Current Innovation NFP

EIN: 812620127 501(c)(3) Environment

Chicago, IL

Total Revenue
$5,868,289
Total Expenses
$4,318,993
Total Assets
$4,443,838
Net Assets
$3,409,609
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
2016
Legal Domicile
IL
Principal Officer
Alaina Harkness
Phone
3126800282
Tax Period
2024-01-01 to 2024-12-31

Current Innovation NFP, founded in 2016, is a community nonprofit in the Environment sector that reported $5.9M in total revenue in fiscal year 2024. Revenue surged 198% from the prior year, signaling strong growth momentum. The organization ran a surplus of $1.5M, a strong 26% operating margin.

Mission

Current's mission is to grow an inclusive blue economy, accelerate innovation, and solve persistent water challenges.

Program Service Accomplishments

Program 1
Expenses: $3,673,397 Revenue: $391,400

Current is a Chicago-based water innovation hub that launched in 2016 to help realize the region's potential as the world's water innovation leader. As a cross-sector convenor of local and global...

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Current is a Chicago-based water innovation hub that launched in 2016 to help realize the region's potential as the world's water innovation leader. As a cross-sector convenor of local and global water sector stakeholders, Current builds networks, organizes events, helps develop pilot projects, and serves as a conduit for both technology and innovation by monitoring and independently evaluating new ideas and technology in water management, and working with utilities, research institutions, businesses, and innovators to test new solutions. Current works to grow the blue economy by generating research and data to inform strategic priorities, driving collaborations among researchers, entrepreneurs, corporations, investors, utilities, and community partners. We work to keep water in focus as an economic development priority and create strategies to support education, workforce development, entrepreneurship, and investment. We host events and convenings to strengthen our networks.Current accelerates innovation by maintaining a sophisticated understanding of the state of the art in water technology, and identifying and supporting the development of promising technologies that solve persistent and emerging water challenges. We convene the capabilities of our Current Research Consortium to bridge advanced fundamental science and practical, outcome-based applied research. We also pursue research funding opportunities and cross-institutional partnerships to strengthen the research ecosystem, driving more financial resources and expertise to priority problems. Current helps solve pressing water challenges by identifying and independently assessing new technologies and building partnerships to help promising innovations go to scale. We do this by testing technologies and recommending the best solutions for others to try, or for us to pilot, to help improve water quality and management. Current maintains a database of promising water technologies that we have sourced and "de-risked" evaluated for their potential to be implemented at-cost and at-scale. We continue to receive and evaluate these new technologies and serve as a neutral recommendation engine for our major water utilities in the region. Across all of our work, Current demonstrates a commitment to addressing water challenges through solutions that advance an equitable water infrastructure: the technologies we identify and pilot help to ensure that all people have access to safe and clean water, and that water resources are resilient. We also foster the growth of a robust blue economy that provides training and career pathways for all. Finally, our outreach and education programs seek to engage youth communities that have long been absent from important water conversations. It is through these efforts hat we maximize the impact of our work in inventing, testing, and adopting promising new solutions that work for everyone.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $5,451,633
Program Service Revenue $391,400
Investment Income $25,256
Other Revenue $0
TOTAL REVENUE $5,868,289

Expense Breakdown

Grants Paid $1,905,628
Salaries & Benefits $1,294,477
Fundraising Expenses $83,334
Program Expenses $3,673,397
Other Expenses $1,118,888
TOTAL EXPENSES $4,318,993

Year-over-Year Comparison

2024 2023 Change
Revenue $5,868,289 $1,971,091 +2.0%
Expenses $4,318,993 $1,596,425 +1.7%
Net Income $1,549,296 $374,666 +3.1%
Key Indicators
Grants to Organizations Grants to Individuals Lobbying Political Activity Foreign Activities Donor Advised Fund Schedule B Required
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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

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Governance

Voting Members
17
Independent Members
17
Employees
N/A
Volunteers
176

Governance Policies

Conflict of Interest Policy
Whistleblower Policy
Document Retention Policy

Special Practices & Reported Activities

Operated a School
Operated a Hospital
Provided First Class Travel
Reported Conflict of Interest
Reported Asset Diversion
Excess Benefit Transaction
Made Political Expenditures
Engaged in Lobbying
Operated Donor Advised Fund
Maintained Art Collections
Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
4
$290,286
Total Directors
17
$0
Key Employees
0
$0
Highest Compensated
2
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
Venkat Atluri Chair 2.00
Officer Director
$0 $0 $0
Thrupti Shivakumar Treasurer 1.00
Officer Director
$0 $0 $0
Richard Assmus Secretary 1.00
Officer Director
$0 $0 $0
Andrew Martin Director 0.50
Director
$0 $0 $0
Andrew Richardson Director 1.00
Director
$0 $0 $0
Brian Perkovich Director 1.00
Director
$0 $0 $0
Eric Perreault Director 0.50
Director
$0 $0 $0
Jay Walsh Director 0.50
Director
$0 $0 $0
Joanna Groden Director 0.50
Director
$0 $0 $0
MarySue Barrett Director 0.50
Director
$0 $0 $0
Matthew Tirrell Director 0.50
Director
$0 $0 $0
Michael Fassnacht Director 1.00
Director
$0 $0 $0
Nadya Mason Director 0.50
Director
$0 $0 $0
Paul K Kearns Director 0.50
Director
$0 $0 $0
Randy Conner Director 0.50
Director
$0 $0 $0
Steven Kloos Director 2.00
Director
$0 $0 $0
Susan Martinis Director 0.50
Director
$0 $0 $0
Alaina Harkness CEO 40.00
Officer
$275,489 $14,797 $290,286
Brian Spangle Operations Director 40.00
Highest
$121,737 $15,917 $137,654
Melissa Pierce Technical Program Director 1.00
Highest
$115,838 $17,066 $132,904
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2024 $5,868,289 $4,318,993 $4,443,838 $1,549,296
2023 $1,971,091 $1,596,425 $2,015,198 $374,666
2022 $1,277,102 $1,367,900 $1,821,284 $-90,798
2021 $1,322,171 $946,884 $1,711,019 $375,287
2020 $812,912 $666,374 $1,320,854 $146,538
2019 $862,688 $801,547 $1,121,279 $61,141
2018 $1,004,378 $626,593 $1,077,255 $377,785
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