Overview
What is Global Innovation Fund?
The Global Innovation Fund is a nonprofit organization primarily based in Washington D.C., with a mission to enhance lives for millions residing in various developing nations. It supports and finances innovative solutions that address developmental challenges, striving to surpass the effectiveness of existing approaches for the benefit of disadvantaged communities. These innovations can encompass various elements, such as new products, services, business models, or policy practices. Although bringing an innovation to scale can be costly, potential innovators often capture only a fraction of the benefits, leading to underinvestment and market failure. The Global Innovation Fund aims to address this issue by providing public funding to innovative projects, thereby contributing to the improvement of living conditions in developing countries.
Official website here: www.globalinnovation.fund
What are the reviews and ratings of this charity?
Charity Navigator Rating: 81% (Three-Star out of Four Stars)
The Global Innovation Fund has received a Three-Star rating from Charity Navigator, reflecting a solid score of 81%. This rating is determined entirely from its accountability and finance metrics, showcasing a commendable commitment to transparency and responsible financial practices. The organization achieved a perfect score in several areas, including independent board members and financial oversight.
The Global Innovation Fund's board is entirely independent, with 100% of its members being independent, and it has a well-structured Audit and Oversight Committee. The organization also demonstrates strong adherence to policies such as conflict of interest and whistleblower protections, which are essential for maintaining integrity within nonprofits. Moreover, it has an impressive program expense ratio of 88.64%, indicating that a significant portion of its funding is directed towards its mission-driven activities.
One limitation noted is the salary of key personnel, with James Mazzarella and Alix Zwane earning over $250,000, which may raise questions about compensation levels in relation to the organization's overall spending. However, with no material diversion of assets reported and transparent financial practices, the Global Innovation Fund appears to maintain a responsible approach to its operations.
This AI summary has been generated from information found on Charity Navigator.
Is Global Innovation Fund legitimate?
Global Innovation Fund is a legitimate nonprofit organization registered as a 501(c)(3) entity. Global Innovation Fund 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: $385,776
Professional Fundraising Fees: $0
Other Salaries and Wages: $488,909
For more financial information, click here
Official website here: www.globalinnovation.fund
What is the mission statement of Global Innovation Fund?
The Global Innovation Fund invests in social innovations aimed at improving the lives and opportunities of millions in the developing world. Its mission is to support innovations that will positively impact hundreds of millions of people across various developing countries. While numerous innovations initially created for developed countries have had a significant impact in developing nations, these countries often face unique challenges requiring solutions tailored to their specific needs and circumstances.
Official website here: www.globalinnovation.fund
Who is the CEO of Global Innovation Fund?
Alix Zwane is the Chairman of Global Innovation Fund. The CEO's salary of Global Innovation Fund is $251,780 and their total compensation is $334,920.
Official website here: www.globalinnovation.fund
What is the revenue of Global Innovation Fund?
Global Innovation Fund's revenue in 2022 was $1,305,755.
Official website here: www.globalinnovation.fund
Who are the executives of Global Innovation Fund and what are their salaries?
The average compensation at Global Innovation Fund during 2022 was $109,336. There are 8 employees and 3 volunteers at Global Innovation Fund.
Here are 6 key members and their salaries (Global Innovation Fund's CEO's salary is $251,780 and their total compensation is $334,920):
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $251,780
- Related: $0
- Other: $83,140
- Compensation: $44,014
- Related: $0
- Other: $6,842
- Compensation: $255,891
- Related: $0
- Other: $41,931
Official website here: www.globalinnovation.fund
Where can I find the form 990 for Global Innovation Fund?
Global Innovation Fund's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.globalinnovation.fund
Learn more at the official website: www.globalinnovation.fund
Mission Statement of Global Innovation Fund
The Global Innovation Fund invests in social innovations aimed at enhancing the lives and opportunities of millions of individuals in developing nations. Its mission is to back innovations that have the potential to improve the lives of hundreds of millions of people across various developing countries. While numerous innovations designed for developed nations have had a significant impact in developing countries, these regions often face unique challenges requiring solutions tailored to their specific needs and circumstances. The Global Innovation Fund recognizes this and seeks to support innovations that can effectively address these unique challenges, thereby improving the lives of people in these regions.
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Impact
July, 2024
Global Innovation Fund's impact can be seen in the significant improvements it has brought to the lives and opportunities of millions of people in the developing world. By investing in social innovations that address specific challenges faced by developing countries, GIF has been able to support solutions that benefit poor and vulnerable communities. These innovations, ranging from new products and services to policy practices, have positively impacted the lives of individuals across multiple developing countries.
One key aspect of GIF's impact is its focus on addressing market failures that hinder innovation for the benefit of the poor. By providing publicly funded support, GIF enables innovators to tackle developmental challenges without being discouraged by high costs or lack of returns on their investments. This support not only fosters innovation but also ensures that successful innovations can reach scale and have a lasting impact on those who need them the most.
Overall, Global Innovation Fund's impact can be seen in its ability to catalyze positive change and create sustainable solutions that improve the lives of hundreds of millions of people in developing countries. Through its broad definition of innovation and strategic investments, GIF plays a crucial role in driving social progress and empowering communities that face unique challenges.
This information is meant to be a general summary of Global Innovation Fund. 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.
- Gross Receipts: $1,305,755
Assets and Liabilities:
- Total Assets: $79,675
- Total Liabilities: $79,675
- Net Assets: $0
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Organization Details
Founding Year
2015
Phone
(202) 817-4579Principal Officer
Alix Zwane
Main Address
1201 CONNECTICUT AVE NW 600, WASHINGTON, DC, 20036
Website
www.globalinnovation.fundNTEE Category
Code: P20 - Human services
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