Overview
What is Biobat Inc?
Biobat Inc, based in Brooklyn, New York, is a nonprofit organization with a mission to foster a modern-day working waterfront. Through a partnership between the Research Foundation for SUNY, Downstate Health Sciences University, and the New York City Economic Development Corporation, Biobat provides advanced research, office, and manufacturing space for various biotechnology and related companies. This partnership offers opportunities for collaboration with SUNY Downstate scientists, clinicians, and students, as well as educational, entrepreneurial, and job-training programs. By leasing space at the Brooklyn Army Terminal, Biobat aims to create a hub for innovation, advance medical treatments, and bring new technologies to the marketplace. Currently, Biobat has completed Phase I and is in development for Phase II, with several potential tenants under negotiation. The organization currently employs 4 individuals.
Official website here: www.biobat.nyc
What are the reviews and ratings of this charity?
Rating from Charity Navigator: 96%, Four-Star out of Four Star rating.
Biobat Inc has achieved a remarkable Four-Star rating from Charity Navigator, indicating a high level of accountability and financial health. The organization scored 96% overall, reflecting its strong commitment to transparency and responsible financial practices. With a focus on accountability, it has an entirely independent board, which enhances its governance and oversight capabilities.
The nonprofit demonstrates solid financial management with a program expense ratio of 84.69%, meaning a significant portion of its expenditures directly supports its mission. Furthermore, it has no reported material diversion of assets, which underscores its integrity in managing donor contributions. Biobat Inc also adheres to comprehensive policies, including whistleblower and conflict of interest policies, ensuring ethical operations.
While the data does not highlight any limitations or areas needing improvement, the strong financial ratios and governance structure suggest that Biobat Inc is well-positioned to continue its impactful work in the community. Its emphasis on accountability and effective program spending makes it a trustworthy choice for donors looking to support a reputable organization.
This AI summary has been generated from information found on Charity Navigator.
Is Biobat Inc legitimate?
Biobat Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Biobat 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:
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Other Salaries and Wages: $67,005
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Official website here: www.biobat.nyc
What is the mission statement of Biobat Inc?
Biobat Inc, a joint partnership between the Research Foundation for SUNY, Downstate Health Sciences University, and the New York City Economic Development Corporation, is dedicated to providing advanced research, office, and manufacturing space for biotechnology and related companies. The organization allows these companies to work with scientists, clinicians, and students from Downstate Health Sciences University to further their discoveries and conduct clinical trials. Biobat Inc also offers educational, entrepreneurial, and job training opportunities, serving as an economic engine to create jobs, advance knowledge, and bring medical treatments and new technologies to the marketplace. By collaborating with various community organizations, Biobat Inc aims to foster innovation and drive progress in the field of biopharmaceuticals.
Official website here: www.biobat.nyc
Who is the CEO of Biobat Inc?
A Jeffrey Rosen is the Chair of Biobat Inc.
Official website here: www.biobat.nyc
What is the revenue of Biobat Inc?
Biobat Inc's revenue in 2022 was $3,125,444.
Official website here: www.biobat.nyc
Who are the executives of Biobat Inc and what are their salaries?
The average compensation at Biobat Inc during 2022 was $16,751. There are 4 employees and 10 volunteers at Biobat Inc.
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Official website here: www.biobat.nyc
Where can I find the form 990 for Biobat Inc?
Biobat Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.biobat.nyc
Learn more at the official website: www.biobat.nyc
Mission Statement of Biobat Inc
Biobat Inc, a joint partnership between the Research Foundation for SUNY, Downstate Health Sciences University, and the New York City Economic Development Corporation, is committed to creating a modern, innovative working environment for biopharmaceutical technology companies. Its mission is threefold. Firstly, Biobat provides sophisticated research, office, and manufacturing spaces for both local and international biotechnology companies. This enables these organizations to collaborate with the scientists, clinicians, and students from Downstate Health Sciences University to advance their discoveries and conduct clinical trials.
Secondly, Biobat offers educational, entrepreneurial, and job training opportunities. By fostering a conducive environment for learning and innovation, Biobat aims to create jobs, advance knowledge, and bring medical treatments and new technologies to the marketplace. Lastly, Biobat serves as an economic engine, contributing to the development of the biopharmaceutical industry and ultimately benefiting society as a whole. By providing a platform for the growth and success of biotechnology companies, Biobat is instrumental in driving the advancement of medical research and the development of life-saving treatments.
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Impact
July, 2024
Biobat Inc's impact lies in its development of a space for new and growing biopharmaceutical technology companies at the Brooklyn Army Terminal. By providing state-of-the-art facilities and support for the application, expansion, and commercialization of biotechnology, life sciences, and hard sciences research, Biobat fulfills its mission of fostering innovation and economic growth. Through its partnership with SUNY Downstate Health Sciences University and the New York City Economic Development Corporation, Biobat not only offers opportunities for research and collaboration but also serves as an economic engine, creating jobs, advancing knowledge, and bringing new technologies to the marketplace. This initiative ultimately contributes to community improvement by enhancing the development and competitiveness of the biotech industry in Brooklyn, NY.
This information is meant to be a general summary of Biobat 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.
- Program Service Revenue: $2,814,057
- Gross Receipts: $3,125,444
Assets and Liabilities:
- Total Assets: $28,285,839
- Total Liabilities: $637,349
- Net Assets: $27,648,490
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$2,350,662
REIMBURSED EXPENSES
Revenue
$463,395
Organization Details
Founding Year
2010
Phone
(347) 799-1477Principal Officer
A Jeffrey Rosen
Main Address
450 CLARKSON AVENUE, BROOKLYN, NY, 11203
Website
www.biobat.nycNTEE Category
Code: S31 - Community improvement
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