FOUNDATION FOR INNOVATION AND LIFE INC

EIN: 204325286 501(c)(3) Health Care

BROOKLINE, MA

Total Revenue
$12,113,960
Total Expenses
$16,006,527
Total Assets
$16,732,714
Net Assets
$7,797,354
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
2006
Legal Domicile
MA
Principal Officer
PETER MARKHAM
Phone
7815415555
Tax Period
2023-01-01 to 2023-12-31

FOUNDATION FOR INNOVATION AND LIFE INC, founded in 2006, is a mid-sized nonprofit in the Health Care sector that reported $12.1M in total revenue in fiscal year 2023. Revenue fell 52% from the prior year — a significant decline worth monitoring. Expenses of $16.0M exceeded revenue, resulting in a 32% operating deficit.

Mission

FOUNDATION FOR INNOVATION AND LIFE, INC. IS DEDICATED TO RESEARCH, EDUCATION, AND ADVANCEMENT OF EARLY STAGE TECHNOLOGIES.

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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 $0
Program Service Revenue $12,146,667
Investment Income $-32,707
Other Revenue $0
TOTAL REVENUE $12,113,960

Expense Breakdown

Grants Paid $73,550
Salaries & Benefits $9,905,746
Fundraising Expenses $0
Program Expenses $12,695,296
Other Expenses $6,027,231
TOTAL EXPENSES $16,006,527

Year-over-Year Comparison

2023 2022 Change
Revenue $12,113,960 $25,153,452 -0.5%
Expenses $16,006,527 $22,615,547 -0.3%
Net Income $-3,892,567 $2,537,905 -2.5%
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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Governance

Voting Members
4
Independent Members
2
Employees
146
Volunteers
N/A

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
$996,203
Total Directors
4
$1,003,703
Key Employees
0
$0
Highest Compensated
5
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
ELAZER EDELMAN BOARD DIRECTOR 1.00
Director
$0 $0 $0
CAMPBELL ROGERS BOARD DIRECTOR 1.00
Director
$7,500 $0 $7,500
ADAM GROOTHUIS TREASURER/CLERK/CONSULTANT 10.00
Officer Director
$7,500 $0 $7,500
PETER MARKHAM PRESIDENT & CEO 40.00
Officer Director
$777,464 $211,239 $988,703
JOHN KEATING VP PATHOLOGY 40.00
Highest
$351,154 $317,722 $668,876
MISTY WILLIAMS-FRITZE VP VET SVCS 40.00
Highest
$307,357 $329,233 $636,590
RAFFAELE MELIDONE PATHOLOGY 40.00
Highest
$292,654 $180,449 $473,103
SHANNON TIERNEY VP MED WRITERS/HR 40.00
Highest
$259,465 $327,222 $586,687
MICHAEL NAIMARK DIR., BUS DEV 40.00
Highest
$246,207 $27,149 $273,356
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 $12,113,960 $16,006,527 $16,732,714 $-3,892,567
2022 $25,153,452 $22,615,547 $23,766,998 $2,537,905
2021 $24,232,593 $18,036,827 $14,994,473 $6,195,766
2020 $13,549,249 $13,474,259 $7,998,012 $74,990
2019 $15,372,636 $15,133,334 $4,898,945 $239,302
2018 $13,929,750 $13,623,319 $5,679,988 $306,431
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