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← UNIVERSITY AT ALBANY BIOSCIENCE DEVELOPMENT CORPORATION

Form 990 for tax year 2022

Filed by UNIVERSITY AT ALBANY BIOSCIENCE DEVELOPMENT CORPORATION.

Totals

Total revenue
$6,725,412
Total expenses
$8,113,665
Contributions and grants received
$230,741
Grants paid
$0
Program service revenue
$6,363,577
Investment income
$121,768
Other revenue
$9,326
Total assets, end of year
$40,703,048
Total liabilities, end of year
$1,882,892
Net assets or fund balances, end of year
$38,820,156
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

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)

    $230,741

  • 2a · Program service revenue: RENTAL INCOME

    total $6,363,577 · related or exempt $6,363,577

  • 3 · Investment income

    total $121,768 · excluded $121,768

  • 11a · Other revenue: OTHER INCOME

    total $9,326 · related or exempt $9,326

  • 11e · Other revenue, total

    $9,326

Functional expenses

Part IX, the statement of functional expenses.

  • 11a · Fees: management

    total $416,535

  • 11c · Fees: accounting

    total $6,125

  • 11g · Fees: other

    total $1,969,397

  • 13 · Office expenses

    total $11,977

  • 20 · Interest

    total $38,612

  • 22 · Depreciation, depletion and amortization

    total $3,403,879

  • 23 · Insurance

    total $145,665

  • 24a · Other expenses: UTILITIES

    total $1,277,887

  • 24b · Other expenses: REPAIRS & MAINTENCE

    total $476,659

  • 24c · Other expenses: REAL ESTATE TAXES

    total $366,378

  • 24d · Other expenses: BANK CHARGES

    total $551

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $4,100,877 · end of year $4,850,572

  • 3 · Pledges and grants receivable

    beginning of year $897,192 · end of year $377,932

  • 4 · Accounts receivable

    beginning of year $28,221 · end of year $62,411

  • 9 · Prepaid expenses and deferred charges

    beginning of year $185,757 · end of year $184,936

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

    $89,143,361

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

    $53,988,362

  • 10c · Land, buildings and equipment, net

    beginning of year $37,483,183 · end of year $35,154,999

  • 15 · Other assets

    beginning of year $0 · end of year $72,198

  • 17 · Accounts payable and accrued expenses

    beginning of year $376,474 · end of year $512,631

  • 24 · Unsecured notes and loans payable

    beginning of year $1,028,404 · end of year $255,860

  • 25 · Other liabilities

    beginning of year $1,081,943 · end of year $1,114,401

  • 27 · Net assets without donor restrictions

    beginning of year $40,208,409 · end of year $38,820,156

Mission and programs · 2022

Mission

THE PURPOSE OF THE CORPORATION IS TO ACQUIRE REAL PROPERTY AND HOLD TITLE TO SUCH PROPERTY FOR THE PURPOSE OF CREATING A COMMERCIAL LIFE SCIENCE, RESEARCH, AND TECHNOLOGY CLUSTER IN AN ENVIRONMENT IN WHICH NEW AND TECHNOLOGICALLY INNOVATIVE BUSINESSES CAN DEVELOP AND RESEARCH CAN BE TRANSLATED INTO COMMERCIALLY VIABLE HIGH TECHNOLOGY. THE LAWFUL PUBLIC OR QUASI-PUBLIC OBJECTIVE WHICH EACH OF THE FOREGOING PURPOSES WILL ACHIEVE SHALL BE TO ADVANCE THE EDUCATIONAL AND RESEARCH MISSION OF THE STATE UNIVERSITY OF NEW YORK AND THE STATE UNIVERSITY OF NEW YORK AT ALBANY BY ACQUIRING AND HOLDING TITLE TO FACILITIES IN WHICH SCIENCE RESEARCH AND SCHOLARLY PROGRAMS FOR THE ENHANCEMENT OF FACULTY, VISITING SCHOLARS, STUDENTS AND STAFF SHALL BE LOCATED; AND WHICH SCIENTIFIC RESEARCH FACILITIES SHALL ENHANCE THE ABILITY OF THE STATE UNIVERSITY OF NEW YORK AND THE STATE UNIVERSITY OF NEW YORK AT ALBANY TO ATTRACT PUBLIC AND PRIVATE FUNDS TO FURTHER RESEARCH AND SCHOLARLY STUDIES.

Activities or mission (Part I)

SEE SCHEDULE O

  • REAL ESTATE RENTAL INCOME - AQUIRE, HOLD AND DEVELOP REAL PROPERTY IN WHICH SCIENCE RESEARCH AND SCHOLARY PROGRAMS FOR THE ENHANCEMENT OF FACULTY, VISITING SCHOLARS, STUDENTS AND STAFF SHALL BE LOCATED; AND WHICH SCIENTIFIC RESEARCH FACILITIES SHALL ENHANCE THE ABILITY OF THE UNIVERSITY AT ALBANY AND SUNY TO ATTRACT PUBLIC AND PRIVATE FUNDS TO FURTHER RESEARCH AND SCHOLARLY STUDIES.

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

Listed in Part VII

  • Fardin Sanai

    SECRETARY

    Total calculated
    $14,846
    From this org
    $0
    From related orgs
    $14,846
    Other
    $0
    Hours/week
    1 + 5 related

  • Edward Swyer

    PRESIDENT

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • George Hearst

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Jeffrey Black

    TREAURER

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Todd Foreman

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Amy Knapp

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Havidan Rodriguez

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Brian Straughter

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Richard McGinn Jr

    EXECUTIVE DIRECTOR

    Total calculated
    $249,361
    From this org
    $0
    From related orgs
    $224,993
    Other
    $24,368
    Hours/week
    13.13 + 24.37 related

    Schedule J breakdown matched by us

    Base
    $0 + $212,494 related
    Bonus
    $0
    Other
    $0 + $12,499 related
    Deferred
    $0 + $22,410 related
    Nontaxable benefits
    $0 + $1,958 related
    Filer's total
    $0 + $249,361 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

The filer's explanations (Part III)

PART I, LINE 3 - RELATED ORG METHODS USED FOR COMPENSATION EXPLANATION
COMPENSATION FOR THE RELATED ORGANIZATION, THE UNIVERSITY AT ALBANY FOUNDATION (FOUNDATION), IS BASED ON DATA FOR COMPARABLE POSITIONS AT SIMILAR ORGANIZATIONS. COMPENSATION AND WAGE INCREASES ARE REVIEWED BY THE FOUNDATION'S FINANCE COMMITTEE, AND APPROVED BY THE FOUNDATION'S EXECUTIVE COMMITTEE, THROUGH THE BUDGET PROCESS.

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

No itemized grants to organizations 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.

Provenance

Return type
form_990
Tax year
2022
Filed
8 May 2024
IRS schema version
2022v5.0
Source object
202431309349303213

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