Project Innerspace Inc
- Assets
- $4.9m
- Revenue
- $7.6m
- Investments
- $0.0
- Employees
- 1
- Location
- Boston, MA
- Founding
- Data as of
- 12/2023
- EIN
- 87-3285334
Organization Overview
Project Innerspace Inc is located in Boston, MA. According to its NTEE Classification (C01) the organization is classified as: Alliances & Advocacy, under the broad grouping of Environment and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Project Innerspace 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 12/2023, Project Innerspace Inc generated $7.6m in total revenue. All expenses for the organization totaled $3.6m during the year ending 12/2023. While expenses have increased by 124.6% per year over the past 2 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO MAKE THE PRODUCTION OF CLEAN, ALWAYS ON GEOTHERMAL ENERGY POSSIBLE ANYWHERE IN THE WORLD BY 2030.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROJECT INNERSPACE FACILITATES, THROUGH GRANTS TO A GLOBAL TEAM OF EXPERTS, THE RESEARCH AND DEVELOPMENT OF GEOMAP, A GEOTHERMAL AND RESOURCE PROSPECT MAP THAT WILL HELP STAKEHOLDERS WORLDWIDE MINIMIZE THE RISKS ASSOCIATED WITH ACCESSING APPROPRIATE GEOTHERMAL RESOURCES. GEOMAP DEBUTED IN DUBAI IN NOVEMBER 2023 WITH THE RELEASE OF ITS AFRICA DATA MODULE. THE NORTH AMERICA MODULE, RELEASED IN JUNE 2024, INCLUDED MORE THAN 150 LAYERS OF SUBSURFACE AND SURFACE DATA, AND A USER-FRIENDLY TOOL TO ALLOW STAKEHOLDERS TO EXPLORE AND EVALUATE GEOTHERMAL DEVELOPMENT OPPORTUNITIES. MODULES FOR INDIA AND INDONESIA ARE EXPECTED TO LAUNCH IN 2024, FOLLOWED BY BRAZIL IN EARLY 2025.
PIVOT: PROJECT INNERSPACE SEEKS TO EDUCATE THE PUBLIC, STAKEHOLDERS AND POLICY MAKERS ON BOTH THE VIRTUES OF GEOTHERMAL ENERGY AND THE CHALLENGES THAT MUST BE ADDRESSED TO ENABLE ITS WIDESPREAD AND RAPID ADOPTION THROUGH EDUCATIONAL CONFERENCES, SYMPOSIA AND PUBLIC-FACING EVENTS. PIVOT, NOW IN ITS FIFTH YEAR, BRINGS TOGETHER THOUGHT LEADERS, CHANGE MAKERS, TECHNICAL EXPERTS AND INDUSTRY TO SHARE THE LATEST DEVELOPMENTS IN GEOTHERMAL RESEARCH AND DEVELOPMENT AND TO ENCOURAGE COLLABORATION WITH THE GOAL OF ACCELERATING GEOTHERMAL DEVELOPMENT AS AN ENERGY SOURCE. PIVOT2023 ADOPTED A NEW FORMAT FROM PRIOR YEARS, FEATURING HUNDREDS OF SPEAKERS ACROSS BOTH VIRTUAL CONTENT AND IN PERSON CONFERENCES AROUND THE GLOBE INCLUDING GATHERINGS IN THE HAGUE, NETHERLANDS, ABERDEEN, UNITED KINGDOM, LADAKH, INDIA, BOGOTA, COLOMBIA, NAIROBI, KENYA, AND CALGARY, CANADA WITH ADDITIONAL ECOSYSTEM SPOTLIGHTS FOCUSED ON CHINA, ICELAND, THE MIDDLE EAST, AND NIGERIA. LEANING INTO THE YEAR'S THEME, BUILDING BRIDGES, PIVOT2023 WAS HOSTED IN PARTNERSHIP WITH THE WORLD GEOTHERMAL CONGRESS, GEOTHERMAL RISING, AND THE SOCIETY OF PETROLEUM ENGINEERS, ALONG WITH MORE THAN TWENTY LOCAL PARTNERS, INCLUDING PROFESSIONAL AND INDUSTRY ASSOCIATIONS. DURING THE FINAL WEEK OF PIVOT2023, A FULL DAY OF SESSIONS WERE BROADCAST LIVE FROM THE GEOTHERMAL RISING CONFERENCE IN RENO, NEVADA. THE PIVOT2023 FINALE TOOK PLACE IN HOUSTON, TEXAS WITH A MOVING SET OF SESSIONS BROADCAST FROM HALLIBURTON HEADQUARTERS, FEATURING THOUGHT LEADERS WHO ARE BUILDING THE FUTURE OF GEOTHERMAL ENERGY FROM GOVERNMENT, STARTUPS, NONPROFITS, AND THE OIL AND GAS INDUSTRY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jamie Beard President, Secretary, Exec Dir | OfficerTrustee | 50 | $240,000 |
Kumar Garg Director | Trustee | 5 | $0 |
Caroline DE Bossart Lester Treasurer | OfficerTrustee | 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 | $7,571,907 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $7,571,907 |
| Total Program Service Revenue | $0 |
| Investment income | $14,469 |
| 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 | -$162 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $7,587,403 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $95,579 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $959,758 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $240,000 |
| Compensation of current officers, directors, key employees. | $24,000 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $413,782 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $24,169 |
| Payroll taxes | $53,729 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $32,337 |
| Fees for services: Accounting | $97,995 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $933,828 |
| Advertising and promotion | $86,354 |
| Office expenses | $28,482 |
| Information technology | $143,556 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $89,212 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $386,370 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $4,401 |
| All other expenses | $0 |
| Total functional expenses | $3,589,552 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $70,239 |
| Savings and temporary cash investments | $3,289,818 |
| Pledges and grants receivable | $1,504,801 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $4,864,858 |
| Accounts payable and accrued expenses | $166,563 |
| 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 | $0 |
| Total liabilities | $166,563 |
| Net assets without donor restrictions | $3,198,295 |
| Net assets with donor restrictions | $1,500,000 |
| 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 | $4,864,858 |
Grants Awarded
Over the last fiscal year, Project Innerspace Inc has awarded $91,948 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
INNSURE CORPORATION PURPOSE: GEOFUND PROJECT RESEARCH | $50,000 |
UNIVERSITY OF TEXAS AT AUSTIN PURPOSE: GEOMAPPING: PROJECT RESEARCH-ALIGNING THE U.S. HEAT FLOW DATABASE WITH THE IHFC STANDARDS. | $41,948 |