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Nonprofiteer
← BIOENTERPRISE CORP

Form 990 for tax year 2022

Filed by BIOENTERPRISE CORP.

Totals

Total revenue
$4,354,711
Total expenses
$4,607,968
Contributions and grants received
$0
Grants paid
$3,600,000
Program service revenue
$570,801
Investment income
$2,587,166
Other revenue
$1,196,744
Total assets, end of year
$610,093
Total liabilities, end of year
$0
Net assets or fund balances, end of year
$610,093
Program services expenses (Part IX)
$4,194,021
Management and general expenses
$413,947
Fundraising expenses
$0
Program service expenses (Part III)
$4,194,021

Program services were 91.0% 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.

  • 2a · Program service revenue: INCUBATOR REVENUE

    total $570,801 · related or exempt $570,801

  • 3 · Investment income

    total $91,000 · excluded $91,000

  • 7a · Gross sales of assets other than inventory

    other assets $4,569,768

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

    other assets $2,073,602

  • 7c · Gain or loss

    other assets $2,496,166

  • 7d · Net gain or loss

    total $2,496,166 · excluded $2,496,166

  • 11a · Other revenue: CANCELATION OF DEBT

    total $1,157,918 · related or exempt $1,157,918

  • 11b · Other revenue: BWC/HEALTHCARE REFUND

    total $38,826 · related or exempt $38,826

  • 11e · Other revenue, total

    $1,196,744

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $3,600,000 · program services $3,600,000

  • 7 · Other salaries and wages

    total $30,334 · program services $26,649 · management and general $3,685

  • 8 · Pension plan contributions

    total $4,630 · program services $4,009 · management and general $621

  • 9 · Other employee benefits

    total $67 · program services $58 · management and general $9

  • 10 · Payroll taxes

    total $41,568 · program services $36,260 · management and general $5,308

  • 11a · Fees: management

    total $82,683 · program services $82,683

  • 11b · Fees: legal

    total $301,501 · program services $15,075 · management and general $286,426

  • 11c · Fees: accounting

    total $45,726 · program services $45,180 · management and general $546

  • 13 · Office expenses

    total $31,431 · program services $27,546 · management and general $3,885

  • 14 · Information technology

    total $25,098 · program services $21,970 · management and general $3,128

  • 20 · Interest

    total $2,031 · management and general $2,031

  • 22 · Depreciation, depletion and amortization

    total $254,811 · program services $224,006 · management and general $30,805

  • 23 · Insurance

    total $18,648 · program services $16,324 · management and general $2,324

  • 24a · Other expenses: INCUBATOR EXPENSE

    total $94,261 · program services $94,261

  • 24b · Other expenses: SETTLEMENT CHARGES

    total $75,179 · management and general $75,179

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $74,142 · end of year $623,883

  • 2 · Savings and temporary cash investments

    beginning of year $336 · end of year $216

  • 4 · Accounts receivable

    beginning of year $26,635 · end of year $0

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

    $0

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

    $0

  • 10c · Land, buildings and equipment, net

    beginning of year $2,302,317 · end of year $0

  • 15 · Other assets

    beginning of year -$14,006 · end of year -$14,006

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,407,038 · end of year $0

  • 24 · Unsecured notes and loans payable

    beginning of year $81,786

  • 25 · Other liabilities

    beginning of year $37,250 · end of year $0

  • 27 · Net assets without donor restrictions

    beginning of year $863,350 · end of year $610,093

Mission and programs · 2022

Mission

BIOENTERPRISE WAS A BUSINESS FORMATION, RECRUITMENT, AND ACCELERATION INITIATIVE DESIGNED TO FOSTER ECONOMIC DEVELOPMENT AND TO GROW HEALTH CARE COMPANIES, AND COMMERCIALIZE BIOSCIENCE TECHNOLOGIES TO IMPROVE PUBLIC HEALTH.

Activities or mission (Part I)

TO FOSTER ECONOMIC DEVELOPMENT AND COMMERCIALIZE BIOSCIENCE TECHNOLOGIES TO IMPROVE PUBLIC HEALTH.

  • BIOSCIENCE INCUBATOR: BIOENTERPRISE HAD A 44,000 SQUARE FOOT INCUBATOR DESIGNED TO PROVIDE LOW-COST FACILITIES AND SERVICES FOR BIOMEDICAL ENTREPRENEURS AND START-UP COMPANIES. THE INCUBATOR HAD WET LABS, DRY LABS, OFFICE SPACE AND MEETING ROOMS FOR PHARMACEUTICAL, MEDICAL DEVICE AND DIAGNOSTIC INFORMATION TECHNOLOGY TENANTS AND REGIONAL BIOSCIENCE AND COMMUNITY MEETINGS. THE INCUBATOR ALSO HAD A SPECIAL EQUIPMENT ROOM WITH EQUIPMENT THAT WOULD NORMALLY BE UNAVAILABLE TO THE START-UP COMPANIES.

    Expenses $4,194,021 · Grants $3,600,000 · Revenue $1,767,545

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • John Lane

    PRESIDENT, SECRETARY AND TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Peter Poulos

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Joseph Rich

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • David Sylvan

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

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.

Grants on this return

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • BIOENTERPRISE MANAGEMENT CORPORATION

    C · MANAGEMENT COMPANY · OH · 100% owned · share of income -$123,615 · share of assets $7,501

Assets distributed on this return

Schedule N, as filed: what the organization did with its assets when it liquidated or dissolved, or disposed of more than a quarter of them, and who received them. A recipient with an EIN is usually a successor organization; filers also list expenses such as legal fees here.

  • CASE WESTERN RESERVE UNIVERSITY

    $4,569,768

    Disposition · ALL REAL ESTATE, EQUIPMENT, FURNITURE, FIXTURES, TENANT DEPOSITS, AND ASSIGNMENT OF LEASES · Apr 7, 2023 · 501(C)(3)

Provenance

Return type
form_990
Tax year
2022
Filed
8 May 2024
IRS schema version
2022v5.0
Source object
202441309349304004

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