Massachusetts Biomedical Initiatives

Analysis

Massachusetts Biomedical Initiatives is a registered charity in United States, based in Worcester, MA. It received its IRS tax-exemption ruling in December 1985, 41 years ago. Its declared purposes cover science and technology, which this site groups under arts, culture, heritage and science. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Massachusetts Biomedical Initiatives reported income of $6.4m and spending of $3.6m, leaving 44% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $2.8m to $6.4m (+126%), an average of +23% a year. The sharpest change came in the year to December 2020, when income rose by 112%. Over the whole period it spent 58% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Massachusetts Biomedical Initiatives sits at the 97th percentile: it is larger than about 97% of them. Against every charity in United States with reported income it ranks in the 93rd percentile, and in the 92nd percentile within MA. Charities of a similar size with the same main cause include Marlboro School of Music Inc ($6.4m), NTC Foundation ($6.4m) and Northern Stage Company ($6.4m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 55% and program service revenue 37% of the total. Compensation of current officers, directors and key employees was $421k (12% of expenses). Other salaries and wages came to $325k. At year end it held assets of $30.0m against liabilities of $9.1m, net assets of $20.9m. It reported 6 employees.