The Feinstein Institutes for Medical Research

Overview

Mission

The feinstein institute for medical research ("the institute") is the research branch of northwell health ("northwell"). Through its affiliation with northwell, the institute's mission is to bridge the gap between biomedical research and patient care, accessing hundreds of thousands of patients in northwell's various hospitals, long-term care facilities, trauma centers, home health agencies and outpatient facilities. Institute scientists collaborate with clinicians throughout northwell to shed light on basic biological processes underlying disease. This knowledge is used to develop new therapies and diagnostics.

What it reported doing in 2024

The Feinstein Institute for Medical Research conducts direct continuous active medical research in the areas of molecular biology, biostatistics, electron microscopy, nuclear physics molecular genetics, molecular immunology, animal facility, pediatrics, Gastrointestinal biochemical and PET/Cyclotron activities.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

Nonprofit profile at a glance

EIN
112673595
IRS 990 coverage
2010–2024
Forms available
Form 990 2024, Form 990-T 2024
Location
Westbury, NY, USA
Phone
5163216058
Rating
85
Verdict
STRONG
Rating confidence
Standard
Sector
Medical Disciplines Research

Reported finances

Revenue
$163,308,471
Expenses
$163,279,325
Assets
$229,331,844
Liabilities
$53,331,635

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Fundraising costs are high for each dollar raised and some related-organization disclosures are missing.

Rating breakdown

  • Financial Efficiency: 85
  • Transparency & Controls: 85
  • Accountability: 93
  • Sustainability: 39
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 89.2%; rating input score 89
  • Program expense ratio: 87.5%; rating input score 88
  • Fundraising efficiency: $18.43 raised per $1 spent on fundraising; rating input score 56; 56th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 92.9%; rating input score 93; 17th percentile among comparable filings
  • Pay-setting controls: 5 of 6 controls in place; rating input score 83
    • Compensation committee: Pass
    • Independent consultant: Pass
    • Other Form 990s reviewed: Missing
    • Written employment contract: Pass
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: No; rating input score 0

Accountability

  • Independent voting board: 88%; rating input score 88; 33rd percentile among comparable filings
  • Governance controls: 9 of 9 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 0%; rating input score 30; 30th percentile among comparable filings
  • Total-asset coverage ratio: 1.4; rating input score 50; 50th percentile among comparable filings
  • Liabilities to assets ratio: 0.23; rating input score 64; 64th percentile among comparable filings
  • Officer compensation ratio: 4.1%; rating input score 24; 24th percentile among comparable filings

Growth

  • Program expense growth: 5.8% per year; rating input score 100; 48th percentile among comparable filings
  • Revenue growth: 4.3% per year; rating input score 100; 36th percentile among comparable filings
  • Asset growth: 4.2% per year; rating input score 100; 29th percentile among comparable filings

Details

  • Where the money goes: 89.2% of revenue deployed · 87.5% of spending went to programs
  • Governance: 22 of 25 board members independent · 9 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $142.9M in reported program spending
  • Leadership: top reported pay $2M · 17 people listed · 5 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $1.6M reported
  • Consistency: 30 of 31 current checks pass · 1 finding to review
  • Schedules: 6 filed schedules · includes major donors and executive pay
  • Filing history: 14 annual filings from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 7 filed money-flow records
  • Related organizations: 226 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Review — Financial Efficiency: Fundraising efficiency scored 56/100.
  • High — Transparency & Controls: Related-party transparency scored 0/100.
  • Moderate — Sustainability: Operating margin scored 30/100.
  • Review — Sustainability: Total-asset coverage ratio scored 50/100.
  • Review — Transparency & Controls: Schedule R controlled transactions itemized did not reconcile in the filed values.
  • High — Sustainability: Officer compensation ratio scored 24/100.

Leadership & pay

17 people listed

Highest reported compensation

  • MICHELE CUSACK (EVP & CFO): $1,990,193 total reported compensation
  • KEVIN TRACEY (President): $1,809,053 total reported compensation
  • LAURENCE KRAEMER (EVP, General Counsel & Asst Se): $1,677,461 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024.