Life Science Cares Inc
- Assets
- $8.1m
- Revenue
- $8.3m
- Investments
- $4.0
- Employees
- 11
- Location
- Cambridge, MA
- Founding
- 07/2016
- Data as of
- 12/2021
- EIN
- 81-2435939
Organization Overview
Life Science Cares Inc is located in Cambridge, MA. The organization was established in 2016. According to its NTEE Classification (H12) the organization is classified as: Fund Raising & Fund Distribution, under the broad grouping of Medical Research and related organizations. As of 12/2021, Life Science Cares Inc employed 11 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Life Science Cares 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 12/2021, Life Science Cares Inc generated $8.3m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 55.0% each year . All expenses for the organization totaled $4.5m during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.
Since 2016, Life Science Cares Inc has awarded 181 individual grants totaling $7,212,445. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
LIFE SCIENCE CARES IS A COLLECTIVE EFFORT OF THE LIFE SCIENCE INDUSTRY TO ELIMINATE THE IMPACT OF POVERTY ON OUR NEIGHBORS IN THE BOSTON, PHILADELPHIA, SAN DIEGO AND SAN FRANCISCO BAY AREAS. THROUGH UNITING THE HUMAN AND FINANCIAL RESOURCES OF LIFE SCIENCE COMPANIES AND INDUSTRY LEADERS, WE SUPPORT SERVICE ORGANIZATIONS THAT DO THE BEST WORK IN FIGHTING POVERTY IN OUR COMMUNITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SERVICE ORGANIZATION SUPPORT: LIFE SCIENCE CARES, INC. PROVIDES HUMAN CAPITAL, IN-KIND DONATIONS AND FINANCIAL RESOURCES (DONATIONS / GRANTS) TO LOCAL PARTNER SERVICE ORGANIZATIONS THAT HAVE THE SAME COMMON GOAL, TO HELP FIGHT POVERTY IN THE SURROUNDING COMMUNITY. PARTNER ORGANIZATIONS ARE BROUGHT BEFORE THE BOARD AND THEN APPROVED. IN 2021, LIFE SCIENCE CARES SUPPORTED 64 NONPROFIT ORGANIZATIONS ACROSS OUR FOUR SITES, PROVIDING ACCESS TO BASIC NEEDS, ACCESS TO EDUCATION & ACCESS TO OPPORTUNITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Sarah Macdonald President, Lsc Boston | Officer | 40 | $210,550 |
Christine Casalini Former Development Director | 40 | $176,681 | |
Leane Marchese Executive Director, Lsc San Diego | 40 | $135,961 | |
Aisha Baro Executive Director, Lsc Bay Area | 40 | $101,121 | |
Tim Hunt Clerk & Director | OfficerTrustee | 1 | $0 |
Mike Tomsicek Treasurer & Director | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $11,480 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $8,214,803 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $8,226,283 |
| Total Program Service Revenue | $0 |
| Investment income | $136 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $883 |
| Net Income from Fundraising Events | $61,849 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $8,289,428 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $2,837,523 |
| 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. | $246,705 |
| Compensation of current officers, directors, key employees. | $119,800 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $650,948 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $64,928 |
| Payroll taxes | $71,488 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $86,850 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $213,578 |
| Advertising and promotion | $11,151 |
| Office expenses | $4,669 |
| Information technology | $57,436 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $2,351 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $584 |
| Insurance | $2,207 |
| All other expenses | $15,577 |
| Total functional expenses | $4,485,257 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,418,455 |
| Savings and temporary cash investments | $1,919,942 |
| Pledges and grants receivable | $1,726,663 |
| Accounts receivable, net | $24,000 |
| 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 | $13,595 |
| Net Land, buildings, and equipment | $2,043 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $4 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $8,104,702 |
| Accounts payable and accrued expenses | $859,321 |
| Grants payable | $0 |
| Deferred revenue | $2,000 |
| 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 | $861,321 |
| Net assets without donor restrictions | $6,828,087 |
| Net assets with donor restrictions | $415,294 |
| 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 | $8,104,702 |
Grants Awarded
Over the last fiscal year, Life Science Cares Inc has awarded $2,828,865 in support to 58 organizations.
| Grant Recipient | Amount |
|---|---|
El Granada, CA PURPOSE: DONATION TO ASSIST THE NONPROFIT | $250,000 |
Cambridge, MA PURPOSE: DONATION TO ASSIST THE NONPROFIT | $150,000 |
Minneapolis, MN PURPOSE: DONATION TO ASSIST THE NONPROFIT | $100,000 |
MARCUS FOSTER EDUCATION INSTITUTE PURPOSE: DONATION TO ASSIST THE NONPROFIT | $100,000 |
East Boston, MA PURPOSE: DONATION TO ASSIST THE NONPROFIT | $100,000 |
Boston, MA PURPOSE: DONATION TO ASSIST THE NONPROFIT | $97,000 |
Grants Recieved
Over the last fiscal year, we have identified 24 grants that Life Science Cares Inc has recieved totaling $1,365,867.
| Awarding Organization | Amount |
|---|---|
Gilead Sciences Foundation Foster City, CA PURPOSE: SUPPORTING EQUITY ON THE COASTSIDE. LIFE SCIENCE CARES BAY AREA IMPACT SPONSORSHIP. | $750,000 |
Schwab Charitable Fund San Francisco, CA PURPOSE: HEALTH | $130,850 |
Downing Giving Foundation Philadelphia, PA PURPOSE: ELIMINATE THE IMPACT OF POVERTY ON OUR NEIGHBORS IN THE GREATER BOSTON AREA. | $100,000 |
American Online Giving Foundation Inc Newark, DE PURPOSE: GENERAL SUPPORT | $83,615 |
Goldman Sachs Philanthropy Fund New York, NY PURPOSE: COMMUNITY & HUMAN SERVICES | $50,000 |
Silicon Valley Bank Foundation Santa Clara, CA PURPOSE: THE MISSION OF LIFE SCIENCE CARES IS TO LEVERAGE THE INTELLECTUAL, FINANCIAL, AND HUMAN CAPITAL OF THE LIFE SCIENCES INDUSTRY IN AN EFFORT TO REDUCE THE EFFECTS OF POVERTY IN BOSTON. | $50,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Health Effects Institute Boston, MA | $12,526,721 | $12,481,645 |
Hope For Depression Research Foundation New York, NY | $59,831,359 | $6,866,948 |
Israel Cancer Research Fund Inc New York, NY | $17,015,756 | $7,146,502 |
Life Science Cares Inc Cambridge, MA | $8,104,702 | $8,289,428 |
Haymakers For Hope Inc Wellesley, MA | $644,411 | $4,070,620 |
The Progeria Research Foundation Inc Peabody, MA | $53,690,802 | $49,219,762 |
Improvecarenow Inc Essex, VT | $802,029 | $3,120,134 |
Dubai Harvard Foundation For Medical Research Inc Boston, MA | $15,096,309 | $431,547 |
Hitchcock Foundation Lebanon, NH | $36,127,473 | $2,527,806 |
The Curetivity Foundation Darien, CT | $568,541 | $2,365,515 |
Jett Foundation Inc Plymouth, MA | $2,196,455 | $2,598,639 |
Adenoid Cystic Carcinoma Researchfoundation Needham, MA | $3,133,519 | $2,427,133 |