Fogarty Institute for Innovation

Nonprofit profile at a glance

EIN
113800306
IRS 990 coverage
2011–2024
Forms available
Form 990 2024
Location
Mountain View, CA, USA
Phone
6509624560
Rating
77
Verdict
SUPPORTED
Rating confidence
Standard
Sector
Biomedicine, Bioengineering Research

Official website

Reported finances

Revenue
$2,887,855
Expenses
$7,841,457
Assets
$14,483,174
Liabilities
$9,985,317

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

Leadership & pay

16 people listed

Executive titles in this filing

  • ANDREW CLEELAND (CEO)

Highest reported compensation

  • MARGA ORTIGAS-WEDEKIND (CHIEF STRATEGY OFFICER): $377,860 total reported compensation
  • MICHAEL REGAN (CHIEF OPERATING OFFICER): $371,921 total reported compensation
  • GAYLE KUOKKA (CFO): $365,527 total reported compensation

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

Overview

Mission

The fogarty institute for innovation is dedicated to finding new ways to treat illnesses and improve the well-being of patients through the practical application of innovative ideas and the education and mentoring of medical innovators.

What it reported doing in 2024

Innovation program - for decades, the united states has benefited from being home to the pre-eminent medical innovation ecosystem in the world. This has ensured success to cutting-edge treatment options for the nation's citizens, has fueled the economy by being a major driver of small business and job creation, and has represented a significant and critical component of the nation's overall global technological leadership. The ultimate goal of the 501(c)(3) non-profit fogarty institute for innovation is to support medical innovation to benefit patients. As a necessary consequence of this effort, the institute addresses the factors threatening the nation's medical innovation ecosystem head-on.the unique approach of the institute is to identify innovations that have especially high potential for patient benefit. Through its flagship innovation support program, the fogarty institute receives applications for support from a broad candidate pool that includes physicians, students, engineers, and entrepreneurs. Innovations having the greatest potential for patient benefit are selected, and the institute supports the innovator's efforts to deliver their innovations to patients. The types of support provided to selected innovators by the institute include (a) direct mentoring by other members of the mentor staff in the process of medical innovation and development, (b) significant, access to el camino hospital physicians and facilities that provides innovators with invaluable information that guides medical technology development, (c) laboratory/engineering space, (d) financial aid, and (e) access to the institute's network of functional experts.the institute's lab space is currently devoted to the development of medical technologies that address a range of conditions, and these include not limited to maternal and infant health, cardiovascular disease, and a variety of diagnostic tools.

Operating model

Revenue model
Earned-program. 81% of the money available for current operations came from fees and other program revenue.
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 - 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 the filing does not identify recipients for some grant dollars.

Rating breakdown

  • Financial Efficiency: 83
  • Transparency & Controls: 67
  • Accountability: 90
  • Sustainability: 19
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 80.7%; rating input score 81
  • Fundraising efficiency: $2.17 raised per $1 spent on fundraising; rating input score 6; 6th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 88.2%; rating input score 88; 2nd percentile among comparable filings
  • Pay-setting controls: 2 of 6 controls in place; rating input score 33
    • Compensation committee: Missing
    • Independent consultant: Missing
    • 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: 46.1%; rating input score 46; 15th 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; 21st percentile among comparable filings
  • Governance controls: 8 of 9 controls in place; rating input score 89
    • 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: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -171.5%; rating input score 0; 0th percentile among comparable filings
  • Total-asset coverage ratio: 1.85; rating input score 59; 59th percentile among comparable filings
  • Liabilities to assets ratio: 0.69; rating input score 13; 13th percentile among comparable filings
  • Officer compensation ratio: 30.7%; rating input score 5; 5th percentile among comparable filings

Growth

  • Program expense growth: 12.8% per year; rating input score 100; 72nd percentile among comparable filings
  • Revenue growth: 4.5% per year; rating input score 100; 38th percentile among comparable filings
  • Asset growth: 9.8% per year; rating input score 100; 58th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 80.7% of spending went to programs
  • Governance: 9 of 10 board members independent · 8 of 9 filing controls reported
  • Programs: 2 filed program accomplishments · $6.3M in reported program spending
  • Leadership: top reported pay $378K · 16 people listed · 2 of 6 pay-setting controls reported
  • Highest-paid contractors: 2 contractors listed · $256K reported
  • Consistency: 31 of 33 current checks pass · 2 findings to review
  • Schedules: 7 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 13 filing years from 2011 to 2024
  • Contacts: How to reach this organization
  • Money network: 9 filed money-flow records
  • Related organizations: 3 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 6/100.
  • Moderate — Transparency & Controls: Grant itemization coverage scored 46/100.
  • High — Sustainability: Operating margin scored 0/100.
  • Review — Accountability: Governance controls: Form 990 shared with the board not reported.
  • Review — Sustainability: Total-asset coverage ratio scored 59/100.
  • High — Sustainability: Officer compensation ratio scored 5/100.
  • High — Sustainability: Liabilities to assets ratio scored 13/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • Review — Transparency & Controls: Schedule R controlled transactions itemized did not reconcile in the filed values.