Massachusetts Biotechnology Council Inc
- Assets
- $31.3m
- Revenue
- $16.9m
- Investments
- $0.0
- Employees
- 60
- Location
- Cambridge, MA
- Founding
- 08/1986
- Data as of
- 12/2022
- EIN
- 22-2693047
Organization Overview
Massachusetts Biotechnology Council Inc is located in Cambridge, MA. The organization was established in 1986. According to its NTEE Classification (G92) the organization is classified as: Biomedicine & Bioengineering, under the broad grouping of Voluntary Health Associations & Medical Disciplines and related organizations. As of 12/2022, Massachusetts Biotechnology Council Inc employed 60 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Massachusetts Biotechnology Council Inc 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 12/2022, Massachusetts Biotechnology Council Inc generated $16.9m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 12.4% each year . All expenses for the organization totaled $15.9m during the year ending 12/2022. While expenses have increased by 13.9% per year over the past 8 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
MASSBIO IS COMMITTED TO ADVANCING MASSACHUSETTS' LEADERSHIP IN THE LIFE SCIENCES TO GROW THE INDUSTRY, ADD VALUE TO THE HEALTH CARE SYSTEM AND IMPROVE PATIENT LIVES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MASSACHUSETTS BIOTECHNOLOGY COUNCIL - COSTS INCURRED TO SUPPORT AND PROVIDE A POSITIVE ENVIRONMENT FOR THE BIOTECHNOLOGY INDUSTRY THROUGH EDUCATION, MEETINGS, AND POLICY FORMATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joseph Boncore CEO | OfficerTrustee | 40 | $599,933 |
Kendalle Lee Burlin Oconnell President & COO | OfficerTrustee | 40 | $526,892 |
Pam Randhawa Chair | OfficerTrustee | 0.5 | $0 |
Chris Garabedian Vice Chair | OfficerTrustee | 0.5 | $0 |
Mike O'hara Treasurer | OfficerTrustee | 0.5 | $0 |
Tamar Thompson Clerk | OfficerTrustee | 0.5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Capital Counsel Llc Consulting Services | 12/30/22 | $225,000 |
Sebastians Food & Beverage Services | 12/30/22 | $432,273 |
Midnight Brunch Llc Video Production Services | 12/30/22 | $176,667 |
John Heffernan Consulting Services | 12/30/22 | $150,000 |
Foley Hoag Llp Consulting Lobbying Services | 12/30/22 | $122,285 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $6,458,452 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $445,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $6,903,452 |
| Total Program Service Revenue | $9,847,661 |
| Investment income | $165,704 |
| 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 | $16,916,817 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $27,811 |
| 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. | $1,177,342 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,597,324 |
| Pension plan accruals and contributions | $158,224 |
| Other employee benefits | $548,333 |
| Payroll taxes | $355,697 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $8,159 |
| Fees for services: Accounting | $29,350 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,113,452 |
| Advertising and promotion | $251,592 |
| Office expenses | $429,475 |
| Information technology | $634,626 |
| Royalties | $0 |
| Occupancy | $2,196,248 |
| Travel | $579,555 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $5,418 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $824,343 |
| Insurance | $0 |
| All other expenses | $31,364 |
| Total functional expenses | $15,878,078 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $380,100 |
| Savings and temporary cash investments | $15,439,962 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,803,423 |
| 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 | $405,711 |
| Net Land, buildings, and equipment | $3,137,128 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $9,139,713 |
| Total assets | $31,306,037 |
| Accounts payable and accrued expenses | $1,052,249 |
| Grants payable | $0 |
| Deferred revenue | $2,456,721 |
| 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 | $10,162,891 |
| Total liabilities | $13,671,861 |
| Net assets without donor restrictions | $17,186,727 |
| Net assets with donor restrictions | $447,449 |
| 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 | $31,306,037 |
Grants Awarded
Over the last fiscal year, Massachusetts Biotechnology Council Inc has awarded $210,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
MASSACHUSETTS BIOTECHNOLOGY EDUCATION FOUNDATION PURPOSE: $100K TO FUND GENERAL OPERATIONS; $10K FOR TERMEER TRIBUTE PROGRAM | $110,000 |
MBTA RECRUITMENT AND RETENTION FUND PURPOSE: TO FUND DEVELOPMENT OF PROJECT MANAGEMENT PERSONNEL. | $100,000 |