New Orleans Bioinnovation Center Inc
- Assets
- $36.2m
- Revenue
- $2.7m
- Investments
- $0.0
- Employees
- 14
- Location
- New Orleans, LA
- Founding
- 02/2004
- Data as of
- 06/2022
- EIN
- 20-0078125
Organization Overview
New Orleans Bioinnovation Center Inc is located in New Orleans, LA. The organization was established in 2004. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2022, New Orleans Bioinnovation Center Inc employed 14 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. New Orleans Bioinnovation Center 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, New Orleans Bioinnovation Center Inc generated $2.7m in total revenue. This organization has experienced exceptional growth, as over the past 3 years, it has increased revenue by an average of 21.0% each year . All expenses for the organization totaled $3.4m during the year ending 06/2022. While expenses have increased by 8.4% per year over the past 3 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE ORGANIZATION'S MISSION IS TO MANAGE A BIOTECHNOLOGY INCUBATOR FACILITY TO DEVELOP AND SUPPORT A LIFE SCIENCE INDUSTRY IN NEW ORLEANS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
WET LABORATORY AND OFFICE RENTALSUBSIDIZE WET LABORATORY AND OFFICE RENTAL FOR START-UP BIOTECHNOLOGY AND HEALTHCARE COMPANIES, PRIMARILY DERIVED FROM LOCAL UNIVERSITY RESEARCH.
COMMERCIALIZATION PROGRAMACTIVELY FACILITATES LOCAL BIOTECH BUSINESS DEVELOPMENT AND JOB CREATION THROUGH SUBSIDIZED OR FREE CONSULTING SERVICES, INCLUDING BUSINESS PLAN WRITING, MARKET RESEARCH, SECURING INTELLECTUAL PROPERTY, FORMING A MANAGEMENT TEAM, AND RAISING FINANCING THROUGH GRANT APPLICATIONS AND CONNECTIONS WITH VENTURE CAPITAL FIRMS.THIS PROGRAM ALSO AIMS TO RAISE AWARENESS OF COMMERCIALIZATION RESEARCH AS A POTENTIAL OUTCOME FOR ACADEMIC RESEARCH THROUGH PUBLIC EDUCATIONAL SEMINARS AND AN ANNUAL MINI-CONFERENCE DEDICATED TO THE DEVELOPING BIOTECH INFRASTRUCTURE AND ECONOMIC DEVELOPMENT IN NEW ORLEANS AND SURROUNDING AREAS.
LOAN PROGRAMASSISTS COMPANIES IN ACQUIRING THE CAPITAL NEEDED TO ACHIEVE GROWTH THAT WILL ENABLE THEM TO CREATE MORE JOBS AND ECONOMIC OPPORTUNITIES IN LOUISIANA BY PROVIDING LOW INTEREST LOANS WITH FLEXIBLE REPAYMENT TERMS TO QUALIFYING SMALL BUSINESSES AND START-UPS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robin Forman Board Member | Trustee | 2 | $0 |
Larry H Hollier MD Board Member | Trustee | 2 | $0 |
Don Pierson Board Member | Trustee | 2 | $0 |
Dr Steve Nelson Vice Chairman | Trustee | 2 | $0 |
Patrick Norton Chairman | Trustee | 2 | $0 |
Andre Rubenstein Secretary/treasurer | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $753,174 |
| All other contributions, gifts, grants, and similar amounts not included above | $111 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $753,285 |
| Total Program Service Revenue | $383,238 |
| Investment income | $8,458 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $1,507,487 |
| 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 | $2,652,468 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $214,500 |
| Compensation of current officers, directors, key employees. | $55,840 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $273,332 |
| Pension plan accruals and contributions | $8,345 |
| Other employee benefits | $58,985 |
| Payroll taxes | $40,627 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $22,383 |
| Fees for services: Accounting | $17,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $393,565 |
| Advertising and promotion | $54,831 |
| Office expenses | $128,438 |
| Information technology | $75,186 |
| Royalties | $0 |
| Occupancy | $458,605 |
| Travel | $46,684 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,152,459 |
| Insurance | $130,855 |
| All other expenses | $0 |
| Total functional expenses | $3,397,260 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,486,558 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $365,570 |
| 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 | $171,241 |
| Net Land, buildings, and equipment | $34,151,472 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $36,174,841 |
| Accounts payable and accrued expenses | $244,738 |
| Grants payable | $0 |
| Deferred revenue | $353,428 |
| 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 | $41,634 |
| Total liabilities | $639,800 |
| Net assets without donor restrictions | $1,500,955 |
| Net assets with donor restrictions | $34,034,086 |
| 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 | $36,174,841 |