Edison Innovation Foundation
- Assets
- $2.1m
- Revenue
- $755.1k
- Investments
- $0.0
- Employees
- 3
- Location
- Newark, NJ
- Founding
- 07/1996
- Data as of
- 12/2022
- EIN
- 22-3442892
Organization Overview
Edison Innovation Foundation is located in Newark, NJ. The organization was established in 1996. According to its NTEE Classification (A80) the organization is classified as: Historical Organizations, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 12/2022, Edison Innovation Foundation employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Edison Innovation Foundation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2022, Edison Innovation Foundation generated $755.1k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 4.9% each year. All expenses for the organization totaled $679.4k during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Edison Innovation Foundation has awarded 12 individual grants totaling $868,333. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PRESERVE AND PROMOTE THE HISTORICAL FACILITIES AND PAPERS OF THOMAS EDISON WHERE AND IN WHICH HE INVENTED THE PRODUCTS THAT SHAPED THE MODERN WORLD;TO BENEFIT MINORITIES AND CHILDREN PROVIDING THE NECESSARY SKILLS TO PURSUE CAREERS IN SCIENCE AND TECHNOLOGY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROGRAM SERVICE ACCOMPLISHMENTSPLEASE SEE ATTACHMENT
EIF'S PRIMARY GOAL IS TO RAISE $90 MILLION FOR THE RESTORATION AND UPKEEP OF EDISON'S LEGACY THROUGHOUT AMERICA. ON OCTOBER 9TH, 2009, THE LEGENDARY EDISON LABS IN WEST ORANGE, NJ OPENED AFTER MORE THAN FIVE YEARS OF MAJOR RENOVATIONS. THESE BUILDINGS WERE IN CRITICAL NEED OF REPAIR, AND THE COLLECTIONS INCLUDING, NOTEBOOKS, EARLY PROTOTYPES, AND THOUSANDS OF EARLY RECORDINGS WERE IN DANGER OR BEING LOST DUE TO DETERIORATION. THE INITIAL FOCUS OF THIS CAMPAIGN WAS TO SUPPORT THE NEWLY RENAMED THOMAS EDISON NATIONAL HISTORICAL PARK("TENHP') AND ASSOCIATED EDUCATIONAL AND RESEARCH EFFORTS IN GENERAL. HOWEVER, DURING THIS INITIAL PHASE, EIF IS ALSO WORKING ON INDIVIDUAL PUBLIC SECTOR PROJECTS AS WELL AS FORMING ALLIANCES WITH OTHER ORGANIZATIONS AND FOUNDATIONS IN ORDER TO ACHIEVE EDUCATIONAL INITIATIVES. SOME RECENT PUBLIC SECTOR WORK IS DESCRIBED IN SECTION BELOW. (CONTINUED ON SCH O)
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John P Keegan Chairman,pres | OfficerTrustee | 30 | $203,500 |
Thomas Ungerland Exec Vice Pres | OfficerTrustee | 20 | $82,500 |
George Q Keegan Treasurer/secr | OfficerTrustee | 2 | $24,860 |
Wade Knowles Vice President | OfficerTrustee | 1 | $11,660 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $630,500 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $630,500 |
| Total Program Service Revenue | $0 |
| Investment income | $44,670 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $79,910 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $755,080 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $500 |
| Grants and other assistance to domestic individuals. | $51,408 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $322,520 |
| Compensation of current officers, directors, key employees. | $203,500 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $136,141 |
| Pension plan accruals and contributions | $1,200 |
| Other employee benefits | $5,534 |
| Payroll taxes | $23,376 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $29,909 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $3,565 |
| Office expenses | $6,436 |
| Information technology | $2,750 |
| Royalties | $0 |
| Occupancy | $72,645 |
| Travel | $915 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $5,070 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $4,864 |
| All other expenses | $507 |
| Total functional expenses | $679,442 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $254,581 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,177 |
| Net Land, buildings, and equipment | $27,728 |
| Investments—publicly traded securities | $1,784,201 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $81,039 |
| Total assets | $2,149,726 |
| Accounts payable and accrued expenses | $28,135 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $3,304 |
| Total liabilities | $31,439 |
| Net assets without donor restrictions | $2,118,287 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $2,149,726 |
Grants Awarded
Over the last fiscal year, Edison Innovation Foundation has awarded $25,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
LLEWELLYN PARK PRES FOUNDTN PURPOSE: TO SUPPORT PRESERVATION OF THE PARK | $12,500 |
NEW JERSEY HALL OF FAME PURPOSE: TO SUPPORT MOBILE MUSEUM | $12,500 |