Forward Biolabs Inc

Nonprofit profile at a glance

EIN
823817912
IRS 990 coverage
2018–2024
Forms available
Form 990 2024
Location
Madison, WI, USA
Phone
6085776625
Rating
81
Verdict
STRONG
Rating confidence
Moderate
Sector
Biological & Life Sciences

Reported finances

Revenue
$889,457
Expenses
$705,235
Assets
$2,863,965
Liabilities
$160,265

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

Leadership & pay

7 people listed

Executive titles in this filing

  • JESSICA MARTIN ECKERLY (CEO & SECRETARY)
  • AARON OLVER (PRESIDENT)

Highest reported compensation

  • JESSICA MARTIN ECKERLY (CEO & SECRETARY): $263,146 total reported compensation

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

Overview

Mission

To accelerate translational research, spark state-wide economic development and create jobs through operating a fully-supported, state-of-the art laboratory to be shared by innovative, early-stage biotechnology companies associated with the university of Wisconsin-madison and other life-science research organizations. Additionally, forward biolabs provides education and mentoring to early-stage, biotechnology companies engaged in translational life-science research.

What it reported doing in 2024

Forward biolabs operates a fully equipped, maintained, and supported life science lab for early-stage biotechnology companies, and supportive environment for life science entrepreneurs.

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.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and reported officer compensation is a large share of total spending, which may reflect staffing concentration.

Rating breakdown

  • Financial Efficiency: 77
  • Transparency & Controls: 84
  • Accountability: 81
  • Sustainability: 67
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 69.8%; rating input score 70
  • Program expense ratio: 85.2%; rating input score 85
  • Fundraising efficiency: $124.94 raised per $1 spent on fundraising; rating input score 88; 88th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 4 of 6 controls in place; rating input score 67
    • Compensation committee: Missing
    • Independent consultant: Pass
    • Other Form 990s reviewed: Pass
    • Written employment contract: Missing
    • 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: Limited

Accountability

  • Independent voting board: 85.7%; rating input score 86; 20th percentile among comparable filings
  • Governance controls: 6 of 8 controls in place; rating input score 75
    • 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: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 20.7%; rating input score 77; 77th percentile among comparable filings
  • Total-asset coverage ratio: 4.06; rating input score 81; 81st percentile among comparable filings
  • Liabilities to assets ratio: 0.06; rating input score 51; 51st percentile among comparable filings
  • Officer compensation ratio: 37.3%; rating input score 4; 4th percentile among comparable filings

Growth

  • Program expense growth: 16.8% per year; rating input score 100; 78th percentile among comparable filings
  • Revenue growth: 3.7% per year; rating input score 100; 35th percentile among comparable filings
  • Asset growth: 20.6% per year; rating input score 100; 82nd percentile among comparable filings

Details

  • Where the money goes: 69.8% of revenue deployed · 85.2% of spending went to programs
  • Governance: 6 of 7 board members independent · 6 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $601K in reported program spending
  • Leadership: top reported pay $263K · 7 people listed · 4 of 6 pay-setting controls reported
  • Consistency: 31 of 31 current checks pass
  • Schedules: 6 filed schedules · includes major donors and executive pay
  • Filing history: 7 filing years from 2018 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.

  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.
  • High — Sustainability: Officer compensation ratio scored 4/100.
  • Review — Sustainability: Liabilities to assets ratio scored 51/100.