2024-11-14T10:18:53-06:00 2023-12-31 872525370 CITRIN COOPERMAN ADVISORS LLC 30 BRAINTREE HL OFFICE PARK STE 300 BRAINTREE MA 02184 990 2023-01-01 204325286 FOUNDATION FOR INNOVATION AND LIFE INC FOUN 7815415555 19 CATLIN ROAD BROOKLINE MA 02445 PETER MARKHAM PRESIDENT & CEO 7815415555 2024-11-08 1 1 JONATHAN J PIKE P00845173 7813562000 2024-11-08 2023 2024-10-15 13:58:12Z X X PETER MARKHAM 19 CATLIN ROAD BROOKLINE MA 02445 17145697 0 X WWW.CBSET.COM X 2006 MA FOUNDATION FOR INNOVATION AND LIFE, INC. IS DEDICATED TO RESEARCH, EDUCATION, AND ADVANCEMENT OF EARLY STAGE TECHNOLOGIES. X 4 2 146 0 0 0 0 0 25084049 12146667 69403 -32707 0 0 25153452 12113960 0 73550 0 0 8821387 9905746 0 0 0 13794160 6027231 22615547 16006527 2537905 -3892567 23766998 16732714 12122718 8935360 11644280 7797354 X FOUNDATION FOR INNOVATION AND LIFE, INC.'S MISSION IS TO HELP OUR SPONSORS DEVELOP UNIQUE TOOLS AND NOVEL METHODS TO PROMOTE EARLY DIAGNOSIS AND DEVELOP INNOVATIVE TREATMENTS FOR COMPLEX DISEASES. THE FOUNDATION SPECIALIZES IN THE DEVELOPMENT AND APPLICATION OF NOVEL MINIMALLY INVASIVE TECHNIQUES IN THE FIELDS OF CARDIOLOGY, ENDOSCOPY, SURGERY, DRUG, AND DEVICE DELIVERY, DRUG AND DEVICE SAFETY, AND DIAGNOSTIC IMAGING. 0 1 12695296 73550 12146667 THE ORGANIZATION FOCUSES ITS RESEARCH ON NOVEL DIAGNOSTIC, THERAPEUTIC, SURGICAL MEDICAL DEVICE, AND IMAGING TECHNOLOGIES USED IN THE DIAGNOSIS AND TREATMENT OF DISEASE. CBSET'S MISSION IS TO ADVANCE SCIENCE AND EDUCATION,IMPROVE REGULATORY INSIGHT, ADVANCE RESEARCH METHODS, AND ULTIMATELY IMPROVE DIAGNOSIS, PATIENT CARE, AND TREATMENT OF DISEASE. 12695296 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 1 0 1 0 0 0 0 0 1 0 1 0 0 0 1 53 0 1 146 1 0 0 0 0 0 0 0 0 0 0 0 0 X 4 2 0 0 1 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MA X PETER MARKHAM 7815415555 19 CATLIN ROAD BROOKLINE MA 02445 ELAZER EDELMAN BOARD DIRECTOR 1.00 X 0 0 0 CAMPBELL ROGERS BOARD DIRECTOR 1.00 X 7500 0 0 ADAM GROOTHUIS TREASURER/CLERK/CONSULTANT 10.00 X X 7500 0 0 PETER MARKHAM PRESIDENT & CEO 40.00 X X 777464 0 211239 JOHN KEATING VP PATHOLOGY 40.00 X 351154 0 317722 MISTY WILLIAMS-FRITZE VP VET SVCS 40.00 X 307357 0 329233 RAFFAELE MELIDONE PATHOLOGY 40.00 X 292654 0 180449 SHANNON TIERNEY VP MED WRITERS/HR 40.00 X 259465 0 327222 MICHAEL NAIMARK DIR., BUS DEV 40.00 X 246207 0 27149 2249301 0 1393014 28 0 1 0 CITRIN COOPERMAN & CO 30 BRAINTREE HILL OFFICE PK SUITE 3 BRAINTREE MA 02184 ACCOUNTING 259716 ARENTFOX SCHIFF LLP 800 BOYLSTON STREET 32ND FLOOR BOSTON MA 02199 LEGAL 206803 FOCUS SEARCH GROUP 480 PLEASANT ST STE C310 WATERTOWN MA 02472 RECRUITING 198436 3 STUDY INCOME - GENERAL 541700 11212449 11212449 STUDY INCOME - HEARING 541700 615564 615564 REVENUE - GRAFTON 541700 318654 318654 12146667 399030 399030 4600000 5031737 -431737 -431737 -431737 12113960 12146667 0 -32707 73550 73550 805327 805327 87500 87500 4535641 4301681 233960 3550484 2680264 870220 495803 412927 82876 430991 348919 82072 74925 56194 18731 21694 21694 750072 628179 121893 757456 417028 340428 1125591 844193 281398 126200 94650 31550 64803 48602 16201 160131 160131 249124 186843 62281 47291 35468 11823 SUPPLIES 2317361 2317361 EQUIPMENT SERVICE CONTR 332583 249437 83146 16006527 12695296 3311231 0 12072009 4849443 543212 6165358 3708409 892913 4825000 3582184 8297 0 0 3684036 0 168851 0 23766998 16732714 3940630 4548807 2046506 525684 2262150 2261388 3873432 1599481 12122718 8935360 X 11644280 7797354 11644280 7797354 23766998 16732714 -3892567 45641 0 X 0 1 X 0 0 X 1206700 1224458 0 2431158 15345986 12337307 22990430 25084049 12146667 87904439 15345986 13544007 24214888 25084049 12146667 90335597 0 0 0 90335597 2403 5242 17705 69403 399030 493783 2403 5242 17705 69403 399030 493783 15348389 13549249 24232593 25153452 12545697 90829380 0.99460 0.99900 0.00540 0.00100 X 0 OTHER PAYABLE 1599481 1599481 X 422977 45641 45641 377336 21694 11714930 11736624 12113960 435100 0 435100 21694 15549733 15571427 16006527 PART X, LINE 2: THE ORGANIZATION ASSESSES THE RECORDING OF UNCERTAIN TAX POSITIONS BY EVALUATING THE MINIMUM RECOGNITION THRESHOLD AND MEASUREMENT REQUIREMENTS A TAX POSITION MUST MEET BEFORE BEING RECOGNIZED AS A BENEFIT IN THE FINANCIAL STATEMENTS. THE ORGANIZATION'S POLICY IS TO RECOGNIZE INTEREST AND PENALTIES ACCRUED ON ANY UNCERTAIN TAX POSITIONS AS A COMPONENT OF INCOME TAX EXPENSE, IF ANY, IN ITS STATEMENTS OF ACTIVITIES. THE ORGANIZATION HAS NOT RECOGNIZED ANY LIABILITIES FOR UNCERTAIN TAX POSITIONS OR UNRECOGNIZED BENEFITS AS OF DECEMBER 31, 2023 AND 2022. THE ORGANIZATION DOES NOT EXPECT ANY MATERIAL CHANGE IN UNCERTAIN TAX BENEFITS WITHIN THE NEXT 12 MONTHS. PART XI, LINE 4B - OTHER ADJUSTMENTS: REVENUE FROM DISCONTINUED OPERATIONS PART XII, LINE 4B - OTHER ADJUSTMENTS: EXPENSES FROM DISCONTINUED OPERATIONS 1 JOHN HOPKINS UNIVERSITY 750 E PRATT STREET BALTIMORE MD 212979143 520595110 501(C)(3) 70200 0 TO ASSIST WITH THE FOUNDATION'S EXEMPT PURPOSE 1 PART I, LINE 2: JOHNS HOPKINS SUBMITTED A SELF-REPORT TO THE FOUNDATION'S MANAGEMENT, WHICH HAS REVIEWED AND ACCEPTED IT. X 0 1 0 0 0 0 0 1 0 PETER MARKHAM PRESIDENT & CEO 377464 0 400000 0 0 0 196987 0 14252 0 988703 0 0 0 JOHN KEATING VP PATHOLOGY 256154 0 95000 0 0 0 309495 0 8227 0 668876 0 0 0 MISTY WILLIAMS-FRITZE VP VET SVCS 212357 0 95000 0 0 0 308497 0 20736 0 636590 0 0 0 SHANNON TIERNEY VP MED WRITERS/HR 164465 0 95000 0 0 0 306582 0 20640 0 586687 0 0 0 RAFFAELE MELIDONE PATHOLOGY 242654 0 50000 0 0 0 159712 0 20737 0 473103 0 0 0 MICHAEL NAIMARK DIR., BUS DEV 162707 0 83500 0 0 0 6514 0 20635 0 273356 0 0 0 PART I, LINE 4B EFFECTIVE JANUARY 1, 2021, THE ORGANIZATION ADOPTED A NON-QUALIFIED DEFERRED COMPENSATION PLAN UNDER SECTION 457(F) OF THE INTERNAL REVENUE CODE FOR CERTAIN ELIGIBLE EMPLOYEES OF THE ORGANIZATION, TO WHICH THE ORGANIZATION MAKES CONTRIBUTIONS. NO PAYMENTS TO OR FROM THE PLAN WERE MADE DURING THE YEAR. PARTICIPANTS LISTED IN PART VII: -PETER MARKHAM -JOHN KEATING -SHANNON TIERNEY -MISTY WILLIAMS-FRITZE PART I, LINE 7 DISCRETIONARY BONUSES WERE AWARDED TO EMPLOYEES. CIC LABS INC FINANCING OF ASSET SALE X 4825000 4825000 0 1 1 CIC LABS INC AMOUNTS DUE AS PART OF ASSET SALE X 525685 525684 0 1 1 5350684 ERE CONSULTING INC CO. OWNED BY ELAZER EDELMAN 87500 CONSULTING FEES 0 CIC LABS INC CO. OWNED BY ELAZER EDELMAN & PETER MARKHAM 5600000 SALE OF ASSETS 0 PROPERTY AND EQUIPMENT 2023-08-01 4166541 FMV 921943647 CIC LABS INC 500 SHIRE WAY LEXINGTON MA 02421 C-CORP PREPAID EXPENSES AND OTHER CURRENT ASSETS 2023-08-01 465452 FMV 921943647 CIC LABS INC 500 SHIRE WAY LEXINGTON MA 02421 C-CORP INVENTORY 2023-08-01 355119 FMV 921943647 CIC LABS INC 500 SHIRE WAY LEXINGTON MA 02421 C-CORP FINANCE LEASE RIGHT-OF-USE ASSET 2023-08-01 110827 FMV 921943647 CIC LABS INC 500 SHIRE WAY LEXINGTON MA 02421 C-CORP 1 0 1 0 PART II, LINE 2E: PERSON(S) INVOLVED: PETER MARKHAMELAZER EDELMAN PART II, LINE 2E: EXPLANATION OF INVOLVEMENT: DURING JANUARY 2023, THE ORGANIZATION DECIDED TO DISCONTINUE ITS MEDICAL RESEARCH OPERATIONS AS THE ORGANIZATION WAS FACED WITH AN EXPIRING LEASE FOR THE PROPERTY IN WHICH THE ORGANIZATION PRIMARILY OPERATED FROM, AND CITED THE NEED TO RAISE CAPITAL AND PURSUE A NEW FACILITY.DURING SEPTEMBER 2023, THE ORGANIZATION ENTERED INTO AN ASSET PURCHASE AGREEMENT (THE PURCHASE AGREEMENT) WITH CIC LABS, INC. WITH THE EFFECTIVE DATE OF JULY 31, 2023. CIC LABS, INC. WAS FORMED BY TWO MEMBERS OF THE ORGANIZATION'S BOARD OF DIRECTORS. FORM 990, PART III, LINE 3 THE ORGANIZATION DECIDED TO DISCONTINUE ITS MEDICAL RESEARCH OPERATIONS DUE TO AN EXPIRING LEASE AND THE NEED TO RAISE CAPITAL FOR A NEW FACILITY. FORM 990, PART VI, SECTION A, LINE 4 THE ORGANIZATION CHANGED ITS NAME. FORM 990, PART VI, SECTION B, LINE 11B BOARD OF DIRECTORS AND MANAGEMENT REVIEW FORM 990 FOR ACCURACY AND APPROVE PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C IN CONNECTION WITH ANY ACTUAL OR POSSIBLE CONFLICT OF INTEREST, AN INTERESTED PERSON MUST DISCLOSRE THE EXISTENCE OF THE FINANCIAL INTEREST AND BE GIVEN THE OPPORTUNITY TO DISCLOSE ALL MATERIAL FACTS TO THE DIRECTORS AND MEMBERS OF COMMITTEES WITH GOVERNING BOARD DELEGATED POWERS CONSIDERING THE PROPOSED TRANSACTION OR ARRANGEMENT. AFTER DISCLOSURE OF THE FINANCIAL INTEREST AND ALL MATERIAL FACTS, AND AFTER ANY DISCUSSION WITH THE INTERESTED PERSON, HE/SHE SHALL LEAVE THE GOVERNING BOARD OR COMMITTEE MEETING WHILE THE DETERMINATION OF A CONFLICT OF INTEREST IS DISCUSSED AND VOTED UPON. THE REMAINING BOARD OR COMMITTEE MEMBERS SHALL DECIDE IF A CONFLICT OF INTEREST EXISTS. AN INTERESTED PERSON MAY MAKE A PRESENTATION AT THE GOVERNING BOARD OR COMMITEE MEETING, BUT AFTER THE PRESENTATION, HE/SHE SHALL LEAVE THE MEETING DURING THE DISCUSSION OF, AND THE VOTE ON, THE TRANSACTION OR ARRANGEMENT INVOLVING THE POSSIBLE CONFLICT OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD APPROVES THE PAYROLL OF TOP MANAGEMENT AND KEY EMPLOYEES USING THE INPUT FROM OUTSIDE CONSULTANTS. THE ORGANIZATION LEASES EMPLOYEES THROUGH A STAFFING COMPANY, GENESIS CONSOLIDATED SERVICES, WHICH PROVIDES SALARY RECOMMENDATIONS. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION WILL FURNISH DOCUMENTATION UPON REQUEST. 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