Overview
What is Foundation For The New England Innovation Center?
The Foundation for the New England Innovation Center, situated in Providence, Rhode Island, serves as a hub for medical technology entrepreneurship. Established through a partnership involving Lifespan Health System, Ximedica, and the Rhode Island School of Design, this nonprofit organization aims to foster collaboration among innovators, entrepreneurs, organizations, clinicians, small and medium enterprises, funders, and knowledge bases. Their mission is to propel medical technologies towards market readiness, ultimately benefiting the patients they serve, while simultaneously inspiring innovators to envision the future of our healthcare system. They offer education and mentoring to Rhode Island-based startup companies and individuals interested in entrepreneurship.
Official website here: www.nemicenter.com
What are the reviews and ratings of this charity?
Charity Navigator Rating: 58% (One-Star out of Four Stars)
The Foundation For The New England Innovation Center has achieved a score of 58%, which corresponds to a One-Star rating. This rating indicates concerns regarding the organization's financial health, specifically highlighted by a liabilities to assets ratio of 99.85%, suggesting a precarious financial position that may affect its sustainability and operations in the long term.
Despite the financial challenges, the organization does exhibit some strengths in governance and accountability. It has a fully independent board with strong performance in several accountability measures, including a documented conflict of interest policy and transparency in board meeting minutes. The program expense ratio is notably high at 93.65%, indicating that most of its resources are directed towards its programs rather than administrative overhead.
Overall, while the Foundation For The New England Innovation Center demonstrates positive governance practices and a commitment to programmatic spending, its financial stability raises significant concerns that potential donors and supporters should consider. The organization may benefit from addressing its liabilities to enhance its overall viability.
This AI summary has been generated from information found on Charity Navigator.
Is Foundation For The New England Innovation Center legitimate?
Foundation For The New England Innovation Center is a legitimate nonprofit organization registered as a 501(c)(3) entity. Foundation For The New England Innovation Center 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.nemicenter.com
What is the mission statement of Foundation For The New England Innovation Center?
The Foundation for the New England Innovation Center serves as a not-for-profit hub for medical technology innovation. It was established through a partnership between Lifespan Health System, Ximedica, and the Rhode Island School of Design. The center's primary focus is to bring together innovators, entrepreneurs, organizations, clinicians, subject matter experts, funders, and knowledge bases. Their goal is to advance medical technologies to the market, thereby benefiting the patients they serve. Additionally, the center aims to inspire innovators to envision the future of our healthcare system.
Official website here: www.nemicenter.com
What is the revenue of Foundation For The New England Innovation Center?
Foundation For The New England Innovation Center's revenue in 2024 was $727,025.
Official website here: www.nemicenter.com
Who are the executives of Foundation For The New England Innovation Center and what are their salaries?
There 31 volunteers at Foundation For The New England Innovation Center.
Here are 6 key members and their salaries:
- Compensation: $0
- Related: $51,333
- Other: $24,780
- Compensation: $0
- Related: $51,333
- Other: $8,230
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.nemicenter.com
Where can I find the form 990 for Foundation For The New England Innovation Center?
Foundation For The New England Innovation Center's most recent form 990 was submitted in 2024 and can be accessed here.
Official website here: www.nemicenter.com
Learn more at the official website: www.nemicenter.com
Mission Statement of Foundation For The New England Innovation Center
The Foundation for the New England Innovation Center, a not-for-profit organization, serves as a hub for medical innovation. Established through a collaboration between LifeSpan Health System, Ximedica, and the Rhode Island School of Design, this center aims to bring together innovators, entrepreneurs, organizations, clinicians, subject matter experts, funders, and knowledge bases. Their primary goal is to advance medical technologies to market, ultimately benefiting the patients they serve. By fostering collaboration, this center inspires innovators to envision the future of our healthcare system.
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Impact
July, 2024
The Foundation For The New England Innovation Center, through its New England Medical Innovation Center, plays a crucial role in advancing medical technologies to market and bringing value to patients. By bringing together innovators, entrepreneurs, clinicians, organizations, funders, and knowledge bases, the center inspires the future of the healthcare system. Additionally, they provide entrepreneurship education and mentoring to Rhode Island-based startup companies, fostering innovation and growth in the medical technology sector.
This information is meant to be a general summary of Foundation For The New England Innovation Center. 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 2024.
- Program Service Revenue: $126,680
- Gross Receipts: $727,025
Assets and Liabilities:
- Total Assets: $50,176
- Total Liabilities: $50,105
- Net Assets: $71
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
ENTREPRENEURSHIP EDUCA
Revenue
$65,380
GLOBAL BOOT CAMP
Revenue
$61,300
Organization Details
Founding Year
2017
Principal Officer
Lydia Schroter
Website
www.nemicenter.comNTEE Category
Code: E03 - Health
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