Overview
What is Empire Discovery Institute Inc?
Empire Discovery Institute Inc, based in Rochester, New York, is a charitable organization with a mission to benefit academic, medical, and research institutions. Its primary objective is to create an educational ecosystem in Upstate New York, nurturing the next generation of scientists and business leaders. The institute aims to support the regional economy of Upstate New York and contribute to life sciences economic development. It achieves this by establishing a research and business initiative, focusing on accelerating translational research, generating innovative proof-of-concept studies, and advancing the scientific and educational activities of the institutions' faculty, fellows, and students in aspects of chemistry, pharmacology, and drug discovery. The institute also facilitates the creation of startup companies and other spinoff initiatives, engaging exclusively in charitable and scientific activities for the betterment of society.
Official website here: www.discoveredi.org
What are the reviews and ratings of this charity?
Charity Navigator Rating 89% - Three-Star out of Four Star Rating
Empire Discovery Institute Inc has received a Three-Star rating from Charity Navigator, reflecting a strong performance in accountability and finance. The organization’s score is based entirely on its Accountability & Finance metrics, signifying a focus on responsible management of resources. The high percentage of independent board members and effective oversight practices, such as the existence of an audit committee, contribute positively to its governance structure.
Strengths of the organization include a solid financial oversight framework, with a low liabilities to assets ratio and comprehensive policies in place for conflicts of interest and whistleblower protections. The institute also demonstrates transparency by listing its website on tax documents, ensuring accountability for stakeholders. However, its program expense ratio, at 64.69%, indicates that there is room for improvement in allocating more funds directly to programming.
Overall, while the Empire Discovery Institute Inc shows commendable practices in governance and financial accountability, potential donors may want to consider the balance between administrative costs and programmatic spending when evaluating the charity's effectiveness in fulfilling its mission.
This AI summary has been generated from information found on Charity Navigator.
Is Empire Discovery Institute Inc legitimate?
Empire Discovery Institute Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Empire Discovery 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: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $945,285
For more financial information, click here
Official website here: www.discoveredi.org
What is the mission statement of Empire Discovery Institute Inc?
Empire Discovery Institute Inc is dedicated to carrying out charitable and scientific activities benefiting academic, medical, and research institutions. Its primary aim is to establish an educational ecosystem in an unspecified region, to nurture the next generation of scientists and business leaders. The organization aspires to support the regional economy and accrue life sciences economic development benefits. It achieves this through a research and business initiative focused on accelerating translational research, generating innovative proof-of-concept studies, and advancing the scientific and educational activities of the affiliated institutions' faculty, fellows, and students in aspects of chemistry, pharmacology, and drug discovery. Additionally, the Institute facilitates the creation of startup companies and other spinoff initiatives, and engages in other charitable and scientific activities.
Official website here: www.discoveredi.org
Who is the CEO of Empire Discovery Institute Inc?
Ronald C Newbold is the Principal Officer of Empire Discovery Institute Inc. The CEO's salary of Empire Discovery Institute Inc is $303,035 and their total compensation is $344,503.
Official website here: www.discoveredi.org
What is the revenue of Empire Discovery Institute Inc?
Empire Discovery Institute Inc's revenue in 2022 was $8,288,192.
Official website here: www.discoveredi.org
Who are the executives of Empire Discovery Institute Inc and what are their salaries?
There 13 volunteers at Empire Discovery Institute Inc.
Here are 17 key members and their salaries (Empire Discovery Institute Inc's CEO's salary is $303,035 and their total compensation is $344,503):
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- Compensation: $303,035
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- Compensation: $130,009
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- Other: $7,444
Official website here: www.discoveredi.org
Where can I find the form 990 for Empire Discovery Institute Inc?
Empire Discovery Institute Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.discoveredi.org
Learn more at the official website: www.discoveredi.org
Mission Statement of Empire Discovery Institute Inc
The Empire Discovery Institute Inc, a charitable organization, is dedicated to engaging in scientific activities for the benefit of academic, medical, and research institutions. Its primary mission is to foster an educational ecosystem in various regions, particularly in Upstate New York, to cultivate the next generation of scientists and business leaders. By supporting Upstate New York's regional economy, the Institute aims to accrue life sciences economic development benefits for the region.
The Institute has established a research and business initiative focused on advancing translational research and generating innovative proof-of-concept studies. This initiative facilitates the scientific and educational activities of the Institute's faculty, fellows, and students in aspects of chemistry, pharmacology, and drug discovery. Additionally, the Institute actively encourages the creation of startup companies and other spinoff initiatives, further enhancing the local scientific community.
In summary, the Empire Discovery Institute Inc is a charitable organization committed to enhancing the scientific and educational landscape, particularly in Upstate New York. By fostering an ecosystem for the next generation of scientists and business leaders, the Institute aims to drive economic development in the life sciences sector while supporting the activities of academic, medical, and research institutions.
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Impact
June, 2024
Empire Discovery Institute Inc's impact lies in its dedication to advancing scientific and charitable activities for the benefit of academic, medical, and research institutions, particularly in upstate New York. By fostering an educational ecosystem for training the next generation of scientists and business leaders, the Institute contributes to the regional economy and promotes life sciences economic development in upstate New York. Through its focus on accelerating translational research, generating innovative proof-of-concept studies, and supporting the creation of startup companies, Empire Discovery Institute Inc plays a crucial role in advancing the scientific and educational activities of its affiliated institutions. Ultimately, the Institute's work in identifying medically important pathways and targets related to human disease contributes to addressing critical, unmet needs for patients and facilitates the development of novel, highly differentiated therapeutics.
This information is meant to be a general summary of Empire Discovery 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.
- Program Service Revenue: $688,192
- Gross Receipts: $8,288,192
Assets and Liabilities:
- Total Assets: $7,804,754
- Total Liabilities: $254,406
- Net Assets: $7,550,348
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
SERVICES REVENUE
Revenue
$688,192
Organization Details
Founding Year
2017
Phone
(585) 276-3150Principal Officer
Ronald C Newbold
Main Address
601 ELMWOOD AVENUE BOX EDI, ROCHESTER, NY, 14642
Website
www.discoveredi.orgNTEE Category
Code: C60 - Environment
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