Bioconnect Iowa

Nonprofit profile at a glance

EIN
453690618
IRS 990 coverage
2017–2024
Forms available
Form 990 2024
Location
Des Moines, IA, USA
Phone
5155544396
Rating
66
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Small Business Development

Official website

Reported finances

Revenue
$6,948,451
Expenses
$2,163,333
Assets
$15,246,639
Liabilities
$40,928

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

Leadership & pay

9 people listed

Executive titles in this filing

  • STEVEN BRODY (CEO AND PRESIDENT)

Highest reported compensation

  • STEVEN BRODY (CEO AND PRESIDENT): $217,302 total reported compensation
  • STEVEN SMITH (COMMERCIAL OFFICER): $171,580 total reported compensation

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

Overview

Mission

Bioconnect Iowa's mission is to make Iowa a powerhouse of bioscience research and industry and to create exciting and high-paying careers for iowans whose work will improve the health and welfare of people around the globe.imagine an Iowa where research and innovation lead to vaccines that prevent major diseases; environmentally friendly biobased products; medical devices that save countless lives; and precision and digital agriculture that transform food production.this is the future of bioscience in Iowa, and the mission of bioconnect Iowa is to make it happen.

What it reported doing in 2024

Iowa g2m accelerator program: the Iowa go-to-market (g2m) accelerator program provides "follow-on" support for entrepreneurs who have completed one of the growing number of accelerator programs in the state (or are at an equivalent stage following completion of a successful sbir/sttr project or other program that includes an entrepreneurship development component) but who need additional support to increase their likelihood of commerical success. The eight-month program allows you to build on the foundational skills you've learned and advancements you've made in group and one-on-one settings. The three elements included in the program include: 1-on-1 mentorship, pro bono business support, and group workshops.

Operating model

Revenue model
Grant-funded. 99% of the money available for current operations came from government grants.
Distribution model
Direct operator. The filing allocates 99% 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 - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 39
  • Transparency & Controls: 75
  • Accountability: 95
  • Sustainability: 83
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 23.6%; rating input score 24
  • Program expense ratio: 75.8%; rating input score 76
  • 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: 100%; rating input score 100; 72nd percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 7 of 8 controls in place; rating input score 88
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • 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: 68.9%; rating input score 96; 96th percentile among comparable filings
  • Total-asset coverage ratio: 7.05; rating input score 88; 88th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 90; 90th percentile among comparable filings
  • Officer compensation ratio: 18%; rating input score 14; 14th percentile among comparable filings

Growth

  • Program expense growth: 9.8% per year; rating input score 100; 63rd percentile among comparable filings
  • Revenue growth: 22.2% per year; rating input score 100; 90th percentile among comparable filings
  • Asset growth: 35.7% per year; rating input score 100; 95th percentile among comparable filings

Details

  • Where the money goes: 23.6% of revenue deployed · 75.8% of spending went to programs
  • Governance: 7 of 7 board members independent · 7 of 8 filing controls reported
  • Programs: 3 filed program accomplishments · $1.6M in reported program spending
  • Leadership: top reported pay $217K · 9 people listed · 1 of 6 pay-setting controls reported
  • Highest-paid contractors: 1 contractor listed · $370K reported
  • Consistency: 27 of 27 current checks pass
  • Schedules: 7 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 6 filing years from 2017 to 2024
  • Contacts: How to reach this organization
  • Money network: 3 filed money-flow records
  • Related organizations: 2 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.

  • High — Financial Efficiency: Mission deployment rate scored 24/100.
  • Review — Accountability: Governance controls: CEO compensation review process not reported.
  • High — Sustainability: Officer compensation ratio scored 14/100.