking inventions that have significantly shaped the modern world. Additionally, the foundation is committed to supporting minority groups and children by equipping them with the necessary skills to pursue careers in science and technology.
Official website here: www.thomasedison.org
Who is the CEO of Edison Innovation Foundation?
John P Keegan is the Chairman,Pres of Edison Innovation Foundation.
Official website here: www.thomasedison.org
What is the revenue of Edison Innovation Foundation?
Edison Innovation Foundation's revenue in 2022 was $755,080.
Official website here: www.thomasedison.org
Who are the executives of Edison Innovation Foundation and what are their salaries?
The average compensation at Edison Innovation Foundation during 2022 was $152,887. There are 3 employees and 1 volunteer at Edison Innovation Foundation.
Here are 4 key members and their salaries:
- Compensation: $203,500
- Related: $0
- Other: $0
- Compensation: $82,500
- Related: $0
- Other: $0
- Compensation: $24,860
- Related: $0
- Other: $0
- Compensation: $11,660
- Related: $0
- Other: $0
Official website here: www.thomasedison.org
Where can I find the form 990 for Edison Innovation Foundation?
Edison Innovation Foundation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.thomasedison.org
Learn more at the official website: www.thomasedison.org
Mission Statement of Edison Innovation Foundation
The Edison Innovation Foundation, a nonprofit organization, is committed to preserving and promoting the historical facilities and papers of Thomas Edison, where he invented products that significantly shaped the modern world. Beyond this, the foundation aims to benefit minority groups and children by providing them with the necessary skills to pursue careers in science and technology. This dual mission of historical preservation and educational empowerment seeks to honor Edison's legacy while fostering a diverse workforce in the fields of science and technology.
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Impact
October, 2024
The Edison Innovation Foundation has a significant impact by preserving and promoting the historical sites and documents associated with Thomas Edison's groundbreaking inventions. By maintaining these facilities, the Foundation not only honors Edison's legacy but also provides an educational resource that highlights the importance of innovation in shaping the modern world.
Additionally, the Foundation plays a crucial role in fostering diversity and inclusion in the fields of science and technology. By focusing on benefitting minorities and children, it offers programs that equip young individuals with the necessary skills and knowledge to pursue careers in these vital areas. Through educational initiatives and hands-on experiences, the Foundation empowers the next generation of innovators, ensuring that a diverse array of voices can contribute to future advancements.
In essence, the Edison Innovation Foundation serves as a bridge between history and the future, combining the preservation of Edison's heritage with proactive efforts to inspire and prepare young minds for careers in science and technology.
This information is meant to be a general summary of Edison Innovation Foundation. 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 2022.
- Investment Income: $124,580
- Gross Receipts: $985,523
Assets and Liabilities:
- Total Assets: $2,149,726
- Total Liabilities: $31,439
- Net Assets: $2,118,287
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Organization Details
Founding Year
1996
Phone
(973) 648-0500Principal Officer
John P Keegan
Main Address
1 RIVERFRONT PLAZA 3RD FLOOR, NEWARK, NJ, 07102
Website
www.thomasedison.orgNTEE Category
Code: A800 - Arts
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