FOGARTY INSTITUTE FOR INNOVATION

EIN: 113800306 501(c)(3) Medical Research

MOUNTAIN VIEW, CA

Total Revenue
$2,939,436
Total Expenses
$7,630,781
Total Assets
$21,350,391
Net Assets
$10,329,642
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
2006
Legal Domicile
CA
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.

Program Service Accomplishments

Program 1
Expenses: $4,290,051 Revenue: $1,971,951

INNOVATION PROGRAM - FOR DECADES, THE UNITED STATES HAS BENEFITED FROM BEING HOME TO THE PRE-EMINENT MEDICAL INNOVATION ECOSYSTEM IN THE WORLD. THIS HAS ENSURED SUCCESS TO CUTTING-EDGE TREATMENT...

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INNOVATION PROGRAM - FOR DECADES, THE UNITED STATES HAS BENEFITED FROM BEING HOME TO THE PRE-EMINENT MEDICAL INNOVATION ECOSYSTEM IN THE WORLD. THIS HAS ENSURED SUCCESS TO CUTTING-EDGE TREATMENT OPTIONS FOR THE NATION'S CITIZENS, HAS FUELED THE ECONOMY BY BEING A MAJOR DRIVER OF SMALL BUSINESS AND JOB CREATION, AND HAS REPRESENTED A SIGNIFICANT AND CRITICAL COMPONENT OF THE NATION'S OVERALL GLOBAL TECHNOLOGICAL LEADERSHIP. THE ULTIMATE GOAL OF THE 501(C)(3) NON-PROFIT FOGARTY INSTITUTE FOR INNOVATION IS TO SUPPORT MEDICAL INNOVATION TO BENEFIT PATIENTS. AS A NECESSARY CONSEQUENCE OF THIS EFFORT, THE INSTITUTE ADDRESSES THE FACTORS THREATENING THE NATION'S MEDICAL INNOVATION ECOSYSTEM HEAD-ON.THE UNIQUE APPROACH OF THE INSTITUTE IS TO IDENTIFY INNOVATIONS THAT HAVE ESPECIALLY HIGH POTENTIAL FOR PATIENT BENEFIT. THROUGH ITS FLAGSHIP INNOVATION SUPPORT PROGRAM, THE FOGARTY INSTITUTE RECEIVES APPLICATIONS FOR SUPPORT FROM A BROAD CANDIDATE POOL THAT INCLUDES PHYSICIANS, STUDENTS, ENGINEERS, AND ENTREPRENEURS. INNOVATIONS HAVING THE GREATEST POTENTIAL FOR PATIENT BENEFIT ARE SELECTED, AND THE INSTITUTE SUPPORTS THE INNOVATOR'S EFFORTS TO DELIVER THEIR INNOVATIONS TO PATIENTS. THE TYPES OF SUPPORT PROVIDED TO SELECTED INNOVATORS BY THE INSTITUTE INCLUDE (A) DIRECT MENTORING BY OTHER MEMBERS OF THE MENTOR STAFF IN THE PROCESS OF MEDICAL INNOVATION AND DEVELOPMENT, (B) SIGNIFICANT, ACCESS TO EL CAMINO HOSPITAL PHYSICIANS AND FACILITIES THAT PROVIDES INNOVATORS WITH INVALUABLE INFORMATION THAT GUIDES MEDICAL TECHNOLOGY DEVELOPMENT, (C) LABORATORY/ENGINEERING SPACE, (D) FINANCIAL AID, AND (E) ACCESS TO THE INSTITUTE'S NETWORK OF FUNCTIONAL EXPERTS.THE INSTITUTE'S LAB SPACE IS CURRENTLY DEVOTED TO THE DEVELOPMENT OF MEDICAL TECHNOLOGIES THAT ADDRESS A RANGE OF CONDITIONS, AND THESE INCLUDE NOT LIMITED TO MATERNAL AND INFANT HEALTH, CARDIOVASCULAR DISEASE, AND A VARIETY OF DIAGNOSTIC TOOLS.

Program 2
Expenses: $1,954,528 Revenue: $214,252

EDUCATION PROGRAM - THROUGH ITS EDUCATION PROGRAM, THE FOGARTY INSTITUTE MAKES ITS UNIQUE MENTORING CAPABILITY AVAILABLE TO A MUCH LARGER AUDIENCE THAN IS POSSIBLE WITH THE INNOVATION SUPPORT PROGRAM...

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EDUCATION PROGRAM - THROUGH ITS EDUCATION PROGRAM, THE FOGARTY INSTITUTE MAKES ITS UNIQUE MENTORING CAPABILITY AVAILABLE TO A MUCH LARGER AUDIENCE THAN IS POSSIBLE WITH THE INNOVATION SUPPORT PROGRAM BY PROVIDING WORKSHOPS, SEMINARS AND INTERNSHIPS TO INTERESTED MEMBERS OF THE MEDICAL INNOVATION, CLINICIAN, AND ENTREPRENEUR COMMUNITIES. IN THIS WAY, WE HOPE TO NOT ONLY SUPPORT ACTIVE INNOVATORS, BUT ALSO INSPIRE THE NEXT GENERATION OF MEDICAL INNOVATORS SUCH AS COLLEGE AND HIGH SCHOOL STUDENTS WHO MAY BE CONSIDERING A CAREER IN MEDICAL INNOVATION.

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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%)

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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

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Liquidity & Cash Position

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Governance

Voting Members
10
Independent Members
9
Employees
37
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
2
$684,146
Total Directors
10
$331,306
Key Employees
0
$0
Highest Compensated
5
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
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