Illinois Biotechnology Innovation Organization
- Assets
- $540.4k
- Revenue
- $742.8k
- Investments
- $0.0
- Employees
- 0
- Location
- Chicago, IL
- Founding
- 12/1999
- Data as of
- 12/2022
- EIN
- 36-4225980
Organization Overview
Illinois Biotechnology Innovation Organization is located in Chicago, IL. The organization was established in 1999. According to its NTEE Classification (S41) the organization is classified as: Chambers of Commerce & Business Leagues, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Illinois Biotechnology Innovation Organization is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 12/2022, Illinois Biotechnology Innovation Organization generated $742.8k in total revenue. The organization has seen a slow decline revenue. Over the past 5 years, revenues have fallen by an average of (0.6%) each year. All expenses for the organization totaled $612.7k during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (3.7%) per year over the past 5 years. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO MAKE ILLINOIS AND SURROUNDING MIDWEST ONE OF THE WORLD'S TOP LIFE SCIENCE CENTERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ADVOCACY - PROMOTES SOUND POLICY DEVELOPMENT AT THE LOCAL, STATE, AND FEDERAL LEVELS AND ANNUALLY HONORS ELECTED AND APPOINTED GOVERNMENT OFFICIALS WHO HAVE MADE VALUABLE CONTRIBUTIONS TO BIOTECHNOLOGY.
PUBLICATIONS - PROVIDES BIOTECHNOLOGY NEWS AND UPDATES ON ITS WEBSITE AND PUBLISHES EDITORIALS, INFORMATION ON INDUSTRY DEVELOPMENTS, BEST PRACTICE ARTICLES, AND STORIES OF SUCCESS IN BIOTECHNOLGY THROUGH ITS BIOLOGICAL QUARTERLY MAGAZINE.
MEMBERSHIP - BUILDS COMMUNITY BY PROVIDING OPPORTUNITIES TO CONNECT AND ENGAGE WITH THE BIOTECHNOLOGY INDUSTRY.
EDUCATION - HOSTS A VARIETY OF EVENTS, INCLUDING SEMINARS, COURSES, AND ROUNDTABLES, THAT FOCUS ON EDUCATION, NETWORKING, INDUSTRY DEVELOPMENTS, AND BEST PRACTICES IN BIOTECHNOLOGY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Steven Ducommun Corporate Secretary | OfficerTrustee | 0.5 | $0 |
Blair Komasinski Treasurer | OfficerTrustee | 0.5 | $0 |
Mayebeth Hadfield Member At Large | OfficerTrustee | 0.5 | $0 |
Gretchen Johnson Past Member At Large | OfficerTrustee | 0.5 | $0 |
Norbert Riedel PHD Member At Large | OfficerTrustee | 0.5 | $0 |
James White Member At Large | Trustee | 0.5 | $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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $646,616 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$30,887 |
| 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 | $742,849 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $315,397 |
| Pension plan accruals and contributions | $9,462 |
| Other employee benefits | $8,605 |
| Payroll taxes | $20,020 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,238 |
| Fees for services: Accounting | $21,653 |
| Fees for services: Lobbying | $45,000 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $107,408 |
| Advertising and promotion | $0 |
| Office expenses | $27,452 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $16,656 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $32,791 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $2,853 |
| All other expenses | $0 |
| Total functional expenses | $612,673 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $182,673 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $354,380 |
| 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 | $300 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,000 |
| Total assets | $540,353 |
| Accounts payable and accrued expenses | $48,807 |
| Grants payable | $0 |
| Deferred revenue | $8,200 |
| 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 | $334,508 |
| Total liabilities | $391,515 |
| Net assets without donor restrictions | $148,838 |
| 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 | $540,353 |