Advanced Regenerative Manufacturing Institute Inc

EIN: 813327581 Community Improvement

Manchester, NH

Total Revenue
$26,819,069
Total Expenses
$26,309,774
Total Assets
$29,045,430
Net Assets
$17,674,252
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
2016
Legal Domicile
NH
Principal Officer
Maureen Toohey
Phone
6036663905
Tax Period
2023-01-01 to 2023-12-31

Advanced Regenerative Manufacturing Institute Inc, founded in 2016, is a mid-sized nonprofit in the Community Improvement sector that reported $26.8M in total revenue in fiscal year 2023. Revenue decreased 11% compared to the prior year.

Mission

ARMI's mission is to support, develop, advance and promote the United States bioeconomy.

Program Service Accomplishments

Program 1

ARMI and its BioFabUSA Institute accomplishes its mission through key activities, such as the following:- Collaborates with community, local, State, and Federal stakeholders to advance the U.S...

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ARMI and its BioFabUSA Institute accomplishes its mission through key activities, such as the following:- Collaborates with community, local, State, and Federal stakeholders to advance the U.S bioeconomy and fuel inclusive economic growth, including by creating pathways and access to jobs in the biofabrication industry. - Provides wrap-around commercialization services for tissue engineering and enabling technology companies. These efforts de-risk and accelerate translation of impactful technologies to market. - Funds technical projects that address many of the common manufacturing challenges faced by companies in the field of tissue engineering. This will allow tissue engineering and enabling technology companies to focus their time and resources on product-specific challenges, moving the entire industry forward more quickly and efficiently. - Funds education and workforce development (EWD) projects that address the industry need for trained employees with a broad base of biomanufacturing skills and specific expertise. This pressing need can otherwise constrain the growth of tissue engineering and enabling technology companies. - In coordination with organizations in the field of regenerative manufacturing, develops roadmaps of technical and EWD needs for the field. These roadmaps guide the work of organizations in the field of regenerative manufacturing and guide the selection of projects. - Hosts, sponsors, and participates in conferences and workshops that convene organizations that support regenerative manufacturing. These events allow for shared learning related to technical, regulatory, workforce, and financial challenges and solutions. - Shares information about best practices and innovations in the field via various fora and online resources.NextFab accomplishes is mission through key activities, such as the following: - Develop commercial advisory and consulting programs designed to accelerate adoption of advanced technologies. - Provide shared facilities to accelerate advanced technologies. - Performs projects of interest to U.S. Department of Health and Human Services.

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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 $24,486,867
Program Service Revenue $2,229,394
Investment Income $102,808
Other Revenue $0
TOTAL REVENUE $26,819,069

Expense Breakdown

Grants Paid $11,333,391
Salaries & Benefits $7,026,216
Fundraising Expenses $0
Other Expenses $7,950,167
TOTAL EXPENSES $26,309,774

Year-over-Year Comparison

2023 2022 Change
Revenue $26,819,069 $30,061,391 -0.1%
Expenses $26,309,774 $27,499,747 0.0%
Net Income $509,295 $2,561,644 -0.8%
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
5
Independent Members
4
Employees
77
Volunteers
150

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
5
$285,458
Total Directors
5
$0
Key Employees
0
$0
Highest Compensated
5
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
Dean Kamen Executive Director 5.00
Officer Director
$0 $0 $0
Martine Rothblatt Board Member 1.00
Director
$0 $0 $0
John Abele Board Member 1.00
Director
$0 $0 $0
Jim Weinstein Board Member 1.00
Director
$0 $0 $0
Blake Moret Board Member 1.00
Director
$0 $0 $0
Maureen Toohey Deputy Executive Director 15.00
Officer
$0 $0 $0
James Scott Chief Administrative Officer 15.00
Officer
$0 $0 $0
Brendan Duffy Treasurer 1.00
Officer
$0 $0 $0
Jennifer MacDonald Chief Operating Officer 40.00
Officer
$257,584 $27,874 $285,458
Julie Lenzer Chief Innovation Officer 40.00
Highest
$196,065 $24,973 $221,038
Richard McFarland Chief Regulatory Officer 40.00
Highest
$194,203 $28,756 $222,959
Edward Gordon BioFab Chief Operating Officer 40.00
Highest
$191,771 $43,112 $234,883
Karla Talanian Past Chief Workforce Development Officer 40.00
Highest
$170,291 $4,034 $174,325
Michael Orrico BioFab Startup Lab Manager 40.00
Highest
$166,835 $18,170 $185,005
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 $26,819,069 $26,309,774 $29,045,430 $509,295
2022 $30,061,391 $27,499,747 $28,649,661 $2,561,644
2022 $30,061,391 $27,499,747 $28,649,661 $2,561,644
2021 $26,561,020 $21,552,547 $22,637,554 $5,008,473
2020 $23,960,299 $19,549,108 $17,423,174 $4,411,191
2019 $10,942,647 $8,540,721 $9,593,362 $2,401,926
2018 $5,212,381 $2,704,457 $3,623,804 $2,507,924
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