2024-05-06T08:48:01-05:00 2023-06-30 010523282 Berry Dunn McNeil & Parker LLC 2211 Congress St Portland ME 04102 990 2022-07-01 262737088 North Shore InnoVentures Inc NORT 9788670600 100 Cummings Center 451-C Beverly MA 01915 Chris Ilsley President & CEO 9788670600 2024-05-02 1 Chris Ilsley 999009999 1 Melissa Magoon CPA P01712842 2077752387 2024-05-02 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z InnoVenture Labs Chris Ilsley 100 Cummings Center 451-C Beverly MA 01915 2192702 0 X www.nsiv.org X 2008 MA Operate incubator designed to foster innovation in the life sciences and clean tech. 11 10 7 40 0 0 798736 1009772 768532 1182810 636 120 0 0 1567904 2192702 0 0 0 0 453182 572990 0 0 62699 1126031 1053238 1579213 1626228 -11309 566474 2900574 3159154 1253866 945972 1646708 2213182 X Operate a non-profit business incubator designed to foster innovation in the life sciences and clean tech and thus support economic development. 0 0 1084947 988661 By the end of 2023, there were 13 Biotech member companies and 23 graduates. Approximately 67 people were employed by the member companies and 310 by the graduates for a total of 377 jobs created. The biotech companies in the incubator also trained 10 interns in the past year. Reduced operations and space reductions by member companies due to COVID along with the costs related to the buildout in FY 2017 such as increased rent, utilities, insurance, depreciation and debt service caused expenses to grow along with revenues resulting in a continued operating loss. Cash flow is more favorable as depreciation represents a large part of the operating loss. An increase in lab space completed in 3Q 2021 has resulted in increased memberships which are expected to offset the increased expenses going forward. No grants were provided by NSIV. 415883 194149 The Cleantech Incubation Program supported seven companies during the fiscal year. There were a total of fourteen graduates by year end. At the close of 2023, the cleantech companies in the incubator employed 47 people and the cleantech graduates employed 253 people for a total of 300 jobs created. The cleantech companies in the incubator trained five interns. Four of the cleantech companies in the program used office and lab space in the incubator routinely; the three others are in the virtual incubation program and utilize our sponsored services and mentoring sessions. Corporate sponsors and a grant from the Mass Clean Energy Center were especially important to helping keep revenues in balance with expenses. The increased lab space completed in Q3 2021 has resulted in increased memberships and space utilization. No grants were provided by NSIV. 1500830 1 1 0 1 0 0 0 0 0 0 1 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 1 20 0 1 7 1 0 0 0 0 0 0 0 0 0 0 0 0 X 11 10 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MA X X Christine Kressirer 9788670600 100 Cummings Center Suite 451-C Beverly MA 01915 Chris Ilsley President & CEO 40.00 X X 113038 0 0 Harry G McCoy Chairman 1.00 X X 0 0 0 Chad Robinson Treasurer 2.00 X X 0 0 0 Jack Swig Clerk 2.00 X X 0 0 0 Alex Van Adzin Director 1.00 X 0 0 0 Bob Barton Director 1.00 X 0 0 0 Thomas Forest Farb Director 1.00 X 0 0 0 Martha Farmer Director 1.00 X 0 0 0 Mary Grant Director 1.00 X 0 0 0 David Reibel Director 1.00 X 0 0 0 Jean-Jacques Yarmoff Director 1.00 X 0 0 0 Thomas Kinneman Past Vice President & COO 30.00 X X 83495 0 0 Christine Kressirer COO 30.00 X 0 0 0 196533 0 0 1 0 0 0 0 956555 53217 1009772 Service Fees 541900 1182810 1182810 1182810 20 20 100 0 100 100 100 2192702 1182810 0 120 196532 157226 19653 19653 336752 269402 33675 33675 39706 31764 3971 3971 9228 9228 7041 5633 704 704 21181 21181 11749 9675 1037 1037 18450 18450 610034 603934 3050 3050 818 654 82 82 4706 3764 471 471 30904 30904 307154 307154 11290 11178 56 56 Equipment Expense 11425 11425 Dues & Subscriptions 6286 6286 Miscellaneous Expenses 2972 2972 1626228 1500830 62699 62699 X 520041 134075 29034 29048 321582 232046 0 66565 113623 126215 4445961 2525593 1862894 1920368 0 20050 53400 630787 2900574 3159154 482974 314006 12500 0 605573 300972 152819 330994 1253866 945972 X -1239532 -384396 2886240 2597578 1646708 2213182 2900574 3159154 566474 0 X 0 1 X 1 0 X 415071 406081 1626985 798736 1009772 4256645 415071 406081 1626985 798736 1009772 4256645 42162 4214483 375 310 462 636 20 1803 4258448 3743723 0.98970 0.97550 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 693 693 0 Part II-B, Line 1: The Organization pays certain organizational dues, a portion of which are used for lobbying purposes. 2221693 1098303 1123390 2224268 1427290 796978 1920368 Security Deposits 630787 630787 Refundable Deposits 146935 CARES Act Funding 154160 Holding Account 29899 330994 2804010 611308 611308 2192702 0 2192702 2237536 611308 611308 1626228 0 1626228 Jean-Jacques Yarmoff Eric Yarmoff has a family relationship with director Jean-Jacques Yarmoff 29066 Compensation 0 Form 990, Part VI, Section A, line 2 M. Farmer, Director, T. Kinneman Past Vice Preisdent & COO and J. Swig Clerk, have a business relationship. Tom Kinneman and Martha Farmer have a business relationship. Form 990, Part VI, Section B, line 11b The President/CEO, Vice President/COO, and the Treasurer review the entire return. After this review, the final version is circulated to all Board members to solicit comments, questions or objections. If there are no objections, the return is filed. Form 990, Part VI, Section B, line 12c Each Covered Person shall complete a Disclosure Statement upon first acceding to office or position at NSIV, and then on an annual basis thereafter. Each Covered Person must update the Disclosure Statement immediately following any material change in the information requested on the Disclosure Statement. In completing the Disclosure Statement, each Covered Person must disclose all relationships and business affiliations that reasonably could give rise to or reasonably be construed as giving rise to a conflict of interest involving NSIV or an Incubated Company. The Disclosure Statements must be submitted to and reviewed by the Board. A Covered Person must disclose to the Board his or her knowledge of a proposed or concluded transaction or arrangement between a Related Party and NSIV or an Incubated Company at his or her first knowledge of the transaction or arrangement. If a Covered Person is uncertain about the existence of a possible conflict of interest in any matter, the Covered Person may request that the Board determine whether a conflict of interest exists or could reasonably be construed to exist. If NSIV enters into a transaction or arrangement with a Related Party, such transaction or arrangement will be reported to the extent required on NSIV's Internal Revenue Service Form 990 and Massachusetts Form PC. A financial interest is not necessarily a conflict of interest. After receiving disclosure of the interest and the material facts to the Board, the Board shall discuss and vote upon the question of whether a conflict of interest exists or could, in the opinion of the Board, reasonably be construed to exist. Any Related Party with respect to such interest shall leave the meeting while the determination of a conflict of interest is discussed and voted upon. A majority vote of the disinterested members of the Board shall be required to determine whether a conflict of interest exists or could reasonably be construed to exist. A Related Party, if he or she is a member of the Board, shall not be counted for purposes of determining the presence of a quorum at a meeting of the Board called to determine the existence or treatment of a conflict of interest. A Related Party may make a presentation to the Board at a meeting of the Board called for the purpose of considering the transaction or arrangement and the Related Party's interest, but after the presentation, the Related Party must leave the meeting during the discussion of, and the vote on, such transaction or arrangement. (b) The Board shall exercise due diligence in reviewing the proposed transaction or arrangement, which may include reviewing surveys of comparable data where appropriate, and which may include assessing whether NSIV can obtain with reasonable efforts a more advantageous transaction or arrangement from a person or entity that would not give rise to a conflict of interest. The Board may in its discretion determine from time to time to evaluate a proposed transaction or arrangement in a manner that follows the "rebuttable presumption of reasonableness procedures promulgated under the Internal Revenue Code of 1986, as amended. (c) After due consideration of the relevant factors, the Board shall determine by majority vote of the disinterested members of the Board whether the transaction or arrangement is, on balance, in NSIV's best interest, for NSIV's own benefit, and whether it is fair and reasonable, and therefore whether NSIV may or may not enter into such transaction or arrangement. (d) Minutes of the meeting shall be prepared and approved as soon as practicable after the meeting of the Board called for the purpose of considering a conflict of interest and shall include: (i) The names of the Related Parties who disclosed or otherwise were found to have a financial interest in connection with an actual or possible conflict of interest, the nature of the financial interest, any action taken to determine whether a conflict of interest existed, and the Board's decision as to whether a conflict of interest existed or could be reasonably construed to exist; and (ii) The names of the persons who were present for discussions and votes relating to the transaction or arrangement, the content of the discussion, including any alternatives to the proposed transaction or arrangement, and a record of any votes taken in connection with the proceedings. If the Board has reasonable cause to believe a Covered Person has failed to disclose actual or possible conflicts of interest, it shall inform the Covered Person of the basis for such belief and afford the Covered Person an opportunity to explain the alleged failure to disclose. If, after hearing the Covered Person's response and after making further investigation as warranted by the circumstances, the Board determines the Covered Person has failed to disclose an actual or possible conflict of interest, the Board may at its discretion (as determined by a majority vote of the disinterested members of the Board) take, or recommend that NSIV take, any appropriate corrective action it reasonably deems to be in the best interest of NSIV. Form 990, Part VI, Section B, line 15 A Compensation Committee comprised of independent Directors was asked to investigate appropriate compensation policies during the Board Meeting of June 16, 2010. The Committee examined comparability data and made recommendations to the Board on December 15, 2010. Their recommendations were accepted and implementation was delegated to the independent members of the Executive Committee. During the hiring process for the CEO in June 2018, the Executive Committee reviewed the compensation packages for the senior management team with advice from the outside recruiter and confirmed the compensation policy. Form 990, Part VI, Section C, line 19 The organization makes its governing documents, conflict of interest policy and financial statements available upon request and are posted on the website of the Boston Foundation. Form 990, Part X, Line 10: Land, Buildings, and Equipment Section 1.263(a)-3(n) Election: North Shore InnoVentures, Inc. 100 Cummings Center, Suite 451-C Beverly, MA 01915 EIN 26-2737088 North Shore InnoVentures, Inc. is electing to capitalize repair and maintenance costs under Regulation Section1.263(a)-3(n).