North Carolina Biotechnology Center

Nonprofit profile at a glance

EIN
561434024
IRS 990 coverage
2009–2024
Forms available
Form 990 2024
Location
Durham, NC, USA
Phone
9195419366
Rating
80
Verdict
STRONG
Rating confidence
Moderate
Sector
Biological & Life Sciences

Official website

Reported finances

Revenue
$21,049,562
Expenses
$22,423,173
Assets
$42,239,901
Liabilities
$491,776

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

Leadership & pay

48 people listed

Highest reported compensation

  • DOUG EDGETON (ASSISTANT SECRETARY): $446,727 total reported compensation
  • MARY BETH THOMAS (SR. VP, SCIENCE AND BUSINESS): $266,246 total reported compensation
  • WILLIAM BULLOCK (SR. VP, STATEWIDE OPERATIONS): $266,246 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 North Carolina biotechnology center AIDS the biotechnology-related efforts of researchers, businesses, state and federal governments, and other agencies primarily through awards of grants and loans related to specific programs and other services to grow [or advance] the industry in North Carolina.

What it reported doing in 2024

Our commercialization program combines the science and technology development and the emerging company development programs into one. Science and technology development program is a fundamental program of the North Carolina biotechnology center. The goal of this program is to strengthen the state's infrastructure for life science research which is an essential prerequisite for scientific advances leading to new products and applications. To meet this goal, the program provides services and support to state universities, colleges, and nonprofit institutions that contribute to life science development through research, teaching, and public service. Support is primarily provided in the form of grants. Since 1984, the program has provided over $145 million to enhance the research and intellectual capabilities of the state's academic and nonprofit research institutions. The emerging companies development program is the second largest program of the North Carolina biotechnology center. The goal of this program is to strengthen and support North Carolina life science companies with funding; technology assessment; strategic partnerships; business plan advice; networking and career transition support; information on venture capital and available laboratory space; and professional referrals. The loan program in particular provides loans to early stage companies. These loans are designed to support life science company inception, research, and growth.

Operating model

Revenue model
Grant-funded. 82% of the money available for current operations came from government grants.
Distribution model
Hybrid. The nonprofit split its reported program spending across 65% for direct work, and 35% for grants.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. The filing does not identify recipients for some grant dollars and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 78
  • Transparency & Controls: 74
  • Accountability: 99
  • Sustainability: 37
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 89.9%; rating input score 90
  • Program expense ratio: 84.1%; rating input score 84
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 93.3%; rating input score 93; 14th 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: 45.7%; rating input score 46; 11th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 97.5%; rating input score 98; 31st percentile among comparable filings
  • Governance controls: 8 of 8 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: 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: -6.5%; rating input score 14; 14th percentile among comparable filings
  • Total-asset coverage ratio: 1.88; rating input score 60; 60th percentile among comparable filings
  • Liabilities to assets ratio: 0.01; rating input score 92; 92nd percentile among comparable filings
  • Officer compensation ratio: 10%; rating input score 20; 20th percentile among comparable filings

Growth

  • Program expense growth: 3.5% per year; rating input score 100; 30th percentile among comparable filings
  • Revenue growth: 1.1% per year; rating input score 100; 12th percentile among comparable filings
  • Asset growth: 0% per year; rating input score 100; 10th percentile among comparable filings

Details

  • Where the money goes: 89.9% of revenue deployed · 84.1% of spending went to programs
  • Governance: 39 of 40 board members independent · 8 of 8 filing controls reported
  • Programs: 4 filed program accomplishments · $18.9M in reported program spending
  • Leadership: top reported pay $447K · 48 people listed · 4 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $972K reported
  • Consistency: 35 of 36 current checks pass · 1 finding to review
  • Schedules: 7 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 16 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 33 filed money-flow records
  • Related organizations: 24 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.

  • Moderate — Transparency & Controls: Grant itemization coverage scored 46/100.
  • High — Sustainability: Operating margin scored 14/100.
  • High — Sustainability: Officer compensation ratio scored 20/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.