Nextcorps Inc
- Assets
- $34.9m
- Revenue
- $13.0m
- Investments
- $13.4m
- Employees
- 0
- Location
- Rochester, NY
- Founding
- 06/1997
- Data as of
- 06/2022
- EIN
- 16-1195028
Organization Overview
Nextcorps Inc is located in Rochester, NY. The organization was established in 1997. According to its NTEE Classification (V20) the organization is classified as: Social Science, under the broad grouping of Social Science and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Nextcorps Inc 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 06/2022, Nextcorps Inc generated $13.0m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 11.9% each year . All expenses for the organization totaled $9.9m during the year ending 06/2022. While expenses have increased by 8.2% 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 2020, Nextcorps Inc has awarded 27 individual grants totaling $675,000. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO BE A CATALYST FOR ENTREPRENEURSHIP AND INNOVATION-BASED ECONOMIC DEVELOPMENT BY APPLYING BUSINESS EXPERTISE AND NETWORK CONNECTIONS TO AID IN THE FORMATION AND PROFITABLE GROWTH OF COMPANIES IN THE GREATER ROCHESTER & FINGER LAKES REGION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
STIMULATING GROWTH OF THE GREATER ROCHESTER TECHNOLOGY BASED BUSINESS SECTOR BY ACTIVELY FACILITATING THE IDENTIFICATION, DEVELOPMENT AND INCUBATION OF NEW BUSINESS OPPORTUNITIES. THIS INCLUDES OPERATING A HIGH-TECHNOLOGY INCUBATOR; PROGRAM THAT HELPS STARTUP COMPANIES IN THE "CLEAN ENERGY" SECTOR DEVELOP A COMPREHENSIVE ROADMAP FOR SCALING THEIR PROTOTYPE PRODUCT INTO A DESIGN THAT IS EASY TO MANUFACTURE AND MASS-PRODUCE IN NEW YORK STATE. ; AND RELATED WORKSHOPS THAT ENGAGED OVER 200 ENTREPRENEURS AND EMERGING COMPANIES DURING THE YEAR.
PROGRAM FOCUSED ON IMPROVING THE COMPETITIVE POSITION OF SMALL MANUFACTURING COMPANIES THROUGH PRODUCT AND PROCESS INNOVATION. 159 PROJECTS WERE COMPLETED DURING THE YEAR. OVER 170 MANUFACTURERS WERE ENGAGED DURING THE YEAR. CLIENTS SURVEYED REPORTED APPROXIMATELY $214 MILLION IN ECONOMIC IMPACT AND JOBS CREATED OR RETAINED OF 1,003 FROM PROJECTS COMPLETED IN ROLLING FOUR QUARTERS. ADDITIONALLY, THE PROGRAM OFFERED ASSISTANCE FOR STARTUP COMPANIES DEVELOPING PRODUCTS IN MOVING FROM PROTOTYPING TO MANUFACTURING SCALE TO THE MIX OF COMPANIES SERVED.
INNOVATIVE COMPETITION FOCUSING ON PHOTONICS, OPTICS AND IMAGING. THE LUMINATE PROGRAM AIMS TO ASSIST ENTREPRENEURS WHO ARE INTERESTED IN SOLVING CHALLENGING INDUSTRY PROBLEMS, INCLUDING BUT NOT LIMITED TO: MACHINE VISION, INSPECTION, BIO PHOTONICS, SECURITY, SURVEILLANCE, AUGMENTED AND VIRTUAL REALITY AND AUTONOMOUS VEHICLES. LUMINATE PROVIDES EARLY-STAGE FUNDING, EXPERTISE AND MENTORING THAT STARTUPS NEED TO BRING EMERGING TECHNOLOGIES TO MARKET. BY GRANT DESIGN, PROGRAM SURPLUS IS APPLIED AS INVESTMENT IN PROMISING COHORT PARTICIPANTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kurt Gelke Director - Thru Nov 2021 | Trustee | 0.5 | $0 |
Theresa B Mazzullo Director | Trustee | 0.5 | $0 |
Joseph Rizzo Director | Trustee | 0.5 | $0 |
Debbie Stendardi Director - Thru Feb 2022 | Trustee | 0.5 | $0 |
Christine B Whitman Director | Trustee | 0.5 | $0 |
Lori Green Director, Vice Chair & Sec | OfficerTrustee | 0.5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Alcott Hr Group Llc Leased Employees | 6/29/22 | $3,040,275 |
Innovative Data Processing Sol Ltd Consultant For Mep | 6/29/22 | $192,850 |
Rochester Institute Of Technology Program Delivery | 6/29/22 | $321,869 |
Twin Partners Inc Consultant For Mep | 6/29/22 | $183,166 |
Secondmuse Llc Program Delivery | 6/29/22 | $468,900 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $49,521 |
| Fundraising events | $0 |
| Related organizations | $133,167 |
| Government grants | $8,663,993 |
| All other contributions, gifts, grants, and similar amounts not included above | $304,924 |
| Noncash contributions included in lines 1a–1f | $79,424 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $9,151,605 |
| Total Program Service Revenue | $3,866,497 |
| Investment income | $4,182 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $13,022,284 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $175,000 |
| 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 | $2,598,146 |
| Pension plan accruals and contributions | $79,272 |
| Other employee benefits | $227,723 |
| Payroll taxes | $212,612 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $18,653 |
| Fees for services: Accounting | $36,207 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $33,883 |
| Advertising and promotion | $455,115 |
| Office expenses | $16,189 |
| Information technology | $9,215 |
| Royalties | $0 |
| Occupancy | $164,267 |
| Travel | $48,760 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $93,887 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $599,338 |
| Insurance | $35,938 |
| All other expenses | -$3,033 |
| Total functional expenses | $9,944,756 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,954,663 |
| Savings and temporary cash investments | $4,033,384 |
| Pledges and grants receivable | $951,328 |
| Accounts receivable, net | $533,267 |
| 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 | $31,989 |
| Net Land, buildings, and equipment | $10,948,558 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $13,442,475 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $34,895,664 |
| Accounts payable and accrued expenses | $1,235,057 |
| Grants payable | $0 |
| Deferred revenue | $5,297,476 |
| 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 | $0 |
| Other liabilities | $27,631 |
| Total liabilities | $6,560,164 |
| Net assets without donor restrictions | $28,335,500 |
| Net assets with donor restrictions | $0 |
| 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 | $34,895,664 |
Grants Awarded
Over the last fiscal year, Nextcorps Inc has awarded $175,000 in support to 7 organizations.
| Grant Recipient | Amount |
|---|---|
HEALTH CARE ORIGINALS PURPOSE: ASSIST START-UP WITH FUNDING AFTER PROOF-OF-CONCEPT STAGE HAS BEEN ACHIEVED IN ORDER TO REACH COMMERCIAL SUCCESS IN RECOGNIZED INNOVATION ZONES | $25,000 |
AMICI LABS INC PURPOSE: ASSIST START-UP WITH FUNDING AFTER PROOF-OF-CONCEPT STAGE HAS BEEN ACHIEVED IN ORDER TO REACH COMMERCIAL SUCCESS IN RECOGNIZED INNOVATION ZONES | $25,000 |
CERTAINLY ANALYTICAL LABS PURPOSE: ASSIST START-UP WITH FUNDING AFTER PROOF-OF-CONCEPT STAGE HAS BEEN ACHIEVED IN ORDER TO REACH COMMERCIAL SUCCESS IN RECOGNIZED INNOVATION ZONES | $25,000 |
YOUR MOM LLC PURPOSE: ASSIST START-UP WITH FUNDING AFTER PROOF-OF-CONCEPT STAGE HAS BEEN ACHIEVED IN ORDER TO REACH COMMERCIAL SUCCESS IN RECOGNIZED INNOVATION ZONES | $25,000 |
SIMPLICOLLEGE PURPOSE: ASSIST START-UP WITH FUNDING AFTER PROOF-OF-CONCEPT STAGE HAS BEEN ACHIEVED IN ORDER TO REACH COMMERCIAL SUCCESS IN RECOGNIZED INNOVATION ZONES | $25,000 |
ARBOL COMMUNITY INC PURPOSE: ASSIST START-UP WITH FUNDING AFTER PROOF-OF-CONCEPT STAGE HAS BEEN ACHIEVED IN ORDER TO REACH COMMERCIAL SUCCESS IN RECOGNIZED INNOVATION ZONES | $25,000 |