Overview
What is Undersea Technology Innovation Center?
The Undersea Technology Innovation Center (UTIC) is a nonprofit organization situated in Middletown, Rhode Island. Its primary mission is to collaborate with various nontraditional, academic, and business entities, forming a consortium. This alliance enables the government to effortlessly access innovative undersea and maritime technologies, contributing significantly to national security, particularly in support of the Department of Navy. The center's purpose is to foster rapid development, testing, and commercialization of these innovative technologies among commercial, academic, and nonprofit organizations. The UTIC operates with a dedicated workforce of one individual, ensuring the smooth execution of its mission.
Official website here: www.underseatech.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 81% (Three-Star out of Four Star rating)
The Undersea Technology Innovation Center has achieved a Three-Star rating from Charity Navigator, reflecting an overall score of 81%. This score is based solely on its Accountability & Finance metrics, indicating strong performance in governance and financial management. A key strength is its fully independent board, which has received full points for both majority composition and size, showcasing a robust governance structure.
The organization demonstrates effective financial practices, with a low liabilities to assets ratio of 2.70% and a program expense ratio of 79.20%, suggesting that a significant portion of its funding is directed towards its programs. Additionally, the presence of policies such as conflict of interest, whistleblower protections, and document retention further illustrates its commitment to accountability and transparency.
While the overall score is positive, it is important to note that the rating stems from a single beacon score focused on finances, which may not capture the full scope of the organization's impact or effectiveness in its mission. Potential donors and stakeholders are encouraged to consider this alongside additional qualitative assessments of the center's work in the field of undersea technology innovation.
This AI summary has been generated from information found on Charity Navigator.
Is Undersea Technology Innovation Center legitimate?
Undersea Technology Innovation Center is a legitimate nonprofit organization registered as a 501(c)(3) entity. Undersea Technology Innovation Center 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: $192,827
Professional Fundraising Fees: $0
Other Salaries and Wages: $13,556
For more financial information, click here
Official website here: www.underseatech.org
What is the mission statement of Undersea Technology Innovation Center?
The Undersea Technology Innovation Center's mission is to encourage collaborative innovation in the development, testing, and commercialization of advanced undersea and maritime technologies. This mission primarily serves commercial, academic, and nonprofit organizations, with a focus on enhancing national security and defense. By managing a consortium of nontraditional, nonprofit, academic, and business entities, the center provides the government with streamlined access to cutting-edge technologies, supporting initiatives through the Department of Navy's Other Transaction Agreement for undersea technology.
Official website here: www.underseatech.org
What is the revenue of Undersea Technology Innovation Center?
Undersea Technology Innovation Center's revenue in 2023 was $1,010,873.
Official website here: www.underseatech.org
Who are the executives of Undersea Technology Innovation Center and what are their salaries?
The average compensation at Undersea Technology Innovation Center during 2023 was $103,192. There are 2 employees at Undersea Technology Innovation Center.
Here are 10 key members and their salaries:
- Compensation: $184,888
- Related: $0
- Other: $5,547
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.underseatech.org
Where can I find the form 990 for Undersea Technology Innovation Center?
Undersea Technology Innovation Center's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.underseatech.org
Learn more at the official website: www.underseatech.org
Mission Statement of Undersea Technology Innovation Center
The Undersea Technology Innovation Center, abbreviated as UTIC, is a nonprofit organization dedicated to facilitating a collaborative environment for the rapid development, testing, and commercialization of innovative undersea and maritime technologies. Its mission is geared towards supporting various organizations, including commercial, academic, and nonprofit entities, in their contributions to the defense and security of the nation. UTIC serves as a bridge between these organizations and the government, providing streamlined access to innovative technologies through a consortium of nontraditional, nonprofit, academic, and business entities. This mission is crucial in supporting the Department of Navy's Other Transaction Agreement for undersea technology, thereby contributing significantly to national security efforts.
Shop smarter and support your favorite cause with the Give Freely browser extension. Save money with coupons and donate to charity with a single click. Download now!
Impact
July, 2024
The Undersea Technology Innovation Center has had a significant impact on advancing undersea and maritime technology through collaborative efforts with various organizations. By facilitating rapid development, testing, and commercialization of innovative technologies, UTIC has played a crucial role in enhancing defense and security capabilities for the nation. Its work in prototype development for the Department of Defense, particularly through managing a consortium of diverse entities, has provided streamlined access to cutting-edge technologies that support national security objectives. In doing so, UTIC has contributed to strengthening the undersea technology sector and bolstering the defense infrastructure of the country.
This information is meant to be a general summary of Undersea Technology Innovation Center. 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: $49,368
- Program Service Revenue: $961,505
- Gross Receipts: $1,010,873
Assets and Liabilities:
- Total Assets: $2,988,779
- Total Liabilities: $103,353
- Net Assets: $2,885,426
Want to help this charity, for free? You can click here to learn more about Give Freely
Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
OTA Assessment Revenue
Revenue
$737,417
OTA Event Revenue
Revenue
$4,311
OTA Membership
Revenue
$219,777
Organization Details
Founding Year
2016
Principal Officer
Molly Donohue Magee
Website
www.underseatech.orgNTEE Category
Code: U42 - Science research
If you are a representative of Undersea Technology Innovation Center and wish to learn more about how Give Freely can help you raise funds, please click here: https://givefreely.com/nonprofits/. Our services are offered at no cost to your organization.