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Nonprofiteer
← NEW JERSEY INNOVATION INSTITUTE INC

Form 990 for tax year 2023

Filed by NEW JERSEY INNOVATION INSTITUTE INC.

Totals

Total revenue
$30,773,365
Total expenses
$27,724,858
Contributions and grants received
$23,945,968
Grants paid
$258,000
Program service revenue
$3,489,725
Investment income
$3,317,672
Other revenue
$20,000
Total assets, end of year
$75,143,617
Total liabilities, end of year
$15,124,605
Net assets or fund balances, end of year
$60,019,012
Program services expenses (Part IX)
$22,325,578
Management and general expenses
$5,399,280
Fundraising expenses
$0
Program service expenses (Part III)
$22,325,578

Program services were 80.5% 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.

  • 1d · Related organizations

    $354,529

  • 1e · Government grants (contributions)

    $23,591,439

  • 2a · Program service revenue: PROF. DEVELOPMENT

    total $2,185,794 · related or exempt $2,185,794

  • 2b · Program service revenue: DIGITAL SCI. STUDIO

    total $804,400 · related or exempt $804,400

  • 2c · Program service revenue: REIMBURSEMENT REVENUE

    total $291,970 · related or exempt $291,970

  • 2d · Program service revenue: OTHER ACTIVITIES

    total $207,561 · related or exempt $207,561

  • 3 · Investment income

    total $3,317,672 · excluded $3,317,672

  • 6a · Gross rents

    real property $20,000

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $20,000

  • 6d · Net rental income or loss

    total $20,000 · excluded $20,000

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $258,000 · program services $258,000

  • 5 · Compensation of officers, directors and key employees

    total $514,152 · management and general $514,152

  • 7 · Other salaries and wages

    total $9,738,400 · program services $7,533,587 · management and general $2,204,813

  • 8 · Pension plan contributions

    total $760,912 · program services $550,144 · management and general $210,768

  • 9 · Other employee benefits

    total $912,176 · program services $659,509 · management and general $252,667

  • 10 · Payroll taxes

    total $708,308 · program services $512,111 · management and general $196,197

  • 11a · Fees: management

    total $123,845 · management and general $123,845

  • 11b · Fees: legal

    total $125,924 · program services $82,975 · management and general $42,949

  • 11c · Fees: accounting

    total $81,680 · management and general $81,680

  • 11f · Fees: investment management

    total $25,626 · management and general $25,626

  • 11g · Fees: other

    total $9,056,989 · program services $9,014,040 · management and general $42,949

  • 12 · Advertising and promotion

    total $4,354 · program services $2,954 · management and general $1,400

  • 14 · Information technology

    total $17,100 · program services $17,100

  • 16 · Occupancy

    total $491,963 · program services $460,750 · management and general $31,213

  • 17 · Travel

    total $186,378 · program services $132,442 · management and general $53,936

  • 20 · Interest

    total $96,188 · program services $57,726 · management and general $38,462

  • 22 · Depreciation, depletion and amortization

    total $812,041 · program services $397,131 · management and general $414,910

  • 23 · Insurance

    total $198,272 · management and general $198,272

  • 24a · Other expenses: SHARED SERVICES

    total $1,271,898 · program services $931,561 · management and general $340,337

  • 24b · Other expenses: EQUIPMENT AND SUPPLIES

    total $1,143,523 · program services $1,011,582 · management and general $131,941

  • 24c · Other expenses: SUBSCRIPTIONS

    total $1,015,526 · program services $572,730 · management and general $442,796

  • 24d · Other expenses: MISC. EXPENSES

    total $172,368 · program services $129,276 · management and general $43,092

  • 24e · All other expenses

    total $9,235 · program services $1,960 · management and general $7,275

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,076,510 · end of year $2,937,102

  • 2 · Savings and temporary cash investments

    beginning of year $66,030,565 · end of year $67,103,088

  • 3 · Pledges and grants receivable

    beginning of year $91,441 · end of year $65,242

  • 4 · Accounts receivable

    beginning of year $174,038 · end of year $500,765

  • 9 · Prepaid expenses and deferred charges

    beginning of year $235,388 · end of year $745,381

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

    $1,361,975

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

    $798,054

  • 10c · Land, buildings and equipment, net

    beginning of year $894,873 · end of year $563,921

  • 15 · Other assets

    beginning of year $5,322,266 · end of year $3,228,118

  • 17 · Accounts payable and accrued expenses

    beginning of year $4,178,916 · end of year $3,054,049

  • 19 · Deferred revenue

    beginning of year $386,733 · end of year $313,283

  • 22 · Loans and payables to officers and key people

    beginning of year $10,900,000 · end of year $10,900,000

  • 25 · Other liabilities

    beginning of year $1,388,927 · end of year $857,273

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $894,874 · end of year $563,921

  • 31 · Retained earnings, endowment or other funds

    beginning of year $56,075,631 · end of year $59,455,091

Mission and programs · 2023

Mission

SEE SCHEDULE O

Activities or mission (Part I)

WE ARE AN INNOVATIVE RESEARCH ORG. DEDICATED TO REVITALIZING ECONOMIC DEVELOPMENT WITHIN NJ.

  • SEE SCHEDULE ONJII HELPS TO TURN IDEAS INTO WORKABLE SOLUTIONS ACROSS FIVE DIVISIONS: HEALTHCARE, LEARNING AND DEVELOPMENT INITIATIVE, DEFENSE, ENTREPRENEURSHIP AND ARTIFICIAL INTELLIGENCE & MACHINE LEARNING.HEALTHCARE NJII HEALTHCARE DRIVES DATA-DRIVEN HEALTHCARE TRANSFORMATION, ENHANCING PATIENT EXPERIENCE AND POPULATION HEALTH WHILE REDUCING COSTS THROUGH INNOVATION AND TECHNOLOGY. AS THE STATE-DESIGNATED ENTITY, THE HEALTHCARE DIVISION MANAGES THE NEW JERSEY HEALTH INFORMATION NETWORK (NJHIN) FOR THE NJ DEPARTMENT OF HEALTH (NJDOH). IN COLLABORATION WITH HEALTHCARE ORGANIZATIONS, THE HEALTHCARE DIVISION FACILITATES PARTICIPATION IN GOVERNMENT PROGRAMS, REQUIRING ROBUST DATA MANAGEMENT. SINCE 2015, ITS PROGRAMS HAVE SERVED OVER 12 MILLION PATIENTS, WITH A MISSION TO EXPAND CLINICAL DATA INTEROPERABILITY AND ENSURE TOP-LEVEL INFORMATION SECURITY.LEARNING AND DEVELOPMENT INITIATIVELDI IS A COLLABORATIVE EFFORT BETWEEN NJIT AND NJII, LEVERAGING THE EXPERTISE OF FACULTY, PARTNERS, AND SUBJECT MATTER EXPERTS. THIS APPROACH PROVIDES A WIDE RANGE OF EDUCATIONAL AND TRAINING OPPORTUNITIES, TAILORED TO MEET THE DEMANDS OF TODAY'S DYNAMIC BUSINESS ENVIRONMENT.DEFENSEAT NJII, THE DEFENSE DIVISION IS MOBILIZED TO IDENTIFY, BUILD, AND IMPLEMENT INNOVATIVE SOLUTIONS THAT IDENTIFY AND OPERATIONALIZE ADVANCES IN TECHNOLOGY. USING IDEATION SESSIONS, NJII WORKS WITH INDUSTRY PARTNERS AND THE DEPARTMENT OF DEFENSE (DOD) TO UNDERSTAND HOW NEW TECHNOLOGY WILL BE DEPLOYED AND USED. NJII WORKS TO SUPPORT PROGRAM OBJECTIVES BY PROVIDING DESIGN CAPABILITIES, WORKFORCE TRAINING DEVELOPMENT AND FIELD TEST SUPPORT. THE KEY OUTCOMES ARE WORKFORCE DEVELOPMENT, IMPROVED PROTECTION OF MILITARY PERSONNEL AND CRITICAL ASSETS, AND IMPROVED EFFICIENCY OF MILITARY OPERATIONS.TO ACHIEVE THESE OUTCOMES, NJII ALIGNS AND ADVANCES EMERGING TECHNOLOGIES TO OPERATIONALIZE THEM, WITH A PARTICULAR FOCUS ON ADVANCED MANUFACTURING, CONTESTED LOGISTICS, AND AI/COMPUTER VISION. THE PROGRAMS IMPLEMENTED TOGETHER HAVE PROVIDED ASSURANCES FOR SUPPLY CHAIN, SOLDIER AND OFFICER SAFETY, UTILITIES PROTECTION AND NATURAL RESOURCE PRESERVATION.ENTREPRENEURSHIPTHE NJII ENTREPRENEURSHIP DIVISION HAS CREATED A THIRD PATHWAY TO DEPLOY THE NJIT ECOSYSTEM OF TECHNOLOGIES, CAPABILITIES, AND ENTREPRENEURS: A VENTURE STUDIO. UNLIKE A VENTURE FUND OR TRADITIONAL VENTURE INVESTING WHICH INVEST IN OTHER PEOPLE'S COMPANIES THE NJII VENTURE STUDIO CREATES ITS OWN HIGH-GROWTH COMPANIES AS VEHICLES FOR NJIT ASSETS. THE NJII VENTURE STUDIO IS THE DIVIDEND OF A 10-YEAR TRACK RECORD OF SUCCESSFUL NEW VENTURE INVESTMENT AND ACCELERATION AT NJII. WHILE THE NJII TEAM UTILIZES THIS UNIQUE ABILITY TO SUPPORT ITS HOMEGROWN START-UPS, THE ENTREPRENEURSHIP DIVISION ALSO OFFERS NEW VENTURE ACCELERATION SERVICES TO SUPPORT THE NEEDS OF ITS CORPORATE, STATE AND COMMUNITY PARTNERS. NJII SURROUNDS STARTUPS IN A NETWORK OF SEASONED ENTREPRENEURS, INVESTORS, AND TECHNICAL ADVISORS AS WELL AS PROVIDES EXPERIENTIAL LEARNING OPPORTUNITIES FOR ITS COMPANIES TO ACCELERATE THEIR PATH TO PROFITABILITY AND RETURN FOR THEIR INVESTORS.ARTIFICIAL INTELLIGENCE & MACHINE LEARNINGTHE NJII AI/MACHINE LEARNING DIVISION OFFERS EXPERT SERVICES TO MEET AI NEEDS. AI-POWERED TOOLS AND TECHNOLOGY CAN BE A COMPETITIVE ASSET FOR A COMPANY'S GROWTH OBJECTIVES. EDUCATION OF STAFF, IMPLEMENTATION OF TECHNOLOGY, AND INTEGRATION OF TOOLS CAN BENEFIT MOST ORGANIZATIONS LOOKING FOR EFFICIENCY. THIS DIVISION WORKS TO MODERNIZE PROCESSES AND UPSKILL STAFF UTILIZING A DECADE OF EXPERIENCE.

    Expenses $22,325,578 · Grants $258,000 · Revenue $3,489,725

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • TEIK C LIM

    INTERIM PRES (THRU 10/23)/DIRECTOR

    Total calculated
    $913,214
    From this org
    $0
    From related orgs
    $849,456
    Other
    $63,758
    Hours/week
    5 + 30 related

    Schedule J breakdown matched by us

    Base
    $0 + $608,514 related
    Bonus
    $0 + $122,000 related
    Other
    $0 + $118,942 related
    Deferred
    $0 + $14,000 related
    Nontaxable benefits
    $0 + $49,758 related
    Filer's total
    $0 + $913,214 related

  • ATAM DHAWAN

    VICE PROVOST OF NJIT/DIRECTOR

    Total calculated
    $526,238
    From this org
    $0
    From related orgs
    $465,284
    Other
    $60,954
    Hours/week
    1 + 34 related

    Schedule J breakdown matched by us

    Base
    $0 + $443,630 related
    Bonus
    $0
    Other
    $0 + $21,654 related
    Deferred
    $0 + $14,000 related
    Nontaxable benefits
    $0 + $46,954 related
    Filer's total
    $0 + $526,238 related

  • HOLLY STERN

    SECRETARY (NON VOTING)

    Total calculated
    $405,954
    From this org
    $0
    From related orgs
    $360,643
    Other
    $45,311
    Hours/week
    1 + 34 related

    Schedule J breakdown matched by us

    Base
    $0 + $342,995 related
    Bonus
    $0
    Other
    $0 + $17,648 related
    Deferred
    $0 + $14,000 related
    Nontaxable benefits
    $0 + $31,311 related
    Filer's total
    $0 + $405,954 related

  • JOHN PELESKO

    PROVOST OF NJIT/DIR (AS OF 9/23)

    Total calculated
    $221,044
    From this org
    $0
    From related orgs
    $204,045
    Other
    $16,999
    Hours/week
    1 + 34 related

    Schedule J breakdown matched by us

    Base
    $0 + $169,288 related
    Bonus
    $0
    Other
    $0 + $34,757 related
    Deferred
    $0 + $8,708 related
    Nontaxable benefits
    $0 + $8,291 related
    Filer's total
    $0 + $221,044 related

  • ROBERT MEDINA

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • DR KENNETH BLANK

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • ROBERT COHEN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • NICHOLAS DENICHILO

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • THERESA EDELSTEIN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • CRAIG GOTSMAN

    DIRECTOR (THRU 8/23)

    Total calculated
    $0
    Hours/week
    1

  • DEBBIE HART

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • JOSE LOZANO

    DIRECTOR (THRU 11/23)

    Total calculated
    $0
    Hours/week
    1

  • WESLEY MATTHEWS

    DIRECTOR (AS OF 11/23)

    Total calculated
    $0
    Hours/week
    1

  • PRABHAS MOGHE

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • DEAN PARANICAS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • JENNIFER ROWLAND

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • AL DE SETA

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • DHIRAJ SHAH

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • MICHELE SIEKERKA

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • TOM WISNIEWSKI

    DIRECTOR (THRU 12/23)

    Total calculated
    $0
    Hours/week
    1

  • JENNIFER D'ANGELO

    CHIEF OPERATING OFFICER (AS OF 4/24)

    Total calculated
    $414,887
    From this org
    $362,724
    From related orgs
    $0
    Other
    $52,163
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $322,634
    Bonus
    $39,400
    Other
    $690
    Deferred
    $26,326
    Nontaxable benefits
    $25,837
    Filer's total
    $414,887

  • DR MICHAEL JOHNSON

    PRESIDENT & CEO (AS OF 10/23)

    Total calculated
    $79,879
    From this org
    $72,700
    From related orgs
    $0
    Other
    $7,179
    Hours/week
    35

  • TOM NEHILA

    CHIEF FINANCIAL OFFICER(AS OF 11/23)

    Total calculated
    $215,234
    From this org
    $214,649
    From related orgs
    $0
    Other
    $585
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $214,573
    Bonus
    $0
    Other
    $76
    Deferred
    $0
    Nontaxable benefits
    $585
    Filer's total
    $215,234

  • MATTHEW MOLINE

    CHIEF TECHNOLOGY OFFICER

    Total calculated
    $273,142
    From this org
    $216,930
    From related orgs
    $0
    Other
    $56,212
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $211,240
    Bonus
    $5,000
    Other
    $690
    Deferred
    $18,756
    Nontaxable benefits
    $37,456
    Filer's total
    $273,142

  • KATHLEEN NAASZ

    VP STRATEGIC PARTNERSHIPS

    Total calculated
    $216,831
    From this org
    $200,451
    From related orgs
    $0
    Other
    $16,380
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $199,161
    Bonus
    $0
    Other
    $1,290
    Deferred
    $15,964
    Nontaxable benefits
    $416
    Filer's total
    $216,831

  • JOSEPH CAUVIN

    VICE PRESIDENT OPERATIONS

    Total calculated
    $213,313
    From this org
    $175,107
    From related orgs
    $0
    Other
    $38,206
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $168,817
    Bonus
    $5,000
    Other
    $1,290
    Deferred
    $14,602
    Nontaxable benefits
    $23,604
    Filer's total
    $213,313

  • DARLENE CARR

    VP HEALTHCARE DIVISION

    Total calculated
    $212,149
    From this org
    $176,920
    From related orgs
    $0
    Other
    $35,229
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $171,336
    Bonus
    $5,000
    Other
    $584
    Deferred
    $14,169
    Nontaxable benefits
    $21,060
    Filer's total
    $212,149

  • JOHN NORDSTROM

    DIR, INTEGRATION HEALTHCARE TECH.

    Total calculated
    $198,101
    From this org
    $175,053
    From related orgs
    $0
    Other
    $23,048
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $171,363
    Bonus
    $3,000
    Other
    $690
    Deferred
    $14,198
    Nontaxable benefits
    $8,850
    Filer's total
    $198,101

  • DR JOEL BLOOM

    FORMER CHAIRMAN

    Total calculated
    $622,674
    From this org
    $0
    From related orgs
    $573,538
    Other
    $49,136
    Hours/week
    0 + 35 related

    Schedule J breakdown matched by us

    Base
    $0 + $516,634 related
    Bonus
    $0
    Other
    $0 + $56,904 related
    Deferred
    $0 + $14,000 related
    Nontaxable benefits
    $0 + $35,136 related
    Filer's total
    $0 + $622,674 related

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

  • 7 · Other non-fixed payments

Answered no

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

The filer's explanations (Part III)

PART I, LINE 3
COMPENSATION OF NJII'S PRESIDENT AND CEO IS ESTABLISHED PURSUANT TO THE POLICIES AND PROCEDURES OF A RELATED ORGANIZATION, THE NEW JERSEY INSTITUTE OF TECHNOLOGY. HIS COMPENSATION IS ESTABLISHED WITHIN COMPETITIVE RANGES AND IS DETERMINED BASED ON COMPARING THE SALARIES OF SIMILARLY SITUATED EXECUTIVES AT PEER INSTITUTIONS WITHIN THE SAME GEOGRAPHICAL REGION.
PART I, LINE 7
IN CALENDAR YEAR 2023, NJII PROVIDED BONUSES TO VARIOUS INDIVIDUALS REPORTED ON THE FORM 990 UPON MEETING CERTAIN OBJECTIVE PERFORMANCE-BASED CRITERIA AS OUTLINED IN THE ORGANIZATION'S COMPENSATION POLICY. THESE PAYMENTS ARE REPORTED IN SCHEDULE J, PART II, COLUMN (B)(II).

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

The 10 largest by cash amount. The API serves every itemized grant.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

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.

Provenance

Return type
form_990
Tax year
2023
Filed
28 February 2025
IRS schema version
2023v6.0
Source object
202500609349301000

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