Insitech Inc
- Assets
- $450.3k
- Revenue
- $14.5m
- Investments
- $0.0
- Employees
- 0
- Location
- Warren, NJ
- Founding
- 09/2004
- Data as of
- 12/2021
- EIN
- 32-0098519
Organization Overview
Insitech Inc is located in Warren, NJ. The organization was established in 2004. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Insitech 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 12/2021, Insitech Inc generated $14.5m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 56.3% each year . All expenses for the organization totaled $15.2m during the year ending 12/2021. While expenses have increased by 55.9% per year over the past 7 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
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2021
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO LEVERAGING PRIVATE SECTOR RESOURCES TO SOURCE, EVALUATE AND COMMERCIALIZE DUAL USE TECHNOLOGY, BENEFITING THE WAR FIGHTER AND TAXPAYER BY REDUCING THE BURDEN OF GOVERNMENT. INSITECH IS CONTRACTED BY THE MILITARY TO USE INNOVATIVE BUSINESS PRACTICES TO ADDRESS KEY MILITARY STRATEGIC INITIATIVES/CHALLENGES BUSINESS PRACTICES TO ADDRESS KEY MILITARY STRATEGIC INITIATIVES/CHALLENGES SINCE 2004, INSITECH HAS WORKED WITH THE DOD TO INCREASE THE LIKLIHOOD OF SUCCESS WITH COOPERATIVE TECHNOLOGY ACTIVITIES, CONCENTRATING ON SMALL BUSINESS. CHIEF AMONG INSITECH'S ACCOMPLISHMENTS IS THE ENHANCED USE LEASE INITIATIVE THAT ALLOWS FOR INDEPENDENT DEVELOPMENT OF NON-EXCESS PROPERTY OWNED BY THE MILITARY TO HOUSE MISSION RELATED CORPORATE ENTITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joseph N Moran President/cfo | 40 | $240,000 | |
Timothy Teen CEO | 40 | $240,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $99 |
| Dividends & Interest | $0 |
| Net Rental Income | $15,285 |
| Net Gain on Sale of Assets | $0 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $14,451,565 |
| Total Revenue | $14,466,949 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $480,000 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $89,000 |
| Interest | $0 |
| Taxes | $0 |
| Depreciation | $0 |
| Occupancy | $13,642 |
| Travel, conferences, and meetings | $9,854 |
| Printing and publications | $0 |
| Other expenses | $14,632,663 |
| Total operating and administrative expenses | $15,226,084 |
| Contributions, gifts, grants paid | $0 |
| Total expenses and disbursements | $15,226,084 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $300,963 |
| Savings and temporary cash investments | $149,307 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $450,270 |
| Accounts payable and accrued expenses | $318,855 |
| Grants payable | $0 |
| Deferred revenue | $1,843,430 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $2,162,285 |