Overview
What is Sova Innovation Hub Corporation?
Sova Innovation Hub Corporation is a nonprofit organization situated in South Boston, Virginia, with a focus on promoting economic development and fostering innovation within the local community. They achieve this goal by offering impactful programming, particularly in the realm of digital skills education and workforce training. Their mission is to benefit the citizens of Southern Virginia, encouraging innovation and growth through these educational initiatives.
Official website here: www.sovainnovationhub.com/
What are the reviews and ratings of this charity?
Charity Navigator Rating: 48% (Zero-Star out of Four Star rating)
Sova Innovation Hub Corporation has received a score of 48%, resulting in a Zero-Star rating. This rating reflects serious concerns regarding the organization's financial accountability and transparency, which are critical for donor trust and operational integrity. While the organization excels in certain areas such as having a majority independent board and maintaining an audit and oversight committee, it has significant deficiencies in areas like whistleblower and document retention policies, which are essential for effective governance.
The nonprofit's financial structure shows that its liabilities to assets ratio is at 32.49%, indicating potential financial risk. Furthermore, the program expense ratio is recorded at 49.78%, suggesting that a substantial portion of its resources may not be directed towards program services. These financial metrics contribute to a concerning assessment of the organization's overall fiscal health and operational effectiveness.
While Sova Innovation Hub Corporation has established some strong governance practices, the lack of essential policies and the low financial ratios raise flags about its overall management and sustainability. Potential donors and stakeholders should exercise caution and consider these factors when evaluating their support for the organization.
This AI summary has been generated from information found on Charity Navigator.
Is Sova Innovation Hub Corporation legitimate?
Sova Innovation Hub Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Sova Innovation Hub Corporation 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:
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For more financial information, click here
Official website here: www.sovainnovationhub.com/
What is the mission statement of Sova Innovation Hub Corporation?
The Sova Innovation Hub Corporation's mission is centered around promoting economic development and fostering innovation. They achieve this by offering impactful programming focused on digital skills education and workforce training. This initiative is designed to benefit the communities and citizens in Southern Virginia, aiming to enhance their opportunities and contribute to their overall progress. The organization's purpose is to create an environment that encourages innovation and equips individuals with the digital skills necessary for the contemporary workforce.
Official website here: www.sovainnovationhub.com/
Who is the CEO of Sova Innovation Hub Corporation?
Thomas Deriso is the Chairman of Sova Innovation Hub Corporation.
Official website here: www.sovainnovationhub.com/
What is the revenue of Sova Innovation Hub Corporation?
Sova Innovation Hub Corporation's revenue in 2022 was $890,987.
Official website here: www.sovainnovationhub.com/
Who are the executives of Sova Innovation Hub Corporation and what are their salaries?
Here are 4 key members and their salaries:
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Official website here: www.sovainnovationhub.com/
Where can I find the form 990 for Sova Innovation Hub Corporation?
Sova Innovation Hub Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.sovainnovationhub.com/
Learn more at the official website: www.sovainnovationhub.com/
Mission Statement of Sova Innovation Hub Corporation
Sova Innovation Hub Corporation is dedicated to fostering economic development and encouraging innovation within their community. They achieve this goal by providing impactful programming for digital skills education and workforce training. This nonprofit organization aims to benefit the communities and citizens of Southern Virginia by equipping individuals with the necessary digital skills and workforce training to drive innovation and economic growth. By offering these programs, Sova Innovation Hub Corporation plays a crucial role in empowering its community members to contribute to a thriving and innovative society.
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Impact
July, 2024
Sova Innovation Hub Corporation's impact is significant in promoting economic development and encouraging innovation for the benefit of the communities and citizens of Southern Virginia. Through its impactful programming for digital skills education and workforce training, the organization plays a crucial role in equipping individuals with the necessary tools and knowledge to thrive in the evolving digital economy. By focusing on cultivating digital skills and providing workforce training opportunities, Sova Innovation Hub Corporation empowers individuals to enhance their career prospects and contribute to the overall economic growth and prosperity of Southern Virginia.
This information is meant to be a general summary of Sova Innovation Hub Corporation. 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: $890,987
Assets and Liabilities:
- Total Assets: $1,222,252
- Total Liabilities: $97,570
- Net Assets: $1,124,682
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Organization Details
Founding Year
2019
Phone
(434) 570-1301Principal Officer
Thomas Deriso
Main Address
715 WILBORN AVE, SOUTH BOSTON, VA, 24592
Website
www.sovainnovationhub.com/NTEE Category
Code: S30 - Community improvement
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