Massachusetts Biomedical Initiatives
- Assets
- $18.5m
- Revenue
- $4.3m
- Investments
- $0.0
- Employees
- 5
- Location
- Worcester, MA
- Founding
- 12/1985
- Data as of
- 12/2021
- 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 12/2021, Massachusetts Biomedical Initiatives employed 5 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 12/2021, Massachusetts Biomedical Initiatives generated $4.3m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 15.4% each year . All expenses for the organization totaled $2.9m during the year ending 12/2021. While expenses have increased by 7.9% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
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 PROVIDES COMPANY INCUBATION SERVICES FOR BIOMEDICAL COMPANIES INCLUDING BIOTECHNOLOGY, MEDICAL DEVICE, AND BIOINFORMATICS. MBI PROVIDES FLEXIBLE LABORATORY SPACES, SHARED EQUIPMENT, HEALTH AND SAFETY SERVICES, AND BUSINESS SUPPORT TO HELP STARTUP COMPANIES EXPAND, CREATE JOBS, AND EXPAND THE TAX BASE.MBI OPERATES THREE INCUBATOR LOCATIONS WITHIN WORCESTER, MA TOTALING 50,000 SF.MBI IS ALSO INVOLVED IN AREA ECONOMIC DEVELOPMENT INCLUDING SUPPORTING THE DEVELOPMENT OF GATEWAY PARK, A MIXED-USE PARK FOCUSING ON THE LIFE SCIENCE INDUSTRY AND MORE RECENTLY THE DEVELOPMENT OF THE WORCESTER BIOMANUFACTURING PARK, A BUSINESS PARK FOCUSED ON SUPPORTING THE GROWTH OF THE ADVANCED MANUFACTURING CLUSTER IN WORCESTER, MA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jon Weaver President & CEO | OfficerTrustee | 37.5 | $204,713 |
Zu Shen Vice President | 37.5 | $146,140 | |
Abraham W Haddad DMD Facd Vice Chairman | OfficerTrustee | 2 | $0 |
Robert J Anderson CPA Chairman | OfficerTrustee | 2 | $0 |
Timothy M Jarrycfacpa Treasurer | OfficerTrustee | 2 | $0 |
Paul Wengender Clerk | OfficerTrustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $953,728 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $953,728 |
| Total Program Service Revenue | $1,998,725 |
| Investment income | $736,905 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $588,687 |
| Net Income from Fundraising Events | -$2,150 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,335,258 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $281,250 |
| 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. | $338,245 |
| Compensation of current officers, directors, key employees. | $67,649 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $139,377 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $150,097 |
| Payroll taxes | $37,012 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,525 |
| Fees for services: Accounting | $12,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $26,500 |
| Fees for services: Other | $46,870 |
| Advertising and promotion | $0 |
| Office expenses | $28,596 |
| Information technology | $7,792 |
| Royalties | $0 |
| Occupancy | $756,699 |
| Travel | $0 |
| 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 | $520,129 |
| Insurance | $73,837 |
| All other expenses | $60,468 |
| Total functional expenses | $2,865,540 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $323,941 |
| Savings and temporary cash investments | $3,194,073 |
| Pledges and grants receivable | $125,000 |
| Accounts receivable, net | $23,267 |
| 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 | $53,664 |
| Net Land, buildings, and equipment | $4,717,497 |
| Investments—publicly traded securities | $10,075,646 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $18,513,088 |
| Accounts payable and accrued expenses | $7,166 |
| Grants payable | $0 |
| Deferred revenue | $70,992 |
| 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 | $593,703 |
| Total liabilities | $671,861 |
| Net assets without donor restrictions | $17,841,227 |
| 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 | $18,513,088 |
Grants Awarded
Over the last fiscal year, Massachusetts Biomedical Initiatives has awarded $281,250 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
WORCESTER STATE UNIVERSITY PURPOSE: STEM PROGRAM | $140,625 |
Worcester, MA PURPOSE: STEM PROGRAM | $140,625 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Massachusetts Biomedical Initiatives has recieved totaling $58.
| Awarding Organization | Amount |
|---|---|
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $58 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Boyce Thompson Institute For Plant Research Inc Ithaca, NY | $101,082,296 | $16,707,988 |
Massachusetts Biomedical Initiatives Worcester, MA | $18,513,088 | $4,335,258 |
Pasteur Foundation New York, NY | $1,467,517 | $451,654 |
Boston Biostatistics Research Fdn Inc Framingham, MA | $12,036,898 | $1,996,157 |
Nature Institute Inc Ghent, NY | $1,219,615 | $541,323 |
Fondation Sante Great Neck, NY | $361,322 | $446,245 |
Nyc Builds Bio Inc New York, NY | $5,531 | $352,473 |
Deltaquest Foundation Inc Concord, MA | $291,972 | $271,699 |
The Micropaleontology Press Foundation Inc Flushing, NY | $138,418 | $259,874 |
Feed My Sheep Foundation Inc Livonia, NY | $287,275 | $115,096 |
Axion Research Foundation Inc Hamden, CT | $1,841,425 | $680,315 |
Maxillofacial Surgeons Foundation Beverly, MA | $1,617,577 | $134,070 |