2025-01-28T08:38:58+00:00 2024-06-30 350921680 CROWE LLP 541 Darby Creek Suite 270 Lexington KY 405092710 990 2023-07-01 261999384 Boilermaker Health Innovations Inc BOIL 7655881061 1281 Win Hentschel Blvd West Lafayette IN 47906 Scott Seidle Chief Financial Officer 7655881061 2025-01-28 true Luke Lamb P01936021 8592526738 2025-01-28 2023 2025-03-06 01:10:19Z Scott Seidle 1281 Win Hentschel Blvd West Lafayette IN 47906 766499 false X N/A X 2007 IN TO SUPPORT AND OPERATE FOR THE EXCLUSIVE BENEFIT OF PURDUE RESEARCH FOUNDATION AND PURDUE UNIVERSITY TO IMPROVE HUMAN HEALTH 5 0 0 0 0 0 843893 703365 0 28891 63134 0 872784 766499 0 0 0 0 0 8433 8124 8433 8124 864351 758375 1886862 2375660 0 0 1886862 2375660 TO SUPPORT AND OPERATE FOR THE EXCLUSIVE BENEFIT OF PURDUE RESEARCH FOUNDATION AND PURDUE UNIVERSITY TO IMPROVE HUMAN HEALTH AND WELL-BEING BY EXPEDITING THE TRANSLATION OF INTELLECTUAL PROPERTY INTO MEDICAL PRODUCTS FOR PUBLIC BENEFIT. false false 0 0 0 THE PRIMARY PURPOSE OF BOILERMAKER HEALTH INNOVATIONS, INC. (BHI) IS TO EXPEDITE THE TRANSLATION OF INTELLECTUAL PROPERTY OF THE PURDUE RESEARCH FOUNDATION INTO COMMERCIAL MEDICAL PRODUCTS FOR BENEFIT OF MANKIND. THE ORGANIZATION IS INTENDED TO FACILITATE AND SERVE AS A BRIDGE BETWEEN PURDUE UNIVERSITY, PURDUE RESEARCH FOUNDATION AND INDUSTRY IN THE DEVELOPMENT AND REFINEMENT OF CONCEPTS, IDEAS, INVENTIONS AND DISCOVERIES ORIGINATING, IN WHOLE OR IN PART, WITHIN PURDUE, SO AS TO CREATE NEW MEDICAL DEVICES, MEDICAL APPARATUSES, PHARMACEUTICALS AND TREATMENTS WITH THE ULTIMATE GOAL OF IMPROVING HUMAN HEALTH AND WELL-BEING FOR THE PUBLIC BENEFIT. 0 true true false false false false false false false true false false false false true false true false false false false false false false false false false false true false false false false false false false false false false false false false true true false false false true 0 0 0 false false false false false false false false false false false false X 5 0 false false false false true true false true false false false true true true true true true false false false IN X Scott Seidle 7655881059 1281 Win Hentschel Blvd West Lafayette IN 47906 X Andrew Mesecar Executive Director 1.0 40.0 X X 0 341216 55924 Brian Edelman Secretary 1.0 40.0 X X 0 365841 45057 Philip Low Vice-Chair 1.0 40.0 X X 0 330492 49961 Timothy Ratliff Treasurer 1.0 40.0 X X 0 357632 46436 Thomas Verhoeven Director 1.0 40.0 X 0 300000 0 0 1695181 197378 0 false true false 0 601645 101720 703365 0 0 0 0 0 63134 63134 0 0 0 0 0 0 0 0 0 766499 0 0 63134 3100 3100 0 0 0 0 3551 3551 1473 1473 0 0 0 0 8124 0 8124 0 1591180 2351328 0 0 0 0 197 197 56465 32330 27685 24135 0 267800 0 0 1886862 2375660 0 0 0 0 0 0 X 1886862 2375660 1886862 2375660 1886862 2375660 758375 -269577 0 X false true X true false X X X 2 PURDUE RESEARCH FOUNDATION 351052049 7 true 0 0 PURDUE UNIVERSITY 356002041 2 true 0 0 2 0 0 true false false false false false false false false false false false false false false true true true X true true Schedule A, Part IV, Section D, Line 3 Supp. Org. Have Significant Voice In Investment Policies A majority of the officers and directors of Boilermaker health Innovations, Inc. serve as officers and directors of the supporting organizations and therefore the supporting organizations have a significant voice in BHI's investment policies and use of the organization's income or assets. Schedule A, Part IV, Section E, Line 2a Org. Activities Directly Further The Exempt Purposes The purpose of BHI is to support and operate for the exclusive benefit of the Purdue Research Foundation and Purdue University with a view toward advancing their educational, research, and engagement missions with an ultimate purpose to improve human health and well-being by expediting the translation of intellectual property into medical products for public benefit. Schedule A, Part IV, Section E, Line 2b Activities That One Or More Supp. Org. Engaged In SERVICES PROVIDED BY BOILERMAKER HEALTH INNOVATIONS, INC. WOULD OTHERWISE BE PROVIDED BY PURDUE RESEARCH FOUNDATION AND PURDUE UNIVERSITY. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 56465 32330 24135 24135 0 X Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote THE ORGANIZATION IS INCLUDED IN CONSOLIDATED FINANCIAL STATEMENTS. BELOW IS THE TEXT OF THE ASC 740 FOOTNOTE FROM THOSE FINANCIAL STATEMENTS. THE NET OPERATING LOSS CARRY FORWARD REFERRED TO IN THE FOOTNOTE BELOW IS PRIMARILY RELATED TO THE PURDUE RESEARCH FOUNDATION INCLUDED IN THE CONSOLIDATED FINANCIAL STATEMENTS. The Foundation is exempt from income taxes under Section 501(c)(3) of the United States Internal Revenue Code and a similar provision of state law. However, the Foundation is subject to federal income tax on any unrelated business taxable income. The Foundation is not considered to be a private foundation. Current accounting standards require the Foundation to disclose the amount of potential benefit or obligation to be realized as a result of an examination performed by a taxing authority. For the years ended June 30, 2024 and 2023, management has determined that the Foundation does not have any tax positions that result in any uncertainties regarding the possible impact on the Foundation's financial statements. The Foundation does not expect the total amount of unrecognized tax benefits to significantly change in the next 12 months. The Foundation recognizes interest and/or penalties related to income tax matters in income tax expense. The Foundation did not have any amounts accrued for interest and penalties at June 30, 2024 and 2023. As a not-for-profit entity, the Foundation is exempt from federal and state income taxes. However, its wholly-owned subsidiary, Park LLC, is a for-profit Indiana entity subject to federal and state income taxes. Park LLC has net operating loss carry forwards of approximately $954 and $2,306 as of June 30, 2024 and 2023, respectively. The additional entities included in the consolidated financial statements are structured as partnerships or single-member LLCs (which are disregarded for tax purposes and treated as part of the Foundation's tax filings). The Foundation has not incurred a material amount of tax expense related to these consolidated entities during the years ended June 30, 2024 and 2023. false false false false false false false Timothy Ratliff Treasurer 0 231649 0 0 0 125983 0 33000 0 13436 0 404068 0 0 Philip Low Vice-Chair 0 265036 0 0 0 65456 0 34361 0 15600 0 380453 0 0 Brian Edelman Secretary 0 362277 0 0 0 3564 0 33000 0 12057 0 410898 0 0 Andrew Mesecar Executive Director 0 273294 0 0 0 67922 0 32502 0 23422 0 397140 0 0 Thomas Verhoeven Director 0 300000 0 0 0 0 0 0 0 0 0 300000 0 0 Schedule J, Part I, Line 3 ARRANGEMENT USED TO ESTABLISH THE TOP MANAGEMENT OFFICIAL'S COMPENSATION THE ORGANIZATION RELIED ON PURDUE university (A related ORGANIZATION) to determine compensation for the top management official. Purdue used a compensation committee, COMPARABILITY DATA, COMPENSATION SURVEY OR STUDY AND APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE TO DETERMINE THE COMPENSATION OF ITS TOP MANAGEMENT OFFICIAL. Form 990, Part VI, Line 15a PROCESS FOR DETERMINING COMPENSATION OF TOP MANAGEMENT OFFICIAL The TOP MANAGEMENT OFFICIAL is PAID BY PURDUE university, A RELATED ENTITY. THEREFORE, QUESTIONS 15A AND 15B ARE NOT APPLICABLE AND HAVE BEEN ANSWERED "NO" IN ACCORDANCE WITH the FORM 990 INSTRUCTIONS. PURDUE university HAS A COMPENSATION COMMITTEE THAT REVIEWS AND APPROVES THE NON ROUTINE SUGGESTED SALARY INCREASES FOR ALL OFFICERS. ALL SALARIES ARE ALSO REVIEWED BY THE FINANCE/AUDIT COMMITTEE DURING THE COURSE OF THE OVERALL BUDGET PREPARATION AND THEN SENT TO THE FULL BOARD FOR APPROVAL. PURDUE university USES COMPARABILITY DATA FROM SIMILAR FOUNDATIONS AND UNIVERSITIES IN DETERMINING THE SALARIES FOR THE OFFICERS. THE APPROVAL OF THE SALARIES IS DOCUMENTED IN THE BOARD OF DIRECTORS MINUTES. THIS PROCESS WAS LAST UNDERTAKEN IN 2023. Form 990, Part VI, Line 15b PROCESS TO ESTABLISH COMPENSATION OF OTHER EMPLOYEES ALL OFFICERS are PAID BY PURDUE university, A RELATED ENTITY. THEREFORE, QUESTIONS 15A AND 15B ARE NOT APPLICABLE AND HAVE BEEN ANSWERED "NO" IN ACCORDANCE WITH THE FORM 990 INSTRUCTIONS. PURDUE university HAS A COMPENSATION COMMITTEE THAT REVIEWS AND APPROVES THE NON ROUTINE SUGGESTED SALARY INCREASES FOR ALL OFFICERS. ALL SALARIES ARE ALSO REVIEWED BY THE FINANCE/AUDIT COMMITTEE DURING THE COURSE OF THE OVERALL BUDGET PREPARATION AND THEN SENT TO THE FULL BOARD FOR APPROVAL. PURDUE university USES COMPARABILITY DATA FROM SIMILAR FOUNDATIONS AND UNIVERSITIES IN DETERMINING THE SALARIES FOR THE OFFICERS. THE APPROVAL OF THE SALARIES IS DOCUMENTED IN THE BOARD OF DIRECTORS MINUTES. THIS PROCESS WAS LAST UNDERTAKEN IN 2023. Form 990, Part VI, Line 6 Classes of members or stockholders The corporation has one member which is the Purdue Research Foundation. Form 990, Part VI, Line 7a Members or stockholders electing members of governing body Purdue Research Foundation (PRF) shall elect the Corporation's Directors. PRF may at any time vote to remove one or more Directors, with or without cause. PRF shall replace any Director who has been removed, who resigns, or who is no longer able to serve, with another individual who will serve as a Director for the unexpired term. PRF may remove and replace Directors without calling a meeting of Members. Form 990, Part VI, Line 8b Documentation of meetings held by committees of governing body There are no committees with authority to act on behalf of the governing body. Form 990, Part VI, Line 11b Review of form 990 by governing body The form 990 is prepared annually after the year end activities are complete. The Treasurer and Assistant Treasurer of the Purdue Research Foundation review the prepared form 990 and related schedules. The Form 990 is then presented to the Board members. All questions will be addressed by the Purdue Research Foundations Treasurer and Assistant Treasurer and incorporated into the Form 990. The Form 990 will be filed by the due date. Form 990, Part VI, Line 12c Conflict of interest policy A CONFLICT OF INTEREST QUESTIONNAIRE IS COMPLETED ANNUALLY BY ALL EMPLOYEES AND BOARD MEMBERS. ANY CONFLICTS OF INTEREST ARE INVESTIGATED BY THE HUMAN RESOURCES DEPARTMENT. IF A CONFLICT OF INTEREST IS ESTABLISHED, HUMAN RESOURCES WILL ESTABLISH SAFEGUARDS TO PROTECT ALL PARTIES INVOLVED. Form 990, Part VI, Line 19 Required documents available to the public THE CONFLICT OF INTEREST POLICY, FINANCIAL STATEMENTS and governing documents are NOT AVAILABLE TO THE PUBLIC AT THIS TIME. PURDUE RESEARCH FOUNDATION 1281 WIN HENTSCHEL BLVD WEST LAFAYETTE IN 47906 351052049 SUPPORT PURDUE UNIVERSITY IN 501(c)(3) 7 NA false PURDUE UNIVERSITY 401 S GRANT STREET WEST LAFAYETTE IN 47907 356002041 SCHOOL IN 501(c)(3) 2 NA false 516 Northwestern Associates LP 1281 Win Hentschel Blvd West Lafayette IN 47906 371650220 GROUND LEASE RENTAL IN PURDUE RESEARCH FOUNDATION N/A 0 Convergence Discovery Park LP 1281 Win Hentschel Blvd West Lafayette IN 47906 851513710 GROUND LEASE RENTAL IN PURDUE RESEARCH FOUNDATION N/A 0 Back A Boiler - ISA Fund II LLC 1281 Win Hentschel Blvd West Lafayette IN 47906 831809823 Income Share Agreement IN Purdue Research Foundation N/A 0 MCCLURE PARK LLC 1281 WIN HENTSCHEL BLVD WEST LAFAYETTE IN 479064182 351078594 PROPERTY MANAGEMENT IN NA C Corporation false QUANTION TECHNOLOGIES INC 1281 WIN HENTSCHEL BLVD WEST LAFAYETTE IN 479064182 452735991 RESEARCH & DEVELOPMENT IN BOILERMAKER HEALTH INNOVATIONS INC C Corporation -2650 -16493 1 true false false true false false false false false false false false false false true true false false false false