Innovate First Inc
Innovate First Inc is a private foundation, based in Boston, MA. IRS filing data is available from 2020 through 2025. As of 2025, the organization holds $267K in total assets. In 2025, it awarded 1 grant totaling $14K. Net investment income was $28.
Innovate First Inc at a glance
In short: Innovate First Inc gave $14K across 1 grant in 2025 (avg $14K), mostly in Massachusetts. Source: 2025 IRS Form 990-PF.
- Annual giving (2025)
- $14,100
- +17.5% vs 2024
- Grants made (2025)
- 1
- +0.0% vs 2024
- Average grant
- $14,100
- +17.5% vs 2024
- Median grant
- $14,100
- Total assets
- $266,539
- -5.1% vs 2024
- Primary geography
- Massachusetts (100% of itemized 2025 grant dollars)
- Latest 990 filing
- Form 990-PF, 2025 View filing
Data from IRS Form 990-PF, 2025; updated September 2026.
Who Innovate First Inc funds
How this funder distributes its grants
Top Recipients
Top recipient in 2025
The largest 2025 recipient was Long Bow Group Inc ($14K).
Grant Size Distribution
5 grants across all recorded years
The most common grant size was under $50K: 5 grants of 5 (100%).
Geographic Focus
Where this funder awards grants
Grant Distribution by State
Share of the 2025 grant dollars on its one itemized grant.
States
Cities
How Innovate First Inc gives
- Giving held roughly steady from 2022 to 2025 (+18%). Method
- In 2025 it paid out 102% of its IRS minimum distribution (the 5% rule). Method
From the foundation's IRS Form 990-PF filings. Methodology.
Giving History
Giving Over Time
Total grant dollars and number of grants per year
From 2021 to 2025, annual grant giving ranged from $10K (2023) to $25K (2021). In 2025 it made 1 grant totaling $14K.
Grants by year
Grant recipients and amounts by year
| Recipient | Purpose | Amount |
|---|---|---|
| Long Bow Group Inc Newton, MA | Provide Support for Production of Educational Media. | $14,100 |
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Financial History
Multi-year comparison from IRS filings
| Filing year | Total Assets | Revenue | Expenses | Grants paid | Grants | Qualifying Distributions | Net Investment Income | Distributable Amount |
|---|---|---|---|---|---|---|---|---|
| 2025 | $266,539 | $28 | $14,286 | $14,100 | 1 | $14,100 | $28 | $13,794 |
| 2024 | $280,797 | $60,029 | $12,035 | $12,000 | 1 | $12,000 | $29 | $14,273 |
| 2023 | $232,803 | $37,024 | $10,065 | $10,000 | 1 | $10,000 | $24 | $11,863 |
| 2022 | $205,844 | $22 | $12,033 | $12,000 | 1 | $12,000 | $22 | $10,704 |
| 2021 | $217,855 | $23 | $30,144 | $25,000 | 1 | — | $23 | $11,502 |
| 2020 | $247,976 | $1,001 | $4,100 | — | — | — | $1,001 | $12,240 |
Under IRS private-foundation payout rules, Innovate First Inc reported a distributable amount of $14K for 2025 — the minimum it must pay out in qualifying distributions.
Leadership & Key People
Officers and directors from IRS filings
Innovate First Inc is led by Wayne D. Bennett, President & Director on every filing since 2020; none of the 2 officers listed in 2025 report compensation.
Officers on the 2025 filing
Wayne D. Bennett
President & Director
On filings since 2020
1 hr/week
No compensation reported
Peter J. Gilman
Treasurer & Director
On filings since 2020
1 hr/week
No compensation reported
Data from IRS Form 990 filings, 2020–2025. "On filings since" is the earliest filing we hold that lists the person; hours are average hours per week as reported.
Frequently asked questions about Innovate First Inc
How much does Innovate First Inc give each year?
Innovate First Inc gave $14K across 1 grant in 2025, according to its 2025 IRS Form 990-PF. In 2024 it gave $12K across 1 grant.
How large is Innovate First Inc?
Innovate First Inc reported $267K in total assets on its 2025 IRS Form 990-PF. It paid out $14K in qualifying distributions that year, against a required minimum of $14K (roughly 5% of its investment assets).
Where does Innovate First Inc operate?
Innovate First Inc has awarded grants in Massachusetts.
What is Innovate First Inc's EIN?
Innovate First Inc's EIN (Employer Identification Number) is 20-3985485. IRS Form 990 filing data is available on this page for 2020–2025.
Data last updated September 2026. Sourced from IRS Form 990-PF filings.
Data update history
(6)
When this profile's IRS filing data changed on Grantable
- Updated Form 990-PF for fiscal year 2020 (received by the IRS May 20, 2021)
- Updated Form 990-PF for fiscal year 2021 (received by the IRS May 12, 2023)
- Updated Form 990-PF for fiscal year 2022 (received by the IRS April 18, 2023)
- Updated Form 990-PF for fiscal year 2023 (received by the IRS December 2, 2024)
- Updated Form 990-PF for fiscal year 2024 (received by the IRS May 14, 2025)
- Added Form 990-PF for fiscal year 2025 (received by the IRS May 15, 2026)
Explore Open Grants
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Figures come from Innovate First Inc's IRS filings (methodology). AI-written summaries, news items and logos are not covered by the open licence. Spot an error? Email hello@grantable.co.
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