Bloodworks Northwest

Legal name: Bloodworks

Nonprofit profile at a glance

EIN
911019655
IRS 990 coverage
2009–2024
Official website data refreshed
Sep 2026
Forms available
Form 990 2024
Location
Seattle, WA, USA
Phone
206-568-3614
Rating
79
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Blood Supply Related

Official website

Reported finances

Revenue
$167,526,090
Expenses
$165,053,315
Assets
$116,926,915
Liabilities
$27,913,573

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

Leadership & pay

25 people listed

Executive titles in this filing

  • CURT BAILEY (PRESIDENT & CEO)
  • SUE NIXON (EXECUTIVE VICE PRESIDENT)
  • AARON POSEY (EXECUTIVE VICE PRESIDENT)
  • DAVID LIN MD (VICE PRESIDENT (THRU 6/24))
  • MICHAEL CHARAPATA (EXECUTIVE VICE PRESIDENT)
  • MARK DESTREE (EXECUTIVE VICE PRESIDENT (THRU 4/25))

Highest reported compensation

  • CURT BAILEY (PRESIDENT & CEO): $1,066,270 total reported compensation
  • JOSE LOPEZ MD (CHIEF SCIENTIFIC OFFICER): $470,056 total reported compensation
  • THERESA NESTER MD (CO-CHIEF MEDICAL OFFICER MED SVCS): $435,863 total reported compensation

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

Overview

Mission

Saving lives every day in partnership with our community

What it reported doing in 2024

We are a research institute with over 75 years of research and discoveries. Bloodworks scientists have transformed patient care with breakthroughs in transfusion medicine, blood biology, blood storage, cancer therapies, organ transplantation. Bloodworks' scientists can be found in medical schools and at scientific forums sharing the latest blood science with doctors from around the region - and around the world.

Operating model

Revenue model
Other-operating. 98% of the money available for current operations came from other operating 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.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

SUPPORTED - 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 program spending has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 76
  • Transparency & Controls: 87
  • Accountability: 94
  • Sustainability: 38
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 83.5%; rating input score 83
  • Program expense ratio: 84.8%; rating input score 85
  • Fundraising efficiency: $2.91 raised per $1 spent on fundraising; rating input score 10; 10th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 68th percentile among comparable filings
  • Pay-setting controls: 4 of 6 controls in place; rating input score 67
    • Compensation committee: Pass
    • Independent consultant: Pass
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 77th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 90%; rating input score 90; 38th 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: 1.5%; rating input score 40; 40th percentile among comparable filings
  • Total-asset coverage ratio: 0.71; rating input score 28; 28th percentile among comparable filings
  • Liabilities to assets ratio: 0.24; rating input score 63; 63rd percentile among comparable filings
  • Officer compensation ratio: 3.6%; rating input score 30; 30th percentile among comparable filings

Growth

  • Program expense growth: -2% per year; rating input score 0; 4th percentile among comparable filings
  • Revenue growth: 0.4% per year; rating input score 100; 6th percentile among comparable filings
  • Asset growth: -0.8% per year; rating input score 0; 6th percentile among comparable filings

Details

  • What they do: 3 programs and campaigns described on the official site · 1 operating location identified
  • Where the money goes: 83.5% of revenue deployed · 84.8% of spending went to programs
  • Governance: 9 of 10 board members independent · 9 of 9 filing controls reported
  • Programs: 2 filed program accomplishments · $139.9M in reported program spending
  • Leadership: top reported pay $1.1M · 25 people listed · 4 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $2.4M reported
  • Consistency: 39 of 39 current checks pass
  • Schedules: 9 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 15 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 24 filed money-flow records
  • Related organizations: 4 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.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

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

  • High — Financial Efficiency: Fundraising efficiency scored 10/100.
  • High — Growth: Program expense growth scored 0/100.
  • Moderate — Sustainability: Operating margin scored 40/100.
  • High — Sustainability: Total-asset coverage ratio scored 28/100.
  • High — Growth: Asset growth scored 0/100.
  • Moderate — Sustainability: Officer compensation ratio scored 30/100.