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← UNIVERSITY AT BUFFALO FOUNDATION INCUBATOR INC

Form 990 for tax year 2022

Filed by UNIVERSITY AT BUFFALO FOUNDATION INCUBATOR INC.

Totals

Total revenue
$888,027
Total expenses
$639,441
Contributions and grants received
$343,463
Grants paid
$54,600
Program service revenue
$544,564
Investment income
$0
Other revenue
$0
Total assets, end of year
$1,291,042
Total liabilities, end of year
$243,963
Net assets or fund balances, end of year
$1,047,079
Program services expenses (Part IX)
$639,441
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$639,441

Program services were 100.0% 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.

  • 1d · Related organizations

    $343,463

  • 2a · Program service revenue: INCUBATOR PROGRAM

    total $544,564 · related or exempt $544,564

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $54,600 · program services $54,600

  • 11a · Fees: management

    total $74,918 · program services $74,918

  • 14 · Information technology

    total $124 · program services $124

  • 16 · Occupancy

    total $163,822 · program services $163,822

  • 19 · Conferences, conventions and meetings

    total $4,192 · program services $4,192

  • 22 · Depreciation, depletion and amortization

    total $114,221 · program services $114,221

  • 23 · Insurance

    total $28,921 · program services $28,921

  • 24a · Other expenses: REPAIRS AND MAINTENANCE

    total $125,972 · program services $125,972

  • 24b · Other expenses: CLEANING SERVICES

    total $45,756 · program services $45,756

  • 24c · Other expenses: MATERIALS

    total $18,495 · program services $18,495

  • 24d · Other expenses: FEES FOR SERVICES - OTH

    total $8,420 · program services $8,420

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $116,257 · end of year $63,129

  • 2 · Savings and temporary cash investments

    beginning of year $0 · end of year $0

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $0

  • 4 · Accounts receivable

    beginning of year -$1,053 · end of year -$10,452

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $0 · end of year $0

  • 8 · Inventories for sale or use

    beginning of year $0 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $16,497 · end of year $18,295

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

    $8,235,427

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

    $7,015,383

  • 10c · Land, buildings and equipment, net

    beginning of year $1,021,834 · end of year $1,220,044

  • 11 · Investments: publicly traded securities

    beginning of year $0 · end of year $0

  • 12 · Investments: other securities

    beginning of year $172 · end of year $26

  • 13 · Investments: program-related

    beginning of year $0 · end of year $0

  • 14 · Intangible assets

    beginning of year $0 · end of year $0

  • 15 · Other assets

    beginning of year $0 · end of year $0

  • 17 · Accounts payable and accrued expenses

    beginning of year $6,306 · end of year $6,593

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $0 · end of year $0

  • 20 · Tax-exempt bond liabilities

    beginning of year $0 · end of year $0

  • 21 · Escrow or custodial account liability

    beginning of year $0 · end of year $0

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $0 · end of year $0

  • 24 · Unsecured notes and loans payable

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $348,762 · end of year $237,370

  • 27 · Net assets without donor restrictions

    beginning of year $798,639 · end of year $1,047,079

  • 28 · Net assets with donor restrictions

    beginning of year $0 · end of year $0

Mission and programs · 2022

Mission

THE ORGANIZATION OPERATES AN INCUBATOR FACILITY TO IDENTIFY AND AID START-UP BUSINESSES WITH A PURPOSE OF STIMULATING DEVELOPMENT AND INCREASING INTERACTION BETWEEN THE UNIVERSITY AT BUFFALO AND SUCH BUSINESSES.

  • THE PURPOSE OF THE FACILITY IS TO IDENTIFY AND AID START-UP BUSINESS AND INDUCE SUCH BUSINESSES TO OCCUPY THE INCUBATOR FACILITY WITH THE PURPOSE OF INCREASING EMPLOYMENT, STIMULATING ECONOMIC DEVELOPMENT AND INCREASING THE INTERACTION BETWEEN THE STATE UNIVERSITY OF NEW YORK AT BUFFALO AND SUCH START-UP BUSINESSES. THE 40,000 SQUARE FOOT FACILITY WAS DESIGNED TO BE AND STILL IS FDA COMPLIANT, A CRITICAL STEP FOR COMPANIES DEVELOPING EITHER PHARMACEUTICAL PRODUCTS OR MEDICAL DEVICES. THE GRADUATES OF THE INCUBATOR REPRESENT A VARIETY OF TECHNOLOGIES INCLUDING SOFTWARE, ENGINEERING, SYNTHETIC INTELLIGENCE, ENVIRONMENTAL, EDUCATION, LASERS, PHOTONICS, PHARMACEUTICALS AND OTHERS.

    Expenses $639,441 · Grants $54,600 · Revenue $544,564

As filed on the 2022 return.

Listed in Part VII

  • Sheldon Berlow

    DIRECTOR (UNTIL 1/12/23)

    Total calculated
    $0
    Hours/week
    1 + 3 related

  • David Chiazza

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 3 related

  • Claudia D Fosket

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 4 related

  • Daniel Hamister

    VICE CHAIR/DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 4 related

  • Jean Powers

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 4 related

  • Ronald Schreiber

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 3 related

  • Danielle Shainbrown

    DIRECTOR (AS OF 7/1/22)

    Total calculated
    $0
    Hours/week
    1 + 3 related

  • Steven H Shepsman

    CHAIR/DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 4 related

  • Sujata Yalamanchili

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 3 related

  • Anastacia Knapper

    CHIEF EXECUTIVE OFFICER

    Total calculated
    $438,021
    From this org
    $0
    From related orgs
    $373,671
    Other
    $64,350
    Hours/week
    2 + 54 related

    Schedule J breakdown matched by us

    Base
    $0 + $338,671 related
    Bonus
    $0 + $35,000 related
    Other
    $0
    Deferred
    $0 + $42,661 related
    Nontaxable benefits
    $0 + $21,689 related
    Filer's total
    $0 + $438,021 related

  • Patrick Richey

    CHIEF FINANCIAL OFF (AS OF 12/12/22)

    Total calculated
    $0
    Hours/week
    2 + 54 related

  • Edward Schneider

    FORMER EXECUTIVE DIRECTOR

    Total calculated
    $252,969
    From this org
    $0
    From related orgs
    $252,969
    Other
    $0
    Hours/week
    0

    Schedule J breakdown matched by us

    Base
    $0
    Bonus
    $0
    Other
    $0 + $252,969 related
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $0 + $252,969 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

None.

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
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

COMPENSATION
PART I AND PART II UNIVERSITY AT BUFFALO FOUNDATION INCUBATOR, INC. DOES NOT COMPENSATE ANY OFFICERS, DIRECTORS, OR KEY EMPLOYEES. CERTAIN INDIVIDUALS RECEIVED COMPENSATION FROM A RELATED ORGANIZATION AND THE PROCESS OF DETERMINING COMPENSATION IS CONDUCTED AT THE RELATED ORGANIZATION'S LEVEL USING A COMPENSATION COMMITTEE, COMPENSATION SURVEY OR STUDY, AND APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE.

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

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.

  • 248 NORTH LONG STREET INC

    C · RESIDENTIAL · NY · 100% owned · share of assets $217,561 · controlled entity

    Directly controlled by UBFI

Provenance

Return type
form_990
Tax year
2022
Filed
9 May 2024
IRS schema version
2022v5.0
Source object
202401349349308900

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