Overview
What is New Orleans Bio Innovation Center Inc?
The New Orleans Bio Innovation Center Inc is a nonprofit entity situated at 1441 Canal Street, New Orleans, LA 70112. Their primary mission is to manage a biotechnology incubator facility, fostering the development and growth of a thriving life science industry in New Orleans. They offer subsidized wet laboratory and office rentals to budding biotechnology and healthcare companies, many of which originate from local university research. By providing this support, the New Orleans Bio Innovation Center Inc plays a crucial role in nurturing and promoting the expansion of this sector in the city. With a dedicated workforce of 14 individuals, this organization is committed to bolstering New Orleans' biotechnology industry and contributing to its overall economic development.
What are the reviews and ratings of this charity?
Charity Navigator Rating 94% - Four-Star out of Four Star rating
The New Orleans Bio Innovation Center Inc has achieved a high level of accountability and finance, reflected in its 94% score from Charity Navigator, which highlights the organization’s commitment to transparency and effective financial management. This rating is derived entirely from its accountability and finance metrics, indicating a strong focus on these essential areas.
Key strengths of the organization include a fully independent board, which consists of 7 members, and comprehensive financial oversight mechanisms. The center has implemented robust policies, such as a conflict of interest policy and a whistleblower policy, which further enhance its governance. Additionally, the program expense ratio stands at an impressive 88.64%, suggesting that a significant portion of its expenditures directly supports its programs.
While the overall ratings are strong, it is essential to consider that the score is based solely on financial metrics, and there may be other aspects of operational effectiveness or program impact that are not reflected in this rating. Nevertheless, the New Orleans Bio Innovation Center Inc demonstrates a solid foundation in governance and financial responsibility.
This AI summary has been generated from information found on Charity Navigator.
Is New Orleans Bio Innovation Center Inc legitimate?
New Orleans Bio Innovation Center Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. New Orleans Bio Innovation Center 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: $214,500
Professional Fundraising Fees: $0
Other Salaries and Wages: $273,332
For more financial information, click here
What is the mission statement of New Orleans Bio Innovation Center Inc?
The New Orleans Bio Innovation Center Inc's mission is centered around managing a biotechnology incubator facility. Their primary objective is to foster and bolster the life science industry by providing developmental support. This is achieved by offering subsidized wet laboratory and office rentals to startup biotechnology and healthcare companies, many of which are derived from local university research. The center aims to create an environment that encourages innovation and growth within the life science sector.
Who is the CEO of New Orleans Bio Innovation Center Inc?
Kristopher Khalil is the Board Member of New Orleans Bio Innovation Center Inc. The CEO's salary of New Orleans Bio Innovation Center Inc is $214,500 and their total compensation is $214,500.
What is the revenue of New Orleans Bio Innovation Center Inc?
New Orleans Bio Innovation Center Inc's revenue in 2022 was $2,652,468.
Who are the executives of New Orleans Bio Innovation Center Inc and what are their salaries?
The average compensation at New Orleans Bio Innovation Center Inc during 2022 was $34,845. There are 14 employees and 6 volunteers at New Orleans Bio Innovation Center Inc.
Here are 7 key members and their salaries (New Orleans Bio Innovation Center Inc's CEO's salary is $214,500 and their total compensation is $214,500):
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- Compensation: $214,500
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- Other: $0
Where can I find the form 990 for New Orleans Bio Innovation Center Inc?
New Orleans Bio Innovation Center Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of New Orleans Bio Innovation Center Inc
The New Orleans Bio Innovation Center Inc is dedicated to managing a biotechnology incubator facility with the aim of fostering and nurturing a thriving life science industry in New Orleans. This organization's mission is twofold: it provides subsidized wet laboratory and office rentals for emerging biotechnology and healthcare companies, primarily derived from local university research. By offering these resources, the New Orleans Bio Innovation Center Inc supports the growth and development of these companies, contributing to the expansion of the life science sector in the region.
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Impact
October, 2024
The New Orleans Bio Innovation Center Inc significantly contributes to the local economy and the advancement of the life sciences sector in New Orleans. By managing a biotechnology incubator facility, it fosters the growth of start-up biotechnology and healthcare companies, primarily those emerging from local university research.
This initiative not only helps to cultivate innovative ideas and technologies in the life sciences field but also provides subsidized wet laboratory and office space, making it more accessible for entrepreneurs and researchers. The impact of this support is evident in the development of a thriving biotech ecosystem in the region, driving job creation, attracting talent, and contributing to the overall community improvement in New Orleans. By nurturing local innovation, the center plays a vital role in positioning the city as a hub for life science advancements.
This information is meant to be a general summary of New Orleans Bio Innovation Center 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 2022.
- Investment Income: $8,458
- Program Service Revenue: $383,238
- Gross Receipts: $2,652,468
Assets and Liabilities:
- Total Assets: $36,174,841
- Total Liabilities: $639,800
- Net Assets: $35,535,041
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
VARIOUS
Revenue
$315,681
CONTRIBUTED SERVICE REVENUE
Revenue
$67,557
Organization Details
Founding Year
2002
Phone
(504) 680-2973Principal Officer
Kristopher Khalil
Main Address
1441 CANAL STREET, NEW ORLEANS, LA, 70112
NTEE Category
Code: S302 - Community improvement
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