Overview
What is Massachusetts Biomedical Initiatives Inc?
Massachusetts Biomedical Initiatives Inc, headquartered in Worcester, Massachusetts, is a nonprofit organization dedicated to fostering innovation and job creation within the healthcare sector. By providing company incubation services for biomedical companies, such as biotechnology, medical device, and bioinformatics, MBI offers flexible lab spaces, shared equipment, health and safety services, and business support. This assistance enables startup companies to expand, create jobs, and contribute to the local tax base. MBI operates three incubator locations in Worcester, Massachusetts, with a total of 50,000 square feet. In addition to its incubator services, MBI is involved in area economic development, supporting projects like Gateway Park, a mixed-use park focused on the life science industry, and the Worcester Biomanufacturing Park, a business park designed to support the growth of the advanced manufacturing cluster in Worcester, Massachusetts. MBI collaborates with the academic, business, and government communities to promote Massachusetts as a global leader in the life and health sciences industry, aiming to bring lifesaving products to patients, create jobs, and drive economic development. With a team of 6 employees, MBI serves as a crucial partner in fostering innovation in the life sciences, helping companies advance from concept to clinical trials.
Official website here: www.massbiomed.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 96% - Four-Star out of Four Stars
Massachusetts Biomedical Initiatives Inc has achieved a commendable Four-Star rating from Charity Navigator, reflecting its strong performance in accountability and finance. The organization scored exceptionally well in various areas, demonstrating a robust commitment to transparency and governance with a 94% independent board and a clear conflict of interest policy.
The financial health of the organization is noteworthy, with an impressive program expense ratio of 86.48%, indicating that a significant portion of its resources is dedicated to its mission. Additionally, the organization has maintained a low liabilities-to-assets ratio of 28.76%, suggesting a stable financial position. It has also passed audits without any material diversions of assets and has comprehensive policies in place to ensure ethical conduct.
While the data showcases the organization's strengths in governance and financial management, it is essential for potential donors and supporters to consider the broader impact of its programs and initiatives. Overall, Massachusetts Biomedical Initiatives Inc stands out as a well-managed nonprofit with a strong focus on accountability.
This AI summary has been generated from information found on Charity Navigator.
Is Massachusetts Biomedical Initiatives Inc legitimate?
Massachusetts Biomedical Initiatives Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Massachusetts Biomedical Initiatives 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: $413,096
Professional Fundraising Fees: $0
Other Salaries and Wages: $247,057
For more financial information, click here
Official website here: www.massbiomed.org
What is the mission statement of Massachusetts Biomedical Initiatives Inc?
Massachusetts Biomedical Initiatives Inc, as a private and independent organization, is committed to supporting emerging life sciences companies in their journey from concept to clinical trials. Their mission is to foster innovation in the life sciences sector by providing access to early-stage technologies and workforce development resources. By doing so, Massachusetts Biomedical Initiatives aims to help these companies bring lifesaving products to patients, create job opportunities, and contribute to economic development. Ultimately, their goal is to establish a sustainable ecosystem that positions the life and health sciences industry as a global leader.
Official website here: www.massbiomed.org
Who is the CEO of Massachusetts Biomedical Initiatives Inc?
Jon Weaver is the Vice Chairman of Massachusetts Biomedical Initiatives Inc. The CEO's salary of Massachusetts Biomedical Initiatives Inc is $255,500 and their total compensation is $292,710.
Official website here: www.massbiomed.org
What is the revenue of Massachusetts Biomedical Initiatives Inc?
Massachusetts Biomedical Initiatives Inc's revenue in 2022 was $4,750,848.
Official website here: www.massbiomed.org
Who are the executives of Massachusetts Biomedical Initiatives Inc and what are their salaries?
The average compensation at Massachusetts Biomedical Initiatives Inc during 2022 was $110,026. There are 6 employees at Massachusetts Biomedical Initiatives Inc.
Here are 19 key members and their salaries (Massachusetts Biomedical Initiatives Inc's CEO's salary is $255,500 and their total compensation is $292,710):
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- Compensation: $189,500
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- Other: $30,890
Official website here: www.massbiomed.org
Where can I find the form 990 for Massachusetts Biomedical Initiatives Inc?
Massachusetts Biomedical Initiatives Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.massbiomed.org
Learn more at the official website: www.massbiomed.org
Mission Statement of Massachusetts Biomedical Initiatives Inc
Massachusetts Biomedical Initiatives Inc, a private and independent organization, is committed to fostering innovation in the life sciences industry. Their mission is twofold: firstly, they aim to facilitate access to early-stage technologies for emerging life sciences companies, helping them advance from concept to clinical trials. Secondly, they provide workforce development support, assisting these companies in bringing lifesaving products to patients, creating jobs, and promoting economic development. By doing so, Massachusetts Biomedical Initiatives Inc contributes to establishing a sustainable ecosystem in the life and health sciences industry, positioning Massachusetts as a global leader in this field.
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Impact
October, 2024
Massachusetts Biomedical Initiatives Inc. significantly impacts the state’s economy and healthcare innovation landscape by fostering the growth of start-up biomedical companies. Through its incubation services, MBI provides essential resources such as flexible laboratory spaces, shared equipment, and comprehensive business support. This environment enables biotechnology, medical device, and bioinformatics companies to thrive, creating jobs and expanding the tax base in Massachusetts.
Operating three incubator locations totaling 50,000 square feet in Worcester, MBI plays a pivotal role in the local economic development. It supports initiatives like Gateway Park and the Worcester Biomanufacturing Park, which focus on strengthening the life science industry and advanced manufacturing sectors. By collaborating with academic, business, and government communities, MBI positions Massachusetts as a global leader in life and health sciences.
The organization’s mission to facilitate access to early-stage technologies and workforce development helps emerging life sciences companies advance from concept to clinical trials. This commitment not only brings lifesaving products to patients but also cultivates a sustainable ecosystem for innovation in Massachusetts' biomedical sector.
This information is meant to be a general summary of Massachusetts Biomedical Initiatives 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: $263,138
- Program Service Revenue: $2,477,782
- Gross Receipts: $4,770,955
Assets and Liabilities:
- Total Assets: $23,711,563
- Total Liabilities: $6,820,626
- Net Assets: $16,890,937
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
INNOVATION CENTER
Revenue
$2,261,987
TECHNOLOGY CENTER
Revenue
$215,795
Organization Details
Founding Year
1984
Phone
(508) 797-4200Principal Officer
Jon Weaver
Main Address
17 BRIDEN STREET, WORCESTER, MA, 01605
Website
www.massbiomed.orgNTEE Category
Code: U500 - Science research
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