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Nonprofiteer
← NEXTCORPS INC

Form 990 for tax year 2023

Filed by NEXTCORPS INC.

Totals

Total revenue
$13,633,546
Total expenses
$11,235,051
Contributions and grants received
$10,225,978
Grants paid
$300,000
Program service revenue
$3,279,084
Investment income
$128,484
Other revenue
$0
Total assets, end of year
$40,617,824
Total liabilities, end of year
$7,227,911
Net assets or fund balances, end of year
$33,389,913
Program services expenses (Part IX)
$10,388,575
Management and general expenses
$846,476
Fundraising expenses
$0
Program service expenses (Part III)
$10,388,575

Program services were 92.5% 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.

  • 1b · Membership dues

    $67,333

  • 1e · Government grants (contributions)

    $9,208,535

  • 1f · All other contributions, gifts and grants

    $950,110

  • 2a · Program service revenue: PROJECT INCOME

    total $2,794,682 · related or exempt $2,794,682

  • 2b · Program service revenue: INCUBATOR RENT

    total $363,386 · related or exempt $363,386

  • 2c · Program service revenue: MISCELLANEOUS RENT

    total $98,341 · related or exempt $98,341

  • 2d · Program service revenue: SEMINAR INCOME

    total $16,200 · related or exempt $16,200

  • 2e · Program service revenue: OTHER INCOME

    total $6,475 · related or exempt $6,475

  • 3 · Investment income

    total $128,484 · excluded $128,484

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $300,000 · program services $300,000

  • 7 · Other salaries and wages

    total $3,113,358 · program services $2,492,622 · management and general $620,736

  • 8 · Pension plan contributions

    total $105,564 · program services $84,217 · management and general $21,347

  • 9 · Other employee benefits

    total $336,483 · program services $273,806 · management and general $62,677

  • 10 · Payroll taxes

    total $249,786 · program services $201,799 · management and general $47,987

  • 11b · Fees: legal

    total $13,428 · program services $10,622 · management and general $2,806

  • 11c · Fees: accounting

    total $42,561 · program services $41,168 · management and general $1,393

  • 11g · Fees: other

    total $39,180 · program services $32,250 · management and general $6,930

  • 12 · Advertising and promotion

    total $388,117 · program services $374,798 · management and general $13,319

  • 13 · Office expenses

    total $28,144 · program services $25,604 · management and general $2,540

  • 14 · Information technology

    total $16,451 · program services $8,218 · management and general $8,233

  • 16 · Occupancy

    total $164,076 · program services $153,180 · management and general $10,896

  • 17 · Travel

    total $120,916 · program services $118,345 · management and general $2,571

  • 19 · Conferences, conventions and meetings

    total $178,007 · program services $167,102 · management and general $10,905

  • 22 · Depreciation, depletion and amortization

    total $477,457 · program services $465,525 · management and general $11,932

  • 23 · Insurance

    total $45,847 · program services $44,299 · management and general $1,548

  • 24a · Other expenses: CONSULTING, CONTRACTUAL

    total $5,302,053 · program services $5,302,053

  • 24b · Other expenses: PROPERTY MANAGEMENT

    total $192,345 · program services $192,345

  • 24c · Other expenses: EQUIPMENT PURCHASES AND

    total $67,073 · program services $53,258 · management and general $13,815

  • 24d · Other expenses: MISCELLANEOUS

    total $24,333 · program services $17,838 · management and general $6,495

  • 24e · All other expenses

    total $29,872 · program services $29,526 · management and general $346

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $6,170,801 · end of year $1,892,239

  • 2 · Savings and temporary cash investments

    beginning of year $1,976,285 · end of year $7,308,595

  • 3 · Pledges and grants receivable

    beginning of year $883,927 · end of year $1,276,840

  • 4 · Accounts receivable

    beginning of year $868,636 · end of year $865,417

  • 9 · Prepaid expenses and deferred charges

    beginning of year $14,287 · end of year $21,792

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

    $13,718,056

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

    $3,780,374

  • 10c · Land, buildings and equipment, net

    beginning of year $10,391,825 · end of year $9,937,682

  • 12 · Investments: other securities

    beginning of year $16,330,043 · end of year $19,315,259

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,448,182 · end of year $1,663,922

  • 19 · Deferred revenue

    beginning of year $4,168,477 · end of year $5,534,409

  • 25 · Other liabilities

    beginning of year $27,883 · end of year $29,580

  • 27 · Net assets without donor restrictions

    beginning of year $30,991,262 · end of year $33,389,913

Mission and programs · 2023

Mission

NEXTCORPS IS A NON-PROFIT HELPING INNOVATIVE TECHNOLOGY COMPANIES LAUNCH AND GROW.

  • THIS GROUP OF PROGRAMS IS ACCELERATING OUR REGION'S TRANSFORMATION INTO A TOP TECH HUB IN AMERICA BY CONNECTING ENTREPRENEURS AND BUSINESSES WITH THE SUPPORT THEY NEED TO GROW, INCLUDING EXPERTS, CAPITAL, CUSTOMERS, AND VETTED PARTNERS AND SUPPLIERS. THIS INCLUDES OPERATING AN INCUBATOR TO HELP FOUNDERS DEVELOP INNOVATIVE TECHNOLOGIES; CLIMATE TECH ACCELERATOR PROGRAMS THAT HELP SPEED THE COMMERCIALIZATION OF CLEAN ENERGY SOLUTIONS; MANUFACTURING ACCELERATOR PROGRAMMING TO HELP SCALE HARDWARE FROM PROTOTYPE TO MASS PRODUCTION IN NEW YORK STATE, AND A NO-CODE SOFTWARE BOOTCAMP THAT TEACHES NON TECHNICAL PEOPLE HOW TO LAUNCH A SOFTWARE BUSINESS, AND RELATED EDUCATIONAL SESSIONS THAT ENGAGED MORE THAN 160 ENTREPRENEURS AND THEIR EMERGING COMPANIES THROUGHOUT THE YEAR.

    Expenses $5,018,819 · Grants $300,000 · Revenue $493,932

  • THE MEP CENTER AT NEXTCORPS CONNECTS PRINTER, FOOD AND BEVERAGE, OR PRODUCTION-RELATED COMPANIES LOCATED IN ROCHESTER AND THE FINGER LAKES REGION TO LOCAL AND NATIONAL RESOURCES TO HELP THEM IMPROVE THEIR COMPETITIVENESS AND GROWTH. MORE THAN 100 PROJECTS WERE COMPLETED OVER THE LAST FOUR QUARTERS FOR CLIENTS, RESULTING IN APPROXIMATELY $165 MILLION IN ECONOMIC IMPACT AND 1,095 JOBS CREATED OR RETAINED (CLIENT REPORTED DATA). ADDITIONALLY, THE CENTER OFFERED ASSISTANCE TO STARTUP COMPANIES THAT ARE IN THE PROCESS OF GETTING THEIR PRODUCTS MANUFACTURED.

    Expenses $3,548,325 · Revenue $2,668,491

  • A GLOBAL ACCELERATOR PROGRAM, COMPETITION, AND INVESTMENT MECHANISM THAT IMPROVES THE INVESTMENT READINESS AND COMMERCIALIZATION TRAJECTORY OF STARTUPS THAT ARE DEVELOPING DEEP TECH ENABLED BY OPTICS, PHOTONICS, OR IMAGING. COMPANIES ACCEPTED INTO LUMINATE ARE SOLVING PRESSING PROBLEMS IN ALMOST EVERY INDUSTRY, FROM AUGMENTED/VIRTUAL REALITY, AUTONOMOUS VEHICLES AND LIFE SCIENCES, TO QUANTUM COMPUTING, SECURITY, AGTECH, AND MUCH MORE. BY GRANT DESIGN, THE PROGRAM SURPLUS IS APPLIED AS INVESTMENT IN PROMISING PARTICIPANTS.

    Expenses $1,821,431 · Revenue $116,661

As filed on the 2023 return.

Listed in Part VII

  • Theresa B Mazzullo

    DIRECTOR

    Total calculated
    $351,283
    From this org
    $0
    From related orgs
    $305,072
    Other
    $46,211
    Hours/week
    0.5 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $305,072 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $23,532 related
    Nontaxable benefits
    $0 + $22,679 related
    Filer's total
    $0 + $351,283 related

  • Joseph Rizzo

    DIRECTOR - THRU FEB 2024

    Total calculated
    $0
    Hours/week
    0.5

  • Christine B Whitman

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Lori Green

    DIRECTOR, VICE CHAIR & SEC

    Total calculated
    $0
    Hours/week
    0.5

  • Peter G Robinson

    DIRECTOR & CHAIRMAN

    Total calculated
    $634,869
    From this org
    $0
    From related orgs
    $506,610
    Other
    $128,259
    Hours/week
    0.5 + 59 related

    Schedule J breakdown matched by us

    Base
    $0 + $452,068 related
    Bonus
    $0
    Other
    $0 + $54,542 related
    Deferred
    $0 + $91,323 related
    Nontaxable benefits
    $0 + $36,936 related
    Filer's total
    $0 + $634,869 related

  • James S Senall

    DIRECTOR & PRESIDENT

    Total calculated
    $0
    Hours/week
    40

  • Arunas Chesonis

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • John D McCurdy

    DIRECTOR & TREASURER - THRU FEB 2024

    Total calculated
    $0
    Hours/week
    0.5

  • Dana Miller

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Jay Popli

    DIRECTOR & TREASURER

    Total calculated
    $0
    Hours/week
    0.5

  • Ryne Raffaelle

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Joe Wesley

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Ana Liss

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Dan Burns

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Steve Dewhurst

    DIRECTOR - AS OF NOV 2023

    Total calculated
    $649,758
    From this org
    $0
    From related orgs
    $585,662
    Other
    $64,096
    Hours/week
    0.5 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $560,682 related
    Bonus
    $0
    Other
    $0 + $24,980 related
    Deferred
    $0 + $42,753 related
    Nontaxable benefits
    $0 + $21,343 related
    Filer's total
    $0 + $649,758 related

  • Jeffrey Quain

    DIRECTOR - AS OF FEB 2024

    Total calculated
    $0
    Hours/week
    0.5

  • Timothy Thaney

    DIRECTOR - AS OF MAY 2024

    Total calculated
    $0
    Hours/week
    0.5

  • John F Magee

    CFO

    Total calculated
    $0
    Hours/week
    40

  • Sujatha Ramanujan

    MANAGING DIRECTOR, LUMINAT

    Total calculated
    $0
    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 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 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)

FORM 990, SCHEDULE J, PART I, LINE 4B
THE FOLLOWING INDIVIDUALS PARTICIPATED IN A SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN AND RECEIVED EMPLOYER PAID AMOUNTS FROM A RELATED ENTITY, THE UNIVERSITY OF ROCHESTER, THAT ARE INCLUDED IN DEFERRED COMPENSATION: PETER ROBINSION SERP PLAN $61,500

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

  • MYRETREAT INC

    $25,000

    ASSIST START-UP WITH FUNDING AFTER PROOF-OF-CONCEPT STAGE HAS BEEN ACHIEVED IN ORDER TO REACH COMMERCIAL SUCCESS IN RECOGNIZED INNOVATION ZONES

  • NUDGE INC

    $25,000

    ASSIST START-UP WITH FUNDING AFTER PROOF-OF-CONCEPT STAGE HAS BEEN ACHIEVED IN ORDER TO REACH COMMERCIAL SUCCESS IN RECOGNIZED INNOVATION ZONES

  • PRODUCT COWBOY LLC

    $25,000

    ASSIST START-UP WITH FUNDING AFTER PROOF-OF-CONCEPT STAGE HAS BEEN ACHIEVED IN ORDER TO REACH COMMERCIAL SUCCESS IN RECOGNIZED INNOVATION ZONES

  • ADVENTURE NEXUS INC

    $25,000

    ASSIST START-UP WITH FUNDING AFTER PROOF-OF-CONCEPT STAGE HAS BEEN ACHIEVED IN ORDER TO REACH COMMERCIAL SUCCESS IN RECOGNIZED INNOVATION ZONES

  • ANODYNE CLINICAL INC

    $25,000

    ASSIST START-UP WITH FUNDING AFTER PROOF-OF-CONCEPT STAGE HAS BEEN ACHIEVED IN ORDER TO REACH COMMERCIAL SUCCESS IN RECOGNIZED INNOVATION ZONES

  • DATA PRODUCT COMPANY LLC

    $25,000

    ASSIST START-UP WITH FUNDING AFTER PROOF-OF-CONCEPT STAGE HAS BEEN ACHIEVED IN ORDER TO REACH COMMERCIAL SUCCESS IN RECOGNIZED INNOVATION ZONES

  • DIRECT MAIL 2020 LLC

    $25,000

    ASSIST START-UP WITH FUNDING AFTER PROOF-OF-CONCEPT STAGE HAS BEEN ACHIEVED IN ORDER TO REACH COMMERCIAL SUCCESS IN RECOGNIZED INNOVATION ZONES

  • FIRST CLASS COACH CORP

    $25,000

    ASSIST START-UP WITH FUNDING AFTER PROOF-OF-CONCEPT STAGE HAS BEEN ACHIEVED IN ORDER TO REACH COMMERCIAL SUCCESS IN RECOGNIZED INNOVATION ZONES

  • GIMMECREDIT

    $25,000

    ASSIST START-UP WITH FUNDING AFTER PROOF-OF-CONCEPT STAGE HAS BEEN ACHIEVED IN ORDER TO REACH COMMERCIAL SUCCESS IN RECOGNIZED INNOVATION ZONES

  • GLG BROADCASTING CO LLC

    $25,000

    ASSIST START-UP WITH FUNDING AFTER PROOF-OF-CONCEPT STAGE HAS BEEN ACHIEVED IN ORDER TO REACH COMMERCIAL SUCCESS IN RECOGNIZED INNOVATION ZONES

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 partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • EXCELL INNOVATE NY FUND LP

    INVESTMENT FUND · NY

    Directly controlled by EXCELL TECHNOLOGY VENTURES INC

  • EXCELL MINORITY AND WOMEN OWNED BUSINESS INVESTMENT FUND LP

    INVESTMENT FUND · NY

    Directly controlled by EXCELL TECHNOLOGY VENTURES INC

  • EXCELL PARTNERS INNOVATIVE TC FUND LP

    INVESTMENT FUND · NY

    Directly controlled by EXCELL TECHNOLOGY VENTURES INC

  • FINGER LAKES VENTURES FUND LP

    INVESTMENT FUND · NY

    Directly controlled by EXCELL TECHNOLOGY VENTURES INC

Related corporations and trusts

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

  • MEDICAL ADMINISTRATIVE ASSOCIATES INC

    C · RETAIL PHARMACY · NY

    Directly controlled by HIGHLAND HOSPITAL

  • UR EQUITY HOLDINGS INC

    C · HOLDING COMPANY · DE

    Directly controlled by UNIVERSITY OF ROCHESTER

  • EXCELL TECHNOLOGY VENTURES INC

    C · GENERAL PARTNER AND MANAGER OF EXCELL INNOVATE NY FUND, LP · NY

    Directly controlled by ROCHESTER BIOVENTURE CENTER INC

  • FFTH PROPERTIES AND SERVICES INC

    C · HOLDING COMPANY · NY

    Directly controlled by THOMPSON HEALTH SYSTEM

  • ACCOUNTABLE HEALTH PARTNERS LLC

    C · ACCT CARE NETWORK · NY

    Directly controlled by UNIVERSITY OF ROCHESTER

  • ACCOUNTABLE HEALTH PARTNERS IPA LLC

    C · INDEPENDENT PRACTICE ASSOCIATION · NY

    Directly controlled by AHP LLC

  • AHP INSURANCE COMPANY

    C · CAPTIVE INSURANCE COMPANY · VT

    Directly controlled by AHP LLC

  • LUMINATE VENTURE CHALLENGE CORP

    C · FUNDING START-UPS · NY · 100% owned · share of assets $13,010,706 · controlled entity

    Directly controlled by NEXTCORPS INC

  • HORNELL MEDICAL VILLAGE LLC

    C · HOLDING REAL ESTATE · NY

    Directly controlled by ST JAMES HOSPITAL

  • ROCHESTER BIOVENTURE CENTER INC

    C · BIOTECH INCUBATOR · NY · share of assets $49,273

    Directly controlled by UNIVERSITY OF ROCHESTER

  • SOLDIER VENTURES INC

    C · MEDICAL SUPPL CO · NY

Provenance

Return type
form_990
Tax year
2023
Filed
5 May 2025
IRS schema version
2023v6.0
Source object
202511339349302266

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