Fogarty Institute For Innovation is located in Mountain View, CA. The organization was established in 2007. According to its NTEE Classification (H92) the organization is classified as: Biomedicine & Bioengineering Research, under the broad grouping of Medical Research and related organizations. As of 12/2021, Fogarty Institute For Innovation employed 33 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Fogarty Institute For Innovation 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 12/2021, Fogarty Institute For Innovation generated $3.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.3% each year. All expenses for the organization totaled $6.0m during the year ending 12/2021. While expenses have increased by 8.6% per year over the past 7 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.
Since 2014, Fogarty Institute For Innovation has awarded 34 individual grants totaling $1,286,371. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE FOGARTY INSTITUTE FOR INNOVATION IS DEDICATED TO FINDING NEW WAYS TO TREAT ILLNESSES AND IMPROVE THE WELL-BEING OF PATIENTS THROUGH THE PRACTICAL APPLICATION OF INNOVATIVE IDEAS AND THE EDUCATION AND MENTORING OF MEDICAL INNOVATORS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
INNOVATION PROGRAM - FOR DECADES, THE UNITED STATES HAS BENEFITED FROM BEING HOME TO THE PRE-EMINENT MEDICAL INNOVATION ECOSYSTEM IN THE WORLD. THIS HAS ENSURED SUCCESS TO CUTTING-EDGE TREATMENT OPTIONS FOR THE NATION'S CITIZENS, HAS FUELED THE ECONOMY BY BEING A MAJOR DRIVER OF SMALL BUSINESS AND JOB CREATION, AND HAS REPRESENTED A SIGNIFICANT AND CRITICAL COMPONENT OF THE NATION'S OVERALL GLOBAL TECHNOLOGICAL LEADERSHIP. THE ULTIMATE GOAL OF THE 501(C)(3) NON-PROFIT FOGARTY INSTITUTE FOR INNOVATION IS TO SUPPORT MEDICAL INNOVATION TO BENEFIT PATIENTS. AS A NECESSARY CONSEQUENCE OF THIS EFFORT, THE INSTITUTE ADDRESSES THE FACTORS THREATENING THE NATION'S MEDICAL INNOVATION ECOSYSTEM HEAD-ON.THE UNIQUE APPROACH OF THE INSTITUTE IS TO IDENTIFY INNOVATIONS THAT HAVE ESPECIALLY HIGH POTENTIAL FOR PATIENT BENEFIT. THROUGH ITS FLAGSHIP INNOVATION SUPPORT PROGRAM, THE FOGARTY INSTITUTE RECEIVES APPLICATIONS FOR SUPPORT FROM A BROAD CANDIDATE POOL THAT INCLUDES PHYSICIANS, STUDENTS, ENGINEERS, AND ENTREPRENEURS. INNOVATIONS HAVING THE GREATEST POTENTIAL FOR PATIENT BENEFIT ARE SELECTED, AND THE INSTITUTE SUPPORTS THE INNOVATOR'S EFFORTS TO DELIVER THEIR INNOVATIONS TO PATIENTS. THE TYPES OF SUPPORT PROVIDED TO SELECTED INNOVATORS BY THE INSTITUTE INCLUDE (A) DIRECT MENTORING BY DR. FOGARTY AND OTHER MEMBERS OF THE MENTOR STAFF IN THE PROCESS OF MEDICAL INNOVATION AND DEVELOPMENT, (B) SIGNIFICANT, UNFETTERED ACCESS TO EL CAMINO HOSPITAL PHYSICIANS AND FACILITIES THAT PROVIDES INNOVATORS WITH INVALUABLE INFORMATION THAT GUIDES MEDICAL TECHNOLOGY DEVELOPMENT, (C) LABORATORY/ENGINEERING SPACE, (D) FINANCIAL AID, AND (E) ACCESS TO THE INSTITUTE'S NETWORK OF CLINICAL EXPERTS.THE INSTITUTE'S LAB SPACE IS CURRENTLY DEVOTED TO THE DEVELOPMENT OF MEDICAL TECHNOLOGIES THAT ADDRESS A RANGE OF CONDITIONS, AND THESE INCLUDE MATERNAL AND INFANT HEALTH, CARDIOVASCULAR DISEASE, AND A VARIETY OF DIAGNOSTIC TOOLS.
EDUCATION PROGRAM - THROUGH ITS EDUCATION PROGRAM, THE FOGARTY INSTITUTE MAKES ITS UNIQUE MENTORING CAPABILITY AVAILABLE TO A MUCH LARGER AUDIENCE THAN IS POSSIBLE WITH THE INNOVATION SUPPORT PROGRAM BY PROVIDING WORKSHOPS, SEMINARS AND INTERNSHIPS TO INTERESTED MEMBERS OF THE MEDICAL INNOVATION, CLINICIAN, AND ENTREPRENEUR COMMUNITIES. IN THIS WAY, WE HOPE TO NOT ONLY SUPPORT ACTIVE INNOVATORS, BUT ALSO INSPIRE THE NEXT GENERATION OF MEDICAL INNOVATORS SUCH AS COLLEGE AND HIGH SCHOOL STUDENTS WHO MAY BE CONSIDERING A CAREER IN MEDICAL INNOVATION.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Mike Regan Former Officer | 40 | $304,383 | |
Marga Ortigas-Wedekind Former Officer | 40 | $302,691 | |
Andrew Cleeland CEO | Officer | 40 | $296,062 |
Gayle Kuokka Chief Financial Officer | Officer | 40 | $286,151 |
Denise Zarins Former Officer | 40 | $283,268 | |
Greg Bakan Former Officer | 40 | $129,240 |
Statement of Revenue | |
---|---|
Federated campaigns | $0 |
Membership dues | $0 |
Fundraising events | $0 |
Related organizations | $0 |
Government grants | $208,800 |
All other contributions, gifts, grants, and similar amounts not included above | $41,055 |
Noncash contributions included in lines 1a–1f | $208,800 |
Total Revenue from Contributions, Gifts, Grants & Similar | $249,855 |
Total Program Service Revenue | $734,673 |
Investment income | $5,258 |
Tax Exempt Bond Proceeds | $0 |
Royalties | $0 |
Net Rental Income | $0 |
Net Gain/Loss on Asset Sales | $1,926,930 |
Net Income from Fundraising Events | $0 |
Net Income from Gaming Activities | $0 |
Net Income from Sales of Inventory | $0 |
Miscellaneous Revenue | $0 |
Total Revenue | $3,362,432 |
Statement of Expenses | |
---|---|
Grants and other assistance to domestic organizations and domestic governments. | $42,000 |
Grants and other assistance to domestic individuals. | $0 |
Grants and other assistance to Foreign Orgs/Individuals | $0 |
Benefits paid to or for members | $0 |
Compensation of current officers, directors, key employees. | $0 |
Compensation of current officers, directors, key employees. | $0 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $2,902,783 |
Pension plan accruals and contributions | $0 |
Other employee benefits | $477,050 |
Payroll taxes | $161,701 |
Fees for services: Management | $0 |
Fees for services: Legal | $0 |
Fees for services: Accounting | $0 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $0 |
Fees for services: Other | $589,170 |
Advertising and promotion | $0 |
Office expenses | $71,542 |
Information technology | $0 |
Royalties | $0 |
Occupancy | $0 |
Travel | $11,394 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $0 |
Interest | $70,471 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $160,474 |
Insurance | $19,713 |
All other expenses | $0 |
Total functional expenses | $6,010,426 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $0 |
Savings and temporary cash investments | $48,198 |
Pledges and grants receivable | $25,250 |
Accounts receivable, net | $1,171,394 |
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 | $189,207 |
Net Land, buildings, and equipment | $1,542,755 |
Investments—publicly traded securities | $15,706 |
Investments—other securities | $9,132,276 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $588,668 |
Total assets | $12,713,454 |
Accounts payable and accrued expenses | $299,447 |
Grants payable | $0 |
Deferred revenue | $319,660 |
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 | $1,355,293 |
Other liabilities | $1,349,328 |
Total liabilities | $3,323,728 |
Net assets without donor restrictions | $8,523,737 |
Net assets with donor restrictions | $865,989 |
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 | $12,713,454 |
Over the last fiscal year, Fogarty Institute For Innovation has awarded $42,000 in support to 2 organizations.
Grant Recipient | Amount |
---|---|
NASUS MEDICAL PURPOSE: TO PROVIDE SEED FUNDING | $30,000 |
Mountain View, CA PURPOSE: TO PROVIDE SEED FUNDING | $12,000 |
Over the last fiscal year, we have identified 2 grants that Fogarty Institute For Innovation has recieved totaling $35,000.
Awarding Organization | Amount |
---|---|
Edwards Lifesciences Foundation Irvine, CA PURPOSE: GENERIC GRANT APPLICATION | $25,000 |
Schwab Charitable Fund San Francisco, CA PURPOSE: HEALTH | $10,000 |
Organization Name | Assets | Revenue |
---|---|---|
Alfred E Mann Institute For Biomedical Engineering At The Usc Los Angeles, CA | $265,159,414 | $78,284,269 |
Fogarty Institute For Innovation Mountain View, CA | $12,713,454 | $3,362,432 |
Sens Foundation Inc Mountain View, CA | $3,998,305 | $4,002,442 |
Southern California Institute For Research And Education Long Beach, CA | $7,387,710 | $3,555,949 |
Brentwood Biomedical Research Institute Institute Inc Los Angeles, CA | $0 | $493,229 |
Applied Biomedical Science Institute San Diego, CA | $1,308,035 | $2,682,413 |
Agouron Institute Pasadena, CA | $18,754,799 | $1,205,799 |
Beckman Laser Institute Inc Irvine, CA | $7,260,993 | $551,556 |
Biomedical Research Foundation Of Southern Arizona Tucson, AZ | $586,510 | $271,565 |
Sierra Veterans Research And Education Foundation Reno, NV | $966,986 | $793,003 |
Resmed Sleep Disordered Breathing Foundation La Jolla, CA | $6,205,552 | $1,062,570 |
Genetic Information Research Institute Cupertino, CA | $2,360,047 | $437,295 |