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Nonprofiteer
← MASSACHUSETTS BIOMEDICAL INITIATIVES

Form 990 for tax year 2025

Filed by MASSACHUSETTS BIOMEDICAL INITIATIVES.

Totals

Total revenue
$5,595,536
Total expenses
$4,363,262
Contributions and grants received
$1,019,009
Grants paid
$124,825
Program service revenue
$3,241,333
Investment income
$1,164,041
Other revenue
$171,153
Total assets, end of year
$33,310,855
Total liabilities, end of year
$9,581,171
Net assets or fund balances, end of year
$23,729,684
Program services expenses (Part IX)
$3,907,177
Management and general expenses
$327,752
Fundraising expenses
$128,333
Program service expenses (Part III)
$3,907,177

Program services were 89.5% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1e · Government grants (contributions)

    $930,857

  • 1f · All other contributions, gifts and grants

    $88,152

  • 2a · Program service revenue: INNOVATION CENTER

    total $2,915,482 · related or exempt $2,915,482

  • 2b · Program service revenue: TECHNOLOGY CENTER

    total $325,851 · related or exempt $325,851

  • 3 · Investment income

    total $869,599 · excluded $869,599

  • 7a · Gross sales of assets other than inventory

    securities $4,084,428

  • 7b · Less cost or other basis and sales expenses

    securities $3,789,986

  • 7c · Gain or loss

    securities $294,442

  • 7d · Net gain or loss

    total $294,442 · excluded $294,442

  • 11a · Other revenue: OTHER INCOME

    total $171,153 · related or exempt $171,153

  • 11e · Other revenue, total

    $171,153

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $124,825 · program services $124,825

  • 5 · Compensation of officers, directors and key employees

    total $472,099 · program services $404,567 · management and general $54,026 · fundraising $13,506

  • 7 · Other salaries and wages

    total $636,402 · program services $468,169 · management and general $85,199 · fundraising $83,034

  • 9 · Other employee benefits

    total $111,952 · program services $88,140 · management and general $14,062 · fundraising $9,750

  • 10 · Payroll taxes

    total $86,906 · program services $68,422 · management and general $10,915 · fundraising $7,569

  • 11b · Fees: legal

    total $38,465 · management and general $38,465

  • 11c · Fees: accounting

    total $23,340 · management and general $23,340

  • 11f · Fees: investment management

    total $27,133 · management and general $27,133

  • 11g · Fees: other

    total $109,784 · program services $80,490 · management and general $29,294

  • 12 · Advertising and promotion

    total $27,525 · program services $22,279 · management and general $5,246

  • 13 · Office expenses

    total $28,261 · program services $28,261

  • 14 · Information technology

    total $3,404 · program services $3,404

  • 16 · Occupancy

    total $773,136 · program services $773,136

  • 20 · Interest

    total $332,893 · program services $332,893

  • 22 · Depreciation, depletion and amortization

    total $1,034,972 · program services $1,034,972

  • 23 · Insurance

    total $64,223 · program services $64,223

  • 24a · Other expenses: REPAIR & MAINTENANCE

    total $128,473 · program services $128,473

  • 24b · Other expenses: PROPERTY TAXES

    total $115,919 · program services $115,919

  • 24c · Other expenses: MISC EXPENSES

    total $105,720 · program services $51,174 · management and general $40,072 · fundraising $14,474

  • 24d · Other expenses: SAFETY

    total $72,126 · program services $72,126

  • 24e · All other expenses

    total $45,704 · program services $45,704

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $159,948 · end of year $198,508

  • 2 · Savings and temporary cash investments

    beginning of year $3,622,039 · end of year $4,051,775

  • 3 · Pledges and grants receivable

    beginning of year $475,000 · end of year $278,357

  • 4 · Accounts receivable

    beginning of year $71,886 · end of year $210,890

  • 9 · Prepaid expenses and deferred charges

    beginning of year $29,967 · end of year $38,141

  • 10a · Land, buildings and equipment: cost or other basis

    $21,113,633

  • 10b · Land, buildings and equipment: accumulated depreciation

    $5,718,095

  • 10c · Land, buildings and equipment, net

    beginning of year $15,544,326 · end of year $15,395,538

  • 11 · Investments: publicly traded securities

    beginning of year $10,685,447 · end of year $12,209,597

  • 15 · Other assets

    beginning of year $735,603 · end of year $928,049

  • 17 · Accounts payable and accrued expenses

    beginning of year $55,675 · end of year $45,142

  • 19 · Deferred revenue

    beginning of year $53,236 · end of year $132,709

  • 23 · Secured mortgages and notes payable

    beginning of year $7,801,407 · end of year $7,784,355

  • 25 · Other liabilities

    beginning of year $1,397,021 · end of year $1,618,965

  • 27 · Net assets without donor restrictions

    beginning of year $21,941,877 · end of year $23,384,684

  • 28 · Net assets with donor restrictions

    beginning of year $75,000 · end of year $345,000

Mission and programs · 2025

Mission

MASSACHUSETTS BIOMEDICAL INITIATIVES, INC. ("MBI OR THE ORGANIZATION") IS A PRIVATE NON-PROFIT CORPORATION FOCUSING ON BUILDING UP CENTRAL MASSACHUSETTS AS A GLOBAL BIOMANUFACTURING HUB. OUR MISSION OF BEING A PARTNER FOR FOSTERING INNOVATION IN THE LIFE SCIENCES IS FULFILLED THROUGH OUR EFFORTS IN STARTUP INCUBATION, WORKFORCE DEVELOPMENT, ECONOMIC DEVELOPMENT, AND REGIONAL ADVOCACY.

Activities or mission (Part I)

MASSACHUSETTS BIOMEDICAL INITIATIVES (MBI) IS DEDICATED TO JOB CREATION AND INNOVATIVE HEALTHCARE THROUGHOUT MASSACHUSETTS BY PROMOTING THE GROWTH OF START-UP BIOMEDICAL COMPANIES. MBI IS COMMITTED TO COLLABORATING WITH THE ACADEMIC, BUSINESS AND GOVERNMENT COMMUNITIES TO PROMOTE MASSACHUSETTS AS THE WORLD LEADER IN THE LIFE & HEALTH SCIENCES INDUSTRY.

  • MBI PROVIDED STARTUP COMPANY INCUBATION SERVICES FOR BIOMEDICAL COMPANIES INCLUDING BIOTECHNOLOGY, MEDICAL DEVICE, AND BIOINFORMATICS. MBI PROVIDES FLEXIBLE AND SCALABLE PRIVATE LABORATORIES, OFFICE SPACE, SHARED EQUIPMENT, HEALTH AND SAFETY TRAINING AND SUPPORT AND SUPPORTIVE BUSINESS PROGRAMS TO HELP STARTUP COMPANIES GROW THEIR TEAM AND RESEARCH, CREATE JOBS, AND EXPAND THE TAX BASE.MBI IS A LEADER OF REGIONAL WORKFORCE DEVELOPMENT EFFORTS THROUGH OUR BIOMANUFACTURING WORKFORCE INITIATIVE, WORKFORCE CHALLENGE, AND INCREASING DIVERSITY IN STEM GRANTS. MBI HELPS WORK BETWEEN INDUSTRY AND ACADEMIA TO FIND EMPLOYMENT GAPS TO HELP CONNECT RESIDENTS INTO THROUGH CERTIFICATE PROGRAMMING. MBI LEADS REGIONAL BIOMANUFACTURING RELATED ECONOMIC DEVELOPMENT EFFORTS INCLUDING THE PROMOTION OF EMERGING BIO-FOOD AND BIO-MATERIAL SECTORS. THIS WORK HELPS CREATE ECONOMIC OPPORTUNITY FOR AREA RESIDENTS, INCREASE THE TAX BASE, AND ACHIEVE FEDERAL PRIORITIES IN PROMOTING DOMESTIC BIOMANUFACTURING, SECURING SUPPLY CHAINS, AND ACHIEVING OUR NATION'S SUSTAINABILITY GOALS.

    Expenses $3,907,177 · Grants $124,825 · Revenue $3,412,486

As filed on the 2025 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Chuck Kunsch

    VICE CHAIRMAN

    Total calculated
    $0
    Hours/week
    2

  • Robert J Anderson CPA

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    2

  • Lauren Foster

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • Jon Weaver

    PRESIDENT & CEO

    Total calculated
    $312,672
    From this org
    $273,496
    From related orgs
    $0
    Other
    $39,176
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $218,496
    Bonus
    $55,000
    Other
    $0
    Deferred
    $16,410
    Nontaxable benefits
    $22,766
    Filer's total
    $312,672

  • Linda McGoldrick

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • Allan Guo

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • Shobha Parthasarathi

    CLERK

    Total calculated
    $0
    Hours/week
    2

  • John Hallinan

    TREASURER

    Total calculated
    $0
    Hours/week
    2

  • Lizabeth Leveille

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • Raymond Knox

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • John Fx Heffernan

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • Christopher M Palatucci PhD

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • Philip R Morgan

    TRUSTEE EMERITUS

    Total calculated
    $0
    Hours/week
    2

  • D Davidson Easson Jr

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • David R Grenon

    TRUSTEE EMERITUS

    Total calculated
    $0
    Hours/week
    2

  • W Blaine Stine PhD

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • Imran Nasrullah

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • Abraham W Haddad DMD Facd

    TRUSTEE EMERITUS

    Total calculated
    $0
    Hours/week
    2

  • John Hession

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • Zu Shen

    EXECUTIVE VICE PRESIDENT, INCUBATION

    Total calculated
    $237,392
    From this org
    $205,397
    From related orgs
    $0
    Other
    $31,995
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $165,397
    Bonus
    $40,000
    Other
    $0
    Deferred
    $9,542
    Nontaxable benefits
    $22,453
    Filer's total
    $237,392

  • Karri Freeland

    VP, ADMINISTRATION AND FINANCE

    Total calculated
    $133,274
    From this org
    $109,254
    From related orgs
    $0
    Other
    $24,020
    Hours/week
    40

  • Charles Cowan

    FACILITIES MANAGER

    Total calculated
    $137,913
    From this org
    $117,798
    From related orgs
    $0
    Other
    $20,115
    Hours/week
    40

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Compensation committee
  • 5a · Pay contingent on this organization's revenues

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 5
THERE IS DISCRETIONARY BONUS RECOMMENDED AND APPROVED BY THE BOARD FOR THE PRESIDENT BASED ON THE ORGANIZATION'S OVERALL PERFORMANCE

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

Provenance

Return type
form_990
Tax year
2025
Filed
24 September 2026
IRS schema version
2025v4.2
Source object
202632679349301653

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