FOGARTY INSTITUTE FOR INNOVATION (EIN 113800306) - Form 990 Financial Analysis & Trantor Score

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

2006

Legal Domicile

Principal Officer

ANDREW CLEELAND

Phone

6509624560

Tax Period

2023-01-01 to 2023-12-31

FOGARTY INSTITUTE FOR INNOVATION, founded in 2006, is a community nonprofit in the Medical Research sector that reported $2.9M in total revenue in fiscal year 2023. Revenue fell 77% from the prior year — a significant decline worth monitoring. Expenses of $7.6M exceeded revenue, resulting in a 160% operating deficit.

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.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $178,952

Program Service Revenue $2,186,203

Investment Income $574,281

Other Revenue $0

TOTAL REVENUE $2,939,436

Expense Breakdown

Grants Paid $38,600

Salaries & Benefits $5,076,403

Fundraising Expenses $155,446

Program Expenses $6,244,579

Other Expenses $2,515,778

TOTAL EXPENSES $7,630,781

Year-over-Year Comparison

	2023	2022	Change
Revenue	$2,939,436	$12,603,959	-0.8%
Expenses	$7,630,781	$7,150,758	+0.1%
Net Income	$-4,691,345	$5,453,201	-1.9%

Key Indicators

✓ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

100

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$684,146

Total Directors

$331,306

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
THOMAS FOGARTY MD	FOUNDER/DIRECTOR	2.00	Director	$0	$0	$0
THOMAS M KRUMMEL MD	CHAIRMAN	2.00	Director	$0	$0	$0
FREDERICK ST GOAR MD	VICE CHAIRMAN	2.00	Director	$0	$0	$0
J CASEY MCGLYNN JD	DIRECTOR	2.00	Director	$0	$0	$0
LEWIS WEXLER MD	DIRECTOR	2.00	Director	$0	$0	$0
ALLAN R WILL	DIRECTOR	2.00	Director	$0	$0	$0
ANDREW CLEELAND	CEO	40.00	Officer Director	$290,372	$40,934	$331,306
STACY ENXING-SENG	DIRECTOR	2.00	Director	$0	$0	$0
ANGELA MACFARLANE	DIRECTOR	2.00	Director	$0	$0	$0
MARK LEAHEY	DIRECTOR	2.00	Director	$0	$0	$0
GAYLE KUOKKA	CFO	40.00	Officer	$309,547	$43,293	$352,840
MARGA ORTIGAS-WEDEKIND	CHIEF STRATEGY OFFICER	40.00	Highest	$330,057	$40,211	$370,268
DENISE ZARINS	CHIEF OPERATING OFFICER	40.00	Highest	$305,250	$27,934	$333,184
MICHAEL REGAN	CHIEF OPERATING OFFICER	40.00	Highest	$328,493	$22,097	$350,590
ALLIE GREGORIAN	CHIEF ALLIANCE OFFICER	40.00	Highest	$259,625	$1,261	$260,886
JOHN MORRISS	DIRECTOR OF INVENTION	40.00	Highest	$284,650	$14,433	$299,083

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	No data	No data	No data	No data
2023	$2,939,436	$7,630,781	$21,350,391	$-4,691,345
2022	$12,603,959	$7,150,758	$26,940,908	$5,453,201
2021	$3,362,432	$6,010,426	$12,713,454	$-2,647,994
2020	$10,818,703	$4,573,097	$14,113,011	$6,245,606
2019	$649,742	$3,406,139	$5,929,392	$-2,756,397
2018	$1,986,981	$2,582,375	$9,262,396	$-595,394

FOGARTY INSTITUTE FOR INNOVATION