National Collegiate Inventors & Innovators Alliance
- Assets
- $38.5m
- Revenue
- $81.6m
- Investments
- $305.7k
- Employees
- 85
- Location
- Hadley, MA
- Founding
- 05/2007
- Data as of
- 06/2022
- EIN
- 42-1727335
Organization Overview
National Collegiate Inventors & Innovators Alliance, operating under the name Venturewell, is located in Hadley, MA. The organization was established in 2007. According to its NTEE Classification (B12) the organization is classified as: Fund Raising & Fund Distribution, under the broad grouping of Education and related organizations. As of 06/2022, Venturewell employed 85 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Venturewell 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, Venturewell generated $81.6m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 29.4% each year . All expenses for the organization totaled $72.2m during the year ending 06/2022. While expenses have increased by 27.8% 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.
Since 2015, Venturewell has awarded 743 individual grants totaling $16,416,231. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
VENTUREWELL IS ON A MISSION TO CULTIVATE A PIPELINE INVENTORS, INNOVATORS, AND ENTREPRENEURS DRIVEN TO SOLVE THE WORLD'S BIGGEST CHALLENGES AND TO CREATE LASTING IMPACT. WE FOSTER COLLABORATION AMONG THE BEST MINDS FROM RESEARCH LABS, CLASSROOMS, AND BEYOND TO ADVANCE INNOVATION AND ENTREPRENEURSHIP EDUCATION AND TO PROVIDE UNIQUE OPPORTUNITIES FOR STEM STUDENTS AND RESEARCHERS TO FULLY REALIZE THEIR POTENTIAL TO IMPROVE THE WORLD.
Describe the Organization's Program Activity:
Part 3 - Line 4a
RADX - VENTUREWELL SERVES AS THE NETWORK PARTNER AND ADMINISTRATOR FOR THE NATIONAL INSTITUTES OF HEALTH'S RAPID ACCELERATION OF DIAGNOSTICS INITIATIVE, KNOWN AS RADX, THIS PROGRAM AIMS TO EXPAND THE RANGE OF INNOVATIVE DIAGNOSTIC TECHNOLOGIES AVAILABLE TO SUPPORT A RAPID INCREASE IN RELIABILITY, SPEED, AND SCALE OF TESTING FOR SARS-COV-2 (THE VIRUS THAT CAUSES COVID-19) ACROSS THE COUNTRY.
IN ADDITION TO THE 3 GRANTS PROGRAMS OUTLINED ON LINES 4A THROUGH 4C, NCIIA ALSO: A) AWARDS OTHER TYPES OF GRANTS PRIMARILY TO INSTITUTIONS OF HIGHER EDUCATION IN KEEPING WITH THE ORGANIZATION'S MISSION OF PROMOTING INVENTION, INNOVATION AND ENTREPRENEURSHIP; B) OFFERS MEMBERSHIP TO COLLEGES AND UNIVERSITIES ACROSS THE U.S., WHICH AFFORD MEMBER INSTITUTIONS THE OPPORTUNITY TO ATTEND NCIIA-SPONSORED EVENTS AT REDUCED RATES, TAP INTO THE NCIIA NETWORK, AND TO APPLY FOR NCIIA GRANTS; C) CONDUCTS WORKSHOPS AND EVENTS, INCLUDING BUT NOT LIMITED TO AN ANNUAL CONFERENCE AND WORKSHOPS DESIGNED TO TEACH TECHNOLOGY ENTREPRENEURSHIP BASICS AND HOW TO ENHANCE SUCCESS OF COMMERCIALIZING INVENTIONS AND INNOVATIONS; AND D) INVESTS IN SELECT VENTURES EMERGING FROM U.S. INSTITUTIONS OF HIGHER EDUCATION.
I-CORPS PROGRAM - VENTUREWELL LED COURSES ENGAGE PARTICIPANTS IN MOVING PRODUCTS OUT OF THE LAB INTO THE MARKET BY TALKING TO POTENTIAL CUSTOMERS, PARTNERS AND COMPETITORS, AND ENCOUNTERING THE CHALLENGES AND UNCERTAINTY OF CREATING SUCCESSFUL INNOVATIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Name Not Listed Chair | OfficerTrustee | 1 | $0 |
Name Not Listed Treasurer | OfficerTrustee | 1 | $0 |
Name Not Listed President | OfficerTrustee | 35 | $266,801 |
Name Not Listed Secretary | OfficerTrustee | 1 | $0 |
Name Not Listed Emeritus Board Member | Trustee | 1 | $0 |
Name Not Listed Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Rosalind Inc Information System Services | 6/29/22 | $2,171,845 |
University Lab Partners Program Delivery | 6/29/22 | $1,647,540 |
L3 Healthcare Llc Program Delivery | 6/29/22 | $3,672,354 |
Project N95 Program Delivery | 6/29/22 | $1,209,088 |
Toolbox Medical Innovations Program Delivery | 6/29/22 | $1,165,928 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $9,907 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $5,073,485 |
| All other contributions, gifts, grants, and similar amounts not included above | $125,250 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $5,208,642 |
| Total Program Service Revenue | $76,260,933 |
| Investment income | $62,423 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $49,508 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $81,594,297 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,919,260 |
| Grants and other assistance to domestic individuals. | $359,847 |
| Grants and other assistance to Foreign Orgs/Individuals | $110,500 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $654,580 |
| Compensation of current officers, directors, key employees. | $352,997 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $7,223,220 |
| Pension plan accruals and contributions | $404,894 |
| Other employee benefits | $539,567 |
| Payroll taxes | $545,107 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $76,753 |
| Fees for services: Accounting | $50,075 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $25,610 |
| Fees for services: Other | $51,525,274 |
| Advertising and promotion | $382,115 |
| Office expenses | $5,801,612 |
| Information technology | $1,621,074 |
| Royalties | $0 |
| Occupancy | $226,004 |
| Travel | $138,417 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $58,627 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $32,548 |
| Insurance | $140,680 |
| All other expenses | $22,501 |
| Total functional expenses | $72,236,568 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,693,180 |
| Savings and temporary cash investments | $1,109,386 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $29,008,669 |
| 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 | $515,113 |
| Net Land, buildings, and equipment | $36,926 |
| Investments—publicly traded securities | $2,786,697 |
| Investments—other securities | $305,735 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $38,455,706 |
| Accounts payable and accrued expenses | $13,520,858 |
| Grants payable | $0 |
| Deferred revenue | $67,498 |
| 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 | $580,376 |
| Total liabilities | $14,168,732 |
| Net assets without donor restrictions | $20,599,343 |
| Net assets with donor restrictions | $3,687,631 |
| 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 | $38,455,706 |
Grants Awarded
Over the last fiscal year, National Collegiate Inventors & Innovators Alliance has awarded $1,554,397 in support to 54 organizations.
| Grant Recipient | Amount |
|---|---|
NORTH CAROLINA STATE UNIVERSITY AT RALEIGH | | | $77,000 |
MASSACHUSETTS AMHERST UNIVERSITY OF | | | $55,000 |
PENNSYLVANIA UNIVERSITY OF THE TRUSTEES OF THE UNIVERSITY OF PENNSYLVANIA | | | $60,000 |
TULANE UNIVERSITY ADMINISTRATORS OF THE TULANE EDUCATIONAL FUND | | | $45,000 |
MEDICAL UNIVERSITY OF SOUTH CAROLINA | | | $30,000 |
NEW MEXICO UNIVERSITY OF CONTRACT & GRANT ACCOUNTING | | | $30,000 |