Patel Institute For Innovation Inc
- Assets
- $13.4m
- Revenue
- $6.9m
- Investments
- $0.0
- Employees
- 58
- Location
- Tampa, FL
- Founding
- 05/2019
- Data as of
- 06/2022
- EIN
- 83-1540460
Organization Overview
Patel Institute For Innovation Inc is located in Tampa, FL. The organization was established in 2019. According to its NTEE Classification (B29) the organization is classified as: Charter Schools, under the broad grouping of Education and related organizations. As of 06/2022, Patel Institute For Innovation Inc employed 58 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Patel Institute For Innovation Inc 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 06/2022, Patel Institute For Innovation Inc generated $6.9m in total revenue. All expenses for the organization totaled $5.3m during the year ending 06/2022. While expenses have increased by 210.0% per year over the past 4 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO OPERATE A PUBLIC CHARTER SCHOOL IN HILLSBOROUGH COUNTY, FLORIDA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO OPERATE A PUBLIC CHARTER SCHOOL IN HILLSBOROUGH COUNTY, FLORIDA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Marlee Strawn Principal | Officer | 40 | $0 |
Ashley Galfond Principal | Officer | 40 | $0 |
Jim Ake Vice President | Trustee | 0.5 | $0 |
Ray Jacobs Chair | Trustee | 0.5 | $0 |
Kavita Jain Member | Trustee | 0.5 | $0 |
Carol Milton Secretary | Trustee | 0.5 | $0 |
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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $6,356,030 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $6,852,880 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $573,983 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $265,705 |
| Insurance | $0 |
| All other expenses | $1,522,523 |
| Total functional expenses | $5,297,107 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,444,270 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $1,227,271 |
| Accounts receivable, net | $31,130 |
| 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 | $134,623 |
| Net Land, buildings, and equipment | $10,548,143 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $13,385,437 |
| Accounts payable and accrued expenses | $386,524 |
| 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 | $10,296,462 |
| Total liabilities | $10,682,986 |
| Net assets without donor restrictions | $0 |
| 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 | $251,681 |
| Retained earnings, endowment, accumulated income, or other funds | $2,450,770 |
| Total liabilities and net assets/fund balances | $13,385,437 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Patel Institute For Innovation Inc has recieved totaling $417.
| Awarding Organization | Amount |
|---|---|
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $417 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
The Foundation For Osceola Education Inc Kissimmee, FL | $17,231,201 | $18,787,939 |
Lake Technical College Inc Eustis, FL | $17,510,446 | $18,253,168 |
Northstar Academies Inc Fort Lauderdale, FL | $8,255,029 | $17,151,740 |
Global Outreach Charter Academys Jacksonville, FL | $28,025,971 | $16,215,591 |
Coastal Plains Education Center Inc Metter, GA | $21,944,449 | $17,839,473 |
National Ben Gamla Charter Schoolfoundation Inc Miami, FL | $11,814,149 | $15,804,589 |
Lincoln Marti Charter Schools Inc Miami, FL | $12,862,040 | $15,316,634 |
Ridgeview Global Studies Academy Inc Davenport, FL | $23,553,699 | $16,444,024 |
Wesley International Academy Inc Atlanta, GA | $9,201,005 | $14,194,787 |
City Of Belle Isle Charter Schools Inc Miami, FL | $12,550,374 | $14,274,361 |
Sarasota Military Academy Inc Sarasota, FL | $22,680,421 | $14,952,313 |
Minneola Charter Schools Inc Minneola, FL | $14,329,481 | $14,463,653 |