University at Albany Bioscience Development Corporation
Nonprofit profile at a glance
- EIN
- 364619281
- IRS 990 coverage
- 2020–2024
- Forms available
- Form 990 2024
- Location
- Albany, NY, USA
- Phone
- 5184375090
- Rating confidence
- Limited
- Sector
- Real Estate Associations
Reported finances
- Revenue
- $5,479,603
- Expenses
- $8,196,926
- Assets
- $36,358,849
- Liabilities
- $1,505,311
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
9 people listed
Executive titles in this filing
- EDWARD SWYER (PRESIDENT)
- GEORGE HEARST (VICE PRESIDENT)
- RICHARD MCGINN JR (EXECUTIVE DIRECTOR)
Highest reported compensation
- RICHARD MCGINN JR (EXECUTIVE DIRECTOR): $264,679 total reported compensation
- FARDIN SANAI (SECRETARY): $18,965 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 purpose of the corporation is to acquire real property and hold title to such property for the purpose of creating a commercial life science, research, and technology cluster in an environment in which new and technologically innovative businesses can develop and research can be translated into commercially viable high technology. The lawful public or quasi-public objective which each of the foregoing purposes will achieve shall be to advance the educational and research mission of the state university of New York and the state university of New York at albany by acquiring and holding title to facilities in which science research and scholarly programs for the enhancement of faculty, visiting scholars, students and staff shall be located; and which scientific research facilities shall enhance the ability of the state university of New York and the state university of New York at albany to attract public and private funds to further research and scholarly studies.
What it reported doing in 2024
Real estate rental income - acquire, hold and develop real property in which science research and scholary programs for the enhancement of faculty, visiting scholars, students and staff shall be located; and which scientific research facilities shall enhance the ability of the university at albany and suny to attract public and private funds to further research and scholarly studies.
Operating model
- Revenue model
- Earned-program. 95% of the money available for current operations came from fees and other program revenue.
- Distribution model
- Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.
The verdict
- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.
Rating breakdown
- Financial Efficiency: NotEnoughData
- Transparency & Controls: 65
- Accountability: 76
- Sustainability: 43
- Growth: 0
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: Limited
- Program expense ratio: Limited
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
- Pay-setting controls: 0 of 6 controls in place; rating input score 0
- Compensation committee: Missing
- Independent consultant: Missing
- Other Form 990s reviewed: Missing
- Written employment contract: Missing
- Compensation survey or study: Missing
- Board or committee approval: Missing
- Foreign activity oversight: Limited
- Grant itemization coverage: Limited
- Major donor itemization: Yes; rating input score 100
- Related-party transparency: Limited
Accountability
- Independent voting board: 75%; rating input score 75; 13th percentile among comparable filings
- Governance controls: 7 of 9 controls in place; rating input score 78
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- Document-retention policy: Pass
- CEO compensation review process: Fail
- Other executive compensation review process: Fail
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: -49.6%; rating input score 2; 2nd percentile among comparable filings
- Total-asset coverage ratio: 4.44; rating input score 82; 82nd percentile among comparable filings
- Liabilities to assets ratio: 0.04; rating input score 73; 73rd percentile among comparable filings
- Officer compensation ratio: 0.3%; rating input score 82; 82nd percentile among comparable filings
Growth
- Program expense growth: Limited
- Revenue growth: -7.4% per year; rating input score 0; 2nd percentile among comparable filings
- Asset growth: -4.8% per year; rating input score 0; 4th percentile among comparable filings
Details
- Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
- Governance: 6 of 8 board members independent · 7 of 9 filing controls reported
- Programs: 1 filed program accomplishment
- Leadership: top reported pay $265K · 9 people listed · 0 of 6 pay-setting controls reported
- Highest-paid contractors: 2 contractors listed · $3.9M reported
- Consistency: 13 of 13 current checks pass
- Schedules: 5 filed schedules · includes major donors and executive pay
- Filing history: 5 filing years from 2020 to 2024
- Contacts: How to reach this organization
- Related organizations: 1 filed related-organization link
- 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.
- High — Transparency & Controls: Pay-setting controls scored 0/100.
- High — Growth: Revenue growth scored 0/100.
- High — Sustainability: Operating margin scored 2/100.
- Review — Accountability: Governance controls: 2 of 9 not reported.
- High — Growth: Asset growth scored 0/100.