Overview
What is Long Island High Technology Incubator Inc?
Long Island High Technology Incubator Inc, located at 25 Health Sciences Drive, Stony Brook, NY 11790, is a nonprofit organization dedicated to supporting and stabilizing early-stage, high-risk, high-tech businesses. Its mission is to aid technologically innovative companies in growing by providing them with a range of resources and services. The incubator offers lower-cost space compared to market rates, thereby enhancing the success of development companies. Additionally, its location on the Stony Brook University campus facilitates the transfer of ideas from the university to the private sector, leading to job creation and expansion of the tax base in Long Island and New York State. The incubator supports approximately twenty-five high-tech business organizations in its facilities, contributing to the economic development of the region.
Official website here: www.lihti.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 96% (Four-Star out of Four Stars)
Long Island High Technology Incubator Inc has achieved a high rating of 96%, reflecting excellent accountability and finance practices. The organization has received a Four-Star rating from Charity Navigator, indicating that it effectively manages its resources and maintains transparency in its operations. This rating is significant as it demonstrates the nonprofit's commitment to financial integrity and responsible governance.
The incubator boasts a fully independent board, resulting in a perfect score for board member independence, and its size is appropriate for effective oversight. The organization has also established robust policies regarding conflict of interest, whistleblower protections, and document retention, all of which contribute to its strong governance framework. Additionally, a high program expense ratio of over 90% indicates that the majority of its funds are directed towards its mission-related activities.
While the data showcases the organization's strong financial health and governance, it is important for potential supporters to consider the overall impact and outcomes of its programs. Although the financial metrics are commendable, the summary does not provide insight into the effectiveness of its services or beneficiary feedback, which could offer a more comprehensive understanding of the nonprofit's impact in the community.
This AI summary has been generated from information found on Charity Navigator.
Is Long Island High Technology Incubator Inc legitimate?
Long Island High Technology Incubator Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Long Island High Technology Incubator Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $294,691
Professional Fundraising Fees: $0
Other Salaries and Wages: $287,054
For more financial information, click here
Official website here: www.lihti.org
What is the mission statement of Long Island High Technology Incubator Inc?
The Long Island High Technology Incubator Inc., a non-profit organization, is committed to supporting and stabilizing early-stage, high-risk, high-tech businesses. Their mission is to aid technologically innovative companies in their growth by providing various support resources and services. The incubator's attractive setting and location on the Stony Brook University campus facilitate the transfer of ideas from the university to the private sector. As a result of their support, these companies develop, grow, and create jobs, thereby expanding the tax base not only on Long Island but also in New York State.
Official website here: www.lihti.org
Who is the CEO of Long Island High Technology Incubator Inc?
Anilkumar Dhundale is the Secretary of Long Island High Technology Incubator Inc.
Official website here: www.lihti.org
What is the revenue of Long Island High Technology Incubator Inc?
Long Island High Technology Incubator Inc's revenue in 2023 was $2,672,338.
Official website here: www.lihti.org
Who are the executives of Long Island High Technology Incubator Inc and what are their salaries?
Here are 12 key members and their salaries:
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Official website here: www.lihti.org
Where can I find the form 990 for Long Island High Technology Incubator Inc?
Long Island High Technology Incubator Inc's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.lihti.org
Learn more at the official website: www.lihti.org
Mission Statement of Long Island High Technology Incubator Inc
The Long Island High Technology Incubator Inc, a non-profit organization, is committed to supporting and stabilizing early-stage, high-risk, high-tech businesses. With a dedication to helping new technologically innovative companies grow, the incubator provides a variety of support resources and services. This organization is not just about providing a space, but it also aims to facilitate the transfer of ideas from the Stony Brook University to the private sector. By doing so, it contributes to the growth of companies within its incubator, which in turn creates job opportunities and expands the tax base on Long Island and in New York State.
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Impact
July, 2024
Long Island High Technology Incubator Inc plays a significant role in supporting and stabilizing early-stage, high-risk, high-tech businesses. By providing a variety of support resources and services, this organization helps technologically innovative companies grow and develop. Its location on the Stony Brook University campus facilitates the transfer of ideas from the university to the private sector.
The companies that emerge and expand as a result of being part of this incubator contribute to the creation of jobs and the expansion of the tax base in Long Island and New York State. With approximately twenty-five high technology business organizations currently under development within its facilities, Long Island High Technology Incubator Inc plays a crucial role in fostering economic development in the region.
Overall, the impact of Long Island High Technology Incubator Inc extends beyond individual companies to benefit the community by promoting innovation, job creation, and economic growth in Long Island and the state of New York.
This information is meant to be a general summary of Long Island High Technology Incubator Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2023.
- Investment Income: $56
- Program Service Revenue: $1,833,820
- Gross Receipts: $2,672,338
Assets and Liabilities:
- Total Assets: $6,097,369
- Total Liabilities: $2,531,891
- Net Assets: $3,565,478
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME AND SURC
Revenue
$1,820,520
CEBIP SERVICES
Revenue
$13,300
Organization Details
Founding Year
1989
Phone
(631) 444-8800Principal Officer
Anilkumar Dhundale
Main Address
25 HEALTH SCIENCES DRIVE, STONY BROOK, NY, 11790
Website
www.lihti.orgNTEE Category
Code: S30 - Community improvement
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