Empire Discovery Institute Inc
- Assets
- $4.2m
- Revenue
- $235.0k
- Investments
- $0.0
- Employees
- 0
- Location
- Rochester, NY
- Founding
- 06/2018
- Data as of
- 12/2023
- EIN
- 82-3993697
Organization Overview
Empire Discovery Institute Inc is located in Rochester, NY. The organization was established in 2018. According to its NTEE Classification (C60) the organization is classified as: Environmental Education, under the broad grouping of Environment and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Empire Discovery 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 12/2023, Empire Discovery Institute Inc generated $235.0k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 5 years, the organization has seen revenues fall by an average of (34.8%) each year. All expenses for the organization totaled $5.4m during the year ending 12/2023. 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 PURPOSE OF THE INSTITUTE IS TO ENGAGE IN CHARITABLE AND SCIENTIFIC ACTIVITIES FOR THE BENEFIT OF THE ACADEMIC, MEDICAL AND RESEARCH INSTITUTIONS AND PUBLIC BENEFIT CORPORATIONS AFFILIATED WITH AND CONTROLLING THE INSTITUTE. TO FOSTER AN EDUCATIONAL ECOSYSTEM IN UPSTATE NEW YORK FOR TRAINING THE NEXT GENERATION OF SCIENTISTS AND BUSINESS LEADERS, AND SUPPORT UPSTATE NEW YORK'S REGIONAL ECONOMY AND TO ACCRUE LIFE SCIENCES ECONOMIC DEVELOPMENT BENEFITS TO UPSTATE NEW YORK THROUGH THE CREATION OF A RESEARCH AND BUSINESS INITIATIVE FOCUSED ON ACCELERATING TRANSLATIONAL RESEARCH GENERATING INNOVATIVE PROOF-OF-CONCEPT STUDIES AND ADVANCING THE SCIENTIFIC AND EDUCATIONAL ACTIVITIES OF THE INSTITUTIONS' FACULTY, FELLOWS AND STUDENTS IN ASPECTS OF CHEMISTRY, PHARMACOLOGY AND DRUG DISCOVERY AND FACILITATING THE CREATION OF STARTUP COMPANIES AND OTHER SPINOFF INITIATIVES, AND ENGAGING EXCLUSIVELY IN SUCH OTHER CHARITABLE AND SCIENTIFIC ACTIVITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
IDENTIFY MEDICALLY IMPORTANT PATHWAYS AND TARGETS RELATED TO HUMAN DISEASE THAT WILL SERVE AS THE BASIS FOR THE DISCOVERY AND DEVELOPMENT OF NOVEL, HIGHLY DIFFERENTIATED THERAPEUTICS TO ADDRESS CRITICAL, UNMET NEEDS FOR PATIENTS.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dr Satish Tripathi Board Member, Chair (to 1/31/23) | OfficerTrustee | 0.25 | $0 |
Dr Venu Govindaraju Board Member | Trustee | 0.25 | $0 |
Dr Candace Johnson Board Member | Trustee | 0.25 | $0 |
Dr Thomas Schwaab Board Member (to 3/1/24) | Trustee | 0.25 | $0 |
Dr Mark Taubman Board Member (to 11/18/23) | Trustee | 0.25 | $0 |
Peter Robinson Board Member | Trustee | 0.25 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Charles River Discovery Research Service Contract Research Organization/ Scientif | 12/30/23 | $1,053,234 |
Carnegie Hill Partners Contract Research Organization/ Scientif | 12/30/23 | $165,000 |
Harter Secrest And Emery Llc Legal Services | 12/30/23 | $171,232 |
Curia Global Inc Scientific Research | 12/30/23 | $110,816 |
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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $48,900 |
| Investment income | $186,054 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| 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 | $234,954 |
| 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 | $750,414 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $171,233 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $264,591 |
| Fees for services: Accounting | $45,625 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $4,078,874 |
| Advertising and promotion | $0 |
| Office expenses | $13,871 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $8,980 |
| Travel | $20,465 |
| 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 | $0 |
| Total functional expenses | $5,427,655 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,371,923 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $52,805 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $772,100 |
| Total assets | $4,196,828 |
| Accounts payable and accrued expenses | $224,174 |
| 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 | $851,383 |
| Total liabilities | $1,075,557 |
| Net assets without donor restrictions | $964,811 |
| Net assets with donor restrictions | $2,156,460 |
| 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 | $4,196,828 |