New Jersey Innovation Institute Inc is located in Newark, NJ. The organization was established in 2015. According to its NTEE Classification (U05) the organization is classified as: Research Institutes & Public Policy Analysis, under the broad grouping of Science & Technology and related organizations. As of 06/2021, New Jersey Innovation Institute Inc employed 154 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. New Jersey Innovation Institute 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, New Jersey Innovation Institute Inc generated $28.4m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 58.1% each year . All expenses for the organization totaled $29.7m during the year ending 06/2021. While expenses have increased by 57.8% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
WE ARE AN INNOVATIVE RESEARCH ORG. DEDICATED TO REVITALIZING ECONOMIC DEVELOPMENT WITHIN NJ.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SEE SCHEDULE OBIOPHARMANJII HELPS PHARMACEUTICAL COMPANIES DEVELOP AND APPLY INNOVATIVE, COST-SAVING MANUFACTURING TECHNOLOGIES AND WORKS WITH BIOTECHNOLOGY FIRMS TO SCALE INNOVATION FROM LAB TO COMMERCIAL PRODUCTION. THE BIOPHARMA DIVISION AT NJII WAS ESTABLISHED TO HELP THE INDUSTRY OVERCOME CHALLENGES THEY FACE AS THEY DEVELOP THE NEXT WAVE OF CELL AND GENE THERAPIES, WORKING OUT OF A STATE-OF-THE-ART CELL AND GENE THERAPY DEVELOPMENT CENTER FOR FLEXIBLE PROCESS DEVELOPMENT AND CLINICAL MANUFACTURING. NJII'S MISSION IS TO SUPPORT INDUSTRY-WIDE ADVANCEMENT, SO NJII ALSO FOCUSES ON WORKFORCE DEVELOPMENT AND THE INCUBATION OF PROMISING START-UPS.DATA & TECHNOLOGYTHE MISSION OF THE DATA & TECHNOLOGY DIVISION IS TO ESTABLISH AN ECOSYSTEM OF TECHNOLOGY HUBS THAT CONNECT CLIENTS, INDUSTRY, AND TECHNOLOGY PROVIDERS AND SUPPLY THEM WITH A LOCATION, R&D AND IP, MAN-POWER, FUNDING AND GOVERNMENT RELATIONS SUPPORT. THE HUBS INCLUDE EDTECH, FINTECH, CYBER SECURITY, HARDWARE AND DATA SCIENCE.DEFENSETHE DEFENSE DIVISION CREATES INTEGRATED PRODUCT TEAMS THAT INCLUDE ACADEMICS, INDUSTRY AND THE GOVERNMENT. THESE TEAMS DEVELOP SOLUTIONS FOR THE DEPARTMENT OF DEFENSE THAT ARE PUT INTO IMMEDIATE USE. THE ROLE OF NJII IS PROGRAM AND PROJECT MANAGEMENT AND THEY USE A METHODOLOGY OR APPROACH CALLED AGILE INNOVATION MANAGEMENT TO DRIVE SUCCESS.ENTREPRENEURSHIPTHE TEAM INSIDE THE ENTREPRENEURSHIP DIVISION RUNS AN INCUBATOR CALLED "VENTURELINK" WHICH IS ALSO THE NAME OF A BUILDING THAT IS LOCATED ON THE NJIT CAMPUS AND OFFERS FLEXIBLE PRIVATE AND CO-WORKING OFFICE SPACE. THE DIVISION IS ALSO TASKED WITH COMMERCIALIZING IP THAT COMES FROM NJIT AND GROWING NJII ENTREPRENEURSHIP PROGRAMS AND SERVICES ACROSS NEW JERSEY.HEALTHCAREOUR HEALTHCARE DIVISION OPERATES AND MANAGES THE NEW JERSEY HEALTH INFORMATION NETWORK (NJHIN) ON BEHALF OF THE NEW JERSEY DEPARTMENT OF HEALTH. THEY ARE ALSO A CERTIFIED REGISTRY FOR CMS'S MERIT-BASED INCENTIVE PAYMENT SYSTEM WHICH IS A QUALITY IMPROVEMENT PROGRAM FOR MEDICARE PROVIDERS THAT MEET A CERTAIN THRESHOLD OF MEDICARE BILLING ANNUALLY. AND THE DIVISION IS ONE OF 59 ORGANIZATIONS IN THE NETWORK OF QUALITY IMPROVEMENT AND INNOVATION CONTRACTORS. THESE ORGANIZATIONS ARE ELIGIBLE TO BID ON TASK ORDERS FROM THE FEDERAL GOVERNMENT TOTALING $25B OVER THE NEXT FIVE YEARS.HUMAN CAPITALTHE HUMAN CAPITAL DIVISION AT NJII IS FOCUSED ON HELPING EMPLOYERS MAKE THE MOST OF THEIR MOST VALUABLE ASSET; THEIR PEOPLE. WE BELIEVE STRONGLY IN PROTECTING THE VALUE OF THE INVESTMENTS MADE IN THE WORKFORCE AND ARE DEDICATED TO PROVIDING PROGRAMMING AND SUPPORT THAT MEETS THE NEEDS OF INDUSTRIES AND THE BUSINESSES WITHIN THEM. WE ALSO OFFER PRE-APPRENTICESHIP PROGRAMS, PROFESSIONAL DEVELOPMENT AND EXECUTIVE EDUCATION, AND CONTINUING EDUCATION PROGRAMS THAT PROVIDE OPPORTUNITIES FOR INDIVIDUALS TO SHARPEN THEIR SKILLS AND KEEP UP WITH THE LATEST ADVANCES. LASTLY, THE DIVISION OFFERS INNOVATION AND DESIGN THINKING SERVICES AND CONSULTING.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Hartoun Harounian SVP Biopharma Division | 35 | $294,744 | |
Susan Flynn-Hollander Gen Counsel/chief Compliance Officer | 35 | $224,520 | |
Tomas Gregorio Exec Director Healthcare Systems | 35 | $185,262 | |
Jennifer D'angelo SVP Healthcare Division | 35 | $182,996 | |
Jerry Vilbrun Chief Information Officer | 35 | $167,558 | |
Dr Joel Bloom Chairman | OfficerTrustee | 1 | $0 |
Vendor Name (Service) | Service Year | Compensation |
---|---|---|
Geometer Llc Healthcare Consulting | 6/29/21 | $500,000 |
Gilbane Building Company Construction Services | 6/29/21 | $1,870,674 |
Velatura Llc Healthcare Consulting | 6/29/21 | $979,956 |
Suja Associates Inc Healthcare Consulting | 6/29/21 | $398,303 |
Barnabas Health Healthcare Consulting | 6/29/21 | $343,000 |
Statement of Revenue | |
---|---|
Federated campaigns | $0 |
Membership dues | $0 |
Fundraising events | $0 |
Related organizations | $0 |
Government grants | $20,539,054 |
All other contributions, gifts, grants, and similar amounts not included above | $1,202,657 |
Noncash contributions included in lines 1a–1f | $0 |
Total Revenue from Contributions, Gifts, Grants & Similar | $21,741,711 |
Total Program Service Revenue | $5,378,415 |
Investment income | $90 |
Tax Exempt Bond Proceeds | $0 |
Royalties | $0 |
Net Rental Income | $1,306,098 |
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 | $28,426,314 |
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. | $187,609 |
Compensation of current officers, directors, key employees. | $187,609 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $8,331,049 |
Pension plan accruals and contributions | $590,329 |
Other employee benefits | $1,565,892 |
Payroll taxes | $0 |
Fees for services: Management | $0 |
Fees for services: Legal | $145,803 |
Fees for services: Accounting | $44,202 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $0 |
Fees for services: Other | $9,969,243 |
Advertising and promotion | $40,776 |
Office expenses | $0 |
Information technology | $981,871 |
Royalties | $0 |
Occupancy | $1,938,391 |
Travel | $26,153 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $0 |
Interest | $296,177 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $427,560 |
Insurance | $111,468 |
All other expenses | $111,910 |
Total functional expenses | $29,725,789 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $883,874 |
Savings and temporary cash investments | $0 |
Pledges and grants receivable | $588,416 |
Accounts receivable, net | $608,245 |
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 | $110,686 |
Net Land, buildings, and equipment | $7,432,566 |
Investments—publicly traded securities | $0 |
Investments—other securities | $0 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $5,893,755 |
Total assets | $15,517,542 |
Accounts payable and accrued expenses | $5,088,491 |
Grants payable | $0 |
Deferred revenue | $5,673,445 |
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 | $5,979,315 |
Total liabilities | $16,741,251 |
Net assets without donor restrictions | -$1,196,504 |
Net assets with donor restrictions | -$27,205 |
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 | $15,517,542 |
Over the last fiscal year, we have identified 1 grants that New Jersey Innovation Institute Inc has recieved totaling $5,000.
Awarding Organization | Amount |
---|---|
Bank Of America Charitable Foundation Inc Charlotte, NC PURPOSE: OPERATIONAL SUPPORT | $5,000 |
Organization Name | Assets | Revenue |
---|---|---|
Institute For Advanced Study Princeton, NJ | $1,299,707,272 | $57,811,778 |
New Jersey Innovation Institute Inc Newark, NJ | $15,517,542 | $28,426,314 |
Advanced Robotics For Manufacturing Institute Pittsburgh, PA | $8,985,791 | $26,581,090 |
University City Science Center Philadelphia, PA | $110,800,620 | $66,305,846 |
Research Institute For Fragrance Materials Inc Woodcliff Lake, NJ | $12,937,991 | $12,251,592 |
Sustainable Manufacturing Innovation Alliance Corp West Henrietta, NY | $5,170,750 | $6,786,054 |
Iup Research Institute Indiana, PA | $2,848,522 | $4,793,628 |
Mccourt Institute New York, NY | $300,000 | $5,000,000 |
Mipi Alliance Inc Piscataway, NJ | $8,458,712 | $3,844,753 |
Apprise Incorporated Princeton, NJ | $1,727,085 | $2,791,632 |
Solution Mining Research Institute Inc Clarks Summit, PA | $954,697 | $900,501 |
Human Computation Institute Ithaca, NY | $12,843 | $184,979 |