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North Shore InnoVentures

 100 Cummings Center, Suite 451-C
 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: 10/24/2017
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 is building a culture of innovation on the North Shore of Massachusetts by incubating and accelerating start-up biotech and cleantech companies that tackle difficult problems, open new markets and create jobs

Mission Statement

Incubating innovation: saving lives and saving the environment.
 
North Shore InnoVentures is building a culture of innovation on the North Shore of Massachusetts by incubating and accelerating start-up biotech and cleantech companies that tackle difficult problems, open new markets and create jobs

FinancialsMORE »

Fiscal Year July 01, 2017 to June 30, 2018
Projected Income $1,300,000.00
Projected Expense $1,300,000.00

ProgramsMORE »

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

Revenue vs. Expense ($000s)

Expense Breakdown 2016 (%)

Expense Breakdown 2015 (%)

Expense Breakdown 2014 (%)

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 is building a culture of innovation on the North Shore of Massachusetts by incubating and accelerating start-up biotech and cleantech companies that tackle difficult problems, open new markets and create jobs

Background Statement

Established in 2008, North Shore InnoVentures (NSIV) grew out of the North Shore Technology Council (NSTC), a community of technology and business professionals dedicated to smart, technology-driven 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 NSTC that each operate monthly seminar series. The organizations continue to work closely together with much of the volunteer support for NSIV coming from the NSTC 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.

NSIV co-founded with four local colleges the Life Sciences Consortium of the North Shore in 2012 and in 2014 the Consortium was awarded a $5M capital grant by the Mass Life Sciences Center (MLSC) to upgrade the facilities at the five institutions. Students are now being trained on state-of-the-art equipment to better prepare them for jobs in the rapidly growing life sciences industry in Massachusetts. The analytical equipment at each institution that was purchased with the grant is available to faculty and students from any of the institutions and to entrepreneurs in the incubator and neighboring industry cluster. NSIV startups have provided 165 paid internships to local high school and college students. We are both creating jobs and training students to fill them.


Impact Statement

We currently have 21 companies in the program and have graduated twenty since inception. The 41 companies that are either currently in the incubator or graduated have brought in more than $195M in equity and grants and together have created 276 jobs, provided 165 paid internships and filed 200 patents.

Accomplishments of the past year:

1) We renovated space at Cummings Center in order to consolidate our facilities, expand to accommodate growth, and create collaborative work spaces that better serve our mission. We had been leasing six non-contiguous spaces, an arrangement that did not foster collaboration. We also expanded from 10,000 to 13,000 s.f. and added a makerspace for medical device startups.

2) NSIV graduated two strong companies this year. Both are staying on the North Shore and together they employ 24 people. Thriving companies are our most important product.

3) We hired a part-time laboratory manager who can train individuals on our equipment and maintain it.

Our goals for the coming year:

1) Secure long-term program funding concomitant with our value as an economic development engine in our region

2) Make the part-time laboratory manager position a full-time position.

3) Reach the financial milestone that would allow us to pay our staff the Board-approved salaries (equivalent to the market rate for comparable non-profit positions) and offer benefits, in order to have a viable succession plan.

4) Grow the program from 21 to 30 companies.

5) Establish strategic partnerships with industry sponsors that have an interest in the technologies under development in our incubator.

Needs Statement

1) The 2014 MLSC capital grant did not include any funds for the cost of service and maintenance for the $1M of equipment. We need sustaining support of $50K per year to cover the cost of maintaining, repairing and replacing the equipment.

2) We hired a part-time laboratory manager in 2016, before expanding. To make that a full-time position we need an additional $25K per year.

3) We have three full-time dedicated professionals who are only paid 75% of the salary authorized by our Board of Directors.  We don’t yet provide benefits. For succession planning purposes, that’s not sustainable. The additional support needed to meet Board guidelines is $110,000 per year.
 
4) We expanded from 10,000 to 13,000 s.f. in 2017, building a new lab and a maker space for prototyping. The project was predominantly funded by a grant, sponsors and reserves, but we still have a $125K gap. We are seeking sustaining support to pay off that loan, $25K per year for 5 years. 
 

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 pleased at the progress of North Shore InnoVentures (NSIV) in the three years since I joined the Board and I’m very proud to serve as Chairman. The exciting 2017 consolidation into creative, flexible, purpose-designed facilities is already proving to have the desired effect, creating new opportunities for collaboration among the start-ups in the program. Founder and CEO, Martha Farmer, a biotech industry veteran, continues to be the primary driver, aided by a very competent COO/engineer, Tom Kinneman, and joined more recently by an energetic Director of Mentoring, Trish Fleming, formerly head of the MIT Enterprise Forum. It’s a very strong team, which is itself a measure of success. The growth of the organization and the measurable impact of NSIV are frankly inspiring: 41 companies bringing innovative technologies to market that are addressing environmental sustainability and unmet medical needs and employing 275 people. The team is achieving its mission.

NSIV is recognized by community leaders and by the local press as key players in economic development on the North Shore. The CEO was recognized by the North Shore Chamber of Commerce for Distinguished Leadership in 2016 and awarded an honorary doctorate by Endicott College for her contributions to the community. The Essex County Community Foundation honored NSIV with an Award for Non-Profit Excellence in 2015 and the Cummings Foundation awarded $100K to NSIV in 2012.

The history is that of a scrappy startup, creating something from nothing. Their story was compelling to me. Opening in 2009, in the depths of the recession, with just $30K in state support and an all-volunteer staff, NSIV pulled together sponsorships, in-kind gifts, local support and volunteer mentors to create the first cleantech incubator in the state, in Lynn MA. In 2010 the Mass Life Sciences Center (MLSC) provided a modest $50K and NSIV, again leveraging significant in-kind donations, used it to open the biotech incubator at Cummings Center. In 2012 NSIV brought together four local colleges into the Life Sciences Consortium of the North Shore, a collaboration which subsequently led to a $5M capital equipment grant from MLSC to the Consortium. The grant was awarded to upgrade academic teaching laboratories for training the future workforce for the life sciences industry and to upgrade the incubator facilities for the region’s startups. NSIV startups have so far provided 150 paid internships to local students.

NSIV’s on-going challenges include the increasing competition from new incubators in the state; the continuing need for grants and sponsorships to augment the fees from incubator startups; achieving our strategic plan for growth and a sustainable financial model. As a long-time member of the Boston Harbor Angels and a former Partner at KPMG, I was invited to join the Board to bring finance expertise to the incubator’s startups and staff. Now, as Chairman of the Board, I feel an obligation to strengthen the Board and increase its gender diversity. I want to see the organization continue to thrive and to continuously succeed in being a driver of growth in exciting new companies and technologies. This success will be a critical element of a vibrant community for all of our citizens.


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  $500,000.00
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. But job creation is has great impact on a region; many social ills can be remedied by the availability of good jobs. That perspective has been quite a challenge to communicate to donors, however, and we have not been very successful in our philanthropic campaign. Our Board members do donate and they have helped us bring in a few donors but we have been much more successful ant soliciting sponsorships than donations.

Unlike most incubators, which are state, municipality or university backed, NSIV is a private non-profit with 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 quadrupled in size, graduated 20 companies, currently serve 21, and employ five people. The companies collectively have created 282 jobs and raised $197M in equity, grants and awards - in economic development terms that is a very strong return on the state's investment. The 2014 capital grant from the Mass Life Sciences Center is both a testament to the value we have brought the Commonwealth and a lever that has contributed to the creation of 100 jobs already.

Our biggest challenge remains securing sufficient operating funds. Raising prices high enough to fully cover our costs would defeat the purpose of providing a boost to innovative technologies and the very early stage companies we accept that are, by definition, not yet well funded. It 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 Ethics Committees of Northeast Hospital Systems and Endicott College. She also serves on the Board of Advisors of Endicott College, and on the Boards of Directors of the North Shore Technology Council, the Life Sciences Consortium of the North Shore, and the Technology Coalition of the North Shore. She recently completed a five year term on the Board of Trustees of the North Shore Community College. 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
Trish Fleming MBA Director of Mentoring --
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
Distinguished Leadership Award to Martha Farmer North Shore Chamber of Commerce 2016
Award to NSIV for Non-profit Excellence Essex County Community Foundation 2015
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 International Business Innovation 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. We co-host First-Friday Bioscience seminars and Sustainability Forum programs with our founding partner,  the North Shore Technology Council.  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 3
Number of Part Time Staff 2
Number of Volunteers 40
Number of Contract Staff 1
Staff Retention Rate % --

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: 4
Male: 1
Not Specified 0

Plans & Policies

Organization has Fundraising Plan? Under Development
Organization has Strategic Plan? Yes
Years Strategic Plan Considers 5
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 Yes Annually
Senior Management Formal Evaluation and Frequency Yes Annually
Non Management Formal Evaluation and Frequency Yes Annually

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 LLP Exofficio
Brad Curley Boston College, ComplyGlobal Voting
Tom Forrest Farb Thrive Biosciences 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 LLP 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
Jean-Jacques Yarmoff PhD French Consulate 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
Patricia Gentile EdD North Shore Community College NonVoting
Lisa Lillelund Mango Networks NonVoting
Susan Long PhD Launchpad NonVoting
Gary Magnant M.S. Sage Sciences NonVoting
Patricia M. Meservey R.N., D. Ed. Salem State University NonVoting
Tom Ollila Reading Municipal Light Department 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: 15
Hispanic/Latino: 0
Native American/American Indian: 0
Other: 0
Other (if specified): --
Gender Female: 4
Male: 12
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
  • Audit, Compliance and Controls
  • Executive
  • Nominating

CEO/Executive Director/Board Comments

--

Foundation Comments

--

Financials


Revenue vs. Expense ($000s)

Expense Breakdown 2016 (%)

Expense Breakdown 2015 (%)

Expense Breakdown 2014 (%)

Fiscal Year July 01, 2017 to June 30, 2018
Projected Income $1,300,000.00
Projected Expense $1,300,000.00
Form 990s

2016 990

2015 990

2014 990

2013 990

2012 990

2011 990

2010 990

2009 990

Audit Documents

2016 Audited Financials

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 2016 2015 2014
Total Revenue $1,069,372 $1,440,220 $485,543
Total Expenses $759,802 $614,947 $449,612

Prior Three Years Revenue Sources

Fiscal Year 2016 2015 2014
Foundation and
Corporation Contributions
-- -- --
Government Contributions $319,054 $935,208 $63,483
    Federal -- -- --
    State -- -- --
    Local -- -- --
    Unspecified $319,054 $935,208 $63,483
Individual Contributions $238,071 $169,709 $164,222
Indirect Public Support -- -- --
Earned Revenue $512,145 $335,202 $257,737
Investment Income, Net of Losses $102 $101 $101
Membership Dues -- -- --
Special Events -- -- --
Revenue In-Kind -- -- --
Other -- -- --

Prior Three Years Expense Allocations

Fiscal Year 2016 2015 2014
Program Expense $689,208 $559,736 $409,888
Administration Expense $28,936 $30,287 $21,874
Fundraising Expense $41,658 $24,924 $17,850
Payments to Affiliates -- -- --
Total Revenue/Total Expenses 1.41 2.34 1.08
Program Expense/Total Expenses 91% 91% 91%
Fundraising Expense/Contributed Revenue 7% 2% 8%

Prior Three Years Assets and Liabilities

Fiscal Year 2016 2015 2014
Total Assets $1,459,850 $1,720,958 $286,123
Current Assets $570,450 $828,730 $220,056
Long-Term Liabilities $0 $0 $0
Current Liabilities $180,967 $751,645 $142,083
Total Net Assets $1,278,883 $969,313 $144,040

Prior Three Years Top Three Funding Sources

Fiscal Year 2016 2015 2014
1st (Source and Amount) -- --
-- --
-- --
2nd (Source and Amount) -- --
-- --
-- --
3rd (Source and Amount) -- --
-- --
-- --

Financial Planning

Endowment Value --
Spending Policy Income Only
Percentage(If selected) --
Credit Line Yes
Reserve Fund Yes
How many months does reserve cover? 3.00

Capital Campaign

Are you currently in a Capital Campaign? Yes
Capital Campaign Purpose
 To complete our recent build out we had to amortize $233,000 (plus 7.5% interest) over the next five years.  We hope to retire that debt this year. 
 
 
Campaign Goal $300,000.00
Capital Campaign Dates Jan 2017 - June 2018
Capital Campaign Raised-to-Date Amount $125,000.00
Capital Campaign Anticipated in Next 5 Years? Yes

Short Term Solvency

Fiscal Year 2016 2015 2014
Current Ratio: Current Assets/Current Liabilities 3.15 1.10 1.55

Long Term Solvency

Fiscal Year 2016 2015 2014
Long-term Liabilities/Total Assets 0% 0% 0%

CEO/Executive Director/Board Comments


 I believe the revenues exceeded expenses in the above table because the capital grant was included in the revenues but the capital expenditures were not included in the expense column.
 

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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