Civic Intelligence

Current Innovation Nfp

EIN 81-2620127 • 501(c)3 • Chicago, IL

Profile

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

200 W Madison St Third FloorChicago, IL 60606

currentwater.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

62nd percentile

0.23x

Higher debt load relative to assets than 62% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Source year 2024

Liabilities / Revenue

53rd percentile

0.18x

Higher debt load relative to revenue than 53% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Source year 2024

Net Margin

78th percentile

26%

Higher net margin than 78% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Source year 2024

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

97th percentile

121%

Faster asset growth than 97% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Annualized from 2023 to 2024

Revenue Growth

96th percentile

198%

Faster revenue growth than 96% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Annualized from 2023 to 2024

Assets

Up

$4,443,838

Up $2,428,640 (+121%) from 2023

Liabilities

Up

$1,034,229

Up $879,344 (+568%) from 2023

Net Assets

Up

$3,409,609

Up $1,549,296 (+83%) from 2023

Revenue

Up

$5,868,289

Up $3,897,198 (+198%) from 2023

Expenses

Up

$4,318,993

Up $2,722,568 (+171%) from 2023

Net Income

Up

$1,549,296

Up $1,174,630 (+314%) from 2023

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$6.0M$4.0M$2.0M$0Assets 2016: $757,634Liabilities 2016: $10,520Net Assets 2016: $747,1142016Assets 2017: $715,822Liabilities 2017: $100,128Net Assets 2017: $615,6942017Assets 2018: $1,077,255Liabilities 2018: $83,776Net Assets 2018: $993,4792018Assets 2019: $1,121,279Liabilities 2019: $66,659Net Assets 2019: $1,054,6202019Assets 2020: $1,320,854Liabilities 2020: $119,696Net Assets 2020: $1,201,1582020Assets 2021: $1,711,019Liabilities 2021: $134,574Net Assets 2021: $1,576,4452021Assets 2022: $1,821,284Liabilities 2022: $335,637Net Assets 2022: $1,485,6472022Assets 2023: $2,015,198Liabilities 2023: $154,885Net Assets 2023: $1,860,3132023Assets 2024: $4,443,838Liabilities 2024: $1,034,229Net Assets 2024: $3,409,6092024

Highlighted filing

2024

Assets$4,443,838
Liabilities$1,034,229
Net Assets$3,409,609

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$6.0M$4.0M$2.0M$0-$2.0MRevenue 2016: $825,000Expenses 2016: $77,886Net Income 2016: $747,1142016Revenue 2017: $461,200Expenses 2017: $592,620Net Income 2017: -$131,4202017Revenue 2018: $1,004,378Expenses 2018: $626,593Net Income 2018: $377,7852018Revenue 2019: $862,688Expenses 2019: $801,547Net Income 2019: $61,1412019Revenue 2020: $812,912Expenses 2020: $666,374Net Income 2020: $146,5382020Revenue 2021: $1,322,171Expenses 2021: $946,884Net Income 2021: $375,2872021Revenue 2022: $1,277,102Expenses 2022: $1,367,900Net Income 2022: -$90,7982022Revenue 2023: $1,971,091Expenses 2023: $1,596,425Net Income 2023: $374,6662023Revenue 2024: $5,868,289Expenses 2024: $4,318,993Net Income 2024: $1,549,2962024

Highlighted filing

2024

Revenue$5,868,289
Expenses$4,318,993
Net Income$1,549,296

Filings

Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Oct 1, 2025
Return Version
2024v5.2
Gross Receipts
$5,868,289
Mission and Program Overview

Mission

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

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

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$776,081$2,982,132▲ $2,206,051
Pledges and Grants Receivable$606,903$1,222,604▲ $615,701
Savings and Temporary Cash Investments$482,496--
Land, Buildings, and Equipment, Net$111,493$60,540▼ $50,953
Prepaid Expenses and Deferred Charges$15,816$16,679▲ $863
Total Assets$2,015,198$4,443,838▲ $2,428,640
Other Assets Total$22,409$161,883▲ $139,474
Liabilities
Accounts Payable and Accrued Expenses$134,080$721,347▲ $587,267
Other Liabilities$20,805$312,882▲ $292,077
Total Liabilities$154,885$1,034,229▲ $879,344
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$1,381,846$2,535,307▲ $1,153,461
Net Assets With Donor Restrictions$478,467$874,302▲ $395,835
Total Net Assets Fund Balance$1,860,313$3,409,609▲ $1,549,296
Total Liabilities and Net Assets / Fund Balance$2,015,198$4,443,838▲ $2,428,640

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$60,540$119,077$179,617
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Alaina HarknessCEOFT$275,489$14,797$290,286
Brian SpangleOperations DirectorFT$121,737$15,917$137,654
Melissa PierceTechnical Program Director-$115,838$17,066$132,904

Board Members and Trustees

Highest Paid Contractors

ContractorServicesLocationCompensation
M Harris & CoCommunications, marketing, web developme2109 Grace St Ste 200, Chicago, IL 60618$166,240
Mayer Brown LLPLegal Services71 S Wacker Dr, Chicago, IL 60606$101,668
Revenue and Support

Revenue Composition

Contributions and Grants
$5,451,633
Program Service Revenue
$391,400
Investment Income
$25,256
Other Revenue
$0
All Other Contributions
$1,548,636
Change in Net Assets
$1,549,296

Audited Revenue Reconciliation

Revenue per Audited Statements
$5,868,289
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$138,075
Total Revenue per Audited Statements
$6,006,364
Total Revenue per Form 990
$5,868,289
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$1,905,628
Salaries, Compensation, and Employee Benefits$1,294,477
Other Expenses$1,118,888
Total Fundraising Expense$83,334
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$1,905,628--$1,905,628
Other Salaries and Wages$675,907$127,701$39,174$842,782
Fees for Services Other$450,494$147,852$20,281$618,627
Current Officers, Directors, Trustees, and Key Employees$232,321$44,204$13,761$290,286
Occupancy$30,000$70,325-$100,325
Conferences and Meetings$91,366$3,649-$95,015
Payroll Taxes$66,121$13,010$4,324$83,455
Travel$62,171$5,795-$67,966
Fees for Services Accounting$43,208$15,776$1,690$60,674
Other Employee Benefits$37,710$7,427$2,473$47,610
Advertising-$33,619-$33,619
Pension Plan Contributions$23,934$4,779$1,631$30,344
Depreciation Depletion$19,440$9,139-$28,579
Office Expenses$17,795$10,783-$28,578
Insurance$1,113$18,735-$19,848
Information Technology$12,409$3,687-$16,096
Other Expenses$3,780$4,065-$4,065
Total Functional Expenses$3,673,397$562,262$83,334$4,318,993

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$4,457,068
Expenses per Audited Statements$4,318,993
Total Expenses per Form 990$4,318,993
Expenses Not Reported on Form 990$138,075
Expenses Not Reported on Financial Statements$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Marquette UniversityMilwaukee, WI-Research & Development Project Activities$377,538
University of MinnesotaMinneapolis, MN-Research & Development Project Activities$317,540
Northwestern UniversityEvanston, IL-Research & Development Project Activities$250,365
Hire 360Chicago, IL-Workforce Development Project Activities$187,025
National Fund for Workforce SolutionsWashington, DC-Workforce Development Project Activities$159,011
Cleveland Water AllianceCleveland, OH-Commercialization and Translation-to-Practice Project Activities$150,000
University of CincinnatiCincinnati, OH-Research & Development Project Activities$136,141
Ohio State UniversityColumbus, OH-Research & Development Project Activities$119,338
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
-CEO of Organizationreceived a $1,000 honorarium from Case Western Reserve University for serving as a reviewer for a Type II NSF Regional Innovation Engine proposal. The project Ms. Harkness reviewed was independent and not in conflict with Current's operation, programs, and activities.No$1,000
-Director of OrganizationIs the top employee (Laboratory Director) at Argonne National Laboratory. His continued employment at Argonne may be directly impacted by overall funding secured by third party sources, including Current and the success/failure of Argonne. However, Argonne is under a Prime Contract with the U.S. Department of Energy, and the federal government uses pay bands to determine compensation for employees.No$1
-Director of OrganizationServes on the Board of Directors at Argonne National LaboratoryNo$1
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Refundable Advances$271,139
Operating lease liability$41,743
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
Yes
Material changes to governing documents
Yes
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, line 4

In March 2024, Current's Board of Directors approved the creation of a Compensation Committee. The Compensation Committee's charter is to advise on the organization's strategic compensation plan and participate in the annual salary review process. In June, 2024, Current's Board of Directors approved a change to the organization's bylaws to establish and assign an ex officio seat on the Board of Directors to the organization's CEO. In 2024, Current continually enhanced its Organizational Fiscal Policies & Procedures to incorporate additional controls with regard to the management of funding awards.

Form 990, Part VI, Section B, line 11B

The Form 990 was reviewed and approved by the Board Treasurer, Executive Director/CEO, and Finance Committee prior to filing.

Form 990, Part VI, Section B, line 12C

Current Innovation NFP regularly and consistently monitors and enforces compliance with its written conflict of interest policy. Each year, all board members are required to complete and sign a conflict of interest disclosure form. The completed forms are reviewed by the CEO and Operations Director to identify any potential conflicts. When a potential conflict is identified, the affected individual is recused from deliberations and decision-making in accordance with the policy. As the organization evaluates new engagements, the Operations Director reviews all engagements against the current disclosure forms on file.

Form 990, Part VI, Section B, line 15

A compensation study was performed during the hiring of the CEO. The Board and Compensation Committee reviews the CEO's salary annually. The CEO and leadership team (Directors) salaries and bonus pool recommendations for the full team are reviewed by the Compensation Committee of the Board of Directors.

Form 990, Part VI, Section C, line 19

The Organizing documents and financial statements are available upon request.

Filing and Contact Details

Filer

Filer Name
Current Innovation NFP
EIN
81-2620127
Phone
3126800282
Address
200 W Madison St Third Floor, Chicago, IL 60606

Signing Officer

Name
Alaina Harkness
Title
CEO
Phone
3126800282
Signed
2025-10-01
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Alaina Harkness
Formed
2016
Legal Domicile
Il
Voting Board Members
17
Independent Board Members
17
Employees
0
Volunteers
176

Preparer

Firm
Desmond & Ahern Ltd
Address
10827 S Western Avenue, Chicago, IL 60643
Preparer
Mel Padillo
Phone
7737794720
Supplemental Narrative

Additional Explanations

Form 990, Part IX, line 11G

Other professional and consulting: Program service expenses 424,226. Management and general expenses 83,563. Fundraising expenses 20,281. Total expenses 528,070. Payroll service: Program service expenses 0. Management and general expenses 35,669. Fundraising expenses 0. Total expenses 35,669. Internships: Program service expenses 26,268. Management and general expenses 0. Fundraising expenses 0. Total expenses 26,268. Professional Development: Program service expenses 0. Management and general expenses 28,620. Fundraising expenses 0. Total expenses 28,620.

Form 990, Part XII, line 2C:

The process has not changed from the prior year.

Financial Statement Notes

Part X, Line 2:

FIN 48 Note from Audited Financial Statements The Organization was granted an exemption from federal income taxes by the Internal Revenue Service pursuant to the provisions of Internal Revenue Code (IRC) Section 501(c)(3). Contributions to the Organization qualify for the charitable contribution deduction pursuant to IRS Section 170(b)(1)(A)(vi) and has been classified as an organization that is not a private Foundation under Section 509(a)(1). The tax-exempt purpose of the Organization and the nature in which it operates is described above. Management believes the Organization operates in compliance with its tax-exempt purpose. Thus, no provision for income tax has been provided for in the financial statements. The Organization has adopted the requirements for accounting for uncertain tax positions and management has determined that the Organization was not required to record a liability related to uncertain tax positions as of December 31, 2024. The Organization's annual information and income tax returns filed with the federal and state governments are subject to examination generally for three years after they are filed. All filings are current.

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IRS990/Desc0Current 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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