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Passes our checks

Current Innovation NFP

EIN 81-2620127 · Chicago, IL

Public records show a registered, tax-exempt organization in good standing.

LegitimacyPassesRegistration and standingFinancial healthGood89 out of 100GovernanceGood83 out of 100Impact evidenceDescribes programsHow well its results are evidenced

What it says it does

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

Income
$5.9 million
Spending
$4.3 million
Spent on programs
85%
Reserves
6.9 months of spending
Largest source of income
government grants, 67%
Employees
0
Volunteers
176
Highest pay
$290,286, ceo

Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate

Financial health

Good: 89 out of 100. Higher than 69% of charities in its peer group (environment, $1m to $10m).

  • Reserves

    28 of 35

    Spendable reserves would cover 6.9 months of spending.

  • Debt

    16 of 20

    It owes 23% of what it owns.

  • Living within its means

    15 of 15

    Income exceeded spending by 26% of income.

  • Income trend

    15 of 15

    Income rose 198% on the year before.

  • Spending floor

    15 of 15

    85% of spending went to programs and raising each dollar of donations cost 2 cents.

Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate

Governance

Good: 83 out of 100. Higher than 29% of charities in its peer group (environment, $1m to $10m).

  • Independent board

    25 of 25

    17 of 17 voting board members are independent.

  • Conflict of interest policy

    15 of 15

    Has a written conflict of interest policy.

  • Whistleblower policy

    8 of 8

    Has a written whistleblower policy.

  • Record keeping policy

    0 of 7

    Reports no written policy on keeping and destroying records.

  • Board minutes

    5 of 5

    Keeps minutes of board meetings.

  • Board sees the tax return

    0 of 10

    Did not give the board a copy of this return before filing it.

  • Pay set independently

    5 of 5

    Sets its chief executive's pay through independent review and comparison.

  • Independent check of accounts

    15 of 15

    Its accounts were audited by an independent accountant.

  • No reported misuse

    10 of 10

    Reports no diversion of assets, excess benefits or loans to insiders.

Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate

Impact evidence

Describes programs. Its tax return describes what it does but we have found no measurable results in it.

Programs described in its return (1)
  1. $3.7 million spent. 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.

Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate

Legitimacy checks

  1. Is it registered with the IRS? Passed.

    Listed in the IRS master file of tax-exempt organizations as a 501(c)(3) charitable organization.

    Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.

  2. Has the IRS revoked its tax-exempt status? Passed.

    Not on the IRS automatic revocation list.

    Source: Automatic revocation of exemption list, Internal Revenue Service, file dated October 13, 2026.

  3. Are donations tax-deductible? Passed.

    On the IRS list of organizations eligible to receive tax-deductible contributions.

    Source: Publication 78 data: organizations eligible for tax-deductible contributions, Internal Revenue Service, file dated October 13, 2026.

  4. Is it keeping up with its IRS filings? Passed.

    Most recent return on file covers the year ending December 2024.

    Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.

  5. How long has it been tax-exempt? Passed.

    Recognized by the IRS since December 2016.

    Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.

  6. Is it in good standing with state regulators? Passed.

    Not on California's list of charities barred from soliciting. Other states are not yet checked.

    Source: May Not Operate or Solicit for Charitable Purposes list, California Attorney General, Registry of Charities and Fundraisers, file dated October 21, 2026.

Ratings and checks are our reading of public records, using the published method. They are not a statement about anyone's honesty. If you work for this organization, you can send corrections or results, confirm you want gifts through Veridonate, or ask to be removed from giving.