Massachusetts Biomedical Initiatives
- Assets
- $30.0m
- Revenue
- $6.4m
- Investments
- $0.0
- Employees
- 6
- Location
- Worcester, MA
- Founding
- 12/1985
- Data as of
- 12/2023
- EIN
- 22-2636406
Organization Overview
Massachusetts Biomedical Initiatives is located in Worcester, MA. The organization was established in 1985. According to its NTEE Classification (U50) the organization is classified as: Biological & Life Sciences, under the broad grouping of Science & Technology and related organizations. As of 12/2023, Massachusetts Biomedical Initiatives employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Massachusetts Biomedical Initiatives 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 12/2023, Massachusetts Biomedical Initiatives generated $6.4m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 16.6% each year . All expenses for the organization totaled $3.6m during the year ending 12/2023. While expenses have increased by 8.7% 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.
Since 2019, Massachusetts Biomedical Initiatives has awarded 16 individual grants totaling $1,246,375. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
MASSACHUSETTS BIOMEDICAL INITIATIVES (MBI) IS DEDICATED TO JOB CREATION AND INNOVATIVE HEALTHCARE THROUGHOUT MASSACHUSETTS BY PROMOTING THE GROWTH OF START-UP BIOMEDICAL COMPANIES. MBI IS COMMITTED TO COLLABORATING WITH THE ACADEMIC, BUSINESS AND GOVERNMENT COMMUNITIES TO PROMOTE MASSACHUSETTS AS THE WORLD LEADER IN THE LIFE & HEALTH SCIENCES INDUSTRY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MBI PROVIDED STARTUP COMPANY INCUBATION SERVICES FOR BIOMEDICAL COMPANIES INCLUDING BIOTECHNOLOGY, MEDICAL DEVICE, AND BIOINFORMATICS. MBI PROVIDES FLEXIBLE AND SCALABLE PRIVATE LABORATORIES, OFFICE SPACE, SHARED EQUIPMENT, HEALTH AND SAFETY TRAINING AND SUPPORT AND SUPPORTIVE BUSINESS PROGRAMS TO HELP STARTUP COMPANIES GROW THEIR TEAM AND RESEARCH, CREATE JOBS, AND EXPAND THE TAX BASE.MBI IS A LEADER OF REGIONAL WORKFORCE DEVELOPMENT EFFORTS THROUGH OUR BIOMANUFACTURING WORKFORCE INITIATIVE, WORKFORCE CHALLENGE, AND INCREASING DIVERSITY IN STEM GRANTS. MBI HELPS WORK BETWEEN INDUSTRY AND ACADEMIA TO FIND EMPLOYMENT GAPS TO HELP CONNECT RESIDENTS INTO THROUGH CERTIFICATE PROGRAMMING. MBI LEADS REGIONAL BIOMANUFACTURING RELATED ECONOMIC DEVELOPMENT EFFORTS INCLUDING THE PROMOTION OF EMERGING BIO-FOOD AND BIO-MATERIAL SECTORS. THIS WORK HELPS CREATE ECONOMIC OPPORTUNITY FOR AREA RESIDENTS, INCREASE THE TAX BASE, AND ACHIEVE FEDERAL PRIORITIES IN PROMOTING DOMESTIC BIOMANUFACTURING, SECURING SUPPLY CHAINS, AND ACHIEVING OUR NATION'S SUSTAINABILITY GOALS.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Abraham W Haddad DMD Facd Vice Chairman | OfficerTrustee | 2 | $0 |
Robert J Anderson CPA Chairman | OfficerTrustee | 2 | $0 |
Gail E Radcliffe Trustee | Trustee | 2 | $0 |
Jon Weaver President & CEO | OfficerTrustee | 37.5 | $246,000 |
Linda Mcgoldrick Trustee | Trustee | 2 | $0 |
Allan Guo Trustee | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $2,949,397 |
| All other contributions, gifts, grants, and similar amounts not included above | $575,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,524,397 |
| Total Program Service Revenue | $2,360,773 |
| Investment income | $359,181 |
| 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 | $6,363,451 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $287,500 |
| 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. | $420,725 |
| Compensation of current officers, directors, key employees. | $84,145 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $325,282 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $148,965 |
| Payroll taxes | $56,069 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $24,573 |
| Fees for services: Accounting | $18,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $20,754 |
| Fees for services: Other | $26,970 |
| Advertising and promotion | $30,103 |
| Office expenses | $39,314 |
| Information technology | $4,247 |
| Royalties | $0 |
| Occupancy | $621,524 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $280,942 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $799,177 |
| Insurance | $74,062 |
| All other expenses | $53,520 |
| Total functional expenses | $3,568,461 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $361,782 |
| Savings and temporary cash investments | $2,561,928 |
| Pledges and grants receivable | $197,500 |
| Accounts receivable, net | $54,621 |
| 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 | $27,368 |
| Net Land, buildings, and equipment | $16,207,635 |
| Investments—publicly traded securities | $9,531,124 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,030,364 |
| Total assets | $29,972,322 |
| Accounts payable and accrued expenses | $20,161 |
| Grants payable | $0 |
| Deferred revenue | $46,687 |
| 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 | $7,351,572 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,666,670 |
| Total liabilities | $9,085,090 |
| Net assets without donor restrictions | $20,752,232 |
| Net assets with donor restrictions | $135,000 |
| 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 | $29,972,322 |
Grants Awarded
Over the last fiscal year, Massachusetts Biomedical Initiatives has awarded $283,875 in support to 5 organizations.
| Grant Recipient | Amount |
|---|---|
MASSACHUSETTS BIOTECHNOLOGY EDUCATION FOUNDATION PURPOSE: BIOMANUFACTURING TECHNICIAN APPRENTICESHIP | $33,875 |
MASSACHUSETTS LIFE SCIENCES CENTER PURPOSE: MASSNEXTGEN PROGRAM GRANT | $25,000 |
WORCESTER STATE UNIVERSITY PURPOSE: STEM PROGRAM | $62,500 |
QUINSIGAMOND COMMUNITY COLLEGE PURPOSE: STEM PROGRAM | $112,500 |
SMALL BUSINESS ADMINISTRATION PURPOSE: GRANT PARTNERSHIP | $50,000 |