Overview
What is Austen Bioinnovation Institute In Akron?
The Austen Bioinnovation Institute In Akron is a not-for-profit organization established in Akron, Ohio, in 2008. It was formed as a unique collaboration of research, education, and healthcare institutions, known as its founding members. The institute's mission is to build upon Akron's strong legacy in materials sciences by pioneering life-saving biomedical innovations for the 21st century. The institute's activities primarily focus on patient-centered innovation and commercialization in the public interest, with a goal of expanding healthcare advancements. It operates under Section 501(c)(3) of the Internal Revenue Code, recognized as a public charity.
Official website here: www.abiakron.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: Zero-Star out of Four Star rating
The Austen Bioinnovation Institute in Akron received a zero-star rating from Charity Navigator, indicating significant concerns regarding its financial practices and overall accountability. The organization scored 47% overall, reflecting serious deficiencies in financial health, particularly a program expense ratio of only 8.23%. This suggests that a very small portion of its expenses are directed towards its mission-related programs.
Despite its low overall score, the organization does have some strengths in governance. It boasts a fully independent board, with 100% of its members being independent, and has policies in place for conflict of interest, whistleblower protection, and document retention. However, the lack of an adequate number of independent board members and the absence of critical financial documentation on its website raise concerns about its transparency and accountability.
In summary, while the Austen Bioinnovation Institute demonstrates some positive governance practices, the serious shortcomings in its financial management and transparency hinder its overall rating. Prospective donors and supporters may want to exercise caution and seek further information before engaging with the organization.
This AI summary has been generated from information found on Charity Navigator.
Is Austen Bioinnovation Institute In Akron legitimate?
Austen Bioinnovation Institute In Akron is a legitimate nonprofit organization registered as a 501(c)(3) entity. Austen Bioinnovation Institute In Akron 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: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
Official website here: www.abiakron.org
What is the mission statement of Austen Bioinnovation Institute In Akron?
The Austen Bioinnovation Institute In Akron, a tax-exempt organization under IRC section 501(C)(3), is dedicated to fostering patient-centered innovation and commercialization in the public interest. This institution, formed in 2008, aims to build upon Akron's strong background in materials sciences by pioneering life-saving biomedical innovations for the 21st century. The mission of the institute is to collaborate with complementary research, education, and health institutions, collectively known as the founding members, to expand on biomedical advancements and improve healthcare solutions for the public good.
Official website here: www.abiakron.org
Who is the CEO of Austen Bioinnovation Institute In Akron?
William H Considine is the Chairman of Austen Bioinnovation Institute In Akron.
Official website here: www.abiakron.org
What is the revenue of Austen Bioinnovation Institute In Akron?
Austen Bioinnovation Institute In Akron's revenue in 2020 was -$8,075,738.
Official website here: www.abiakron.org
Who are the executives of Austen Bioinnovation Institute In Akron and what are their salaries?
There 1 volunteer at Austen Bioinnovation Institute In Akron.
There is 1 key member and their salary:
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.abiakron.org
Where can I find the form 990 for Austen Bioinnovation Institute In Akron?
Austen Bioinnovation Institute In Akron's most recent form 990 was submitted in 2020 and can be accessed here.
Official website here: www.abiakron.org
Learn more at the official website: www.abiakron.org
Mission Statement of Austen Bioinnovation Institute In Akron
The Austen Bioinnovation Institute In Akron, established as a tax-exempt organization under IRC Section 501(C)(3) and recognized as a public charity, is a unique collaboration of research, education, and healthcare institutions in Ohio. With a mission to build upon Akron's strong heritage in materials sciences, the Institute aims to pioneer the next generation of life-saving biomedical innovations for the 21st century. By bringing together complementary entities, the Institute seeks to expand the horizon of biomedical advancements, contributing to the public interest in a patient-centered approach.
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Impact
October, 2024
Austen Bioinnovation Institute in Akron has significantly contributed to the landscape of biomedical innovation and commercialization, particularly within the context of patient-centered solutions. By fostering a collaboration among diverse research, education, and health institutions, the institute aimed to build upon Akron's legacy in materials sciences. The focus on pioneering next-generation biomedical innovations has the potential to enhance healthcare delivery and patient outcomes.
Despite ceasing program operations in early 2019, the institute's past efforts set a foundational framework for ongoing advancements in medical research. The collaborative model it established has encouraged cross-disciplinary partnerships, promoting the development of innovative technologies and treatments tailored to meet the needs of patients. This emphasis on patient-centered innovation underscores the importance of aligning technological advancements with real-world healthcare challenges. Overall, the impact of Austen Bioinnovation Institute in Akron remains evident in the strides made in biomedical research and innovation within the region.
This information is meant to be a general summary of Austen Bioinnovation Institute In Akron. 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 2020.
- Investment Income: -$8,075,738
Assets and Liabilities:
- Total Assets: $0
- Total Liabilities: $0
- Net Assets: $0
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Organization Details
Founding Year
2008
Phone
(330) 572-7544Principal Officer
William H Considine
Main Address
47 NORTH MAIN STREET, AKRON, OH, 44308
Website
www.abiakron.orgNTEE Category
Code: H92 - Medical research
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