North Shore Innoventures Inc

Organization Overview

North Shore Innoventures Inc is located in Beverly, MA. The organization was established in 2009. According to its NTEE Classification (C99) the organization is classified as: Environment N.E.C., under the broad grouping of Environment and related organizations. As of 06/2021, North Shore Innoventures Inc employed 9 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. North Shore Innoventures 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 06/2021, North Shore Innoventures Inc generated $2.2m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 12.7% each year . All expenses for the organization totaled $1.4m during the year ending 06/2021. While expenses have increased by 10.3% per year over the past 6 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.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

OPERATE INCUBATOR DESIGNED TO FOSTER INNOVATION IN THE LIFE SCIENCES AND CLEAN TECH.

Describe the Organization's Program Activity:

Part 3 - Line 4a

BY THE END OF 2021, THERE WERE 12 BIOTECH MEMBER COMPANIES AND 20 GRADUATES. APPROXIMATELY 38 PEOPLE WERE EMPLOYED BY THE MEMBER COMPANIES AND 282 BY THE GRADUATES FOR A TOTAL OF 320 JOBS CREATED. THE BIOTECH COMPANIES IN THE INCUBATOR ALSO TRAINED 10 INTERNS IN THE PAST YEAR. REDUCED OPERATIONS AND SPACE REDUCTIONS BY MEMBER COMPANIES DUE TO COVID ALONG WITH THE COSTS RELATED TO THE BUILDOUT IN FY 2017 SUCH AS INCREASED RENT, UTILITIES, INSURANCE, DEPRECIATION AND DEBT SERVICE CAUSED EXPENSES TO GROW SOMEWHAT MORE THAN REVENUES RESULTING IN AN OPERATING LOSS. CASH FLOW IS MORE FAVORABLE AS DEPRECIATION REPRESENTS A LARGE PART OF THE OPERATING LOSS. AN INCREASE IN LAB SPACE TO BE COMPLETED IN 3Q 2021 IS EXPECTED TO RESULT IN INCREASED SPONSORSHIPS AND MEMBERSHIPS WHICH ARE EXPECTED TO OFFSET THE INCREASED EXPENSES GOING FORWARD. NO GRANTS WERE PROVIDED BY NSIV.


THE CLEANTECH INCUBATION PROGRAM SUPPORTED FOUR COMPANIES DURING THE FISCAL YEAR. THERE WERE A TOTAL OF FIFTEEN GRADUATES BY YEAR END. AT THE CLOSE OF 2021, THE CLEANTECH COMPANIES IN THE INCUBATOR EMPLOYED 32 PEOPLE AND THE FIFTEEN CLEANTECH GRADUATES EMPLOYED 186 PEOPLE FOR A TOTAL OF 218 JOBS CREATED. THE CLEANTECH COMPANIES IN THE INCUBATOR TRAINED 7 INTERNS. THREE OF THE CLEANTECH COMPANIES IN THE PROGRAM USED OFFICE AND LAB SPACE IN THE INCUBATOR ROUTINELY; THE OTHER IS IN THE VIRTUAL INCUBATION PROGRAM AND UTILIZES OUR SPONSORED SERVICES AND MENTORING SESSIONS. CORPORATE SPONSORS AND A GRANT FROM THE MASS CLEAN ENERGY CENTER WERE ESPECIALLY IMPORTANT TO HELPING KEEP REVENUES IN BALANCE WITH EXPENSES. THE INCREASED LAB SPACE TO BE COMPLETED IN Q3 2021 IS EXPECTED TO RESULT IN INCREASED SPONSORSHIPS AND MEMBERSHIPS. NO GRANTS WERE PROVIDED BY NSIV.


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Board, Officers & Key Employees

Name (title)Compensation
Chris Ilsley
President & CEO
$112,682
Thomas Kinneman
Vice President & COO
$85,321
Jack Swig
Clerk
$5,000
Harry G Mccoy
Chairman
$0
Chad Robinson
Treasurer
$0
Thomas Forest Farb
Director
$0

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$0
Government grants $1,527,682
All other contributions, gifts, grants, and similar amounts not included above$99,727
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$1,627,409
Total Program Service Revenue$558,149
Investment income $462
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 $2,186,020

Grants Recieved

Over the last fiscal year, we have identified 4 grants that North Shore Innoventures Inc has recieved totaling $76,028.

Awarding OrganizationAmount
Oneworld Boston Inc

Woburn, MA

PURPOSE: SERVICES

$50,000
Gordon Foundation

Danvers, MA

PURPOSE: UNRESTRICTED GRANT

$25,000
Salem Five Charitable Foundation Inc

Salem, MA

PURPOSE: EXEMPT PURPOSES

$1,000
Amazonsmile Foundation

Seattle, WA

PURPOSE: GENERAL SUPPORT

$28
View Grant Recipient Profile

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