North Shore Innoventures Inc
- Assets
- $2.7m
- Revenue
- $2.2m
- Investments
- $16.6k
- Employees
- 9
- Location
- Beverly, MA
- Founding
- 02/2009
- Data as of
- 06/2021
- EIN
- 26-2737088
Organization Overview
North Shore Innoventures Inc is located in Beverly, MA. The organization was established in 2009. According to its NTEE Classification (C99) the organization is classified as: Environment N.E.C., under the broad grouping of Environment and related organizations. As of 06/2021, North Shore Innoventures Inc employed 9 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. North Shore Innoventures 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 06/2021, North Shore Innoventures Inc generated $2.2m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 12.7% each year . All expenses for the organization totaled $1.4m during the year ending 06/2021. While expenses have increased by 10.3% per year over the past 6 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
OPERATE INCUBATOR DESIGNED TO FOSTER INNOVATION IN THE LIFE SCIENCES AND CLEAN TECH.
Describe the Organization's Program Activity:
Part 3 - Line 4a
BY THE END OF 2021, THERE WERE 12 BIOTECH MEMBER COMPANIES AND 20 GRADUATES. APPROXIMATELY 38 PEOPLE WERE EMPLOYED BY THE MEMBER COMPANIES AND 282 BY THE GRADUATES FOR A TOTAL OF 320 JOBS CREATED. THE BIOTECH COMPANIES IN THE INCUBATOR ALSO TRAINED 10 INTERNS IN THE PAST YEAR. REDUCED OPERATIONS AND SPACE REDUCTIONS BY MEMBER COMPANIES DUE TO COVID ALONG WITH THE COSTS RELATED TO THE BUILDOUT IN FY 2017 SUCH AS INCREASED RENT, UTILITIES, INSURANCE, DEPRECIATION AND DEBT SERVICE CAUSED EXPENSES TO GROW SOMEWHAT MORE THAN REVENUES RESULTING IN AN OPERATING LOSS. CASH FLOW IS MORE FAVORABLE AS DEPRECIATION REPRESENTS A LARGE PART OF THE OPERATING LOSS. AN INCREASE IN LAB SPACE TO BE COMPLETED IN 3Q 2021 IS EXPECTED TO RESULT IN INCREASED SPONSORSHIPS AND MEMBERSHIPS WHICH ARE EXPECTED TO OFFSET THE INCREASED EXPENSES GOING FORWARD. NO GRANTS WERE PROVIDED BY NSIV.
THE CLEANTECH INCUBATION PROGRAM SUPPORTED FOUR COMPANIES DURING THE FISCAL YEAR. THERE WERE A TOTAL OF FIFTEEN GRADUATES BY YEAR END. AT THE CLOSE OF 2021, THE CLEANTECH COMPANIES IN THE INCUBATOR EMPLOYED 32 PEOPLE AND THE FIFTEEN CLEANTECH GRADUATES EMPLOYED 186 PEOPLE FOR A TOTAL OF 218 JOBS CREATED. THE CLEANTECH COMPANIES IN THE INCUBATOR TRAINED 7 INTERNS. THREE OF THE CLEANTECH COMPANIES IN THE PROGRAM USED OFFICE AND LAB SPACE IN THE INCUBATOR ROUTINELY; THE OTHER IS IN THE VIRTUAL INCUBATION PROGRAM AND UTILIZES OUR SPONSORED SERVICES AND MENTORING SESSIONS. CORPORATE SPONSORS AND A GRANT FROM THE MASS CLEAN ENERGY CENTER WERE ESPECIALLY IMPORTANT TO HELPING KEEP REVENUES IN BALANCE WITH EXPENSES. THE INCREASED LAB SPACE TO BE COMPLETED IN Q3 2021 IS EXPECTED TO RESULT IN INCREASED SPONSORSHIPS AND MEMBERSHIPS. NO GRANTS WERE PROVIDED BY NSIV.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Chris Ilsley President & CEO | OfficerTrustee | 40 | $112,682 |
Thomas Kinneman Vice President & COO | OfficerTrustee | 40 | $85,321 |
Jack Swig Clerk | Officer | 2 | $5,000 |
Harry G Mccoy Chairman | OfficerTrustee | 1 | $0 |
Chad Robinson Treasurer | Officer | 2 | $0 |
David E Reibel Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,527,682 |
| All other contributions, gifts, grants, and similar amounts not included above | $99,727 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,627,409 |
| Total Program Service Revenue | $558,149 |
| Investment income | $462 |
| 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 | $2,186,020 |
| 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. | $203,002 |
| Compensation of current officers, directors, key employees. | $20,300 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $228,221 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $38,623 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,725 |
| Fees for services: Accounting | $17,562 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $18,626 |
| Advertising and promotion | $0 |
| Office expenses | $11,732 |
| Information technology | $833 |
| Royalties | $0 |
| Occupancy | $365,023 |
| Travel | $1,430 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $16,634 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $349,161 |
| Insurance | $10,054 |
| All other expenses | $0 |
| Total functional expenses | $1,369,807 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $93,711 |
| Savings and temporary cash investments | $59,731 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $659,163 |
| 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 | $0 |
| Net Land, buildings, and equipment | $808,193 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $16,600 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,106,035 |
| Total assets | $2,743,433 |
| Accounts payable and accrued expenses | $76,231 |
| Grants payable | $0 |
| Deferred revenue | $12,500 |
| 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 | $588,568 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $368,613 |
| Total liabilities | $1,045,912 |
| Net assets without donor restrictions | $417,823 |
| Net assets with donor restrictions | $1,279,698 |
| 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 | $2,743,433 |
Grants Recieved
Over the last fiscal year, we have identified 4 grants that North Shore Innoventures Inc has recieved totaling $76,028.
| Awarding Organization | Amount |
|---|---|
Oneworld Boston Inc Woburn, MA PURPOSE: SERVICES | $50,000 |
Gordon Foundation Danvers, MA PURPOSE: UNRESTRICTED GRANT | $25,000 |
Salem Five Charitable Foundation Inc Salem, MA PURPOSE: EXEMPT PURPOSES | $1,000 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $28 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
The Center For An Agricultural Economy Hardwick, VT | $3,140,662 | $3,125,886 |
Environmental Grantmakers Association New York, NY | $3,826,328 | $3,211,858 |
Vermont Youth Conservation Corps Inc Richmond, VT | $4,132,419 | $2,360,052 |
The Stringer Foundation New York, NY | $22,298,258 | $2,265,089 |
North Shore Innoventures Inc Beverly, MA | $2,743,433 | $2,186,020 |
Greater Bridgeport Communityenterprises Inc - Gbce Bridgeport, CT | $1,377,819 | $1,204,544 |
Museum At Eldridge Street New York, NY | $3,528,526 | $1,744,110 |
New Economy Coalition Inc Cambridge, MA | $1,630,247 | $2,011,256 |
Alliance To Protect Nantucket Sound Inc Hyannis, MA | $1,586,755 | $1,119,261 |
Energy For Common Good Inc Concord, MA | $153,854 | $1,003,500 |
Blue Mountain Center Blue Mountain Lake, NY | $22,198,352 | $2,163,643 |
North American Passive House Network Inc New York, NY | $37,915 | $662,900 |