Ocean State Research Institute Inc
- Assets
- $2.7m
- Revenue
- $6.0m
- Investments
- $0.0
- Employees
- 45
- Location
- Providence, RI
- Founding
- 07/1989
- Data as of
- 09/2023
- EIN
- 05-0440574
Organization Overview
Ocean State Research Institute Inc is located in Providence, RI. The organization was established in 1989. As of 09/2023, Ocean State Research Institute Inc employed 45 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Ocean State Research Institute Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 09/2023, Ocean State Research Institute Inc generated $6.0m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 6.1% each year. All expenses for the organization totaled $5.9m during the year ending 09/2023. While expenses have increased by 6.0% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
OCEAN STATE RESEARCH INSTITUTE'S MISSION IS TO PROVIDE SUPPORT FOR THE RESEARCH AND EDUCATION PROGRAMS AT THE PROVIDENCE VA MEDICAL CENTER.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MEDICAL RESEARCH AND EDUCATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Satish Sharma MD President/director | OfficerTrustee | 1 | $0 |
Kenneth Poyton Treasurer/director | OfficerTrustee | 0.25 | $0 |
Lawrence Connell Director | Trustee | 0.25 | $0 |
Gaurav Choudhary MD Director | Trustee | 0.25 | $0 |
Wen-Chih Wu MD Director | Trustee | 0.25 | $0 |
Sharon Rounds MD Director | Trustee | 0.25 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $100,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $100,000 |
| Total Program Service Revenue | $5,836,880 |
| Investment income | $46,819 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,983,699 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $115,087 |
| Compensation of current officers, directors, key employees. | $46,035 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,893,528 |
| Pension plan accruals and contributions | $30,256 |
| Other employee benefits | $179,356 |
| Payroll taxes | $138,205 |
| Fees for services: Management | $10,575 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $19,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $16,901 |
| Office expenses | $42,965 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $77,918 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $37,454 |
| Insurance | $10,575 |
| All other expenses | $119,096 |
| Total functional expenses | $5,893,664 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $2,177,917 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $457,937 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $6,188 |
| Net Land, buildings, and equipment | $85,254 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,727,296 |
| Accounts payable and accrued expenses | $298,182 |
| Grants payable | $0 |
| Deferred revenue | $1,255,675 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $1,553,857 |
| Net assets without donor restrictions | $1,173,439 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $2,727,296 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Boston Va Research Institute Inc Boston, MA | $28,144,486 | $17,108,717 |
Ocean State Research Institute Inc Providence, RI | $2,727,296 | $5,983,699 |
Reliant Foundation Inc Worcester, MA | $27,900,604 | $695,207 |
Corporation For Advancement Of Medical Technologies Boston, MA | $1,504,236 | $681,017 |
Carl J Shapiro Institute For Education & Research At Harvard Boston, MA | $5,019,537 | $631,964 |
American Federation For Medical Research Foundation Beverly, MA | $137,918 | $0 |