Biobat Inc

Nonprofit profile at a glance

EIN
453533828
IRS 990 coverage
2015–2024
Forms available
Form 990 2024, Form 990-N 2013
Location
Brooklyn, NY, USA
Phone
3477991477
Rating
79
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Urban, Community Economic Development

Official website

Reported finances

Revenue
$1,982,133
Expenses
$3,290,311
Assets
$24,486,871
Liabilities
$133,345

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

Leadership & pay

12 people listed

Executive titles in this filing

  • THOMAS HALL (EXECUTIVE DIRECTOR)

Highest reported compensation

  • THOMAS HALL (EXECUTIVE DIRECTOR): $240,419 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Biobat, a joint partnership, created by the research foundation for suny, on behalf of downstate health sciences university, and the New York city economic development corporation, provides:- sophisticated research, office and manufacturing space for local, national and international biotechnology and related companies- the opportunity to work with suny downstate scientists / clinicians / students to advance their discoveries and perform clinical trials- educational, entrepreneurial and job training opportunities- an economic engine to create jobs, advance knowledge and bring medical treatments and new technologies to the marketplace.

What it reported doing in 2024

Biobat holds a lease interest in a portion of the brooklyn army terminal and is committed to creating a 21st century working waterfront. Thus far government funding has allowed biobat to acquire, maintain and develop this leasehold interest, as well as develop space for innovative companies to apply for occupancy and enter into leases for space. By providing these facilities and related support for the application, expansion and commercialization of biotechnology, life sciences, and hard sciences research at the brooklyn army terminal, biobat fulfills its mission. The development of the space at biobat is being done in phases.

Operating model

Revenue model
Earned-program. 100% of the money available for current operations came from fees and other program revenue.
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.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and most voting board members are independent. Expenses are high relative to revenue and assets have declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 84
  • Transparency & Controls: 66
  • Accountability: 100
  • Sustainability: 41
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 85.5%; rating input score 85
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 1 of 6 controls in place; rating input score 17
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 8 of 8 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: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -66%; rating input score 2; 2nd percentile among comparable filings
  • Total-asset coverage ratio: 7.44; rating input score 89; 89th percentile among comparable filings
  • Liabilities to assets ratio: 0.01; rating input score 73; 73rd percentile among comparable filings
  • Officer compensation ratio: 7.3%; rating input score 46; 46th percentile among comparable filings

Growth

  • Program expense growth: 1.4% per year; rating input score 100; 24th percentile among comparable filings
  • Revenue growth: 6% per year; rating input score 100; 49th percentile among comparable filings
  • Asset growth: -9.6% per year; rating input score 0; 4th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 85.5% of spending went to programs
  • Governance: 10 of 10 board members independent · 8 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $2.8M in reported program spending
  • Leadership: top reported pay $240K · 12 people listed · 1 of 6 pay-setting controls reported
  • Highest-paid contractors: 1 contractor listed · $517K reported
  • Consistency: 29 of 29 current checks pass
  • Schedules: 4 filed schedules · includes executive pay
  • Filing history: 10 filing years from 2015 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • 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.

  • High — Sustainability: Operating margin scored 2/100.
  • High — Growth: Asset growth scored 0/100.
  • Moderate — Sustainability: Officer compensation ratio scored 46/100.