Spring Point Project
- Assets
- $8.3m
- Revenue
- $3.7m
- Investments
- $263.1k
- Employees
- 15
- Location
- Minneapolis, MN
- Founding
- 08/2005
- Data as of
- 12/2023
- EIN
- 20-1896813
Organization Overview
Spring Point Project is located in Minneapolis, MN. The organization was established in 2005. According to its NTEE Classification (H80) the organization is classified as: Specifically Named Diseases Research, under the broad grouping of Medical Research and related organizations. As of 12/2023, Spring Point Project employed 15 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Spring Point Project 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 12/2023, Spring Point Project generated $3.7m in total revenue. The organization has seen a slow decline revenue. Over the past 9 years, revenues have fallen by an average of (1.4%) each year. All expenses for the organization totaled $3.2m during the year ending 12/2023. 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
PROVIDE MEDICAL-GRADE PORCINE ISLETS TO REPLACE THOSE LOST IN TYPE 1 DIABETES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
BRED AND RAISED DESIGNATED PATHOGEN-FREE (DPF) MEDICAL-GRADE PIGS FOR USE IN BIOMEDICAL RESEARCH TO TREAT AND POTENTIALLY CURE TYPE 1 DIABETES. PANCREAS PROCUREMENT, ISLET ISOLATION AND ENCAPSULATION ACTIVITIES ARE UNDERWAY TO ENABLE INVESTIGATIONAL NEW DRUG APPLICATION (IND) PREPARATION, WHICH IS NECESSARY FOR CLINICAL STUDIES. THE LONG-TERM PROGRAM OBJECTIVE IS TO PRODUCE A SUFFICIENT SUPPLY OF SUITABLE DONOR PIGS TO SERVE AS ISLET DONORS FOR DIABETIC PATIENTS, ULTIMATELY LEADING TO A CURE FOR DIABETES.TO DATE, PRODUCED OVER THREE THOUSAND DPF PIGS AND MANUFACTURED AND ISOLATED OVER 173 MILLION PORCINE ISLETS FROM DESIGNATED PATHOGEN-FREE (DPF) ANIMALS PRODUCED AT THE ORGANIZATION'S FACILITY TO SUPPORT (1) PRECLINICAL TRANSPLANTATION STUDIES AND PHASE I/II CLINICAL PREPARATION ACTIVITIES AND (2) THE VALIDATION OF THE CGMP MANUFACTURING OF A CLINICALLY SUITABLE PRODUCT IN THE ON-SITE CELLULAR MANUFACTURING FACILITY. PROCURED PORCINE PANCREASES FROM DPF PIGLETS AND PROVIDED TO RESEARCHERS FOR STUDIES TO DEVELOP A NOVEL PRODUCT FOR THE TREATMENT OF TYPE 1 DIABETES AND OTHER DISEASES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Patrick Ryan Chairman | OfficerTrustee | 1 | $0 |
Timothy Clark Executive Vice Chairman | OfficerTrustee | 1 | $0 |
Steve Murphy Treasurer | OfficerTrustee | 1 | $0 |
Martha Vetter Secretary | OfficerTrustee | 1 | $0 |
Chris Prue Director | Trustee | 1 | $0 |
Christian Gretschel Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Envigo Rms Llc Animal Feed Provider | 12/30/22 | $195,954 |
Avantor Product Manufacturing Supplies And Porci | 12/30/22 | $184,504 |
Eurofins Lancaster Laboratories Inc Product Mycoplasma Testing | 12/30/22 | $128,302 |
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 | $6,815 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $6,815 |
| Total Program Service Revenue | $3,360,225 |
| Investment income | $74,243 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $402 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,706,775 |
| 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. | $460,009 |
| Compensation of current officers, directors, key employees. | $121,317 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $695,579 |
| Pension plan accruals and contributions | $19,137 |
| Other employee benefits | $76,418 |
| Payroll taxes | $79,532 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $22,130 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $4,761 |
| Fees for services: Other | $37,714 |
| Advertising and promotion | $0 |
| Office expenses | $13,414 |
| Information technology | $70,600 |
| Royalties | $0 |
| Occupancy | $24,006 |
| Travel | $6,801 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,600 |
| Interest | $61 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $227,341 |
| Insurance | $84,324 |
| All other expenses | $95,872 |
| Total functional expenses | $3,249,439 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,074,326 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $15,542 |
| Accounts receivable, net | $178,527 |
| 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 | $41,633 |
| Net Land, buildings, and equipment | $4,989,125 |
| Investments—publicly traded securities | $1,706,690 |
| Investments—other securities | $263,089 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $8,268,932 |
| Accounts payable and accrued expenses | $250,857 |
| Grants payable | $0 |
| Deferred revenue | $181,275 |
| 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 | $432,132 |
| Net assets without donor restrictions | $7,836,800 |
| 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 | $8,268,932 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Spring Point Project Minneapolis, MN | $8,268,932 | $3,706,775 |
Swine Health Information Center Inc Ames, IA | $6,710,364 | $4,434,819 |
Ellyn Satter Institute Inc Middleton, WI | $170,581 | $177,548 |
Pks Kids Green Bay, WI | $109,739 | $0 |
Radler Foundation For Innovation And Education Inc Greenfield, WI | $376,906 | $125,382 |
Westyns Light Colgate, WI | $26,493 | $0 |
Real Estate Riders Mahtomedi, MN | $6,901 | $12,215 |
Megan Hoogeveen Memorial Foundation Inc Pella, IA | $7,591 | $0 |
Robinow Syndrome Foundation Anoka, MN | $14,099 | $0 |