INSTITUTE FOR PROTEIN INNOVATION INC: Form 990, tax year 2023
View the entire original 990 at ProPublica ↗
- Organization
- INSTITUTE FOR PROTEIN INNOVATION INC (EIN 81-3250208)
- Tax period
- 2023-07-01 to 2024-06-30
- Filed
- 2024-12-19
- IRS object ID
- 202423549349300802
- Schema version
- 2023v5.1
- Source
- Download XML · Original 990 at ProPublica
Every field in the e-filed return. Faint text is the IRS element name, for citing.
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return | 2024-12-19T07:12:51-06:00 | ReturnTs |
| Tax Period End | 2024-06-30 | TaxPeriodEndDt |
Preparer Firm PreparerFirmGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Firm EIN | 042571780 | PreparerFirmEIN |
Preparer Firm Name PreparerFirmName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | AAFCPAS INC | BusinessNameLine1Txt |
Preparer US Address PreparerUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 50 WASHINGTON STREET | AddressLine1Txt |
| City | WESTBOROUGH | CityNm |
| State Abbreviation | MA | StateAbbreviationCd |
| ZIP | 01581 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnTypeCd |
| Tax Period Begin | 2023-07-01 | TaxPeriodBeginDt |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 813250208 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | INSTITUTE FOR PROTEIN INNOVATION INC | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Control | INST | BusinessNameControlTxt |
| Phone | 6173147970 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 4 BLACKFAN CIRCLE 921 | AddressLine1Txt |
| City | BOSTON | CityNm |
| State Abbreviation | MA | StateAbbreviationCd |
| ZIP | 02111 | ZIPCd |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | KENNETH FASMAN PHD | PersonNm |
| Person Title | PRESIDENT & CEO | PersonTitleTxt |
| Phone | 6173147970 | PhoneNum |
| Signature | 2024-12-17 | SignatureDt |
| Discuss With Paid Preparer | Yes (1) | DiscussWithPaidPreparerInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| IRS Responsible Prty Info Curr | Yes (1) | IRSResponsiblePrtyInfoCurrInd |
Preparer Person PreparerPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Person | THOMAS F MULDOON CPA | PreparerPersonNm |
| PTIN | P01561688 | PTIN |
| Phone | 5083669100 | PhoneNum |
| Preparation | 2024-12-17 | PreparationDt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2023 | TaxYr |
| Build TS | 2024-10-15 13:58:12Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Principal Officer | KENNETH FASMAN PHD | PrincipalOfficerNm |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 4 BLACKFAN CIRCLE 921 | AddressLine1Txt |
| City | BOSTON | CityNm |
| State Abbreviation | MA | StateAbbreviationCd |
| ZIP | 02111 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | $88,781,491 | GrossReceiptsAmt |
| Group Return For Affiliates | 0 | GroupReturnForAffiliatesInd |
| Organization501c3 | Yes (X) | Organization501c3Ind |
| Website Address | HTTPS://PROTEININNOVATION.ORG | WebsiteAddressTxt |
| Type Of Organization Corp | Yes (X) | TypeOfOrganizationCorpInd |
| Formation | 2016 | FormationYr |
| Legal Domicile State | MA | LegalDomicileStateCd |
| Activity Or Mission | TO ADVANCE PROTEIN SCIENCE TO ACCELERATE RESEARCH AND IMPROVE HUMAN HEALTH. | ActivityOrMissionDesc |
| Voting Members Governing Body | 12 | VotingMembersGoverningBodyCnt |
| Voting Members Independent | 11 | VotingMembersIndependentCnt |
| Total Employee | 54 | TotalEmployeeCnt |
| Total Volunteers | 11 | TotalVolunteersCnt |
| Total Gross UBI | $0 | TotalGrossUBIAmt |
| Net Unrelated Bus Txbl Incm | $0 | NetUnrelatedBusTxblIncmAmt |
| PY Contributions Grants | $235,625 | PYContributionsGrantsAmt |
| CY Contributions Grants | $156,071 | CYContributionsGrantsAmt |
| PY Program Service Revenue | $41,577 | PYProgramServiceRevenueAmt |
| CY Program Service Revenue | $42,841 | CYProgramServiceRevenueAmt |
| PY Investment Income | $3,745,590 | PYInvestmentIncomeAmt |
| CY Investment Income | $4,449,017 | CYInvestmentIncomeAmt |
| PY Other Revenue | $0 | PYOtherRevenueAmt |
| CY Other Revenue | $0 | CYOtherRevenueAmt |
| PY Total Revenue | $4,022,792 | PYTotalRevenueAmt |
| CY Total Revenue | $4,647,929 | CYTotalRevenueAmt |
| PY Grants And Similar Paid | $0 | PYGrantsAndSimilarPaidAmt |
| CY Grants And Similar Paid | $0 | CYGrantsAndSimilarPaidAmt |
| PY Benefits Paid To Members | $0 | PYBenefitsPaidToMembersAmt |
| CY Benefits Paid To Members | $0 | CYBenefitsPaidToMembersAmt |
| PY Salaries Comp Emp Bnft Paid | $5,979,685 | PYSalariesCompEmpBnftPaidAmt |
| CY Salaries Comp Emp Bnft Paid | $7,647,734 | CYSalariesCompEmpBnftPaidAmt |
| PY Total Prof Fndrsng Expns | $0 | PYTotalProfFndrsngExpnsAmt |
| CY Total Prof Fndrsng Expns | $0 | CYTotalProfFndrsngExpnsAmt |
| CY Total Fundraising Expense | $0 | CYTotalFundraisingExpenseAmt |
| PY Other Expenses | $7,217,965 | PYOtherExpensesAmt |
| CY Other Expenses | $6,954,634 | CYOtherExpensesAmt |
| PY Total Expenses | $13,197,650 | PYTotalExpensesAmt |
| CY Total Expenses | $14,602,368 | CYTotalExpensesAmt |
| PY Revenues Less Expenses | -$9,174,858 | PYRevenuesLessExpensesAmt |
| CY Revenues Less Expenses | -$9,954,439 | CYRevenuesLessExpensesAmt |
| Total Assets BOY | $196,826,153 | TotalAssetsBOYAmt |
| Total Assets EOY | $201,899,474 | TotalAssetsEOYAmt |
| Total Liabilities BOY | $5,622,463 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $4,285,863 | TotalLiabilitiesEOYAmt |
| Net Assets Or Fund Balances BOY | $191,203,690 | NetAssetsOrFundBalancesBOYAmt |
| Net Assets Or Fund Balances EOY | $197,613,611 | NetAssetsOrFundBalancesEOYAmt |
| Mission | THE INSTITUTE FOR PROTEIN INNOVATION IS ADVANCING PROTEIN SCIENCE TO ACCELERATE RESEARCH AND IMPROVE HUMAN HEALTH. | MissionDesc |
| Significant New Program Srvc | 0 | SignificantNewProgramSrvcInd |
| Significant Change | 0 | SignificantChangeInd |
| Expense | $9,954,713 | ExpenseAmt |
| Revenue | $42,841 | RevenueAmt |
| Desc | THE INSTITUTE PROVIDES ACADEMIA AND INDUSTRY WITH SYNTHETIC ANTIBODIES AND DEEP PROTEIN EXPERTISE IN CONJUNCTION WITH BOSTON CHILDREN'S HOSPITAL AND OTHER ACADEMIC AND INDUSTRY PARTNERS. SINCE INCEPTION, THE INSTITUTE HAS PRODUCED AND CHARACTERIZED THOUSANDS OF SYNTHETIC RECOMBINANT ANTIBODIES AGAINST HUNDREDS OF PROTEIN TARGETS VIA ITS HIGH-THROUGHPUT ANTIBODY DISCOVERY PLATFORM. THE INSTITUTE IS COLLABORATING WITH RESEARCHERS IN INDUSTRY AND ACADEMIA TO USE THESE ANTIBODIES TO ACCELERATE RESEARCH AND ENABLE RESEARCH ON NEW THERAPEUTICS THAT IMPROVE HUMAN HEALTH. | Desc |
| Total Program Service Expenses | $9,954,713 | TotalProgramServiceExpensesAmt |
| Described In Section501c3 | Yes (1) | DescribedInSection501c3Ind |
| Schedule B Required | Yes (1) | ScheduleBRequiredInd |
| Political Campaign Acty | 0 | PoliticalCampaignActyInd |
| Lobbying Activities | 0 | LobbyingActivitiesInd |
| Subject To Proxy Tax | 0 | SubjectToProxyTaxInd |
| Donor Advised Fund | 0 | DonorAdvisedFundInd |
| Conservation Easements | 0 | ConservationEasementsInd |
| Collections Of Art | 0 | CollectionsOfArtInd |
| Credit Counseling | 0 | CreditCounselingInd |
| Donor Rstr Or Quasi Endowments | 0 | DonorRstrOrQuasiEndowmentsInd |
| Report Land Building Equipment | Yes (1) | ReportLandBuildingEquipmentInd |
| Report Investments Other Sec | 0 | ReportInvestmentsOtherSecInd |
| Report Program Related Invst | 0 | ReportProgramRelatedInvstInd |
| Report Other Assets | 0 | ReportOtherAssetsInd |
| Report Other Liabilities | Yes (1) | ReportOtherLiabilitiesInd |
| Include FIN48 Footnote | Yes (1) | IncludeFIN48FootnoteInd |
| Independent Audit Fincl Stmt | Yes (1) | IndependentAuditFinclStmtInd |
| Consolidated Audit Fincl Stmt | 0 | ConsolidatedAuditFinclStmtInd |
| School Operating | 0 | SchoolOperatingInd |
| Foreign Office | 0 | ForeignOfficeInd |
| Foreign Activities | Yes (1) | ForeignActivitiesInd |
| More Than5000 K To Org | 0 | MoreThan5000KToOrgInd |
| More Than5000 K To Individuals | 0 | MoreThan5000KToIndividualsInd |
| Professional Fundraising | 0 | ProfessionalFundraisingInd |
| Fundraising Activities | 0 | FundraisingActivitiesInd |
| Gaming Activities | 0 | GamingActivitiesInd |
| Operate Hospital | 0 | OperateHospitalInd |
| Grants To Organizations | 0 | GrantsToOrganizationsInd |
| Grants To Individuals | 0 | GrantsToIndividualsInd |
| Schedule J Required | Yes (1) | ScheduleJRequiredInd |
| Tax Exempt Bonds | 0 | TaxExemptBondsInd |
| Engaged In Excess Benefit Trans | 0 | EngagedInExcessBenefitTransInd |
| PY Excess Benefit Trans | 0 | PYExcessBenefitTransInd |
| Loan Outstanding | 0 | LoanOutstandingInd |
| Grant To Related Person | 0 | GrantToRelatedPersonInd |
| Business Rln With Org Mem | 0 | BusinessRlnWithOrgMemInd |
| Business Rln With Fam Mem | 0 | BusinessRlnWithFamMemInd |
| Business Rln With35 Ctrl Ent | 0 | BusinessRlnWith35CtrlEntInd |
| Deductible Non Cash Contri | 0 | DeductibleNonCashContriInd |
| Deductible Art Contribution | 0 | DeductibleArtContributionInd |
| Terminate Operations | 0 | TerminateOperationsInd |
| Partial Liquidation | 0 | PartialLiquidationInd |
| Disregarded Entity | 0 | DisregardedEntityInd |
| Related Entity | 0 | RelatedEntityInd |
| Related Organization Ctrl Ent | 0 | RelatedOrganizationCtrlEntInd |
| Trnsfr Exmpt Non Chrtbl Rltd Org | 0 | TrnsfrExmptNonChrtblRltdOrgInd |
| Activities Conducted Prtshp | 0 | ActivitiesConductedPrtshpInd |
| Schedule O Required | Yes (1) | ScheduleORequiredInd |
| IRP Document | 23 | IRPDocumentCnt |
| IRP Document W2 G | 0 | IRPDocumentW2GCnt |
| Backup Wthld Compliance | Yes (1) | BackupWthldComplianceInd |
| Employee | 54 | EmployeeCnt |
| Employment Tax Returns Filed | Yes (1) | EmploymentTaxReturnsFiledInd |
| Unrelated Bus Incm Over Limit | 0 | UnrelatedBusIncmOverLimitInd |
| Foreign Financial Account | 0 | ForeignFinancialAccountInd |
| Prohibited Tax Shelter Trans | 0 | ProhibitedTaxShelterTransInd |
| Taxable Party Notification | 0 | TaxablePartyNotificationInd |
| Nondeductible Contributions | 0 | NondeductibleContributionsInd |
| Quid Pro Quo Contributions | 0 | QuidProQuoContributionsInd |
| Form8282 Property Disposed Of | 0 | Form8282PropertyDisposedOfInd |
| Rcv Fnds To Pay Prsnl Bnft Cntrct | 0 | RcvFndsToPayPrsnlBnftCntrctInd |
| Pay Premiums Prsnl Bnft Cntrct | 0 | PayPremiumsPrsnlBnftCntrctInd |
| Indoor Tanning Services | 0 | IndoorTanningServicesInd |
| Subj To Tax Rmnrtn Ex Prcht Pymt | 0 | SubjToTaxRmnrtnExPrchtPymtInd |
| Subject To Excs Tax Net Invst Inc | 0 | SubjectToExcsTaxNetInvstIncInd |
| Info In Schedule O Part VI | Yes (X) | InfoInScheduleOPartVIInd |
| Governing Body Voting Members | 12 | GoverningBodyVotingMembersCnt |
| Independent Voting Member | 11 | IndependentVotingMemberCnt |
| Family Or Business Rln | Yes (1) | FamilyOrBusinessRlnInd |
| Delegation Of Mgmt Duties | 0 | DelegationOfMgmtDutiesInd |
| Change To Org Documents | 0 | ChangeToOrgDocumentsInd |
| Material Diversion Or Misuse | 0 | MaterialDiversionOrMisuseInd |
| Members Or Stockholders | 0 | MembersOrStockholdersInd |
| Election Of Board Members | 0 | ElectionOfBoardMembersInd |
| Decisions Subject To Approva | 0 | DecisionsSubjectToApprovaInd |
| Minutes Of Governing Body | Yes (1) | MinutesOfGoverningBodyInd |
| Minutes Of Committees | Yes (1) | MinutesOfCommitteesInd |
| Officer Mailing Address | 0 | OfficerMailingAddressInd |
| Local Chapters | 0 | LocalChaptersInd |
| Form990 Provided To Gvrn Body | Yes (1) | Form990ProvidedToGvrnBodyInd |
| Conflict Of Interest Policy | Yes (1) | ConflictOfInterestPolicyInd |
| Annual Disclosure Covered Prsn | Yes (1) | AnnualDisclosureCoveredPrsnInd |
| Regular Monitoring Enfrc | Yes (1) | RegularMonitoringEnfrcInd |
| Whistleblower Policy | Yes (1) | WhistleblowerPolicyInd |
| Document Retention Policy | Yes (1) | DocumentRetentionPolicyInd |
| Compensation Process CEO | Yes (1) | CompensationProcessCEOInd |
| Compensation Process Other | Yes (1) | CompensationProcessOtherInd |
| Investment In Joint Venture | 0 | InvestmentInJointVentureInd |
| States Where Copy Of Return Is Fld | MA | StatesWhereCopyOfReturnIsFldCd |
| Upon Request | Yes (X) | UponRequestInd |
Books In Care Of Detail BooksInCareOfDetail
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | RYAN TOFFEY | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Phone | 6173147970 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 4 BLACKFAN CIRCLE 921 | AddressLine1Txt |
| City | BOSTON | CityNm |
| State Abbreviation | MA | StateAbbreviationCd |
| ZIP | 02111 | ZIPCd |
Form990 Part VII Section A Form990PartVIISectionAGrp (18 entries)
| TitleTitleTxt | Average Hours Per WeekAverageHoursPerWeekRt | Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd | OfficerOfficerInd | Reportable Comp From OrgReportableCompFromOrgAmt | Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt | Other CompensationOtherCompensationAmt | Highest Compensated EmployeeHighestCompensatedEmployeeInd |
|---|---|---|---|---|---|---|---|
| KENNETH FASMAN | |||||||
| PRESIDENT & CEO/DIRECTOR | 40.00 | Yes (X) | Yes (X) | $523,681 | $0 | $87,264 | |
| SAMANTHA SINGER | |||||||
| CHAIR | 1.00 | Yes (X) | Yes (X) | $0 | $0 | $0 | |
| MICHAEL O'HARA | |||||||
| TREASURER | 1.00 | Yes (X) | Yes (X) | $0 | $0 | $0 | |
| DR TIMOTHY A SPRINGER | |||||||
| CO-FOUNDER/DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | ||
| DR STEVEN C ALMO | |||||||
| DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | ||
| DR JEFFREY FLIER | |||||||
| DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | ||
| DR MAYKIN HO | |||||||
| DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | ||
| DR AMIR NASHAT | |||||||
| DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | ||
| DR STEPHEN BLACKLOW | |||||||
| DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | ||
| ISRAEL ROZEN | |||||||
| DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | ||
| DR AURO NAIR | |||||||
| DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | ||
| DR RUSTY WILLIAMS | |||||||
| DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | ||
| BETTINA STEVENS | |||||||
| CFO | 40.00 | Yes (X) | $65,843 | $0 | $8,480 | ||
| ROB MEIJERS | |||||||
| SENIOR DIRECTOR OF ANTIBODY PLATFORM | 40.00 | $344,886 | $0 | $58,551 | Yes (X) | ||
| TRISHA GURA | |||||||
| DIR. OF COMMUNICATIONS | 40.00 | $231,256 | $0 | $42,807 | Yes (X) | ||
| JOSEPH BERTELSEN | |||||||
| DIR. OF ANTIBODY INIT. (TIL 10/23) | 40.00 | $265,366 | $0 | $47,767 | Yes (X) | ||
| ANDRE TEIXEIRA | |||||||
| SENIOR DIRECTOR OF ANTIBODY PLATFORM | 40.00 | $183,610 | $0 | $28,285 | Yes (X) | ||
| HAISUN ZHU | |||||||
| ASSOCIATE DIRECTOR | 40.00 | $180,719 | $0 | $33,284 | Yes (X) | ||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | $1,795,361 | TotalReportableCompFromOrgAmt |
| Tot Reportable Comp Rltd Org | $0 | TotReportableCompRltdOrgAmt |
| Total Other Compensation | $306,438 | TotalOtherCompensationAmt |
| Indiv Rcvd Greater Than100 K | 20 | IndivRcvdGreaterThan100KCnt |
| Former Ofcr Employees Listed | 0 | FormerOfcrEmployeesListedInd |
| Total Comp Greater Than150 K | Yes (1) | TotalCompGreaterThan150KInd |
| Compensation From Other Srcs | 0 | CompensationFromOtherSrcsInd |
Contractor Compensation ContractorCompensationGrp (5 entries)
| Address Line1ContractorAddress/USAddress/AddressLine1Txt | CityContractorAddress/USAddress/CityNm | State AbbreviationContractorAddress/USAddress/StateAbbreviationCd | ZIPContractorAddress/USAddress/ZIPCd | ServicesServicesDesc | CompensationCompensationAmt |
|---|---|---|---|---|---|
| WITTKIEFFER INC | |||||
| 2015 SPRING ROAD SUITE 510 | OAK BROOK | IL | 60523 | RECRUITMENT AGENCY | $201,015 |
| HUTCHISON PLLC | |||||
| 701 CORPORATE CENTER DRIVE SUITE 2 | RALEIGH | NC | 27607 | LEGAL SERVICES | $180,112 |
| CRJ INC | |||||
| 283 RIDGE STREET | ARLINGTON | MA | 02474 | CFO ACCOUNTING SERVICES | $153,913 |
| DANFORTH ADVISORS | |||||
| 300 FIFTH AVE PO BOX 335 | WALTHAM | MA | 01772 | HR AND FINANCE CONSULTING | $143,344 |
| SSI (US) INC SPENCER STUART | |||||
| 353 N CLARK STREET SUITE 2400 | CHICAGO | IL | 60693 | RECRUITMENT AGENCY | $137,805 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Cntrct Rcvd Greater Than100 K | 7 | CntrctRcvdGreaterThan100KCnt |
| Government Grants | $135,370 | GovernmentGrantsAmt |
| All Other Contributions | $20,701 | AllOtherContributionsAmt |
| Total Contributions | $156,071 | TotalContributionsAmt |
Program Service Revenue ProgramServiceRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | LICENSING REVENUE | Desc |
| Business | 541700 | BusinessCd |
| Total Revenue Column | $42,841 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $42,841 | RelatedOrExemptFuncIncomeAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | $42,841 | TotalProgramServiceRevenueAmt |
Investment Income InvestmentIncomeGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $5,291,607 | TotalRevenueColumnAmt |
| Exclusion | $5,291,607 | ExclusionAmt |
Gross Amount Sales Assets GrossAmountSalesAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | $83,287,130 | SecuritiesAmt |
| Other | $3,842 | OtherAmt |
Less Cost Oth Basis Sales Expnss LessCostOthBasisSalesExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | $84,133,337 | SecuritiesAmt |
| Other | $225 | OtherAmt |
Gain Or Loss GainOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | -$846,207 | SecuritiesAmt |
| Other | $3,617 | OtherAmt |
Net Gain Or Loss Investments NetGainOrLossInvestmentsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | -$842,590 | TotalRevenueColumnAmt |
| Exclusion | -$842,590 | ExclusionAmt |
Total Revenue TotalRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $4,647,929 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $42,841 | RelatedOrExemptFuncIncomeAmt |
| Unrelated Business Revenue | $0 | UnrelatedBusinessRevenueAmt |
| Exclusion | $4,449,017 | ExclusionAmt |
Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $995,689 | TotalAmt |
| Management And General | $995,689 | ManagementAndGeneralAmt |
Other Salaries And Wages OtherSalariesAndWagesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $5,237,840 | TotalAmt |
| Program Services | $3,909,045 | ProgramServicesAmt |
| Management And General | $1,328,795 | ManagementAndGeneralAmt |
Pension Plan Contributions PensionPlanContributionsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $268,803 | TotalAmt |
| Program Services | $191,293 | ProgramServicesAmt |
| Management And General | $77,510 | ManagementAndGeneralAmt |
Other Employee Benefits OtherEmployeeBenefitsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $738,617 | TotalAmt |
| Program Services | $531,546 | ProgramServicesAmt |
| Management And General | $207,071 | ManagementAndGeneralAmt |
Payroll Taxes PayrollTaxesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $406,785 | TotalAmt |
| Program Services | $259,957 | ProgramServicesAmt |
| Management And General | $146,828 | ManagementAndGeneralAmt |
Fees For Services Legal FeesForServicesLegalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $359,769 | TotalAmt |
| Program Services | $146,355 | ProgramServicesAmt |
| Management And General | $213,414 | ManagementAndGeneralAmt |
Fees For Services Accounting FeesForServicesAccountingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $94,868 | TotalAmt |
| Management And General | $94,868 | ManagementAndGeneralAmt |
Fees For Srvc Invst Mgmnt Fees FeesForSrvcInvstMgmntFeesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $327,525 | TotalAmt |
| Management And General | $327,525 | ManagementAndGeneralAmt |
Fees For Services Other FeesForServicesOtherGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $440,030 | TotalAmt |
| Program Services | $44,114 | ProgramServicesAmt |
| Management And General | $395,916 | ManagementAndGeneralAmt |
Occupancy OccupancyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,730,712 | TotalAmt |
| Program Services | $1,282,009 | ProgramServicesAmt |
| Management And General | $448,703 | ManagementAndGeneralAmt |
Depreciation Depletion DepreciationDepletionGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $856,236 | TotalAmt |
| Program Services | $844,803 | ProgramServicesAmt |
| Management And General | $11,433 | ManagementAndGeneralAmt |
Other Expenses OtherExpensesGrp (2 entries)
| DescDesc | TotalTotalAmt | Program ServicesProgramServicesAmt | Management And GeneralManagementAndGeneralAmt |
|---|---|---|---|
| LAB MATERIALS & SERVICE | $2,836,203 | $2,652,068 | $184,135 |
| OTHER | $309,291 | $93,523 | $215,768 |
Total Functional Expenses TotalFunctionalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $14,602,368 | TotalAmt |
| Program Services | $9,954,713 | ProgramServicesAmt |
| Management And General | $4,647,655 | ManagementAndGeneralAmt |
| Fundraising | $0 | FundraisingAmt |
Cash Non Interest Bearing CashNonInterestBearingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $839,409 | BOYAmt |
| EOY | $455,833 | EOYAmt |
Savings And Temp Cash Invst SavingsAndTempCashInvstGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,567,574 | BOYAmt |
| EOY | $1,598,098 | EOYAmt |
Pledges And Grants Receivable PledgesAndGrantsReceivableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $57,448 | BOYAmt |
| EOY | $18,263 | EOYAmt |
Accounts Receivable AccountsReceivableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $10,075 | BOYAmt |
Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $420,519 | BOYAmt |
| EOY | $678,068 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Bldg Equip Cost Or Other Bss | $7,493,540 | LandBldgEquipCostOrOtherBssAmt |
| Land Bldg Equip Accum Deprec | $3,993,038 | LandBldgEquipAccumDeprecAmt |
Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $3,931,593 | BOYAmt |
| EOY | $3,500,502 | EOYAmt |
Investments Pub Traded Sec InvestmentsPubTradedSecGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $184,539,122 | BOYAmt |
| EOY | $188,859,805 | EOYAmt |
Investments Other Securities InvestmentsOtherSecuritiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,297,480 | BOYAmt |
| EOY | $3,323,493 | EOYAmt |
Other Assets Total OtherAssetsTotalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $4,162,933 | BOYAmt |
| EOY | $3,465,412 | EOYAmt |
Total Assets TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $196,826,153 | BOYAmt |
| EOY | $201,899,474 | EOYAmt |
Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,186,001 | BOYAmt |
| EOY | $697,598 | EOYAmt |
Other Liabilities OtherLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $4,436,462 | BOYAmt |
| EOY | $3,588,265 | EOYAmt |
Total Liabilities TotalLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $5,622,463 | BOYAmt |
| EOY | $4,285,863 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Organization Follows FASB117 | Yes (X) | OrganizationFollowsFASB117Ind |
No Donor Restriction Net Assets NoDonorRestrictionNetAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $191,203,690 | BOYAmt |
| EOY | $197,613,611 | EOYAmt |
Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $191,203,690 | BOYAmt |
| EOY | $197,613,611 | EOYAmt |
Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $196,826,153 | BOYAmt |
| EOY | $201,899,474 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Reconcilation Revenue Expnss | -$9,954,439 | ReconcilationRevenueExpnssAmt |
| Net Unrlzd Gains Losses Invst | $16,364,360 | NetUnrlzdGainsLossesInvstAmt |
| Other Changes In Net Assets | $0 | OtherChangesInNetAssetsAmt |
| Info In Schedule O Part XII | Yes (X) | InfoInScheduleOPartXIIInd |
| Method Of Accounting Accrual | Yes (X) | MethodOfAccountingAccrualInd |
| Accountant Compile Or Review | 0 | AccountantCompileOrReviewInd |
| FS Audited | Yes (1) | FSAuditedInd |
FS Audited Basis FSAuditedBasisGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Separate Basis Fincl Stmt | Yes (X) | SeparateBasisFinclStmtInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Audit Committee | Yes (1) | AuditCommitteeInd |
| Federal Grant Audit Required | 0 | FederalGrantAuditRequiredInd |
Schedule A IRS990ScheduleA
| Field | Value | IRS element (for citing) |
|---|---|---|
| Medical Research Organization | Yes (X) | MedicalResearchOrganizationInd |
Hospital Name And Address HospitalNameAndAddressGrp
Supported Organization Name SupportedOrganizationName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | BOSTON CHILDREN'S HOSPITAL | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| City | BOSTON | CityNm |
| State Abbreviation | MA | StateAbbreviationCd |
Form990 Schedule A Part VI Form990ScheduleAPartVIGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | PART 1, LINE 4: | FormAndLineReferenceDesc |
| Explanation | THE INSTITUTE IS A MEDICAL RESEARCH ORGANIZATION FOR ITS TAXABLE YEAR ENDED JUNE 30, 2024, AS ITS MEDICAL RESEARCH PROGRAM EXPENSES OF $9,954,713 FOR THAT YEAR EXCEEDED THE MRO REQUIREMENT OF $6,726,415 (3.5% OF ITS ENDOWMENT). | ExplanationTxt |
Schedule B IRS990ScheduleB
Contributor Information ContributorInformationGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Contributor | RESTRICTED | ContributorNum |
Contributor Business Name ContributorBusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | RESTRICTED | BusinessNameLine1 |
Contributor US Address ContributorUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | RESTRICTED | AddressLine1 |
| Address Line2 | RESTRICTED | AddressLine2 |
| City | RESTRICTED | City |
| State | RESTRICTED | State |
| ZIP Code | RESTRICTED | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Contributions | RESTRICTED | TotalContributionsAmt |
Schedule D IRS990ScheduleD
Leasehold Improvements LeaseholdImprovementsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $307,191 | OtherCostOrOtherBasisAmt |
| Depreciation | $191,027 | DepreciationAmt |
| Book Value | $116,164 | BookValueAmt |
Equipment EquipmentGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $7,186,349 | OtherCostOrOtherBasisAmt |
| Depreciation | $3,802,011 | DepreciationAmt |
| Book Value | $3,384,338 | BookValueAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Land Buildings | $3,500,502 | TotalBookValueLandBuildingsAmt |
Other Liabilities Org OtherLiabilitiesOrgGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | OPERATING LEASE OBLIGATION | Desc |
| Amt | $3,588,265 | Amt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Liability | $3,588,265 | TotalLiabilityAmt |
| Footnote Text | Yes (X) | FootnoteTextInd |
| Total Rev Etc Audited Fincl Stmt | $20,684,764 | TotalRevEtcAuditedFinclStmtAmt |
| Net Unrealized Gains Invst | $16,364,360 | NetUnrealizedGainsInvstAmt |
| Revenue Not Reported | $16,364,360 | RevenueNotReportedAmt |
| Revenue Subtotal | $4,320,404 | RevenueSubtotalAmt |
| Investment Expenses Not Incld | $327,525 | InvestmentExpensesNotIncldAmt |
| Revenue Not Reported Fincl Stmt | $327,525 | RevenueNotReportedFinclStmtAmt |
| Total Revenue Per Form990 | $4,647,929 | TotalRevenuePerForm990Amt |
| Tot Expns Etc Audited Fincl Stmt | $14,274,843 | TotExpnsEtcAuditedFinclStmtAmt |
| Expenses Not Reported | $0 | ExpensesNotReportedAmt |
| Expenses Subtotal | $14,274,843 | ExpensesSubtotalAmt |
| Investment Expenses Not Incld2 | $327,525 | InvestmentExpensesNotIncld2Amt |
| Expenses Not Rpt Fincl Stmt | $327,525 | ExpensesNotRptFinclStmtAmt |
| Total Expenses Per Form990 | $14,602,368 | TotalExpensesPerForm990Amt |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | PART X, LINE 2: | FormAndLineReferenceDesc |
| Explanation | THE INSTITUTE ACCOUNTS FOR UNCERTAINTY IN INCOME TAXES IN ACCORDANCE WITH ASC TOPIC, INCOME TAXES. THIS STANDARD CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN TAX POSITIONS AND PRESCRIBES A RECOGNITION THRESHOLD AND MEASUREMENT ATTRIBUTE FOR THE FINANCIAL STATEMENTS REGARDING A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. THE INSTITUTE HAS DETERMINED THAT THERE ARE NO UNCERTAIN TAX POSITIONS WHICH QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS AT JUNE 30, 2024. THE INSTITUTE'S INFORMATION RETURNS ARE SUBJECT TO EXAMINATION BY THE FEDERAL AND STATE JURISDICTIONS. | ExplanationTxt |
Schedule F IRS990ScheduleF
Account Activities Outside US AccountActivitiesOutsideUSGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Region | EUROPE (INCLUDING ICELAND & GREENLAND) | RegionTxt |
| Offices | 0 | OfficesCnt |
| Employee | 0 | EmployeeCnt |
| Type Of Activities Conducted | EDUCATIONAL | TypeOfActivitiesConductedTxt |
| Specific Services Provided | CO-SPONSORSHIP OF MOLECULAR NEUROBIOLOGY WORKSHOP HOSTED BY EMBO, TALK PRESENTATION BY AN IPI EMPLOYEE, HOSTED INTERACTIVE PRESENTATION | SpecificServicesProvidedTxt |
| Region Total Expenditures | $10,090 | RegionTotalExpendituresAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Subtotal Offices | 0 | SubtotalOfficesCnt |
| Subtotal Employees | 0 | SubtotalEmployeesCnt |
| Continuation Total Office | 0 | ContinuationTotalOfficeCnt |
| Continuation Total Employee | 0 | ContinuationTotalEmployeeCnt |
| Total Office | 0 | TotalOfficeCnt |
| Total Employee | 0 | TotalEmployeeCnt |
| Subtotal Spent | $10,090 | SubtotalSpentAmt |
| Continuation Spent | $0 | ContinuationSpentAmt |
| Total Spent | $10,090 | TotalSpentAmt |
| Transfer To Foreign Corp | 0 | TransferToForeignCorpInd |
| Interest In Foreign Trust | 0 | InterestInForeignTrustInd |
| Foreign Corp Ownership | 0 | ForeignCorpOwnershipInd |
| Passive Foreign Investmest Co | 0 | PassiveForeignInvestmestCoInd |
| Foreign Partnership | 0 | ForeignPartnershipInd |
| Boycott Countries | 0 | BoycottCountriesInd |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Compensation Committee | Yes (X) | CompensationCommitteeInd |
| Independent Consultant | Yes (X) | IndependentConsultantInd |
| Written Employment Contract | Yes (X) | WrittenEmploymentContractInd |
| Compensation Survey | Yes (X) | CompensationSurveyInd |
| Board Or Committee Approval | Yes (X) | BoardOrCommitteeApprovalInd |
| Severance Payment | 0 | SeverancePaymentInd |
| Supplemental Nonqual Rtr Plan | 0 | SupplementalNonqualRtrPlanInd |
| Equity Based Comp Arrngm | 0 | EquityBasedCompArrngmInd |
| Comp Based On Revenue Of Flng Org | 0 | CompBasedOnRevenueOfFlngOrgInd |
| Comp Bsd On Rev Related Orgs | 0 | CompBsdOnRevRelatedOrgsInd |
| Comp Bsd Net Earns Flng Org | 0 | CompBsdNetEarnsFlngOrgInd |
| Comp Bsd Net Earns Rltd Orgs | 0 | CompBsdNetEarnsRltdOrgsInd |
| Any Non Fixed Payments | 0 | AnyNonFixedPaymentsInd |
| Initial Contract Exception | 0 | InitialContractExceptionInd |
Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp (6 entries)
| TitleTitleTxt | Base Compensation Filing OrgBaseCompensationFilingOrgAmt | Compensation Based On Rltd OrgsCompensationBasedOnRltdOrgsAmt | Bonus Filing OrganizationBonusFilingOrganizationAmount | Bonus Related OrganizationsBonusRelatedOrganizationsAmt | Other Compensation Filing OrgOtherCompensationFilingOrgAmt | Other Compensation Rltd OrgsOtherCompensationRltdOrgsAmt | Deferred Compensation Flng OrgDeferredCompensationFlngOrgAmt | Deferred Comp Rltd OrgsDeferredCompRltdOrgsAmt | Nontaxable Benefits Filing OrgNontaxableBenefitsFilingOrgAmt | Nontaxable Benefits Rltd OrgsNontaxableBenefitsRltdOrgsAmt | Total Compensation Filing OrgTotalCompensationFilingOrgAmt | Total Compensation Rltd OrgsTotalCompensationRltdOrgsAmt | Comp Report Prior990 Filing OrgCompReportPrior990FilingOrgAmt | Comp Report Prior990 Rltd OrgsCompReportPrior990RltdOrgsAmt |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| KENNETH FASMAN | ||||||||||||||
| PRESIDENT & CEO/DIRECTOR | $523,681 | $0 | $0 | $0 | $0 | $0 | $20,163 | $0 | $67,101 | $0 | $610,945 | $0 | $0 | $0 |
| ROB MEIJERS | ||||||||||||||
| SENIOR DIRECTOR OF ANTIBODY PLATFORM | $264,886 | $0 | $80,000 | $0 | $0 | $0 | $14,360 | $0 | $44,191 | $0 | $403,437 | $0 | $0 | $0 |
| JOSEPH BERTELSEN | ||||||||||||||
| DIR. OF ANTIBODY INIT. (TIL 10/23) | $265,366 | $0 | $0 | $0 | $0 | $0 | $13,765 | $0 | $34,002 | $0 | $313,133 | $0 | $0 | $0 |
| TRISHA GURA | ||||||||||||||
| DIR. OF COMMUNICATIONS | $231,256 | $0 | $0 | $0 | $0 | $0 | $13,176 | $0 | $29,631 | $0 | $274,063 | $0 | $0 | $0 |
| HAISUN ZHU | ||||||||||||||
| ASSOCIATE DIRECTOR | $180,719 | $0 | $0 | $0 | $0 | $0 | $10,128 | $0 | $23,156 | $0 | $214,003 | $0 | $0 | $0 |
| ANDRE TEIXEIRA | ||||||||||||||
| SENIOR DIRECTOR OF ANTIBODY PLATFORM | $108,406 | $0 | $75,204 | $0 | $0 | $0 | $4,759 | $0 | $23,526 | $0 | $211,895 | $0 | $0 | $0 |
Schedule O IRS990ScheduleO
Supplemental Information Detail SupplementalInformationDetail (7 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| FORM 990, PART I, LINE 6: | THE INSTITUTE DOES NOT FORMALLY TRACK VOLUNTEERS BUT HAS INCLUDED THE NUMBER OF BOARD OF DIRECTORS AND SCIENTIFIC ADVISORY BOARD MEMBERS THAT ARE UNCOMPENSATED. |
| FORM 990, PART VI, SECTION A, LINE 2 | TIMOTHY SPRINGER AND AMIR NASHAT HAVE A BUSINESS RELATIONSHIP AS DEFINED BY THE IRS. AMIR NASHAT AND JEFFREY FLIER ALSO HAVE A BUSINESS RELATIONSHIP AS DEFINED BY THE IRS. |
| FORM 990, PART VI, SECTION B, LINE 11B | THE FORM 990 IS PREPARED BY THE INSTITUTE'S INDEPENDENT EXTERNAL AUDIT FIRM BASED ON INFORMATION PROVIDED BY MANAGEMENT. THE CFO, CEO, AND CONTROLLER REVIEW THE DRAFT FORM 990 FOR ACCURACY. ONCE ANY CORRECTIONS AND REVISIONS ARE MADE, THE FORM IS THEN PROVIDED TO THE INSTITUTE'S LEGAL COUNSEL AND AUDIT AND FINANCE COMMITTEE OF THE BOARD OF DIRECTORS. THE AUDIT AND FINANCE COMMITTEE MEETS WITH THE EXTERNAL AUDIT FIRM TO REVIEW THE DRAFT. AFTER APPROVAL BY THE AUDIT AND FINANCE COMMITTEE, THE FORM 990 IS SUBMITTED TO EACH MEMBER OF THE BOARD OF DIRECTORS FOR REVIEW AND APPROVAL PRIOR TO FILING WITH THE IRS. |
| FORM 990, PART VI, SECTION B, LINE 12C | THE INSTITUTE HAS A CONFLICT OF INTEREST POLICY THAT APPLIES TO ALL OFFICERS, DIRECTORS AND KEY EMPLOYEES. THE POLICY IS MONITORED BY THE INSTITUTE'S CONFLICT OF INTEREST COMMITTEE AND LEGAL COUNSEL. THE POLICY REQUIRES EACH DIRECTOR TO SUBMIT, ON AN ANNUAL BASIS, A COI DISCLOSURE OF ANY SITUATIONS THAT COULD GIVE RISE TO THE APPEARANCE OF A CONFLICT OF INTEREST FOR REVIEW BY LEGAL COUNSEL AND THE COI COMMITTEE. EACH DIRECTOR HAS A CONTINUING OBLIGATION, UNDER THE POLICY, TO DISCLOSE ANY POTENTIAL CONFLICTS OF INTEREST AT THE TIME THEY ARISE DURING THE COURSE OF THE YEAR TO THE COI COMMITTEE. ALL SUBMISSIONS ARE REVIEWED BY LEGAL COUNSEL AND THE COI COMMITTEE FOR A DETERMINATION AND APPROPRIATE ACTION. |
| FORM 990, PART VI, SECTION B, LINE 15 | COMPENSATION OF EXECUTIVE OFFICER(S) AND KEY EMPLOYEES IS REVIEWED AND APPROVED BY THE BOARD OF DIRECTORS. THE BOARD OF DIRECTORS, EXCEPT THE CEO, ARE INDEPENDENT OF EMPLOYMENT OF THE INSTITUTE AND ARE GUIDED BY THE COMPENSATION COMMITTEE OF THE BOARD OF DIRECTORS. THE COMPENSATION COMMITTEE, AS DESCRIBED IN THE COMMITTEE'S CHARTER, IS COMPRISED OF TWO OR MORE DIRECTORS AS PRESCRIBED BY THE BYLAWS, EACH OF WHOM IS INDEPENDENT AND FREE FROM ANY RELATIONSHIP THAT WOULD INTERFERE IN THEIR RESPONSIBILITIES AS A MEMBER OF THE COMPENSATION COMMITTEE. THE COMMITTEE REVIEWS, ON AN ANNUAL BASIS, THE CORPORATE GOALS AND OBJECTIVES RELEVANT TO THE COMPENSATION OF THE CEO AND EVALUATES THE CEO'S PERFORMANCE CONSIDERING THE GOALS AND OBJECTIVES. BASED ON THIS REVIEW AND EVALUATION, THE COMMITTEE THEN RECOMMENDS THE CEO'S COMPENSATION TO THE BOARD FOR APPROVAL. THE CEO DOES NOT ATTEND THAT PORTION OF THE BOARD MEETING AT WHICH HIS COMPENSATION IS DISCUSSED OR APPROVED. THE CEO MAKES RECOMMENDATIONS FOR KEY EMPLOYEE COMPENSATION FOR EMPLOYEES IN A DIRECT REPORTING RELATIONSHIP TO THE CEO WITH RESPECT TO: (A) SALARY; (B) BONUS OR OTHER INCENTIVE AWARDS; (C) SUPPLEMENTAL BENEFITS, INCLUDING RETIREMENT BENEFITS AND DEFERRED COMPENSATION; (D) EMPLOYMENT AGREEMENTS AND SEVERANCE ARRANGEMENTS; AND (E) PERQUISITES. THE COMMITTEE REVIEWS AND APPROVES THE CEO'S RECOMMENDATIONS AS WELL AS PROVIDES OVERSIGHT FOR THE PROCESS. AS PART OF THE ANNUAL BUDGET PROCESS, THE COMPENSATION COMMITTEE IN CONJUNCTION WITH THE AUDIT AND FINANCE COMMITTEE REVIEWS AND APPROVES ANNUAL PROPOSED COMPENSATION PLANS FOR THE COMING FISCAL YEAR FOR SALARY INCREASES AND EMPLOYEE BENEFIT PLAN TERMS. THE BOARD UTILIZES THE RADFORD COMPENSATION SURVEY DATA TO DETERMINE THE APPROPRIATE COMPENSATION RANGE FOR POSITIONS AND ENGAGES A COMPENSATION CONSULTANT WITH SPECIALIZED NONPROFIT PRACTICE EXPERTISE TO ASSIST THE COMMITTEE IN REVIEWING EXECUTIVE OFFICER AND KEY EMPLOYEE COMPENSATION, INCLUDING ANALYSIS OF COMPARABILITY DATA FOR THE BOARD'S REVIEW. |
| FORM 990, PART VI, SECTION C, LINE 19 | THE INSTITUTE'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. |
| FORM 990, PART XII, LINE 2C: | THE BOARD OF DIRECTORS IS RESPONSIBLE FOR OVERSIGHT OF THE AUDIT PROCESS AND REVIEW OF THE FINANCIAL STATEMENTS. |
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