Foundation For The New England Medical Innovation Center
- Assets
- $50.2k
- Revenue
- $683.9k
- Investments
- $0.0
- Employees
- 0
- Location
- Providence, RI
- Founding
- 04/2018
- Data as of
- 06/2023
- EIN
- 82-2337450
Organization Overview
Foundation For The New England Medical Innovation Center is located in Providence, RI. The organization was established in 2018. According to its NTEE Classification (E03) the organization is classified as: Professional Societies & Associations, under the broad grouping of Health Care and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Foundation For The New England Medical Innovation 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 06/2023, Foundation For The New England Medical Innovation Center generated $683.9k in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 19.4% each year . All expenses for the organization totaled $688.7k during the year ending 06/2023. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE NEW ENGLAND MEDICAL INNOVATION CENTER IS A NOT-FOR-PROFIT MED TECH HUB FOUNDED BY A PARTNERSHIP BETWEEN LIFESPAN HEALTH SYSTEM, XIMEDICA, AND THE RHODE ISLAND SCHOOL OF DESIGN. WE ARE FOCUSED ON BRINGING TOGETHER INNOVATORS, ENTREPRENEURS, ORGANIZATIONS, CLINICIANS, SMES, FUNDERS, AND KNOWLEDGE BASES TO ADVANCE MEDICAL TECHNOLOGIES TO MARKET AND OVERALL BRING VALUE TO THE PATIENTS THEY SERVE WHILE INSPIRING INNOVATORS TO IMAGINE THE FUTURE OF OUR HEALTHCARE SYSTEM.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ENTREPRENEURSHIP EDUCATION- WE PROVIDE MED TECH ENTREPRENEURSHIP EDUCATION AND MENTORING TO RI BASED START UP COMPANIES AND PEOPLE WHO ARE INTERESTED IN STARTING START UP.
GLOBAL BOOT CAMP- WE PROVIDE A GLOBAL BOOTCAMP PROGRAM TO KOREAN HEALTHCARE START UP COMPANIES EITHER FOR ONE WEEK TO 3 MONTH PERIOD.
MENTORING- WE ALSO PROVIDE CURATED MENTORING SERVICES TO MEDTECH START UP COMPANIES BASED BOTH IN RI AND FROM KOREA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Aidan Petrie President | OfficerTrustee | 40 | $0 |
Lydia Schroter Treasurer | OfficerTrustee | 40 | $0 |
Ann Chumults Director | Trustee | 2 | $0 |
Mike Pereira Director | Trustee | 2 | $0 |
Hope Hopkins Director | 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 | $373,441 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $373,441 |
| Total Program Service Revenue | $302,953 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $7,528 |
| 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 | $683,922 |
| 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. | $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 | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $332,101 |
| Advertising and promotion | $1,763 |
| Office expenses | $47,772 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $42,000 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $265,056 |
| Total functional expenses | $688,692 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $37,740 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,245 |
| 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 | $10,191 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $50,176 |
| Accounts payable and accrued expenses | $20,105 |
| 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 | $30,000 |
| Other liabilities | $0 |
| Total liabilities | $50,105 |
| Net assets without donor restrictions | $71 |
| Net assets with donor restrictions | $0 |
| 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 | $50,176 |