North Shore Innoventures Inc
- Assets
- $2.9m
- Revenue
- $1.6m
- Investments
- $0.0
- Employees
- 6
- Location
- Beverly, MA
- Founding
- 02/2009
- Data as of
- 06/2022
- EIN
- 26-2737088
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 06/2022, North Shore Innoventures Inc employed 6 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 06/2022, North Shore Innoventures Inc generated $1.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.6% each year. All expenses for the organization totaled $1.6m during the year ending 06/2022. While expenses have increased by 11.0% 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
2022
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 2022, THERE WERE 17 BIOTECH MEMBER COMPANIES AND 23 GRADUATES. APPROXIMATELY 60 PEOPLE WERE EMPLOYED BY THE MEMBER COMPANIES AND 307 BY THE GRADUATES FOR A TOTAL OF 367 JOBS CREATED. THE BIOTECH COMPANIES IN THE INCUBATOR ALSO TRAINED 11 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 ALONG WITH REVENUES RESULTING IN A CONTINUED OPERATING LOSS. CASH FLOW IS MORE FAVORABLE AS DEPRECIATION REPRESENTS A LARGE PART OF THE OPERATING LOSS. AN INCREASE IN LAB SPACE COMPLETED IN 3Q 2021 HAS RESULTED IN INCREASED MEMBERSHIPS WHICH ARE EXPECTED TO OFFSET THE INCREASED EXPENSES GOING FORWARD. NO GRANTS WERE PROVIDED BY NSIV.
BY THE END OF 2022, THERE WERE 17 BIOTECH MEMBER COMPANIES AND 23 GRADUATES. APPROXIMATELY 60 PEOPLE WERE EMPLOYED BY THE MEMBER COMPANIES AND 307 BY THE GRADUATES FOR A TOTAL OF 367 JOBS CREATED. THE BIOTECH COMPANIES IN THE INCUBATOR ALSO TRAINED 11 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 ALONG WITH REVENUES RESULTING IN A CONTINUED OPERATING LOSS. CASH FLOW IS MORE FAVORABLE AS DEPRECIATION REPRESENTS A LARGE PART OF THE OPERATING LOSS. AN INCREASE IN LAB SPACE COMPLETED IN 3Q 2021 HAS RESULTED IN INCREASED MEMBERSHIPS WHICH ARE EXPECTED TO OFFSET THE INCREASED EXPENSES GOING FORWARD. NO GRANTS WERE PROVIDED BY NSIV.
THE CLEANTECH INCUBATION PROGRAM SUPPORTED SIX COMPANIES DURING THE FISCAL YEAR. THERE WERE A TOTAL OF SEVENTEEN GRADUATES BY YEAR END. AT THE CLOSE OF 2022, THE CLEANTECH COMPANIES IN THE INCUBATOR EMPLOYED 47 PEOPLE AND THE CLEANTECH GRADUATES EMPLOYED 221 PEOPLE FOR A TOTAL OF 268 JOBS CREATED. THE CLEANTECH COMPANIES IN THE INCUBATOR TRAINED SIX INTERNS. THREE OF THE CLEANTECH COMPANIES IN THE PROGRAM USED OFFICE AND LAB SPACE IN THE INCUBATOR ROUTINELY; THE THREE OTHERS ARE 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 HAS TO RESULTED IN INCREASED MEMBERSHIPS AND SPACE UTILIZATION. NO GRANTS WERE PROVIDED BY NSIV.
THE CLEANTECH INCUBATION PROGRAM SUPPORTED SIX COMPANIES DURING THE FISCAL YEAR. THERE WERE A TOTAL OF SEVENTEEN GRADUATES BY YEAR END. AT THE CLOSE OF 2022, THE CLEANTECH COMPANIES IN THE INCUBATOR EMPLOYED 47 PEOPLE AND THE CLEANTECH GRADUATES EMPLOYED 221 PEOPLE FOR A TOTAL OF 268 JOBS CREATED. THE CLEANTECH COMPANIES IN THE INCUBATOR TRAINED SIX INTERNS. THREE OF THE CLEANTECH COMPANIES IN THE PROGRAM USED OFFICE AND LAB SPACE IN THE INCUBATOR ROUTINELY; THE THREE OTHERS ARE 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 HAS TO RESULTED IN INCREASED MEMBERSHIPS AND SPACE UTILIZATION. NO GRANTS WERE PROVIDED BY NSIV.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Chris Ilsley President & CEO | OfficerTrustee | 40 | $110,025 |
Thomas Kinneman Vice President & COO | OfficerTrustee | 30 | $56,265 |
Harry G Mccoy Chairman | OfficerTrustee | 1 | $0 |
Alex Van Adzin Director | Trustee | 1 | $0 |
Bob Barton Director | Trustee | 1 | $0 |
Thomas Forest Farb Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $193,404 |
| All other contributions, gifts, grants, and similar amounts not included above | $605,332 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $798,736 |
| Total Program Service Revenue | $768,532 |
| Investment income | $636 |
| 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 | $1,567,904 |
| 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. | $166,290 |
| Compensation of current officers, directors, key employees. | $16,629 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $253,854 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $33,038 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $13,007 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $22,001 |
| Advertising and promotion | $0 |
| Office expenses | $21,984 |
| Information technology | $630 |
| Royalties | $0 |
| Occupancy | $537,378 |
| Travel | $2,570 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,970 |
| Interest | $18,743 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $482,844 |
| Insurance | $11,124 |
| All other expenses | $0 |
| Total functional expenses | $1,579,213 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $520,041 |
| Savings and temporary cash investments | $29,034 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $321,582 |
| 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 | $113,623 |
| Net Land, buildings, and equipment | $1,862,894 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $53,400 |
| Total assets | $2,900,574 |
| Accounts payable and accrued expenses | $482,974 |
| Grants payable | $0 |
| Deferred revenue | $12,500 |
| 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 | $605,573 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $152,819 |
| Total liabilities | $1,253,866 |
| Net assets without donor restrictions | -$1,239,532 |
| Net assets with donor restrictions | $2,886,240 |
| 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 | $2,900,574 |