Joan And Irwin Jacobs Technion-Cornell Innovation Instit
- Assets
- $205.0m
- Revenue
- $18.3m
- Investments
- $175.9m
- Employees
- 0
- Location
- New York, NY
- Founding
- 12/2014
- Data as of
- 06/2021
- EIN
- 46-4395157
Organization Overview
Joan And Irwin Jacobs Technion-Cornell Innovation Instit is located in New York, NY. The organization was established in 2014. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Joan And Irwin Jacobs Technion-Cornell Innovation Instit 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, Joan And Irwin Jacobs Technion-Cornell Innovation Instit generated $18.3m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 1.6% each year. All expenses for the organization totaled $16.4m during the year ending 06/2021. 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
ADMINISTRATION OF DUAL MASTERS DEGREE PROGRAM AWARDED BY TECHNION-ISRAEL INSTITUTE OF TECHNOLOGY & CORNELL PROVIDE RESEARCH ENVIRONMENT FOR FACULTY, RESEARCHERS, & STUDENTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE JOAN AND IRWIN JACOBS TECHNION-CORNELL INSTITUTE, INC. (JACOBS) WAS FORMED IN APRIL 2013 TO ADMINISTER A DUAL MASTERS DEGREE PROGRAM AWARDED BY TECHNION-ISRAEL INSTITUTE OF TECHNOLOGY (TECHNION) AND CORNELL UNIVERSITY. THE PROGRAM CONDUCTS AND SUPPORTS SCIENTIFIC AND TECHNOLOGICAL RESEARCH, AND ENCOURAGES THE DEVELOPMENT OF THE INDUSTRY.
JACOBS' RUNWAY PROGRAM IS A UNIQUE PROGRAM THAT GIVES RECENT PHD'S INTERESTED IN ENTREPENEURSHIP IN TECHNOLOGY THE OPPORTUNITY TO DRAW ON THEIR RESEARCH KNOWLEDGE TO LAUNCH NEW VENTURES WITH THE ACADEMIC, PROFESSIONAL, AND NETWORKING SUPPORT FROM JACOBS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael I Kotlikoff Trustee & Provost | OfficerTrustee | 2 | $0 |
John Siciliano Secretary | Officer | 2 | $0 |
Ronald Brachman Director | Officer | 50 | $0 |
Michael Weissman Treasurer | Officer | 2 | $0 |
Oded Rabinovitch Trustee | Trustee | 2 | $0 |
Ariel Orda Trustee | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $3,138,898 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,138,898 |
| Total Program Service Revenue | $9,585,883 |
| Investment income | $5,586,516 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $5,245 |
| 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 | $18,316,542 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $2,320,278 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $3,004 |
| Fees for services: Accounting | $15,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $12,423,229 |
| Advertising and promotion | $549 |
| Office expenses | $339,243 |
| Information technology | $3,550 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $15,870 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $12,782 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $25,352 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $16,434,384 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $10,773,424 |
| Accounts receivable, net | $110,676 |
| 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 | $0 |
| Net Land, buildings, and equipment | $150,374 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $175,893,399 |
| Investments—program-related | $862,439 |
| Intangible assets | $569,420 |
| Other assets | $16,681,129 |
| Total assets | $205,040,861 |
| Accounts payable and accrued expenses | $424,904 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $0 |
| Total liabilities | $424,904 |
| Net assets without donor restrictions | $15,185,292 |
| Net assets with donor restrictions | $189,430,665 |
| 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 | $205,040,861 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Joan And Irwin Jacobs Technion-Cornell Innovation Instit has recieved totaling $1,090,126.
| Awarding Organization | Amount |
|---|---|
American Society For Technion- Israel Institute Of Technology Inc New York, NY PURPOSE: Various Projects | $1,090,126 |
Endowment Analysis
| Beg. Balance | $121,059,862 |
| Earnings | $48,897,248 |
| Net Contributions | $2,831,250 |
| Other Expense | $3,716,069 |
| Ending Balance | $169,072,291 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Central Pennsylvania Scholarship Fund Tyrone, PA | $42,508,819 | $45,167,381 |
Arcus Foundation New York, NY | $264,733,626 | $35,703,685 |
Edward P Evans Andover, MA | $242,161,195 | $13,916,833 |
The Childrens Scholarship Fund New York, NY | $36,136,002 | $24,710,520 |
Math For America Inc New York, NY | $15,709,494 | $20,036,646 |
Ja Worldwide Inc Boston, MA | $14,229,210 | $21,801,943 |
The Posse Foundation Inc New York, NY | $120,660,725 | $44,739,225 |
Inner-City Scholarship Fund Inc New York, NY | $115,829,957 | $24,751,034 |
Joan And Irwin Jacobs Technion-Cornell Innovation Instit New York, NY | $205,040,861 | $18,316,542 |
Tikvah Fund New York, NY | $103,047,859 | $6,270,985 |
Cigna Foundation Philadelphia, PA | $165,016,072 | $8,084,237 |
Catholic Schools Foundation Inc Boston, MA | $110,171,239 | $27,305,892 |