Climatehaven Inc
Nonprofit profile at a glance
- EIN
- 920306841
- IRS 990 coverage
- 2023–2024
- Forms available
- Form 990 2024, Form 990-N 2022
- Location
- New Haven, CT, USA
- Phone
- 2038507025
- Rating
- 81
- Verdict
- STRONG
- Rating confidence
- Moderate
- Sector
- Alliance/Advocacy
Reported finances
- Revenue
- $1,191,446
- Expenses
- $1,400,348
- Assets
- $2,126,965
- Liabilities
- $344,088
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
13 people listed
Executive titles in this filing
- JUSTINE LEE (CEO)
- RYAN DINGS (CEO)
Highest reported compensation
- JUSTINE LEE (CEO): $72,917 total reported compensation
- RYAN DINGS (CEO): $36,364 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
Climatehaven is a climate tech incubator for world-class innovators and entrepreneurs working to develop, commercialize and scale breakthrough climate solutions. Our dynamic ecosystem offers access to workspace, prototyping and lab space, a network of expert advisors, mentors and investors, and a full range of company-building support to accelerate their journeys from lab to market.
What it reported doing in 2024
Climatehaven's incubator program involves recruiting climate technology startup companies, providing them with strategic guidance, a community of peers from whom to learn, workspace, and prototyping space. In 2024, our second year of operations, we built our first iteration of incubator support programming: 1. Startup check-ins and supportive boosts (introductions to industry leaders, potential investors, potential customers, mentors, etc.). We recruited 13 additional companies to our incubator as well as six coworkers. In 2024 we also built: climb (entrepreneurship classes); the climatehaven newsletter & blog; founder fuel (lunches for relationship building and network sharing). And we developed our first industry partnership, with the regional water authority, to develop an innovation hub for water technology.
Operating model
- Revenue model
- Donor-supported. 99% of the money available for current operations came from contributions and gifts.
- Distribution model
- Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.
The verdict
STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Fundraising costs are high for each dollar raised and expenses are high relative to revenue.
Rating breakdown
- Financial Efficiency: 82
- Transparency & Controls: 92
- Accountability: 81
- Sustainability: 31
- Growth: 60
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 91%; rating input score 91
- Program expense ratio: 77.4%; rating input score 77
- Fundraising efficiency: $14.35 raised per $1 spent on fundraising; rating input score 49; 49th percentile among comparable filings
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
- Pay-setting controls: Limited
- Foreign activity oversight: Limited
- Grant itemization coverage: Limited
- Major donor itemization: Yes; rating input score 100
- Related-party transparency: Limited
Accountability
- Independent voting board: 84.6%; rating input score 85; 20th percentile among comparable filings
- Governance controls: 6 of 8 controls in place; rating input score 75
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- Document-retention policy: Pass
- CEO compensation review process: Pass
- Other executive compensation review process: NotApplicable
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Missing
- Independent financial-statement audit: Fail
Sustainability
- Operating margin: -17.5%; rating input score 11; 11th percentile among comparable filings
- Total-asset coverage ratio: 1.52; rating input score 56; 56th percentile among comparable filings
- Liabilities to assets ratio: 0.16; rating input score 35; 35th percentile among comparable filings
- Officer compensation ratio: 7.8%; rating input score 44; 44th percentile among comparable filings
Growth
- Program expense growth: 68.3% per year; rating input score 100; 97th percentile among comparable filings
- Revenue growth: -16.3% per year; rating input score 0; 2nd percentile among comparable filings
- Asset growth: 87.4% per year; rating input score 100; 99th percentile among comparable filings
Details
- Where the money goes: 91% of revenue deployed · 77.4% of spending went to programs
- Governance: 11 of 13 board members independent · 6 of 8 filing controls reported
- Programs: 1 filed program accomplishment · $1.1M in reported program spending
- Leadership: top reported pay $73K · 13 people listed
- Consistency: 28 of 28 current checks pass
- Schedules: 5 filed schedules · includes major donors
- Filing history: 2 filing years from 2023 to 2024
- Contacts: How to reach this organization
- Money network: 2 filed money-flow records
- Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
- People: Everyone the filings name, and which of them the filings identify by more than a name.
- Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
- Moderate — Financial Efficiency: Fundraising efficiency scored 49/100.
- High — Sustainability: Operating margin scored 11/100.
- High — Growth: Revenue growth scored 0/100.
- Review — Accountability: Governance controls: Independent financial-statement audit not reported.
- Review — Sustainability: Total-asset coverage ratio scored 56/100.
- Moderate — Sustainability: Liabilities to assets ratio scored 35/100.
- Moderate — Sustainability: Officer compensation ratio scored 44/100.