North Carolina Biotechnology Center
- Assets
- $40.6m
- Revenue
- $19.9m
- Investments
- $6.1m
- Employees
- 79
- Location
- Research Triangle Park, NC
- Founding
- 05/1985
- Data as of
- 06/2022
- EIN
- 56-1434024
Organization Overview
North Carolina Biotechnology Center is located in Research Triangle Park, NC. The organization was established in 1985. According to its NTEE Classification (U50) the organization is classified as: Biological & Life Sciences, under the broad grouping of Science & Technology and related organizations. As of 06/2022, North Carolina Biotechnology Center employed 79 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. North Carolina Biotechnology Center 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 Carolina Biotechnology Center generated $19.9m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.2% each year. All expenses for the organization totaled $16.4m during the year ending 06/2022. While expenses have increased by 0.1% 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, North Carolina Biotechnology Center has awarded 176 individual grants totaling $37,539,352. 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
TO PROVIDE LONG-TERM ECONOMIC AND SOCIETAL BENEFITS TO NORTH CAROLINA THROUGH SUPPORT OF BIOTECHNOLOGY RESEARCH, BUSINESS, EDUCATION AND STRATEGIC POLICY STATEWIDE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
OUR COMMERCIALIZATION PROGRAM COMBINES THE SCIENCE AND TECHNOLOGY DEVELOPMENT AND THE EMERGING COMPANY DEVELOPMENT PROGRAMS INTO ONE. SCIENCE AND TECHNOLOGY DEVELOPMENT PROGRAM IS A FUNDAMENTAL PROGRAM OF THE NORTH CAROLINA BIOTECHNOLOGY CENTER. THE GOAL OF THIS PROGRAM IS TO STRENGTHEN THE STATE'S INFRASTRUCTURE FOR LIFE SCIENCE RESEARCH WHICH IS AN ESSENTIAL PREREQUISITE FOR SCIENTIFIC ADVANCES LEADING TO NEW PRODUCTS AND APPLICATIONS. TO MEET THIS GOAL, THE PROGRAM PROVIDES SERVICES AND SUPPORT TO STATE UNIVERSITIES, COLLEGES, AND NONPROFIT INSTITUTIONS THAT CONTRIBUTE TO LIFE SCIENCE DEVELOPMENT THROUGH RESEARCH, TEACHING, AND PUBLIC SERVICE. SUPPORT IS PRIMARILY PROVIDED IN THE FORM OF GRANTS. SINCE 1984, THE PROGRAM HAS PROVIDED OVER $143 MILLION TO ENHANCE THE RESEARCH AND INTELLECTUAL CAPABILITIES OF THE STATE'S ACADEMIC AND NONPROFIT RESEARCH INSTITUTIONS. THE EMERGING COMPANIES DEVELOPMENT PROGRAM IS THE SECOND LARGEST PROGRAM OF THE NORTH CAROLINA BIOTECHNOLOGY CENTER. THE GOAL OF THIS PROGRAM IS TO STRENGTHEN AND SUPPORT NORTH CAROLINA LIFE SCIENCE COMPANIES WITH FUNDING; TECHNOLOGY ASSESSMENT; STRATEGIC PARTNERSHIPS; BUSINESS PLAN ADVICE; NETWORKING AND CAREER TRANSITION SUPPORT; INFORMATION ON VENTURE CAPITAL AND AVAILABLE LABORATORY SPACE; AND PROFESSIONAL REFERRALS. THE LOAN PROGRAM IN PARTICULAR PROVIDES LOANS TO EARLY STAGE COMPANIES. THESE LOANS ARE DESIGNED TO SUPPORT LIFE SCIENCE COMPANY INCEPTION, RESEARCH, AND GROWTH.
THE ECONOMIC DEVELOPMENT PROGRAM NOW INCLUDES STATEWIDE DEVELOPMENT, AG SECTOR AND LIFE SCIENCE DEVELOPMENT PROGRAMS. THE AGRICULTURAL SECTOR DEVELOPMENT PROGRAM IS A PROGRAM OF THE NORTH CAROLINA BIOTECHNOLOGY CENTER FOCUSED ON THE LARGEST INDUSTRY SECTOR IN THE STATE - AGRICULTURE. THE CORE FOCUS OF THE PROGRAM IS TO SUPPORT THE LARGEST GLOBAL ECONOMIC CLUSTER OF AGRICULTURE BIOTECHNOLOGY IN ITS CONTINUED GROWTH AND CONTRIBUTION. THE AGRICULTURE BIOTECHNOLOGY PROGRAM FOSTERS A DYNAMIC AGRICULTURE COMMUNITY, IMPROVES TECHNOLOGY AND VALUE, AND ATTRACTS AND SUSTAINS JOBS IN AGRICULTURE TO THE STATE. SINCE 2010, MANY COMPANIES SUPPORTING THOUSANDS OF JOBS HAVE BEEN IDENTIFIED AND ENGAGED BY THE PROGRAM.
THE SECTOR DEVELOPMENT PROGRAM INCLUDES THE EMERGING SECTOR DEVELOPMENT, CONFERENCE CENTER AT NC BIOTECH AND LIFE SCIENCE INTELLIGENCE PROGRAMS. THE CONFERENCE CENTER IS AN EVENT AND MEETING SPACE SOLUTION FOR NUMEROUS LIFE SCIENCE COMPANIES, ORGANIZATIONS AND EDUCATIONAL INSTITUTIONS. IT INCLUDES MEETING AND CATERING SERVICES AND CO-WORKING SPACES. THE LSI TEAM'S ACTIVITIES MAKE IT THE LARGEST AT THE CENTER. IN ADDITION TO MARKET INTELLIGENCE, THE TEAM IS RESPONSIBLE FOR NETWORK SECURITY AND IT SUPPORT, TECHNICAL SUPPORT FOR THE CENTER'S WEBSITE, CORPORATE RECORD RETENTION AND HISTORICAL ARCHIVES, MANAGEMENT OF THE CENTER'S CLIENT RELATIONSHIP MANAGEMENT SYSTEM, CENTER-WIDE IMPACT MEASUREMENTS, AND PROJECT MANAGEMENT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Santo Costa Chair | OfficerTrustee | 2 | $0 |
Meredith Friga Vice Chair And Treasurer | OfficerTrustee | 2 | $0 |
Peyton Anderson Secretary | OfficerTrustee | 2 | $0 |
Merrill Mason Secretary | OfficerTrustee | 2 | $0 |
Douglas L Edgeton President/ceo/asst Secretary | OfficerTrustee | 40 | $321,360 |
Rebecca Alexander Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Pmi Facilities Management | 6/29/22 | $175,847 |
Wral Digital Solutions Communications | 6/29/22 | $158,745 |
Trone Brand Energy Communications | 6/29/22 | $146,044 |
Patton Boggs Llp Lobbying | 6/29/22 | $135,559 |
Netgain Technologies It Support | 6/29/22 | $130,663 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $17,173,592 |
| All other contributions, gifts, grants, and similar amounts not included above | $127,537 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $17,301,129 |
| Total Program Service Revenue | $2,389,551 |
| Investment income | $64,849 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $73,028 |
| Net Gain/Loss on Asset Sales | $83,205 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $19,911,762 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $4,225,151 |
| 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. | $848,998 |
| Compensation of current officers, directors, key employees. | $313,940 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $5,250,810 |
| Pension plan accruals and contributions | $591,203 |
| Other employee benefits | $694,158 |
| Payroll taxes | $435,448 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $56,610 |
| Fees for services: Accounting | $57,647 |
| Fees for services: Lobbying | $193,010 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $862,459 |
| Advertising and promotion | $55,148 |
| Office expenses | $269,769 |
| Information technology | $357,360 |
| Royalties | $0 |
| Occupancy | $588,680 |
| Travel | $90,847 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $250,607 |
| Interest | $228 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $843,143 |
| Insurance | $44,497 |
| All other expenses | $44,724 |
| Total functional expenses | $16,365,269 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,381,292 |
| Savings and temporary cash investments | $8,209,161 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $368,081 |
| 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 | $136,398 |
| Net Land, buildings, and equipment | $7,398,865 |
| Investments—publicly traded securities | $6,689,588 |
| Investments—other securities | $6,126,101 |
| Investments—program-related | $9,282,697 |
| Intangible assets | $0 |
| Other assets | $11,214 |
| Total assets | $40,603,397 |
| Accounts payable and accrued expenses | $910,241 |
| 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 | $910,241 |
| Net assets without donor restrictions | $39,246,875 |
| Net assets with donor restrictions | $446,281 |
| 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 | $40,603,397 |
Grants Awarded
Over the last fiscal year, North Carolina Biotechnology Center has awarded $2,900,672 in support to 20 organizations.
| Grant Recipient | Amount |
|---|---|
CASTAG BIOSCIENCES INC PURPOSE: RESEARCH | $6,000 |
AMERCIAN CHESTNUT FOUNDATION PURPOSE: RESEARCH | $19,441 |
CITY OF GREENSBORO PURPOSE: ECONOMIC DEV | $100,000 |
CITY OF GREENVILLE PURPOSE: ECONOMIC DEV | $100,000 |
DUKE UNIVERSITY PURPOSE: RESEARCH | $208,572 |
DUKE UNIVERSITY MEDICAL CENTER PURPOSE: RESEARCH | $316,878 |