2024-11-12T09:22:23-06:00 2023-12-31 410746749 CLIFTONLARSONALLEN LLP 293 EISENHOWER PARKWAY 2ND FLOOR LIVINGSTON NJ 07039 990 2023-01-01 465632420 INSTITUTE FOR LIFE SCIENCE ENTREPRENEURSHIP INST 9087371922 1000 MORRIS AVENUE STEM BUILDING UNION NJ 07083 DR KEITH BOSTIAN CEO 9087371922 2024-11-11 1 1 BRIDGET HARTNETT P01429163 9739949494 2024-11-11 2023 2024-10-15 13:58:12Z DR KEITH BOSTIAN 1000 MORRIS AVENUE STEM BUILDING UNION NJ 07083 911287 0 X WWW.ILSEBIO.COM X 2014 NJ PLEASE SEE SCHEDULE O. 6 6 5 6 0 0 470964 483398 588829 420646 134 6353 0 890 1059927 911287 0 0 0 0 596984 576767 0 0 0 201591 236048 798575 812815 261352 98472 1079920 1180161 49938 56185 1029982 1123976 X THE MISSION OF THE INSTITUTE IS TO BE A GATEWAY FOR INTEGRATING THE EXTRAORDINARY ACADEMIC, INDUSTRIAL AND ENTREPRENEURIAL RESOURCES OF THE NEW YORK/NEW JERSEY METROPOLITAN AREA INTO A DYNAMIC, RAPID-RESPONSE ENTERPRISE FOR ADVANCING BASIC AND TRANSLATIONAL RESEARCH AND ENTREPRENEURISM IN THE LIFE SCIENCES. THE MISSION OF THE INSTITUTE AS A GATEWAY FOR INTEGRATING THE EXTRAORDINARY ACADEMIC, INDUSTRIAL AND ENTREPRENEURIAL RESOURCES OF THE NEW YORK/NEW JERSEY METROPOLITAN AREA INTO A DYNAMIC RAPID-RESPONSE ENTERPRISE FOR ADVANCING BASIC AND TRANSLATIONAL RESEARCH AND ENTREPRENEURISM IN THE LIFE SCIENCES. IT IS STRUCTURED AS A NON-PROFIT, AUTONOMOUS LIFE SCIENCE RESEARCH INSTITUTE LOCATED ON THE CAMPUS OF KEAN UNIVERSITY, IN UNION, NEW JERSEY, GOVERNED BY A BOARD OF DIRECTORS. 0 0 672732 0 420646 BY DESIGN, THE INSTITUTE IS MULTIDIMENSIONAL, MULTIDISCIPLINARY, AND COLLABORATIVE. THE GOAL IS TO ACCELERATE TRANSLATION OF SCIENCE AND TECHNOLOGICAL ADVANCES INTO INNOVATIVE AND PRACTICAL SOLUTIONS, WHICH WILL CONTRIBUTE TO ECONOMIC DEVELOPMENT, HIGH-SKILL MANUFACTURING AND WEALTH CREATION, WHILE FEEDING BACK TO CATALYZE THE CREATION OF AN EFFICIENT AND EFFECTIVE RESOURCE AND PROVIDE TRAINING AND EXPERIENCE IN ENTREPRENEURSHIP. 672732 1 1 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 9 0 1 5 1 0 0 0 0 0 0 0 0 0 0 0 0 X 6 6 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 0 0 0 NJ X KEITH BOSTIAN 9087371922 1000 MORRIS AVE STEM BLDG 5-13 UNION NJ 07083 KEITH A BOSTIAN PHD PRESIDENT/CEO 8.00 32.00 X X 0 0 0 PAMELA DEMAIN TRUSTEE 0.50 0.00 X 0 0 0 WILLIAM HANLON TRUSTEE 0.50 0.00 X 0 0 0 LISA DEBERARDINE TRUSTEE 0.50 0.00 X 0 0 0 SANDRA POWELL-ELLIOTT TRUSTEE 0.50 0.00 X 0 0 0 ANDREW BRANNEN TRUSTEE 0.50 0.00 X 0 0 0 TOM RICHARDSON PRESIDENT 40.00 0.00 X 95607 0 12450 ROBERT MCLAUGHLIN VICE PRESIDENT OF RESEARCH 40.00 0.00 X 155000 0 665 AJAY KUMAR VICE PRESIDENT 40.00 0.00 X 150000 0 143 400607 0 13258 2 0 1 0 0 47050 436348 483398 RENTAL INCOME 900099 240325 240325 CONSULTING INCOME 900099 180321 180321 420646 6353 6353 OTHER REVENUE 900099 890 890 890 911287 420646 0 7243 X 263730 237693 26037 241700 217836 23864 25039 22567 2472 46298 41727 4571 180 180 46700 46700 82324 82254 70 25677 10553 15124 3754 1187 2567 20579 7882 12697 9324 9324 4699 4699 RESEARCH PROJECTS 38092 37916 176 REPAIRS AND MAINTENANCE 4719 3793 926 812815 672732 140083 0 3750 500 667614 923482 225539 70673 136625 133238 3461 3218 126158 111376 24107 14782 25 25 18799 34243 1079920 1180161 25307 31404 24631 24781 49938 56185 X 1029982 1123976 1029982 1123976 1079920 1180161 X 98472 -4478 X X 0 1 X 1 0 X 229396 412629 598545 470964 483398 2194932 374550 429081 233126 348126 180321 1565204 258847 261122 233484 222599 222600 1198652 862793 1102832 1065155 1041689 886319 4958788 0 364374 293350 423483 424918 422609 1928734 364374 293350 423483 424918 422609 1928734 3030054 179962 187194 191047 240837 186674 985714 179962 187194 191047 240837 186674 985714 890 890 1042755 1290026 1256202 1282526 1073883 5945392 0.50960 0.56680 0.16580 0.14010 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 126158 111376 14782 14782 SECURITY DEPOSITS 14900 OPERATING RIGHT-OF-USE LIABILITY 9881 24781 X 1209457 298170 298170 911287 0 911287 1115463 298170 4478 302648 812815 0 812815 PART X, LINE 2: THE INSTITUTE IS A NONPROFIT ORGANIZATION THAT IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND, ACCORDINGLY, IS NOT LIABLE FOR FEDERAL AND STATE INCOME TAXES. THE INSTITUTE FOLLOWS STANDARDS THAT PROVIDE CLARIFICATION ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES RECOGNIZED IN THE INSTITUTE'S FINANCIAL STATEMENTS. THE GUIDANCE PRESCRIBES A RECOGNITION THRESHOLD AND MEASUREMENT ATTRIBUTE FOR THE RECOGNITION AND MEASUREMENT OF A TAX POSITION TAKEN, OR EXPECTED TO BE TAKEN, IN A TAX RETURN, AND ALSO PROVIDES GUIDANCE ON DERECOGNITION, CLASSIFICATION, INTEREST AND PENALTIES, DISCLOSURE AND TRANSITION. THE INSTITUTE'S POLICY IS TO RECOGNIZE INTEREST AND PENALTIES ON UNRECOGNIZED TAX BENEFITS IN INCOME TAX EXPENSE. NO INTEREST AND PENALTIES WERE RECORDED DURING 2023 AND 2022. AT DECEMBER 31, 2023 AND 2022, THERE ARE NO SIGNIFICANT INCOME TAX UNCERTAINTIES. PART XII, LINE 2D - OTHER ADJUSTMENTS: BAD DEBT 4,478. X X 0 0 0 0 0 0 0 0 0 ROBERT MCLAUGHLIN VICE PRESIDENT OF RESEARCH 155000 0 0 0 0 0 0 0 665 0 155665 0 0 0 AJAY KUMAR VICE PRESIDENT 150000 0 0 0 0 0 0 0 143 0 150143 0 0 0 PART I, LINE 3 THE BOARD ESTABLISHES THE COMPENSATION BASED ON A REVIEW OF SALARIES OF CEO/EXECUTIVE DIRECTORS FOR COMPARABLE ORGANIZATIONS FORM 990, PART VI, SECTION A, LINE 1A THE BOARD SHALL HAVE ONE STANDING BOARD COMMITTEE, AN AUDIT AND FINANCE COMMITTEE, WHICH SHALL HAVE THE DUTIES AND RESPONSIBILITIES SET FORTH BELOW. THE BOARD MAY, BY A RESOLUTION ADOPTED BY A MAJORITY OF THE ENTIRE BOARD, DESIGNATE OTHER BOARD COMMITTEES. APPOINTMENTS TO ANY BOARD COMMITTEE SHALL BE BY A MAJORITY VOTE OF THE TRUSTEES THEN IN OFFICE. EACH BOARD COMMITTEE SHALL HAVE TWO OR MORE TRUSTEES. THE BOARD MAY DESIGNATE ONE OR MORE TRUSTEES AS ALTERNATE MEMBERS OF ANY BOARD COMMITTEE, WHO MAY REPLACE ANY ABSENT OR DISQUALIFIED MEMBER AT ANY MEETING. BOARD COMMITTEES SHALL HAVE AND MAY EXERCISE ALL THE POWERS AND AUTHORITY OF THE BOARD IN THE MANAGEMENT OF THE BUSINESS AND AFFAIRS OF THE CORPORATION TO THE EXTENT PROVIDED IN THE RESOLUTION OF THE BOARD OR IN THE BYLAWS; BUT NO BOARD COMMITTEE SHALL HAVE THE POWER OR AUTHORITY IN REFERENCE TO: (A) AMENDING THE CERTIFICATE OF INCORPORATION OR BYLAWS, (B) ELECTING OR APPOINTING ANY TRUSTEE OR REMOVING ANY OFFICER OR TRUSTEE, (C) SUBMITTING TO MEMBERS ANY ACTION THAT REQUIRES MEMBERS' APPROVAL, OR (D) AMENDING OR REPEALING ANY RESOLUTION PREVIOUSLY ADOPTED BY THE BOARD. EACH BOARD COMMITTEE SHALL KEEP MINUTES OF ITS PROCEEDINGS, AND ACTIONS TAKEN BY A BOARD COMMITTEE SHALL BE REPORTED TO THE BOARD. FORM 990, PART VI, SECTION B, LINE 11B THE 990 IS PROVIDED TO AND REVIEWED BY THE INSTITUTE'S BOARD OF TRUSTEES PRIOR TO ISSUANCE. FORM 990, PART VI, SECTION B, LINE 12C INSTITUTE FOR LIFE SCIENCE ENTREPRENEURSHIP, INC. ("ILSE") REQUIRES EACH OFFICER, TRUSTEE AND KEY EMPLOYEES ANNUALLY TO (1) REVIEW ILSE'S CONFLICT OF INTEREST POLICY (THE "POLICY''); (2) DISCLOSE ANY POSSIBLE PERSONAL, FAMILIAL, OR BUSINESS RELATIONSHIP THAT REASONABLY COULD GIVE RISE TO A CONFLICT OF INTEREST OR THE APPEARANCE OF A CONFLICT OF INTEREST; AND (3) ACKNOWLEDGE THAT HE OR SHE IS ACTING IN ACCORDANCE WITH THE LETTER AND SPIRIT OF SUCH POLICY. THIS POLICY SHALL BE ADMINISTERED BY THE AUDIT AND FINANCE COMMITTEE OF THE BOARD OF TRUSTEES, WITH THE ASSISTANCE OF THE CHIEF EXECUTIVE OFFICER. THE AUDIT AND FINANCE COMMITTEE AND THE CHIEF EXECUTIVE OFFICER SHALL BE RESPONSIBLE FOR THE FOLLOWING: (A) REVIEWING THE DECLARATIONS AND RECEIVING DISCLOSURES OF PROPOSED COVERED TRANSACTIONS; (B) REVIEWING PROPOSED COVERED TRANSACTIONS TO DETERMINE WHETHER THEY MEET THE ABOVE DESCRIBED STANDARD; (C) MAINTAINING SUCH DOCUMENTATION AS MAY BE NECESSARY AND APPROPRIATE TO DOCUMENT THE REVIEW OF COVERED TRANSACTIONS; AND (D) REPORTING TO THE BOARD OF TRUSTEES ON ANY COVERED TRANSACTIONS APPROVED IN ACCORDANCE WITH THIS POLICY AND ON THE ADMINISTRATION OF THIS POLICY. THE AUDIT AND FINANCE COMMITTEE AND/OR CHIEF EXECUTIVE OFFICER MAY SEEK ADVICE FROM OUTSIDE ADVISORS IN CONNECTION WITH THE REVIEW OF ANY PROPOSED COVERED TRANSACTIONS OR WITH THE ADMINISTRATION OF THIS POLICY. THE AUDIT AND FINANCE COMMITTEE SHALL HAVE AUTHORITY TO REVIEW THE OPERATION OF THIS POLICY AND MAKE CHANGES FROM TIME TO TIME AS IT MAY DEEM APPROPRIATE. THE CHIEF EXECUTIVE OFFICER SHALL PROVIDE A COPY OF THIS POLICY TO EACH CURRENT OFFICER, TRUSTEE AND KEY EMPLOYEE AND TO ALL NEW OFFICERS, TRUSTEES AND KEY EMPLOYEES UPON UNDERTAKING THE DUTIES OF SUCH OFFICE. FORM 990, PART VI, SECTION C, LINE 18 THE INSTITUTE MAKES ITS FORM 1023 AND 990 AVAILABLE FOR PUBLIC INSPECTION UPON REQUEST. FORM 990, PART VI, SECTION C, LINE 19 THE INSTITUTE MAKES ITS ARTICLES OF INCORPORATION, BYLAWS AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART IX, LINE 11G CONSULTING/CONTRACT SERVICES: PROGRAM SERVICE EXPENSES 82,254. MANAGEMENT AND GENERAL EXPENSES 70. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 82,324. FORM 990, PART XI, LINE 9: BAD DEBT EXPENSE -4,478. FORM 990, PART XII, LINE 2C: THE OVERSIGHT PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. PROKARYOTICS INC 1000 MORRIS AVENUE STEM BUILDING 5- UNION NJ 07083 814527108 ORGANIZATION IS A SHARE HOLDER NJ N/A C 0.02000 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 1 0