UNIVERSITY AT ALBANY BIOSCIENCE DEVELOPMENT CORPORATION: Form 990, tax year 2020
View the entire original 990 at ProPublica ↗
- Organization
- UNIVERSITY AT ALBANY BIOSCIENCE DEVELOPMENT CORPORATION (EIN 36-4619281)
- Tax period
- 2020-07-01 to 2021-06-30
- Filed
- 2022-05-09
- IRS object ID
- 202221299349300747
- Schema version
- 2020v4.0
- 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 | 2022-05-09T10:54:19-05:00 | ReturnTs |
| Tax Period End | 2021-06-30 | TaxPeriodEndDt |
Preparer Firm PreparerFirmGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Firm EIN | 135565207 | PreparerFirmEIN |
Preparer Firm Name PreparerFirmName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | KPMG LLP | BusinessNameLine1Txt |
Preparer US Address PreparerUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 515 BROADWAY 4TH FLOOR | AddressLine1Txt |
| City | ALBANY | CityNm |
| State Abbreviation | NY | StateAbbreviationCd |
| ZIP | 12207 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnTypeCd |
| Tax Period Begin | 2020-07-01 | TaxPeriodBeginDt |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 364619281 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | UNIVERSITY AT ALBANY BIOSCIENCE | BusinessNameLine1Txt |
| Business Name Line2 | DEVELOPMENT CORPORATION | BusinessNameLine2Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Control | UNIV | BusinessNameControlTxt |
| Phone | 5184375090 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 1400 WASHINGTON AVE UAB226 | AddressLine1Txt |
| City | ALBANY | CityNm |
| State Abbreviation | NY | StateAbbreviationCd |
| ZIP | 12222 | ZIPCd |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | RICHARD MCGINN JR | PersonNm |
| Person Title | EXECUTIVE DIRECTOR | PersonTitleTxt |
| Phone | 5184375090 | PhoneNum |
| Signature | 2022-05-02 | SignatureDt |
| Discuss With Paid Preparer | Yes (true) | DiscussWithPaidPreparerInd |
Signing Officer SigningOfficerGrp
Person Full Name PersonFullName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person First | RICHARD | PersonFirstNm |
| Person Last | MCGINN JR | PersonLastNm |
| Field | Value | IRS element (for citing) |
|---|---|---|
| SSN | XXX-XX-XXXX | SSN |
Preparer Person PreparerPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Person | TODD P TERESCO | PreparerPersonNm |
| PTIN | P00247720 | PTIN |
| Phone | 5184274600 | PhoneNum |
| Preparation | 2022-05-09 | PreparationDt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2020 | TaxYr |
| Build TS | 2022-09-23 18:48:47Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Principal Officer | RICHARD MCGINN JR | PrincipalOfficerNm |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 1400 WASHINGTON AVE UAB 226 | AddressLine1Txt |
| City | ALBANY | CityNm |
| State Abbreviation | NY | StateAbbreviationCd |
| ZIP | 12222 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | $7,817,426 | GrossReceiptsAmt |
| Group Return For Affiliates | false | GroupReturnForAffiliatesInd |
| Organization501c | Yes (X) | Organization501cInd |
| Website Address | WWW.UABDC.ORG | WebsiteAddressTxt |
| Type Of Organization Corp | Yes (X) | TypeOfOrganizationCorpInd |
| Formation | 2007 | FormationYr |
| Legal Domicile State | NY | LegalDomicileStateCd |
| Activity Or Mission | THE PURPOSES OF THE CORPORATION ARE TO ACQUIRE REAL PROPERTY AND HOLD TITLE TO SUCH PROPERTY FOR THE PURPOSE OF CREATING A COMMERCIAL LIFE SCIENCE, RESEARCH, AND TECHNOLOGY CLUSTER IN AN ENVIRONMENT IN WHICH NEW AND TECHNOLOGICALLY INNOVATIVE BUSINESSES CAN DEVELOP AND RESEARCH CAN BE TRANSLATED INTO COMMERCIALLY VIABLE HIGH TECHNOLOGY. THE LAWFUL PUBLIC OR QUASI-PUBLIC OBJECTIVE WHICH EACH OF THE FOREGOING PURPOSES WILL ACHIEVE SHALL BE TO ADVANCE THE EDUCATIONAL AND RESEARCH MISSION OF THE STATE UNIVERSITY OF NEW YORK AND THE STATE UNIVERSITY OF NEW YORK AT ALBANY BY ACQUIRING AND HOLDING TITLE TO FACILITIES IN WHICH SCIENCE RESEARCH AND SCHOLARLY PROGRAMS FOR THE ENHANCEMENT OF FACULTY, VISITING SCHOLARS, STUDENTS AND STAFF SHALL BE LOCATED; AND WHICH SCIENTIFIC RESEARCH FACILITIES SHALL ENHANCE THE ABILITY OF THE STATE UNIVERSITY OF NEW YORK AND THE STATE UNIVERSITY OF NEW YORK AT ALBANY TO ATTRACT PUBLIC AND PRIVATE FUNDS TO FURTHER RESEARCH AND SCHOLARLY STUDIES. | ActivityOrMissionDesc |
| Voting Members Governing Body | 7 | VotingMembersGoverningBodyCnt |
| Voting Members Independent | 6 | VotingMembersIndependentCnt |
| Total Employee | 0 | TotalEmployeeCnt |
| Total Volunteers | 6 | TotalVolunteersCnt |
| Total Gross UBI | $0 | TotalGrossUBIAmt |
| PY Contributions Grants | $977,216 | PYContributionsGrantsAmt |
| CY Contributions Grants | $1,038,082 | CYContributionsGrantsAmt |
| PY Program Service Revenue | $6,329,276 | PYProgramServiceRevenueAmt |
| CY Program Service Revenue | $6,772,620 | CYProgramServiceRevenueAmt |
| PY Investment Income | $85,465 | PYInvestmentIncomeAmt |
| CY Investment Income | $6,724 | CYInvestmentIncomeAmt |
| PY Other Revenue | $15,000 | PYOtherRevenueAmt |
| CY Other Revenue | $0 | CYOtherRevenueAmt |
| PY Total Revenue | $7,406,957 | PYTotalRevenueAmt |
| CY Total Revenue | $7,817,426 | CYTotalRevenueAmt |
| CY Grants And Similar Paid | $0 | CYGrantsAndSimilarPaidAmt |
| CY Benefits Paid To Members | $0 | CYBenefitsPaidToMembersAmt |
| CY Salaries Comp Emp Bnft Paid | $0 | CYSalariesCompEmpBnftPaidAmt |
| CY Total Prof Fndrsng Expns | $0 | CYTotalProfFndrsngExpnsAmt |
| CY Total Fundraising Expense | $0 | CYTotalFundraisingExpenseAmt |
| PY Other Expenses | $7,781,104 | PYOtherExpensesAmt |
| CY Other Expenses | $8,234,062 | CYOtherExpensesAmt |
| PY Total Expenses | $7,781,104 | PYTotalExpensesAmt |
| CY Total Expenses | $8,234,062 | CYTotalExpensesAmt |
| PY Revenues Less Expenses | -$374,147 | PYRevenuesLessExpensesAmt |
| CY Revenues Less Expenses | -$416,636 | CYRevenuesLessExpensesAmt |
| Total Assets BOY | $44,986,133 | TotalAssetsBOYAmt |
| Total Assets EOY | $44,515,468 | TotalAssetsEOYAmt |
| Total Liabilities BOY | $3,397,991 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $3,343,962 | TotalLiabilitiesEOYAmt |
| Net Assets Or Fund Balances BOY | $41,588,142 | NetAssetsOrFundBalancesBOYAmt |
| Net Assets Or Fund Balances EOY | $41,171,506 | NetAssetsOrFundBalancesEOYAmt |
| Info In Schedule O Part III | Yes (X) | InfoInScheduleOPartIIIInd |
| Mission | THE PURPOSES OF THE CORPORATION ARE TO ACQUIRE REAL PROPERTY AND HOLD TITLE TO SUCH PROPERTY FOR THE PURPOSE OF CREATING A COMMERCIAL LIFE SCIENCE, RESEARCH, AND TECHNOLOGY CLUSTER IN AN ENVIRONMENT IN WHICH NEW AND TECHNOLOGICALLY INNOVATIVE BUSINESSES CAN DEVELOP AND RESEARCH CAN BE TRANSLATED INTO COMMERCIALLY VIABLE HIGH TECHNOLOGY. THE LAWFUL PUBLIC OR QUASI-PUBLIC OBJECTIVE WHICH EACH OF THE FOREGOING PURPOSES WILL ACHIEVE SHALL BE TO ADVANCE THE EDUCATIONAL AND RESEARCH MISSION OF THE STATE UNIVERSITY OF NEW YORK AND THE STATE UNIVERSITY OF NEW YORK AT ALBANY BY ACQUIRING AND HOLDING TITLE TO FACILITIES IN WHICH SCIENCE RESEARCH AND SCHOLARLY PROGRAMS FOR THE ENHANCEMENT OF FACULTY, VISITING SCHOLARS, STUDENTS AND STAFF SHALL BE LOCATED; AND WHICH SCIENTIFIC RESEARCH FACILITIES SHALL ENHANCE THE ABILITY OF THE STATE UNIVERSITY OF NEW YORK AND THE STATE UNIVERSITY OF NEW YORK AT ALBANY TO ATTRACT PUBLIC AND PRIVATE FUNDS TO FURTHER RESEARCH AND SCHOLARLY STUDIES. | MissionDesc |
| Significant New Program Srvc | false | SignificantNewProgramSrvcInd |
| Significant Change | false | SignificantChangeInd |
| Expense | $7,776,893 | ExpenseAmt |
| Revenue | $6,772,620 | RevenueAmt |
| Desc | REAL ESTATE ACTIVITY - ACQUIRE, HOLD AND DEVELOP REAL PROPERTY IN WHICH SCIENCE RESEARCH AND SCHOLARLY PROGRAMS FOR THE ENHANCEMENT OF FACULTY, VISITING SCHOLARS, STUDENTS AND STAFF SHALL BE LOCATED; AND WHICH SCIENTIFIC RESEARCH FACILITIES SHALL ENHANCE THE ABILITY OF THE UNIVERSITY AT ALBANY AND SUNY TO ATTRACT PUBLIC AND PRIVATE FUNDS TO FURTHER RESEARCH AND SCHOLARLY STUDIES. | Desc |
| Total Program Service Expenses | $7,776,893 | TotalProgramServiceExpensesAmt |
| Described In Section501c3 | false | DescribedInSection501c3Ind |
| Schedule B Required | Yes (true) | ScheduleBRequiredInd |
| Political Campaign Acty | false | PoliticalCampaignActyInd |
| Subject To Proxy Tax | false | SubjectToProxyTaxInd |
| Donor Advised Fund | false | DonorAdvisedFundInd |
| Conservation Easements | false | ConservationEasementsInd |
| Collections Of Art | false | CollectionsOfArtInd |
| Credit Counseling | false | CreditCounselingInd |
| Donor Rstr Or Quasi Endowments | false | DonorRstrOrQuasiEndowmentsInd |
| Report Land Building Equipment | Yes (true) | ReportLandBuildingEquipmentInd |
| Report Investments Other Sec | false | ReportInvestmentsOtherSecInd |
| Report Program Related Invst | false | ReportProgramRelatedInvstInd |
| Report Other Assets | false | ReportOtherAssetsInd |
| Report Other Liabilities | Yes (true) | ReportOtherLiabilitiesInd |
| Include FIN48 Footnote | Yes (true) | IncludeFIN48FootnoteInd |
| Independent Audit Fincl Stmt | false | IndependentAuditFinclStmtInd |
| Consolidated Audit Fincl Stmt | Yes (true) | ConsolidatedAuditFinclStmtInd |
| School Operating | false | SchoolOperatingInd |
| Foreign Office | false | ForeignOfficeInd |
| Foreign Activities | false | ForeignActivitiesInd |
| More Than5000 K To Org | false | MoreThan5000KToOrgInd |
| More Than5000 K To Individuals | false | MoreThan5000KToIndividualsInd |
| Professional Fundraising | false | ProfessionalFundraisingInd |
| Fundraising Activities | false | FundraisingActivitiesInd |
| Gaming Activities | false | GamingActivitiesInd |
| Operate Hospital | false | OperateHospitalInd |
| Grants To Organizations | false | GrantsToOrganizationsInd |
| Grants To Individuals | false | GrantsToIndividualsInd |
| Schedule J Required | Yes (true) | ScheduleJRequiredInd |
| Tax Exempt Bonds | false | TaxExemptBondsInd |
| Loan Outstanding | false | LoanOutstandingInd |
| Grant To Related Person | false | GrantToRelatedPersonInd |
| Business Rln With Org Mem | false | BusinessRlnWithOrgMemInd |
| Business Rln With Fam Mem | false | BusinessRlnWithFamMemInd |
| Business Rln With35 Ctrl Ent | false | BusinessRlnWith35CtrlEntInd |
| Deductible Non Cash Contri | false | DeductibleNonCashContriInd |
| Deductible Art Contribution | false | DeductibleArtContributionInd |
| Terminate Operations | false | TerminateOperationsInd |
| Partial Liquidation | false | PartialLiquidationInd |
| Disregarded Entity | false | DisregardedEntityInd |
| Related Entity | Yes (true) | RelatedEntityInd |
| Related Organization Ctrl Ent | false | RelatedOrganizationCtrlEntInd |
| Activities Conducted Prtshp | false | ActivitiesConductedPrtshpInd |
| Schedule O Required | Yes (true) | ScheduleORequiredInd |
| IRP Document | 3 | IRPDocumentCnt |
| IRP Document W2 G | 0 | IRPDocumentW2GCnt |
| Employee | 0 | EmployeeCnt |
| Unrelated Bus Incm Over Limit | false | UnrelatedBusIncmOverLimitInd |
| Foreign Financial Account | false | ForeignFinancialAccountInd |
| Prohibited Tax Shelter Trans | false | ProhibitedTaxShelterTransInd |
| Taxable Party Notification | false | TaxablePartyNotificationInd |
| Nondeductible Contributions | false | NondeductibleContributionsInd |
| Indoor Tanning Services | false | IndoorTanningServicesInd |
| Subj To Tax Rmnrtn Ex Prcht Pymt | false | SubjToTaxRmnrtnExPrchtPymtInd |
| Subject To Excs Tax Net Invst Inc | false | SubjectToExcsTaxNetInvstIncInd |
| Info In Schedule O Part VI | Yes (X) | InfoInScheduleOPartVIInd |
| Governing Body Voting Members | 7 | GoverningBodyVotingMembersCnt |
| Independent Voting Member | 6 | IndependentVotingMemberCnt |
| Family Or Business Rln | false | FamilyOrBusinessRlnInd |
| Delegation Of Mgmt Duties | false | DelegationOfMgmtDutiesInd |
| Change To Org Documents | false | ChangeToOrgDocumentsInd |
| Material Diversion Or Misuse | false | MaterialDiversionOrMisuseInd |
| Members Or Stockholders | Yes (true) | MembersOrStockholdersInd |
| Election Of Board Members | Yes (true) | ElectionOfBoardMembersInd |
| Decisions Subject To Approva | false | DecisionsSubjectToApprovaInd |
| Minutes Of Governing Body | Yes (true) | MinutesOfGoverningBodyInd |
| Minutes Of Committees | Yes (true) | MinutesOfCommitteesInd |
| Officer Mailing Address | false | OfficerMailingAddressInd |
| Local Chapters | false | LocalChaptersInd |
| Form990 Provided To Gvrn Body | Yes (true) | Form990ProvidedToGvrnBodyInd |
| Conflict Of Interest Policy | Yes (true) | ConflictOfInterestPolicyInd |
| Annual Disclosure Covered Prsn | Yes (true) | AnnualDisclosureCoveredPrsnInd |
| Regular Monitoring Enfrc | Yes (true) | RegularMonitoringEnfrcInd |
| Whistleblower Policy | Yes (true) | WhistleblowerPolicyInd |
| Document Retention Policy | Yes (true) | DocumentRetentionPolicyInd |
| Compensation Process CEO | false | CompensationProcessCEOInd |
| Compensation Process Other | false | CompensationProcessOtherInd |
| Investment In Joint Venture | false | InvestmentInJointVentureInd |
| States Where Copy Of Return Is Fld | NY | StatesWhereCopyOfReturnIsFldCd |
| Upon Request | Yes (X) | UponRequestInd |
Books In Care Of Detail BooksInCareOfDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | CHRISTOPHER LOSAVIO | PersonNm |
| Phone | 5184375090 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 1400 WASHINGTON AVE UAB 226 | AddressLine1Txt |
| City | ALBANY | CityNm |
| State Abbreviation | NY | StateAbbreviationCd |
| ZIP | 12222 | ZIPCd |
Form990 Part VII Section A Form990PartVIISectionAGrp (8 entries)
| TitleTitleTxt | Average Hours Per WeekAverageHoursPerWeekRt | Average Hours Per Week Rltd OrgAverageHoursPerWeekRltdOrgRt | OfficerOfficerInd | Reportable Comp From OrgReportableCompFromOrgAmt | Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt | Other CompensationOtherCompensationAmt | Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd |
|---|---|---|---|---|---|---|---|
| RICHARD MCGINN JR | |||||||
| EXECUTIVE DI | 13.13 | 24.37 | Yes (X) | $0 | $200,521 | $21,788 | |
| FARDIN SANAI | |||||||
| SECRETARY | 1.00 | 5.00 | Yes (X) | $0 | $11,702 | $0 | Yes (X) |
| EDWARD SWYER | |||||||
| PRESIDENT | 1.00 | 1.00 | Yes (X) | $0 | $0 | $0 | Yes (X) |
| GEORGE HEARST III | |||||||
| VICE PRESIDE | 1.00 | 1.00 | Yes (X) | $0 | $0 | $0 | Yes (X) |
| JEFFREY BLACK | |||||||
| TREASURER | 1.00 | 1.00 | Yes (X) | $0 | $0 | $0 | Yes (X) |
| HAVIDAN RODRIGUEZ | |||||||
| DIRECTOR | 1.00 | 1.00 | $0 | $0 | $0 | Yes (X) | |
| TODD FOREMAN | |||||||
| DIRECTOR | 1.00 | 1.00 | $0 | $0 | $0 | Yes (X) | |
| AMY KNAPP | |||||||
| DIRECTOR | 1.00 | 1.00 | $0 | $0 | $0 | Yes (X) | |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tot Reportable Comp Rltd Org | $212,223 | TotReportableCompRltdOrgAmt |
| Total Other Compensation | $21,788 | TotalOtherCompensationAmt |
| Former Ofcr Employees Listed | false | FormerOfcrEmployeesListedInd |
| Total Comp Greater Than150 K | Yes (true) | TotalCompGreaterThan150KInd |
| Compensation From Other Srcs | false | CompensationFromOtherSrcsInd |
Contractor Compensation ContractorCompensationGrp (2 entries)
| Address Line1ContractorAddress/USAddress/AddressLine1Txt | CityContractorAddress/USAddress/CityNm | State AbbreviationContractorAddress/USAddress/StateAbbreviationCd | ZIPContractorAddress/USAddress/ZIPCd | ServicesServicesDesc | CompensationCompensationAmt |
|---|---|---|---|---|---|
| ARAMARK FACILITY SERVICES CORP | |||||
| 1101 MARKET STREET | PHILADELPHIA | PA | 19107 | FACILITY MGMT | $6,686,270 |
| THE UNIVERSITY AT ALBANY FOUNDATION | |||||
| 1400 WASHINGTON AVE UAB 226 | ALBANY | NY | 12222 | MANAGEMENT SRVC | $429,372 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Cntrct Rcvd Greater Than100 K | 2 | CntrctRcvdGreaterThan100KCnt |
| Related Organizations | $250,000 | RelatedOrganizationsAmt |
| Government Grants | $788,082 | GovernmentGrantsAmt |
| Total Contributions | $1,038,082 | TotalContributionsAmt |
Program Service Revenue ProgramServiceRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | REAL ESTATE RENTAL INCOME | Desc |
| Business | 531120 | BusinessCd |
| Total Revenue Column | $6,772,620 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $6,772,620 | RelatedOrExemptFuncIncomeAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | $6,772,620 | TotalProgramServiceRevenueAmt |
Investment Income InvestmentIncomeGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $6,724 | TotalRevenueColumnAmt |
| Exclusion | $6,724 | ExclusionAmt |
Total Revenue TotalRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $7,817,426 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $6,772,620 | RelatedOrExemptFuncIncomeAmt |
| Exclusion | $6,724 | ExclusionAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part IX | Yes (X) | InfoInScheduleOPartIXInd |
Fees For Services Management FeesForServicesManagementGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $430,982 | TotalAmt |
Fees For Services Accounting FeesForServicesAccountingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $14,670 | TotalAmt |
Fees For Services Other FeesForServicesOtherGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,907,826 | TotalAmt |
Office Expenses OfficeExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $3,121 | TotalAmt |
Conferences Meetings ConferencesMeetingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $454 | TotalAmt |
Interest InterestGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $44,199 | TotalAmt |
Depreciation Depletion DepreciationDepletionGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $3,573,308 | TotalAmt |
Insurance InsuranceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $140,469 | TotalAmt |
Other Expenses OtherExpensesGrp (4 entries)
| DescDesc | TotalTotalAmt |
|---|---|
| UTILITIES | $1,275,514 |
| REPAIRS AND MAINTENANCE | $489,956 |
| REAL ESTATE TAXES | $353,047 |
| BANKING FEES | $516 |
Total Functional Expenses TotalFunctionalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $8,234,062 | TotalAmt |
| Program Services | $0 | ProgramServicesAmt |
| Management And General | $0 | ManagementAndGeneralAmt |
| Fundraising | $0 | FundraisingAmt |
Savings And Temp Cash Invst SavingsAndTempCashInvstGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,675,036 | BOYAmt |
| EOY | $3,810,508 | EOYAmt |
Pledges And Grants Receivable PledgesAndGrantsReceivableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,394,703 | BOYAmt |
| EOY | $682,785 | EOYAmt |
Accounts Receivable AccountsReceivableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $388,658 | BOYAmt |
| EOY | $19,252 | EOYAmt |
Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $206,615 | BOYAmt |
| EOY | $184,470 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Bldg Equip Cost Or Other Bss | $87,027,946 | LandBldgEquipCostOrOtherBssAmt |
| Land Bldg Equip Accum Deprec | $47,209,493 | LandBldgEquipAccumDeprecAmt |
Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $40,321,121 | BOYAmt |
| EOY | $39,818,453 | EOYAmt |
Total Assets TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $44,986,133 | BOYAmt |
| EOY | $44,515,468 | EOYAmt |
Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,115,395 | BOYAmt |
| EOY | $1,154,135 | EOYAmt |
Unsecured Notes Loans Payable UnsecuredNotesLoansPayableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,249,435 | BOYAmt |
| EOY | $1,293,186 | EOYAmt |
Other Liabilities OtherLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,033,161 | BOYAmt |
| EOY | $896,641 | EOYAmt |
Total Liabilities TotalLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $3,397,991 | BOYAmt |
| EOY | $3,343,962 | 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 | $41,588,142 | BOYAmt |
| EOY | $41,171,506 | EOYAmt |
Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $41,588,142 | BOYAmt |
| EOY | $41,171,506 | EOYAmt |
Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $44,986,133 | BOYAmt |
| EOY | $44,515,468 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Reconcilation Revenue Expnss | -$416,636 | ReconcilationRevenueExpnssAmt |
| Method Of Accounting Accrual | Yes (X) | MethodOfAccountingAccrualInd |
| Accountant Compile Or Review | false | AccountantCompileOrReviewInd |
| FS Audited | Yes (true) | FSAuditedInd |
FS Audited Basis FSAuditedBasisGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Consolidated Basis Fincl Stmt | Yes (X) | ConsolidatedBasisFinclStmtInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Audit Committee | Yes (true) | AuditCommitteeInd |
| Federal Grant Audit Required | false | FederalGrantAuditRequiredInd |
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
Land LandGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $1,345,968 | OtherCostOrOtherBasisAmt |
| Book Value | $1,345,968 | BookValueAmt |
Buildings BuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $84,755,969 | OtherCostOrOtherBasisAmt |
| Depreciation | $46,362,808 | DepreciationAmt |
| Book Value | $38,393,161 | BookValueAmt |
Equipment EquipmentGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $926,009 | OtherCostOrOtherBasisAmt |
| Depreciation | $846,685 | DepreciationAmt |
| Book Value | $79,324 | BookValueAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Land Buildings | $39,818,453 | TotalBookValueLandBuildingsAmt |
Other Liabilities Org OtherLiabilitiesOrgGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | ASSET RETIREMENT OBLIGATION | Desc |
| Amt | $896,641 | Amt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Liability | $896,641 | TotalLiabilityAmt |
| Footnote Text | Yes (X) | FootnoteTextInd |
| Total Rev Etc Audited Fincl Stmt | $51,328,103 | TotalRevEtcAuditedFinclStmtAmt |
| Other Revenue | $43,760,677 | OtherRevenueAmt |
| Revenue Not Reported | $43,760,677 | RevenueNotReportedAmt |
| Revenue Subtotal | $7,567,426 | RevenueSubtotalAmt |
| Other Revenues Not Included | $250,000 | OtherRevenuesNotIncludedAmt |
| Revenue Not Reported Fincl Stmt | $250,000 | RevenueNotReportedFinclStmtAmt |
| Total Revenue Per Form990 | $7,817,426 | TotalRevenuePerForm990Amt |
| Tot Expns Etc Audited Fincl Stmt | $14,740,548 | TotExpnsEtcAuditedFinclStmtAmt |
| Other Expenses Included | $6,937,468 | OtherExpensesIncludedAmt |
| Expenses Not Reported | $6,937,468 | ExpensesNotReportedAmt |
| Expenses Subtotal | $7,803,080 | ExpensesSubtotalAmt |
| Other Expenses Not Included | $430,982 | OtherExpensesNotIncludedAmt |
| Expenses Not Rpt Fincl Stmt | $430,982 | ExpensesNotRptFinclStmtAmt |
| Total Expenses Per Form990 | $8,234,062 | TotalExpensesPerForm990Amt |
Supplemental Information Detail SupplementalInformationDetail (5 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| SCHEDULE D, PAGE 3, PART X | THE FOUNDATION RECOGNIZES THE EFFECT OF INCOME TAX POSITIONS ONLY IF THOSE POSITIONS ARE MORE LIKELY THAN NOT OF BEING SUSTAINED. CHANGES IN RECOGNITION IN MEASUREMENT ARE REFLECTED IN THE PERIOD IN WHICH THE CHANGE IN JUDGMENT OCCURS. THE FOUNDATION BELIEVES IT HAS TAKEN NO UNCERTAIN INCOME TAX POSITIONS AT JUNE 30, 2021 OR 2020. CONSOLIDATED FINANCIAL STATEMENTS |
| SCHEDULE D, PAGE 4, PART XI, LINE 2D | CONSOLIDATED ENTITY ACTIVITY - UNIV AT ALBANY FOUNDATION 43,760,677 |
| SCHEDULE D, PAGE 4, PART XI, LINE 4B | REV ON RETURN ELIMINATED IN CONSOLIDATION ON FINANCIALS 250,000 |
| SCHEDULE D, PAGE 4, PART XII, LINE 2D | CONSOLIDATED ENTITY ACTIVITY - UNIV AT ALBANY FOUNDATION 6,937,468 |
| SCHEDULE D, PAGE 4, PART XII, LINE 4B | EXP ON RETURN ELIMINATED IN CONSOLIDATION ON FINANCIALS 430,982 |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Severance Payment | false | SeverancePaymentInd |
| Supplemental Nonqual Rtr Plan | false | SupplementalNonqualRtrPlanInd |
| Equity Based Comp Arrngm | false | EquityBasedCompArrngmInd |
Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | RICHARD MCGINN JR | PersonNm |
| Title | EXECUTIVE DIRECTOR | TitleTxt |
| Compensation Based On Rltd Orgs | $188,661 | CompensationBasedOnRltdOrgsAmt |
| Other Compensation Rltd Orgs | $11,860 | OtherCompensationRltdOrgsAmt |
| Deferred Comp Rltd Orgs | $19,942 | DeferredCompRltdOrgsAmt |
| Nontaxable Benefits Rltd Orgs | $1,846 | NontaxableBenefitsRltdOrgsAmt |
| Total Compensation Rltd Orgs | $222,309 | TotalCompensationRltdOrgsAmt |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | SCHEDULE J, PAGE 1, PART I, LINE 3 | FormAndLineReferenceDesc |
| Explanation | COMPENSATION FOR THE RELATED ORGANIZATION, THE UNIVERSITY AT ALBANY FOUNDATION (FOUNDATION), IS BASED ON DATA FOR COMPARABLE POSITIONS AT SIMILAR ORGANIZATIONS. COMPENSATION AND WAGE INCREASES ARE REVIEWED BY THE FOUNDATION'S FINANCE COMMITTEE, AND APPROVED BY THE FOUNDATION'S EXECUTIVE COMMITTEE, THROUGH THE BUDGET PROCESS. | ExplanationTxt |
Schedule O IRS990ScheduleO
Supplemental Information Detail SupplementalInformationDetail (7 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| FORM 990 - ORGANIZATION'S MISSION | THE PURPOSES OF THE CORPORATION ARE TO ACQUIRE REAL PROPERTY AND HOLD TITLE TO SUCH PROPERTY FOR THE PURPOSE OF CREATING A COMMERCIAL LIFE SCIENCE, RESEARCH, AND TECHNOLOGY CLUSTER IN AN ENVIRONMENT IN WHICH NEW AND TECHNOLOGICALLY INNOVATIVE BUSINESSES CAN DEVELOP AND RESEARCH CAN BE TRANSLATED INTO COMMERCIALLY VIABLE HIGH TECHNOLOGY. THE LAWFUL PUBLIC OR QUASI-PUBLIC OBJECTIVE WHICH EACH OF THE FOREGOING PURPOSES WILL ACHIEVE SHALL BE TO ADVANCE THE EDUCATIONAL AND RESEARCH MISSION OF THE STATE UNIVERSITY OF NEW YORK AND THE STATE UNIVERSITY OF NEW YORK AT ALBANY BY ACQUIRING AND HOLDING TITLE TO FACILITIES IN WHICH SCIENCE RESEARCH AND SCHOLARLY PROGRAMS FOR THE ENHANCEMENT OF FACULTY, VISITING SCHOLARS, STUDENTS AND STAFF SHALL BE LOCATED; AND WHICH SCIENTIFIC RESEARCH FACILITIES SHALL ENHANCE THE ABILITY OF THE STATE UNIVERSITY OF NEW YORK AND THE STATE UNIVERSITY OF NEW YORK AT ALBANY TO ATTRACT PUBLIC AND PRIVATE FUNDS TO FURTHER RESEARCH AND SCHOLARLY STUDIES. |
| FORM 990, PAGE 6, PART VI, LINE 6 | THE CORPORATION'S SOLE MEMBER IS THE UNIVERSITY AT ALBANY FOUNDATION. THE MEMBER SHALL MAKE POSSIBLE THE ORDERLY AND SOUND EXISTENCE OF THE CORPORATION, AND SHALL ESTABLISH, AND AMEND AS NECESSARY, THE BY-LAWS OF THE CORPORATION. THE MEMBER SHALL FORM THE BOARD OF DIRECTORS OF THE CORPORATION, WHO SHALL DIRECT THE MANAGEMENT AND OPERATION OF THE CORPORATION. |
| FORM 990, PAGE 6, PART VI, LINE 7A | THE BOARD SHALL BE COMPOSED AS FOLLOWS: 4 DIRECTORS SHALL BE, EX OFFICIO, THE PRESIDENT OF THE UNIVERSITY AT ALBANY, OR THEIR DESIGNEE, THE PRESIDENT OF THE UNIVERSITY AT ALBANY FOUNDATION (THE FOUNDATION), THE TREASURER OF THE FOUNDATION, AND THE EXECUTIVE DIRECTOR OF THE FOUNDATION; 3 DIRECTORS APPOINTED BY THE MEMBER(S); 2 DIRECTORS FROM THE PUBLIC AT LARGE WHO SHALL BE ELECTED ONLY IN THE FISCAL YEARS ENDING IN AN EVEN NUMBER BY A MAJORITY VOTE OF THE BOARD OF DIRECTORS; AND 2 DIRECTORS FROM THE PUBLIC AT LARGE WHO SHALL BE ELECTED ONLY IN THE FISCAL YEARS ENDING IN AN ODD NUMBER BY A MAJORITY VOTE OF THE BOARD OF DIRECTORS. |
| FORM 990, PAGE 6, PART VI, LINE 11B | MANAGEMENT PROVIDES A DRAFT OF FORM 990 TO THE UNIVERSITY AT ALBANY FOUNDATION AUDIT COMMITTEE FOR REVIEW PRIOR TO FILING. THE AUDIT COMMITTEE MEETS TO COMMENT ON FORM 990 AND ANY REVISIONS WILL BE DISCUSSED AT THAT TIME. A COMPLETE COPY OF THE ORGANIZATION'S FINAL FORM 990 (INCLUDING ALL REQUIRED SCHEDULES, AS ULTIMATELY FILED WITH THE IRS) WAS PROVIDED TO EACH VOTING MEMBER OF THE UNIVERSITY AT ALBANY BIOSCIENCE DEVELOPMENT CORPORATION'S BOARD BEFORE ITS FILING WITH THE IRS. |
| FORM 990, PAGE 6, PART VI, LINE 12C | ALL NEW DIRECTORS, OFFICERS OR EMPLOYEES OF THE CORPORATION SHALL BE ADVISED OF THE CONFLICT OF INTEREST POLICY AND ASKED TO COMPLETE A DISCLOSURE FORM AT THE OUTSET OF THEIR TENURE, AND ON AN ANNUAL BASIS ALL INTERESTED PARTIES SHALL BE ASKED TO COMPLETE AND SUBMIT A DISCLOSURE FORM TO THE EXECUTIVE DIRECTOR. IN THE EVENT AN INTERESTED PARTY BELIEVES A POSSIBLE CONFLICT OF INTEREST TO BE PRESENT, FULL DISCLOSURE OF THE NATURE OF THE CONFLICT SHALL BE MADE ON THAT QUESTIONNAIRE. WHEN CIRCUMSTANCES ARISE THAT LEAD TO A PREVIOUSLY UNDISCLOSED CONFLICT, FULL DISCLOSURE OF SAID CONFLICT SHOULD BE MADE TO THE EXECUTIVE DIRECTOR AT THE EARLIEST OPPORTUNITY. IN GENERAL, THE PRESENCE OF A REAL OR POTENTIAL CONFLICT OF INTEREST IS NOT CAUSE FOR TERMINATION OF AN INTERESTED PARTY'S RELATIONSHIP WITH THE CORPORATION. THE CORPORATION'S OBJECTIVE IS TO RECEIVE FULL DISCLOSURE OF ANY CONFLICT AND TO ENSURE THAT ANY ACTION OR DECISION BE MADE BY OTHERS ACTING SOLELY WITH THE CORPORATION'S INTEREST IN MIND. THUS, ANY INTERESTED PARTY CONFRONTED BY SUCH A CONFLICT SHOULD REFRAIN FROM ACTING ON BEHALF OF THE CORPORATION IN THE CONTRACT OR TRANSACTION TO WHICH IT PERTAINS AND SHOULD REFER THE MATTER TO OTHERS IN AUTHORITY. IN THE CASE OF ANY DIRECTOR WHO WOULD BE PARTICIPATING IN BOARD ACTION ON A MATTER TO WHICH A CONFLICT OF INTEREST MIGHT APPLY, SAID DIRECTOR SHALL DISCLOSE THE CONFLICT TO THE BOARD AND SHALL REFRAIN FROM VOTING OR USING PERSONAL INFLUENCE ON THE MATTER. THE MINUTES OF THE MEETING SHALL RECORD THAT DISCLOSURE AND ABSTENTION FROM VOTING WERE MADE. A DIRECTOR'S CONFLICT WILL BE WITHOUT CONSEQUENCE TO THE BOARD'S ACTION IF, FIRST, THERE IS FULL DISCLOSURE OF THE CONFLICT, AND SECOND, A DISINTERESTED MAJORITY OF DIRECTORS APPROVES, RATIFIES OR TAKES THE SUBJECT ACTION. |
| FORM 990, PAGE 6, PART VI, LINE 19 | THE CORPORATION MAKES ORGANIZATIONAL DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. |
| FORM 990, PART IX, LINE 11G | BUILDING SERVICES CONTRACT 1,907,826 0 0 |
Schedule R IRS990ScheduleR
Id Related Tax Exempt Org IdRelatedTaxExemptOrgGrp
Disregarded Entity Name DisregardedEntityName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | THE UNIVERSITY AT ALBANY FOUNDATION | BusinessNameLine1Txt |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 1400 WASHINGTON AVE UAB 226 | AddressLine1Txt |
| City | ALBANY | CityNm |
| State Abbreviation | NY | StateAbbreviationCd |
| ZIP | 12222 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 141503972 | EIN |
| Primary Activities | CHARITY | PrimaryActivitiesTxt |
| Legal Domicile State | NY | LegalDomicileStateCd |
| Exempt Code Section | 501C3 | ExemptCodeSectionTxt |
| Public Charity Status | 5 | PublicCharityStatusTxt |
| Direct Controlling NA | N/A | DirectControllingNACd |
| Controlled Organization | false | ControlledOrganizationInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Receipt Of Int Annts Rnts Rylts | false | ReceiptOfIntAnntsRntsRyltsInd |
| Gift Grnt Or Cap Contri To Oth Org | false | GiftGrntOrCapContriToOthOrgInd |
| Gift Grnt Cap Contri From Oth Org | Yes (true) | GiftGrntCapContriFromOthOrgInd |
| Loans Or Guarantees To Other Org | false | LoansOrGuaranteesToOtherOrgInd |
| Loans Or Guarantees From Oth Org | Yes (true) | LoansOrGuaranteesFromOthOrgInd |
| Div Related Organization | false | DivRelatedOrganizationInd |
| Asset Sale To Other Org | false | AssetSaleToOtherOrgInd |
| Asset Purchase From Other Org | false | AssetPurchaseFromOtherOrgInd |
| Asset Exchange | false | AssetExchangeInd |
| Rental Of Facilities To Oth Org | false | RentalOfFacilitiesToOthOrgInd |
| Rental Of Fclts From Oth Org | false | RentalOfFcltsFromOthOrgInd |
| Perform Of Services For Oth Org | false | PerformOfServicesForOthOrgInd |
| Perform Of Services By Other Org | false | PerformOfServicesByOtherOrgInd |
| Sharing Of Facilities | false | SharingOfFacilitiesInd |
| Paid Employees Sharing | Yes (true) | PaidEmployeesSharingInd |
| Reimbursement Paid To Other Org | Yes (true) | ReimbursementPaidToOtherOrgInd |
| Reimbursement Paid By Other Org | false | ReimbursementPaidByOtherOrgInd |
| Transfer To Other Org | false | TransferToOtherOrgInd |
| Transfer From Other Org | false | TransferFromOtherOrgInd |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | SCHEDULE R | FormAndLineReferenceDesc |
| Explanation | THE UNIVERSITY AT ALBANY FOUNDATION (THE FOUNDATION) IS THE SOLE MEMBER OF THE UNIVERSITY AT ALBANY BIOSCIENCE DEVELOPMENT CORPORATION (UABDC) AND FOR FINANCIAL REPORTING PURPOSES UABDC IS INCLUDED IN THE CONSOLIDATED FINANCIAL STATEMENTS OF THE FOUNDATION. THE FOUNDATION IS A NOT-FOR-PROFIT CORPORATION UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE WHILE UABDC FALLS UNDER SECTION 501(C)(25). UABDC WAS INCORPORATED FOR THE SOLE PURPOSE OF ACQUIRING, HOLDING AND DEVELOPING PROPERTY AND FOR MANAGING THE FACILITIES AND REAL ESTATE FOR THE BENEFIT OF THE UNIVERSITY AT ALBANY AND THE STATE UNIVERSITY OF NEW YORK. THE FOUNDATION PROVIDES MANAGEMENT AND ACCOUNTING SERVICES FOR UABDC. | ExplanationTxt |
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