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North Shore InnoVentures

 100 Cummings Center, Suite 438N
 Beverly, MA 01915
[P] (508) 527-1832
[F] --
www.nsiv.org
[email protected]
Martha Farmer
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INCORPORATED: 2008
 Printable Profile (Summary / Full)
EIN 26-2737088

LAST UPDATED: 04/04/2016
Organization DBA Biotech InnoVenture Center
Cleantech InnoVenture Center
InnoVentures
Former Names North Shore Accelerator (2009)
North Shore Life Sciences Accelerator (2008)
Organization received a competitive grant from the Boston Foundation in the past five years No

Summary

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Mission StatementMORE »

Incubating innovation: saving lives and saving the environment.
 
North Shore InnoVentures contributes to economic growth and employment on the North Shore and surrounding areas by facilitating and accelerating the growth of innovative start-up companies in the biomedical and cleantech industries. This is accomplished through a business incubator program which provides these firms with low cost office and shared laboratory facilities and an ecosystem of support, including business mentoring, professional services and essential business skills training.

Mission Statement

Incubating innovation: saving lives and saving the environment.
 
North Shore InnoVentures contributes to economic growth and employment on the North Shore and surrounding areas by facilitating and accelerating the growth of innovative start-up companies in the biomedical and cleantech industries. This is accomplished through a business incubator program which provides these firms with low cost office and shared laboratory facilities and an ecosystem of support, including business mentoring, professional services and essential business skills training.

FinancialsMORE »

Fiscal Year July 01, 2012 to June 30, 2013
Projected Income $550,000.00
Projected Expense $570,000.00

ProgramsMORE »

  • Business Support Services, Mentoring, Advising & Business Education
  • Shared Equipped Biotech and Cleantech Laboratories

Revenue vs. Expense ($000s)

Expense Breakdown 2015 (%)

Expense Breakdown 2014 (%)

Expense Breakdown 2013 (%)

For more details regarding the organization's financial information, select the financial tab and review available comments.


Overview

Mission Statement

Incubating innovation: saving lives and saving the environment.
 
North Shore InnoVentures contributes to economic growth and employment on the North Shore and surrounding areas by facilitating and accelerating the growth of innovative start-up companies in the biomedical and cleantech industries. This is accomplished through a business incubator program which provides these firms with low cost office and shared laboratory facilities and an ecosystem of support, including business mentoring, professional services and essential business skills training.

Background Statement

Established in 2008, North Shore InnoVentures (NSIV) grew out of the North Shore Technology Council a community of technology and business professionals dedicated to economic development and community service.
 
The founders of NSIV had previously founded the Biosciences Group and the Sustainability Forum, two special interest groups within the North Shore Technology Council that each operate monthly seminar series. The organizations continue to work closely together with much of the volunteer support for NSIV coming from the Technology Council membership.
 
NSIV operates a technology business incubator to nurture innovative early-stage companies and support sustained economic growth in our region. Our focus is in cleantech and life sciences - two of the strongest technology clusters in Massachusetts.
 
NSIV is a non-profit 501c3 tax exempt public charity, supported in part by state and federal grants as well as corporate sponsors which help subsidize the facilities and services we offer. Collaboration is at the heart of our model. We bring shared physical resources, sponsor services, experienced entrepreneurs and investment advisers together with promising young companies. Together we help them conserve capital, make good decisions, build strong teams and achieve development and funding milestones.

Impact Statement

We currently have 22 companies in the program and have graduated fourteen since inception. The 36 companies that are either currently in the incubator or graduated have brought in more than $95M in equity and grants and together have created 200 jobs.
 
This year we expanded our facilities to 10,000 sq ft of offices and equipped laboratories for start-ups. We formed a consortium with four local colleges - Salem State University, Endicott College, Gordon College and North Shore Community College - to increase start-ups’ access to equipment and better train students for the biotech industry.  In 2014 the Life Sciences Consortium of the North Shore was awarded a $5M capital grant by the Mass Life Sciences Center.  With the funds each of the five institutions has upgraded equipment so that start-ups in the incubator program and students at each of the colleges now have access to a broad array of industry standard equipment.  At North Shore InnoVentures we have added a gene sequencer, mass spectrometers, flow cytometer, cell-imaging system and other state-of-the-art equipment.  Students can take courses at each of the colleges in the consortium (without paying additional tuition) and many have had internships with the companies in our incubator.  Work-force readiness is the goal of the colleges for their biotech majors and our incubator is clearly helping the colleges to achieve that goal. 
 
Our goals for this year include 1) securing long-term program funding concomitant with our value as an economic development engine in our region, 2) creating the Proteomics Center of the North Shore within our incubator, 3) growth of the program from 22 to 30 companies and obtaining a grant for an expanded facility to accommodate that growth,  4) launching a campaign for philanthropic donations, and 5) establishing strategic partnerships with industry sponsors that have an interest in the technologies under development in our incubator.   

Needs Statement

The Mass Life Sciences Center capital grant did not include any funds for operations, such as the cost of service and maintenance for the new equipment.  The grant is resulting in additional expenses in excess of $150K.  Only a fraction of that can be covered by increased fees paid by the start-ups.  $100K was included in the Economic Development bill that was passed in 2014 but to our surprise a few months later the funds were eliminated in the governor's "9C cuts" to balance the budget. We badly need $100K in additional funds to cover the unavoidable increased operating expenses created by the capital grant.
 
NSIV is experiencing a growth in demand for its services following its recent record of success and the extraordinary equipment now available. We hired a part-time Director of Mentoring to help meet the need when we thought we had the aforementioned funds.  We had anticipated receiving a mentoring grant from the Mass Technology Collaborative but our pending $50K grant was also eliminated in the governor's 9C cuts.  $50K to support our mentoring program is badly needed.
 
We have three full time professionals who are only paid half time and donate their services for the other half.  That’s not sustainable.  The additional salary support needed is $170,000 per year.
 

CEO Statement

Why Incubate? What makes incubation at North Shore InnoVentures so valuable to our members? Studies conducted for the Economic Development Administration show that incubated companies are twice as likely to survive beyond five years compared to those who don't get incubation. North Shore InnoVentures helps start-ups succeed here by providing five basic areas of support:
 
1. Sponsored Services -North Shore InnoVentures has the generous backing of several sponsors that offer our members as much as $20,000 of pro bono legal, accounting, marketing, software and other business services. That gives member companies the start they need to organize their business systems, Intellectual Property portfolio, marketing strategy and business support systems. Our sponsors are committed to helping start-ups succeed.
 
2. Mentoring and Advising - Having a strong team is essential to creating a business. Diverse teams with valuable experts are difficult to build on shoestring budgets. North Shore InnoVentures' network of mentors and advisors help companies hone strategies, define markets and execute business plans.
 
3. Educational Program - No entrepreneur knows everything about starting a company. North Shore InnoVentures has an ongoing education program, InnoVentures U, with a curriculum focused on key issues for the newly minted entrepreneur. Topics include both general business skills such as pitching to investors, team building and new trends in regulatory and patent law. In addition to InnoVentures U, we also have a monthly CEO roundtable facilitated by a professional executive coach.
 
4. Facilities - North Shore InnoVentures provides access to valuable workspaces that offer your new business a place to perform technology development work and meet with partners, customers and other entrepreneurs. The 10,000 sq. ft. facility includes furnished offices and cubicles, a reception area, two shared conference rooms and 5000 sq. ft. of shared well-equipped laboratory space with access to shared equipment, including a gene sequencer, flow cytometer, fluorescence microscope, cell imaging system, and mass spectrometers. All of this is located in the Cummings Center which offers numerous services for child/pet/elder care, fitness, on-site restaurants and post office.
 
5. Access to capital / funding - Member companies gain access to funding sources through introductions to angels, VCs and other sources of capital. North Shore InnoVentures also aids companies in finding and applying for government and private grants.

Board Chair Statement

I am now very pleased by the progress of NSIV. Co-founder and CEO, Martha Farmer, continues to be the primary driver, but she is joined by a COO and extremely diligent volunteers. We have a growing list of active corporate sponsors and a very serious and experienced group of Directors. We still have obvious challenges, but the growth and early success of NSIV are quite uplifting.
 
NSIV has become a well-known entity in a very short time.NSIV and its leaders are recognized by community leaders and by the press as key players in economic development on the North Shore.We have received state, federal and local government support in addition to corporate sponsorships.We opened in 2009 with just $30K in state support, leveraging sponsorships, gifts, local support and volunteers to create the first cleantech incubator in the state.In 2010 we obtained $50K in state support and, leveraging significant in-kind donations, opened the biotech incubator. We now have equipped laboratories and host ten very promising early-stage companies and we already have seven successful graduate companies.Our Directors, Officers, and volunteers are now poised to continue and expand upon these early successes.
 
NSIV’s on-going challenges include the lack of a major research university within our immediate region; continued access to funding for the organization as well as investors for the start-ups; guarding against potential conflicts of interest of the Directors, Officers, and volunteers who naturally become active in our member companies; and the adoption of a self-sustainable financial model to be able to maintain our mission for years to come.We have recognized, for example, that we need to rely on paid executives to be able to provide the consistent, active leadership needed to sustain this business. Volunteers turn over too quickly.
 
As Chairman and co-founder of North Shore InnoVentures (NSIV), I am pleased to share my personal thoughts about the importance of NSIV and the importance of mentoring early-state entrepreneurs locating in the North Shore.
 
I am also currently President and CEO of Thorne Diagnostics, Inc., a development-stage molecular diagnostics company also located in Beverly’s Cumming Center.Although my formal training was as an academic and clinical scientist, I have spent my career since 1984 in starting and running a series of successful private and public Life Sciences companies, including founding and running MEDTOX Scientific (Nasdaq: MTOX), which was recently acquired by Laboratory Corporation of America for $241 million.
 
As a scientist with no formal training in business or finance, I fortunately turned to experienced CEOs to serve on my Board of Directors and to serve as my personal mentors.I came to rely on two directors who served on special committees with me.We studied our clients, our competitors, our management team, my managing style, strategic planning, and all aspects of our business.This became my self-designed mentoring program and my business and I gained immeasurably from their advice and experience. Based on my own positive experience with business mentors, I have continued to be an advocate of mentoring and have volunteered my own time with a series of early entrepreneurs, most recently at NSIV.

Geographic Area Served

NORTHEAST REGION, MA
GREATER BOSTON REGION, MA
The North Shore of Boston is where we expect to draw most of our entrepreneurs but they come to use our specialized facilities from Boston and Cambridge as well as the suburbs north, east and west of Boston. Often the mix of facilities and services we offer relative to their cost is attractive even to firms not in our immediate area. We collaborate with other incubators across the state to be sure companies get the resources they need.

Organization Categories

  1. Science & Technology - Biological, Life Science Research
  2. Environment - Energy Resources Conservation & Development
  3. Community Improvement, Capacity Building - Management & Technical Assistance

Independent research has been conducted on this organization's theory of change or on the effectiveness of this organization's program(s)

No

Programs

Business Support Services, Mentoring, Advising & Business Education

The incubator program offers business support services, mentoring, advising and educational programs. Sponsors offer our members as much as $10K of pro bono legal, accounting, marketing, IT and other business services. That gives member companies the start they need to organize their business systems, Intellectual Property portfolio, marketing strategy and business support systems. NSIV's network of mentors and advisors help companies hone strategies, define markets and execute business plans. NSIV also has an ongoing education program with a curriculum focused on key issues for the newly minted entrepreneur. Topics include both general business skills such as pitching to investors, team building and new trends in regulatory and patent law. Member companies gain access to funding sources through valuable introductions to angels, VCs and other sources of capital. NSIV also aids companies in finding and applying for government and private grants.
Budget  $300,000.00
Category  Science & Technology, General/Other Biological & Life Sciences
Population Served Adults US& International College Aged (18-26 years)
Program Short-Term Success  Near-term results are measured by the number of companies accepted into the program and the number graduating each year. We expect to bring in two and graduate one company per quarter. Funds raised and grants obtained each year by the member companies and graduates correlate with future growth of the companies. The entrepreneur-focused skill-building seminar programs we offer attract 20-30 participants each month and we have a monthly CEO roundtable for the member company CEOs as well. These programs all contribute to the professional growth and management skills of the entrepreneurs.
Program Long-Term Success  The sponsored services include legal support for contracts and intellectual property, accounting support, IT, PR - many basics required for the start of a successful business. Similarly, experienced mentors and advisors can help first-time entrepreneurs navigate the process of building a good team, strategic partnering, networking to capital. While the mentors and advisors provide their services free of charge, coordinating all the activities, seminars, sponsors, grant support, etc., for 15-20 companies is a nearly full time job for NSIV's CEO with help from the COO, administrator and leadership team. The entrepreneurs are US and international scientists who have started US companies or US subsidiaries and intend to grow their companies in the US, hiring technical and business support staff as well as accepting college-age interns for training. Jobs are created and financing is secured through this process, resulting in long-term employment of a technical workforce by the companies.
Program Success Monitored By  Our success is monitored by the number of companies expressing interest in participating in the program, the number we accept (through a selective process), and the number we graduate. The number of jobs created is the primary measure of economic development success. The amount of capital raised by the companies is also a major measure of success as it predicts the companies' future success. Participation in educational programs is another measure.
Examples of Program Success  The 23 companies that are currently in or have graduated from our program have collectively created 115 jobs since our inception in 2009. They have raise more than $26M in equity capital and more than $22M in grants. Our educational programs had approximately 300 participant last year.

Shared Equipped Biotech and Cleantech Laboratories

The laboratories are the heart of our incubator. These facilities enable innovative startups to develop their science, build a prototype device, establish proof of principle or provide their unique services to customers. The cost of leasing laboratory space, rarely available in less than 1000 sq ft increments, is prohibitive for companies just starting out. We provide space in 100 sq ft increments including utilities, Internet, permits, waste removal, safety management, cleaning and maintenance. Add to that a collection of scientific equipment that we service and calibrate - which now includes a gene sequencer, flow cytometer, cell imaging system, mass spectrometers, plate reader and washer, among others. Our shared laboratory program greatly reduces the cost of getting a company to the point where it can seek investment or sell to customers. Our business support program combined with the shared laboratory program helps the companies to conserve capital and increase their probability of success.
Budget  $200,000.00
Category  Medical Research, General/Other Cancer Research
Population Served People/Families of People with Cancer People/Families of People with Health Conditions US& International
Program Short-Term Success  We expect to graduate a few new companies this year, each capable of independent development of their products and services. Two have customers already. We also expect some of our companies to successfully obtain SBIR grants and equity investment.
Program Long-Term Success  We have six companies using the shared laboratories now and expect to add several more this year. Each entrepreneur is passionate about the innovative products and services they are bringing to market.In the biotech lab companies are developing: a new way to prevent drug toxicity, a new way to identify aberrant cellular mechanisms that can be targeted with drugs, a way to identify pancreatic cancer at a very early stage, a way to assess the virulence of prostate cancer and potentially avoid many radical prostatectomies, etc. In the cleantech lab we have a company that has developed a bacterial fermentation method for producing the precursor molecules of plastics, currently petroleum-based, from methanol – a renewable resource and industry waste product.In addition to the innovations, each of those companies will be growing their companies, hiring people and contributing to the economic growth of our region and nation.
Program Success Monitored By  We have quarterly mentor reports and now also quarterly reviews of each company in the incubator. The questions we try to answer: What accomplishments and milestones have you reached? What is your next projected milestone? What issues are you encountering? What resources do you need from us to help overcome them? What sponsor services are you using and are you taking advantage of what's available to you?
Examples of Program Success  One of our companies, Sharp Edge Laboratories, graduated last September, having been in the incubator for just a year. The CEO signed the services agreement with us on a Friday and was getting data in the lab that Sunday afternoon. He was thrilled. But a year later, after going out on his own and struggling for a month just to get Internet service started he called to say that he really didn't know how good he had it when he had somebody else taking care of all those issues. While in our lab the CEO had demonstrated proof of principle, obtained an SBIR grant, established a base of customers and obtained equity investment. The 23 companies that are currently in our incubator or have graduated from it have collectively created 108 jobs, raised $27 M in equity capital and $24 M in grants and awards. That's remarkable success in three years.

CEO/Executive Director/Board Comments

Unlike most charities, the mission of our organization is economic development: we are dedicated to facilitating the development of start-up for-profit businesses with innovative technologies - businesses that will create jobs and have an impact on healthcare and the environment. Job creation and innovation, while widely praised, do not constitute a mission that attracts philanthropic donations because it is seen as a job for government.  That perspective has been quite a challenge and we have yet to launch a philanthropic campaign.  We have recently added board members who have expertise in this area.
 
Unlike most incubators, which are state, municipality or university backed, NSIV is a private non-profit with mostly corporate sponsorship support and very little government support.  Shortly after we incorporated, the financial crash of 2008 hit.  State funding was minimal - $30K the first year and $50K the next.  For two years we were an all-volunteer organization.  In 2011 we managed to secure a federal matching grant for $211K from the Economic Development Administration, matching the corporate sponsorships and three small grants. With that modest investment we were able to offer an equipped lab, office and conference room space as well as mentoring - and we began to pay very modest salaries for two people. Since then we have doubled in size, graduated 14 companies, currently serve 22, and employ 5 people part time. The companies collectively have created 200 jobs and raised $95M in equity, grants and awards - in economic development terms that is a very strong return on the state's investment of only $250K over the last five years.  The 2014 capital grant from the Mass Life Sciences Center is a testament to the value we have brought the Commonwealth. 
 
Our biggest challenge remains securing sufficient operating funds. An organization like this can only survive on volunteer labor for so long.  We need to be able to pay full-time staff if these results are to be sustained.  With more laboratory instrumentation we have higher maintenance expenses.  We are able to raise prices somewhat because we are providing more value and reducing equipment expenses for start-ups. Raising prices sufficiently to cover our costs at this scale, however, would defeat the purpose of providing a boost to innovative technologies and start-up entrepreneurs and would greatly reduce the number of companies who could afford to join our incubator.
 

Management


CEO/Executive Director Ms. Martha Carolyn Farmer PhD
CEO Term Start May 2008
CEO Email [email protected]
CEO Experience Martha C. Farmer, PhD – President, CEO and Founder, North Shore InnoVentures, a non-profit business incubator in Beverly, MA, that is dedicated to innovation, entrepreneurship and economic development through fostering life sciences and cleantech startups. Dr. Farmer serves on the Institutional Review Board and the Ethics Committee of Northeast Hospital Systems. She also serves on the Board of Advisors of Endicott College, the Board of Trustees of the North Shore Community College, and on the Boards of Directors of the North Shore Technology Council and the Life Sciences Consortium of the North Shore. For her work to promote innovation, entrepreneurship and economic development on the North Shore, Endicott College recently awarded her an honorary Doctor of Humane Letters. Formerly with Baxter Healthcare’s Hemoglobin Therapeutics Division, Dr. Farmer transitioned from managing the research laboratory to directing product development, communications and business development. Subsequently she consulted in clinical trial planning and analysis for two small public companies in the hemoglobin therapeutics field, Hemosol and Biopure. She co-founded the radiopharmaceutical startup, BetaGamma LLC, serving as Vice President of Marketing. She also served as bioethics adviser to StemCore, a stem cell research protocol review startup. She earned a BS in zoology and a PhD in physiology and pharmacology from Duke University, did postdoctoral training at Johns Hopkins University and the Naval Research Laboratory and was a Medical Ethics Fellow at Harvard University. She is an author on more than 30 publications and three patents.
Co-CEO --
Co-CEO Term Start --
Co-CEO Email --
Co-CEO Experience --

Former CEOs and Terms

Name Start End
-- -- --

Senior Staff

Name Title Experience/Biography
Tom Kinneman MBA Vice President and Chief Operating Officer Thomas Kinneman, MBA - Chief Operating Officer, North Shore InnoVentures. Mr. Kinneman is a Vice President of the North Shore Technology Council. Formerly President of the Image Polymers unit of Mitsui Chemicals, headquartered in Wilmington, MA. With dedicated plants in Tennessee and Scotland, the company develops, manufactures and markets resins used in toners for laser printers and copiers. Mr. Kinneman has a consistent record of new business growth and profit improvement in diverse American, European and Asian markets. He has strong strategic capabilities, broad general management background, proven leadership of multi-functional, global teams. Particularly skilled in driving new technology introductions, establishing new businesses and penetrating international markets, Mr. Kinneman successfully led global businesses in electronic chemicals, coating resins and specialty pigments. Five years managing European paper chemicals business from the Netherlands; three years running Asian specialty chemicals business from Singapore. Mr.Kinneman earned his B.S. in Chemical Engineering from Cornell and an MBA in International Business from the University of Connecticut.

Awards

Award Awarding Organization Year
Honorary Doctorate of Humane Letters awarded to Martha Farmer Endicott College 2014

Affiliations

Affiliation Year
-- --
Member of state association of nonprofits? No
Name of state association --

External Assessments and Accreditations

External Assessment or Accreditation Year
-- --

Collaborations

 We are members of the National Business Incubation Association, Mass Biotech Council and the New England Clean Energy Council; founders of the Life Sciences Consortium of the North Shore and the Association of Cleantech Incubators of New England. Our founding partners are the North Shore Technology Council, Foley Hoag LLP, and the Fraunhofer Center for Sustainable Energy.  We are also affiliated with the Mass Tech Transfer Center and have received support from the Mass Life Sciences Center and the Mass Clean Energy Center. We collaborate closely with these organizations on programs for the benefit of the companies we work with.

CEO/Executive Director/Board Comments

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Foundation Comments

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Staff Information

Number of Full Time Staff 0
Number of Part Time Staff 4
Number of Volunteers 40
Number of Contract Staff 1
Staff Retention Rate % 75%

Staff Demographics

Ethnicity African American/Black: 0
Asian American/Pacific Islander: 0
Caucasian: 5
Hispanic/Latino: 0
Native American/American Indian: 0
Other: 0
Other (if specified): 0
Gender Female: 3
Male: 2
Not Specified 0

Plans & Policies

Organization has Fundraising Plan? Under Development
Organization has Strategic Plan? Under Development
Years Strategic Plan Considers --
Management Succession Plan Under Development
Business Continuity of Operations Plan No
Organization Policies And Procedures No
Nondiscrimination Policy Yes
Whistle Blower Policy No
Document Destruction Policy No
Directors and Officers Insurance Policy Yes
State Charitable Solicitations Permit Exempt
State Registration Exempt

Risk Management Provisions

General Property Coverage
Workers Compensation and Employers' Liability
Directors and Officers Policy
Commercial General Liability

Reporting and Evaluations

Management Reports to Board? Yes
CEO Formal Evaluation and Frequency N/A N/A
Senior Management Formal Evaluation and Frequency N/A N/A
Non Management Formal Evaluation and Frequency N/A N/A

Governance


Board Chair Mr. Brad Curley
Board Chair Company Affiliation Boston College
Board Chair Term Dec 2015 - Dec 2015
Board Co-Chair --
Board Co-Chair Company Affiliation --
Board Co-Chair Term -

Board Members

Name Company Affiliations Status
David Baer Esq. G T Crystal Systems Voting
Hemmie Chang Esq. Foley Hoag Exofficio
Brad Curley Boston College, ComplyGlobal Voting
Martha C Farmer PhD North Shore InnoVentures Voting
Don Freeman PhD, MBA Director: Design Mentor, Respiratory Motion Voting
Mary E. Grant R.N., M.S. Office of Long Term Services and Supports for the Commonwealth of MA Voting
Tom Kinneman MBA North Shore InnoVentures Voting
Nicola M. Lemay Esq. Foley Hoag Exofficio
Harry G. McCoy Pharm.D. Thorne Diagnostics Voting
Frederic H. Morris MBA Brook Ventures Voting
David E. Reibel Esq. Aspect Software Voting
Jack M. Swig Esq. Community Volunteer NonVoting
Gordon W. Ulen CPA The Retirement/Financial Planning Center NonVoting
Richard Wylie E. Ed. Endicott College Voting

Constituent Board Members

Name Company Affiliations Status
-- -- --

Youth Board Members

Name Company Affiliations Status
-- -- --

Advisory Board Members

Name Company Affiliations Status
Abi Barrow PhD MA Tech Transfer Center NonVoting
Joan Brooks PhD Garbrook Knowledge Resources NonVoting
Pravin Chaturvedi PhD IndUS Pharmaceuticals, Napo Pharmaceuticals NonVoting
John Coulbourn Ipswich River Media NonVoting
Trish Fleming Entrepreneurship for All NonVoting
Patricia Gentile EdD North Shore Community College NonVoting
Antoinette G. Giugliano Esq. AGG Intellectual Porperty Law NonVoting
Sally Griffith Mass Clean Energy Center NonVoting
Jack Leonard PhD NovaBio Advisors, Inc. NonVoting
Lisa Lillelund Mango Networks NonVoting
Susan Long PhD Launchpad NonVoting
Gary Magnant M.S. Sage Sciences NonVoting
Edward B. Marsh M.D. MedTech Capital NonVoting
Stephen P. McCarthy PhD Mass Medical Device Development, U Mass Lowell NonVoting
Patricia M. Meservey R.N., D. Ed. Salem State University NonVoting
Tom Ollila Reading Municipal Light Department NonVoting
Kevin O'Sullivan Massachusetts Biomedical Initiatives NonVoting
Brock C. Reeve MBA Harvard Stem Cell Institute NonVoting
Mary W. Sarris North Shore Workforce Investment Board NonVoting
Steven Winter Metropolitan Area Planning Council (Boston) NonVoting
Gene Wong PhD Endicott College NonVoting

Board Demographics

Ethnicity African American/Black: 0
Asian American/Pacific Islander: 1
Caucasian: 14
Hispanic/Latino: 0
Native American/American Indian: 0
Other: 0
Other (if specified): --
Gender Female: 4
Male: 11
Not Specified 0

Board Information

Board Term Lengths 3
Board Term Limits 0
Board Meeting Attendance % --
Written Board Selection Criteria Under Development
Written Conflict Of Interest Policy Yes
Percentage of Monetary Contributions 4%
Percentage of In-Kind Contributions 100%
Constituency Includes Client Representation No

Standing Committees

  • Advisory Board / Advisory Council
  • Executive
  • Finance
  • Nominating

CEO/Executive Director/Board Comments

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Foundation Comments

--

Financials


Revenue vs. Expense ($000s)

Expense Breakdown 2015 (%)

Expense Breakdown 2014 (%)

Expense Breakdown 2013 (%)

Fiscal Year July 01, 2012 to June 30, 2013
Projected Income $550,000.00
Projected Expense $570,000.00
Form 990s

2015 990

2014 990

2013 990

2012 990

2011 990

2010 990

2009 990

Audit Documents

2015 Audited Financials

2014 Review

2013 Review

2012 Form 3115 Change in Accounting Method

2012 Review

IRS Letter of Exemption

IRS Letter of Determination

Prior Three Years Total Revenue and Expense Totals

Fiscal Year 2015 2014 2013
Total Revenue $1,440,220 $485,543 $484,844
Total Expenses $614,947 $449,612 $480,849

Prior Three Years Revenue Sources

Fiscal Year 2015 2014 2013
Foundation and
Corporation Contributions
-- -- --
Government Contributions $935,208 $63,483 $246,286
    Federal -- -- --
    State -- -- --
    Local -- -- --
    Unspecified $935,208 $63,483 $246,286
Individual Contributions $169,709 $164,222 $75,450
Indirect Public Support -- -- --
Earned Revenue $335,202 $257,737 $162,996
Investment Income, Net of Losses $101 $101 $112
Membership Dues -- -- --
Special Events -- -- --
Revenue In-Kind -- -- --
Other -- -- --

Prior Three Years Expense Allocations

Fiscal Year 2015 2014 2013
Program Expense $559,736 $409,888 $435,759
Administration Expense $30,287 $21,874 $16,381
Fundraising Expense $24,924 $17,850 $28,709
Payments to Affiliates -- -- --
Total Revenue/Total Expenses 2.34 1.08 1.01
Program Expense/Total Expenses 91% 91% 91%
Fundraising Expense/Contributed Revenue 2% 8% 9%

Prior Three Years Assets and Liabilities

Fiscal Year 2015 2014 2013
Total Assets $1,720,958 $286,123 $207,183
Current Assets $828,730 $220,056 $164,116
Long-Term Liabilities $0 $0 $0
Current Liabilities $751,645 $142,083 $99,074
Total Net Assets $969,313 $144,040 $108,109

Prior Three Years Top Three Funding Sources

Fiscal Year 2015 2014 2013
1st (Source and Amount) -- --
-- --
-- --
2nd (Source and Amount) -- --
-- --
-- --
3rd (Source and Amount) -- --
-- --
-- --

Financial Planning

Endowment Value --
Spending Policy N/A
Percentage(If selected) --
Credit Line Yes
Reserve Fund Yes
How many months does reserve cover? 6.00

Capital Campaign

Are you currently in a Capital Campaign? No
Capital Campaign Purpose In 2014 we successfully obtained a capital grant for $1.65M from the Mass Life Sciences Center for equipment and laboratory build out.
Campaign Goal --
Capital Campaign Dates -
Capital Campaign Raised-to-Date Amount --
Capital Campaign Anticipated in Next 5 Years? --

Short Term Solvency

Fiscal Year 2015 2014 2013
Current Ratio: Current Assets/Current Liabilities 1.10 1.55 1.66

Long Term Solvency

Fiscal Year 2015 2014 2013
Long-term Liabilities/Total Assets 0% 0% 0%

CEO/Executive Director/Board Comments


 
 

Foundation Comments

Financial summary data in charts and graphs are per the organization's IRS 990s.  Contributions from foundations and corporations are listed under individuals when the breakout was not available.

Documents


Other Documents

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Impact

The Impact tab is a section on the Giving Common added in October 2013; as such the majority of nonprofits have not yet had the chance to complete this voluntary section. The purpose of the Impact section is to ask five deceptively simple questions that require reflection and promote communication about what really matters – results. The goal is to encourage strategic thinking about how a nonprofit will achieve its goals. The following Impact questions are being completed by nonprofits slowly, thoughtfully and at the right time for their respective organizations to ensure the most accurate information possible.


1. What is your organization aiming to accomplish?

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2. What are your strategies for making this happen?

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3. What are your organization’s capabilities for doing this?

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4. How will your organization know if you are making progress?

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5. What have and haven’t you accomplished so far?

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