Bioscience & Technology Business Center Inc
- Assets
- $45.1m
- Revenue
- $6.6m
- Investments
- $0.0
- Employees
- 17
- Location
- Lawrence, KS
- Founding
- 05/2008
- Data as of
- 12/2023
- EIN
- 20-5349674
Organization Overview
Bioscience & Technology Business Center Inc, operating under the name Ku Innovation Park, is located in Lawrence, KS. The organization was established in 2008. According to its NTEE Classification (S41) the organization is classified as: Chambers of Commerce & Business Leagues, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2023, Ku Innovation Park employed 17 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Ku Innovation Park is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 12/2023, Ku Innovation Park generated $6.6m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 12.0% each year . All expenses for the organization totaled $5.0m during the year ending 12/2023. While expenses have increased by 8.4% per year over the past 9 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE ORGANIZATION'S MISSION IS TO CREATE, RECRUIT, GROW AND RETAIN TECHNOLOGY AND BIOSCIENCE BUSINESSES IN NORTHEAST KANSAS WITH THE ULTIMATE VISION TO BUILD A MORE MODERN, RESILIENT AND DIVERSE REGIONAL ECONOMY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
IN 2022, THE BIOSCIENCE AND TECHNOLOGY BUSINESS CENTER (BTBC) WAS ABLE TO ACCOMPLISH ITS STATED GOALS IN MULTIPLE AREAS INCLUDING OPENING OF ITS NEWEST BUILDING, THE 66,000 SQUARE FOOT BUILDING PHASE III DEVELOPMENT OPENED IN AUGUST OF 2022. THE PARK CONTINUED ITS MISSION TO CREATE, RECRUIT, GROW, AND RETAIN ADDITIONAL HIGH POTENTIAL COMPANIES TO THE PARK INCLUDING ITS NEW PHASE III BUILDING. IT WILL GENERATE SPACE FOR AN ADDITIONAL 12-18 COMPANIES WITH 200-250 JOBS. THE ORGANIZATION STRIVES TO SERVE AS THE LEAD BUSINESS AND ECONOMIC DEVELOPMENT CONTACT FOR LIFE SCIENCES AND TECHNOLOGY COMPANIES INTERESTED IN DOING BUSINESS IN THE LAWRENCE AND DOUGLAS COUNTY REGION. THE PARK SEEKS TO SERVE THE NEEDS OF LIFE SCIENCES AND TECHNOLOGY COMPANIES BY PROVIDING 1) SPECIALIZED LABORATORY AND OFFICE SPACE ON THE UNIVERSITY OF KANSAS WEST CAMPUS, 2) BUSINESS DEVELOPMENT SERVICES, 3) COLLABORATIVE RESEARCH PROJECTS WITH THE UNIVERSITY OF KANSAS, 4) RECRUITMENT AND RELOCATION ASSISTANCE, 5) ACCESS TO CAPITAL, AND 6) ACCESS TO THE VAST BTBC NETWORK OF RESOURCES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Adam Courtney VP Finance | Officer | 40 | $208,841 |
Kate Chinn Board Member | Trustee | 1 | $0 |
Mike Dever Board Member | Trustee | 1 | $0 |
Douglas Girod Board Member | Trustee | 1 | $0 |
Karen Willey Board Member | Trustee | 1 | $0 |
Robert Johnson Treasurer | OfficerTrustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Marlan Construction Construction | 12/30/23 | $1,083,747 |
Mcelroy's Inc Mechanical | 12/30/23 | $180,172 |
Evergy Electrical | 12/30/23 | $126,041 |
Ku Facilities Services Construction | 12/30/23 | $104,076 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $286,239 |
| All other contributions, gifts, grants, and similar amounts not included above | $3,554,981 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,841,220 |
| Total Program Service Revenue | $2,646,787 |
| Investment income | $100,780 |
| 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 | $6,583,194 |
| 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. | $377,534 |
| Compensation of current officers, directors, key employees. | $15,102 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $473,882 |
| Pension plan accruals and contributions | $43,867 |
| Other employee benefits | $0 |
| Payroll taxes | $53,415 |
| Fees for services: Management | $44,368 |
| Fees for services: Legal | -$71 |
| Fees for services: Accounting | $44,081 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $16,638 |
| Advertising and promotion | $62,678 |
| Office expenses | $0 |
| Information technology | $55,442 |
| Royalties | $0 |
| Occupancy | $1,476,143 |
| Travel | -$15,920 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,040,193 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,118,930 |
| Insurance | $146,617 |
| All other expenses | $10,840 |
| Total functional expenses | $4,957,306 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $163,690 |
| Savings and temporary cash investments | $3,741,819 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $612,740 |
| Loans from Officers, Directors, or Controlling Persons | $325,412 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $22,019 |
| Net Land, buildings, and equipment | $40,051,963 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $225,079 |
| Total assets | $45,142,722 |
| Accounts payable and accrued expenses | $338,634 |
| Grants payable | $0 |
| Deferred revenue | $169,941 |
| 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 | $24,016,608 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $138,952 |
| Total liabilities | $24,664,135 |
| Net assets without donor restrictions | $20,478,587 |
| 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 | $45,142,722 |