Overview
What is Biomedical Research And Innovation Park?
Biomedical Research and Innovation Park is a nonprofit initiative based in Monroe, Louisiana, with an address at 1811 Auburn Avenue 1. Its primary mission is to foster the proliferation of biotechnology start-ups and technology-driven businesses. This endeavor aims to drive progress in healthcare, rural healthcare, public health, and biotechnology, while simultaneously promoting job creation and enhancing the region's economic health. By acting as a catalyst for technology transfer and commercialization by faculty and researchers at local universities and colleges, Biomedical Research and Innovation Park plays a crucial role in the vision of ULM, VCOM, and the broader economic development strategy of the area. The organization has recently completed land acquisition, secured permits, and initiated planning for the construction of a research facility, with strong community support and momentum driving its future growth.
What are the reviews and ratings of this charity?
Charity Navigator rating: 30%, Zero-Star out of Four Star rating.
The Biomedical Research and Innovation Park has received a low rating of 30% from Charity Navigator, indicating significant concerns regarding its accountability and financial practices. The organization has some strengths, such as maintaining a fully independent board and showing no material diversion of assets. However, these strengths are overshadowed by major deficiencies in transparency and governance.
Key areas of concern include the absence of essential policies such as a conflict of interest policy and a whistleblower policy, which are crucial for maintaining ethical standards. Furthermore, critical documentation like board meeting minutes and the posting of tax forms on its website is missing, raising red flags regarding the organization's operational transparency and adherence to regulatory standards.
Additionally, the financial metrics reveal alarming figures, including a program expense ratio of 0.00%, which suggests that no resources are being allocated towards its stated mission. Overall, the Biomedical Research and Innovation Park's performance indicates a need for significant improvement in both governance and financial health to gain the trust of donors and stakeholders.
This AI summary has been generated from information found on Charity Navigator.
Is Biomedical Research And Innovation Park legitimate?
Biomedical Research And Innovation Park is a legitimate nonprofit organization registered as a 501(c)(3) entity. Biomedical Research And Innovation Park 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.
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What is the mission statement of Biomedical Research And Innovation Park?
The Biomedical Research and Innovation Park aims to stimulate the development and expansion of biotechnology start-ups and other technology-focused businesses. This mission contributes to significant advancements in healthcare, rural healthcare, public health, and biotechnology. Further, it fosters job creation and boosts economic health in the region. The Park serves as a crucial element in the vision of ULM, VCOM, and the regional economic development. Additionally, it facilitates technology transfer and commercialization by faculty and researchers from local universities and colleges.
What is the revenue of Biomedical Research And Innovation Park?
Biomedical Research And Innovation Park's revenue in 2023 was $211,934.
Who are the executives of Biomedical Research And Innovation Park and what are their salaries?
Here are 8 key members and their salaries:
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Where can I find the form 990 for Biomedical Research And Innovation Park?
Biomedical Research And Innovation Park's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of Biomedical Research And Innovation Park
The Biomedical Research and Innovation Park's mission is centered around stimulating the development and expansion of biotechnology start-ups and technology-based businesses. By successfully accomplishing this objective, the park aims to promote progress in various sectors such as health care, rural health care, public health, and biotechnology. Furthermore, the park intends to contribute to the region's job creation and economic growth. As an essential component of the vision of ULM, VCOM, and the local economic development strategy, the Biomedical Research and Innovation Park also facilitates technology transfer and commercialization by university and college faculty and researchers.
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Impact
July, 2024
The Biomedical Research and Innovation Park's impact is significant in stimulating the establishment and growth of biotechnology start-up companies and other technology-based businesses. By fulfilling this mission, the park contributes to advances in health care, rural health care, public health, biotechnology, job creation, and enhanced economic health in the region. Additionally, it plays a key role in facilitating technology transfer and commercialization by the faculty and researchers at area universities and colleges. The ongoing efforts of the Biomedical Research and Innovation Park in nurturing community relationships and gaining support are crucial for the future development of the park and its positive impact on the region.
This information is meant to be a general summary of Biomedical Research And Innovation Park. 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 2023.
- Investment Income: $114,134
- Gross Receipts: $211,934
Assets and Liabilities:
- Total Assets: $2,986,688
- Total Liabilities: $9,000
- Net Assets: $2,977,688
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Organization Details
Founding Year
2021
Principal Officer
Amanda Edge
NTEE Category
Code: S30 - Community improvement
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