Overview
What is New Jersey Innovation Institute Inc?
The New Jersey Innovation Institute Inc, an NJIT corporation, was established in 2014 and serves as a dynamic research organization aimed at spurring economic development in New Jersey. With six primary divisions – Biopharma, Data and Advanced Technology, Defense and Homeland Security, Entrepreneurship, Healthcare Delivery Systems, and Human-Centered Design – the Institute transforms innovative ideas into practical solutions. By applying research and expertise, the Institute contributes significantly to various sectors, fostering growth and development within the state.
Official website here: www.njii.com
What are the reviews and ratings of this charity?
Charity Navigator Rating: 96% (Four-Star out of Four Stars)
New Jersey Innovation Institute Inc has achieved a high rating of 96% from Charity Navigator, indicating strong performance in accountability and finance. This score reflects the organization’s commitment to transparency and effective financial management, which is essential for building trust with donors and stakeholders.
The nonprofit is particularly noted for its governance, with an independent board comprising 88% of its members and a robust structure for oversight, including an audit and oversight committee. It demonstrates strong financial health, as evidenced by a low liabilities-to-assets ratio of 22.83% and a high program expense ratio of 85.79%, ensuring that the majority of its funds are directed towards fulfilling its mission.
While the organization shows exemplary scores in various accountability metrics, it is important for donors to continuously assess the impact of its programs and initiatives beyond financial measures. Overall, the New Jersey Innovation Institute Inc stands out for its solid governance and financial practices, making it a reliable choice for potential supporters.
This AI summary has been generated from information found on Charity Navigator.
Is New Jersey Innovation Institute Inc legitimate?
New Jersey Innovation Institute Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. New Jersey Innovation Institute 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: $208,369
Professional Fundraising Fees: $0
Other Salaries and Wages: $7,786,818
For more financial information, click here
Official website here: www.njii.com
What is the mission statement of New Jersey Innovation Institute Inc?
The New Jersey Innovation Institute is a research organization dedicated to invigorating economic development in New Jersey. Founded in 2014 as an NJIT corporation, the Institute focuses on transforming innovative ideas into practical solutions across six primary divisions: Biopharma, Data and Advanced Technology, Defense and Homeland Security, Entrepreneurship, Healthcare Delivery Systems, and Human-Centered Design. Through its research efforts, the Institute aims to bring about economic growth and progress within the state.
Official website here: www.njii.com
Who is the CEO of New Jersey Innovation Institute Inc?
Dr Teik C Lim is the Principal Officer of New Jersey Innovation Institute Inc. The CEO's salary of New Jersey Innovation Institute Inc is $0 and their total compensation is $407,189.
Official website here: www.njii.com
What is the revenue of New Jersey Innovation Institute Inc?
New Jersey Innovation Institute Inc's revenue in 2022 was $85,737,246.
Official website here: www.njii.com
Who are the executives of New Jersey Innovation Institute Inc and what are their salaries?
The average compensation at New Jersey Innovation Institute Inc during 2022 was $54,022. There are 148 employees and 13 volunteers at New Jersey Innovation Institute Inc.
Here are 26 key members and their salaries (New Jersey Innovation Institute Inc's CEO's salary is $0 and their total compensation is $407,189):
- Compensation: $0
- Related: $974,063
- Other: $46,638
- Compensation: $0
- Related: $582,111
- Other: $25,915
- Compensation: $0
- Related: $373,831
- Other: $54,480
- Compensation: $0
- Related: $343,224
- Other: $40,394
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- Other: $0
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- Compensation: $0
- Related: $352,519
- Other: $64,219
- Compensation: $300,839
- Related: $0
- Other: $46,045
- Compensation: $274,717
- Related: $0
- Other: $25,754
- Compensation: $176,879
- Related: $0
- Other: $41,684
- Compensation: $181,270
- Related: $0
- Other: $28,135
- Compensation: $178,752
- Related: $0
- Other: $22,361
- Compensation: $0
- Related: $339,740
- Other: $67,449
Official website here: www.njii.com
Where can I find the form 990 for New Jersey Innovation Institute Inc?
New Jersey Innovation Institute Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.njii.com
Learn more at the official website: www.njii.com
Mission Statement of New Jersey Innovation Institute Inc
The New Jersey Innovation Institute Inc, a prominent research organization, was established in 2014 with a mission to invigorate economic development in New Jersey. This corporation, an affiliate of NJIT, specializes in generating innovative solutions across six distinct divisions: Biopharma, Data and Advanced Technology, Defense and Homeland Security, Entrepreneurship, Healthcare Delivery Systems, and Human-Centered Design.
By nurturing groundbreaking ideas and transforming them into practical applications, the New Jersey Innovation Institute Inc plays a pivotal role in New Jersey's economic revitalization. Through its six divisions, this organization fosters collaboration between academia, industry, and government entities to address complex challenges and create sustainable growth.
The Biopharma division focuses on advancing research and development within the pharmaceutical industry. By combining scientific expertise with cutting-edge technology, New Jersey Innovation Institute Inc paves the way for new treatments and therapies.
In the realm of Data and Advanced Technology, this organization explores the potential of data-driven insights to improve business operations and enhance consumer experiences. New Jersey Innovation Institute Inc's team of experts works closely with industry partners to develop and implement advanced technology solutions.
The Defense and Homeland Security division contributes to the protection of national security and public safety. Through collaborative research efforts, New Jersey Innovation Institute Inc develops innovative technologies and strategies to address pressing defense and security challenges.
The Entrepreneurship division supports the growth and success of startups and emerging businesses. New Jersey Innovation Institute Inc offers mentorship, resources, and funding opportunities to help entrepreneurs bring their ideas to life.
The Healthcare Delivery Systems division focuses on improving the efficiency and effectiveness of healthcare services. By leveraging technology and data analytics, New Jersey Innovation Institute Inc aims to streamline healthcare delivery and enhance patient outcomes.
Lastly, the Human-Centered Design division places a strong emphasis on understanding users' needs and experiences to design solutions that resonate with people. New Jersey Innovation Institute Inc's human-centered design approach ensures that the organization's solutions address real-world challenges and create meaningful impact.
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Impact
October, 2024
New Jersey Innovation Institute Inc plays a vital role in revitalizing economic development within New Jersey through its innovative research initiatives. Founded in 2014 as part of the New Jersey Institute of Technology (NJIT), the organization focuses on transforming ideas into practical solutions across six critical sectors: Biopharma, Data and Advanced Technology, Defense and Homeland Security, Entrepreneurship, Healthcare Delivery Systems, and Human-Centered Design.
Through its diverse research activities and collaborations, NJII drives advancements that enhance the state's competitiveness and foster growth in emerging industries. By supporting entrepreneurs and facilitating technology transfer, the institute helps promote job creation and economic revitalization, ensuring that New Jersey remains at the forefront of innovation.
Moreover, NJII's emphasis on interdisciplinary approaches and community engagement enables it to tackle complex challenges in healthcare and security, ultimately leading to improvements in the quality of life for residents. Its impact is felt not just in the local economy but also in the broader research landscape, where it contributes to scientific advancement and technological progress.
This information is meant to be a general summary of New Jersey Innovation Institute 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: $62,784,767
- Program Service Revenue: $2,403,914
- Gross Receipts: $95,957,189
Assets and Liabilities:
- Total Assets: $71,920,921
- Total Liabilities: $14,512,591
- Net Assets: $57,408,330
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
PROF. DEVELOPMENT
Revenue
$1,342,563
DIGITAL CAPABILITY CTR
Revenue
$265,222
COVID TESTING
Revenue
$228,730
BIOPHARMA TRAINING
Revenue
$172,504
SHARED SERVICE REVENUE
Revenue
$132,409
Organization Details
Founding Year
2014
Phone
(973) 596-5800Principal Officer
Dr Teik C Lim
Main Address
323 MARTIN LUTHER KING JR BLVD, NEWARK, NJ, 07102
Website
www.njii.comNTEE Category
Code: U05 - Science research
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