Long Island High Technology Incubator Inc
Nonprofit profile at a glance
- EIN
- 113059018
- IRS 990 coverage
- 2009–2024
- Forms available
- Form 990 2024
- Location
- Stony Brook, NY, USA
- Phone
- 6314448800
- Rating
- 81
- Verdict
- STRONG
- Rating confidence
- Moderate
- Sector
- Economic Development
Reported finances
- Revenue
- $2,567,247
- Expenses
- $2,104,425
- Assets
- $16,857,671
- Liabilities
- $2,205,829
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
11 people listed
Executive titles in this filing
- ANDREW L WOOTEN (EXECUTIVE DIRECTOR)
People named in this filing
- RYAN WELCH (FACILITES AND OPS. MGR., SECRETARY)
- SUSAN DIBBINS (TREASURER)
- DAVID MARCUS (DIRECTOR)
Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
See schedule o.the long island high technology incubator (lihti) is a non-profit organization that supports and stabilizes early-stage, high-risk, high-tech businesses. We are dedicated to helping new technologically-innovative companies grow by providing them with a variety of support resources and services. In addition to its beautiful setting, lihti's location on the stony brook university campus enables the transfer of ideas from the university to the private sector. The companies that develop and grow as a result of being a part of the incubator create jobs and expand the tax base on long island and in New York state.
What it reported doing in 2024
Innovation hotspot program - the innovation hotspot program is a grant from empire state development's division of science, technology and innovation ("nystar") to lihti designating it as one of ten innovation hotspots across New York state. The purpose of the grant is to aid lihti to reach a greater number of early-stage companies. The financial support may be used for physical space, shared administrative staff, access to capital, coaching, mentoring, networking connections, prototype development, and access to other technical services. Innovation hotspots also offers tax benefits to participating companies. Lihti is specifically using the grant to reimburse qualified prototyping, intellectual property ("ip"), small business innovation research ("sbir"), and marketing expenses from participating companies and to financially support the administration of the grant and delivery of marketing and business mentoring staff services. In addition, lihti entered a subcontract with accelerate li to run the hot spot program through nystar, beginning 1/31/2023. Lihti validates companies for ali and offers mentoring and other incubation services. Ali is responsible for all of the administrative work and reporting to nystar. Lihti submits two reports a year to ali which covers $5,000/yr. Of salary/fringe at lihti.
Operating model
- Revenue model
- Earned-program. 78% 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
STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Liabilities are high compared with assets.
Rating breakdown
- Financial Efficiency: 65
- Transparency & Controls: 86
- Accountability: 100
- Sustainability: 78
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 68.2%; rating input score 68
- Program expense ratio: 83.2%; rating input score 83
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 93.3%; rating input score 93; 17th percentile among comparable filings
- Pay-setting controls: Limited
- Foreign activity oversight: Limited
- Grant itemization coverage: Limited
- 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 7 controls in place; rating input score 100
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- Document-retention policy: Pass
- CEO compensation review process: NotApplicable
- 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: 18%; rating input score 75; 75th percentile among comparable filings
- Total-asset coverage ratio: 8.01; rating input score 89; 89th percentile among comparable filings
- Liabilities to assets ratio: 0.13; rating input score 53; 53rd percentile among comparable filings
- Officer compensation ratio: 0%; rating input score 91; 91st percentile among comparable filings
Growth
- Program expense growth: 2.3% per year; rating input score 100; 24th percentile among comparable filings
- Revenue growth: 3.3% per year; rating input score 100; 29th percentile among comparable filings
- Asset growth: 5.6% per year; rating input score 100; 37th percentile among comparable filings
Details
- Where the money goes: 68.2% of revenue deployed · 83.2% of spending went to programs
- Governance: 7 of 7 board members independent · 7 of 7 filing controls reported
- Programs: 2 filed program accomplishments · $1.8M in reported program spending
- Leadership: top reported pay $0 · 11 people listed
- Highest-paid contractors: 3 contractors listed · $1.1M reported
- Consistency: 33 of 33 current checks pass
- Schedules: 4 filed schedules · includes major donors
- Filing history: 15 filing years from 2009 to 2024
- Contacts: How to reach this organization
- Related organizations: Filed and resolved organization relationships.
- 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 — Sustainability: Liabilities to assets ratio scored 53/100.