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Bioadvance Capital FY2024 filing

Tax-deductible

Conshohocken, PA501(c)(3)Since 2002Youth Development EIN 46-0481876Revenue $7.1M in FY2024

On file with the IRSbioadvance.com101 West Elm Street, 19428-2075 · Conshohocken, PATax-exempt since Oct 2002Publicly supported charity — 170(b)(1)(A)(vi)

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Bioadvance Capital (formerly Bioadvance) was established in 2001 as one of the three life sciences greenhouses funded with a share of pennsylvania's national tobacco settlement revenues to promote human health by supporting biomedical innovation in southeastern pennsylvania. The organization dedicated $25 million of the original grant funding to pre seed and early stage investments to help advance technologies to the next stage of development. Since the original grant funding was expended, Bioadvance Capital has continued to support emerging life sciences companies in southeastern pennsylvania and the surrounding mid atlantic region, with a focus on technologies that improve human health.

501(c)(3) charity; gifts are tax-deductible.
63¢ of each $1 spent went to programs.
$1.3M paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · Pay: Part VII

Before you give

FY2024 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
6 of 7
filings with a surplus
Average surplus $2.9M a year · 54% of revenue · last 7 filings
Fine: a surplus in 6 of the last 7 filings.
Pt I · Ln 19 · 7 filings
Spent on programs
63%
of spending
Worth a look: 63% of spending went to programs; under 65%.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$1.3M
to officers and key staff · 50% of spending
Concern: pay to officers and key staff is 50% of spending; over 30%.
Pt VII · Sec A
Cash reserves
69 mo
of spending, in cash
Plus $65.0M in investments, Pt X · Ln 11–13
Looks good: 69.0 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$3.3M
4% of total assets
Looks good: liabilities are 4% of assets; 50% or less.
Pt X · Ln 26
Independent board members
6
of 7 voting members
Looks good: 6 of 7 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$7.1M
+349% vs prior year
Spent
$2.6M
To programs
63%
Net assets
$77.8M
By yearFY2019–FY2025
Revenue
$7.1M
FY2024▲ +349%
Tap a bar for its year
Revenue by fiscal year
FY2019$2.6M
FY2020$13.0M
FY2021$2.9M
FY2022$2.5M
FY2023$1.6M
FY2024$7.1M
FY2025$7.8M
Expenses
$2.6M
FY2024▲ +5%
Tap a bar for its year
Expenses by fiscal year
FY2019$2.4M
FY2020$2.3M
FY2021$2.4M
FY2022$2.3M
FY2023$2.5M
FY2024$2.6M
FY2025$2.7M
Net assets
$77.8M
FY2024▲ +0.6%
Tap a bar for its year
Net assets by fiscal year
FY2019$65.4M
FY2020$77.9M
FY2021$79.8M
FY2022$72.8M
FY2023$77.3M
FY2024$77.8M
FY2025$80.3M

From the FY2024 Form 990 (year ending June 2024) · figures checked against the IRS filing · see the original

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You’re viewing the FY2024 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Oct 2002.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

63 cents of each dollar spent went to programs.

Program services 63% · $1.7M Management & general 37% · $968K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

14 people listed on the 990; $1.3M paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2023); the FY2024 filing did not itemize Part VII
Frederick Jones
VP (secretary Thru 6/1/24)
$347,954Pt VII · Sec A
Shahram Hejazi
CEO & Managing Director
$346,373Pt VII · Sec A
Robert Driscoll
Director of Finance
$225,611Pt VII · Sec A
Greg Harriman
VP and Asst Secretary
$215,100Pt VII · Sec A
Marnie McCoy
Program Director
$141,121Pt VII · Sec A
David Shin
COO and Secretary (eff 6/6/24)
$23,333Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A

Shahram Hejazi’s $393K as CEO & Managing Director is at the 99th percentile of top reported officer pay among 1552 $1–10M youth development nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 7 named individuals · Part VII

NameFY2025FY2024FY2023FY2022FY2021FY2020
Shahram Hejazi$392,987$346,373$329,086$313,733$307,731$295,911
Barbara S Schilberg———$282,152$331,702$320,100
Frederick Jones$169,199$347,954$331,836$316,414$310,079$298,434
David Shin$332,509$23,333————
Robert Driscoll$250,203$225,611$215,197$205,377$201,182$197,152
Greg Harriman$240,026$215,100$194,362$60,629$81,595$77,314
Marnie McCoy$157,234$141,121$135,506$129,382$126,771$124,113

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Supports biomedical innovation and emerging life sciences companies in Southeastern Pennsylvania.

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1 program · $1.7M · in their own filed words · FY2023
01

Greenhouse Program

The cornerstone of bioadvance investment activities - was launched two months after receiving the dced grant. The program funds young companies for research, development and commercialization activities that will provide enough progress to enable them to attract venture capital or an industry partner.

$1.7Mprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$7.1M
Ln 12
Gifts and grantsLn 1h$2.8M
Investment incomeLn 3$2.1M
Fees for servicesLn 2g$1.9M
Money outPt IX
$2.6M
Ln 25
Programscol B$1.7M
Managementcol C$968K
Owns and owesPt X
$77.8M
net assets · Ln 32
Cash and savingsLn 1–2$15.1M
Total assetsLn 16$81.1M
LiabilitiesLn 26$3.3M
PeoplePt VI, VII
14
listed · VII A
PaidVII A6
Voting boardVI 1a7
IndependentVI 1b6
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$2.8M
Government grantsLn 1e$2.8M
Fees for servicesLn 2g$1.9M
Investment incomeLn 3$2.1M
Other incomeLn 4–11$312K
Gains on assetsLn 7$71K
Total revenueLn 12$7.1M
Assets in detailPt X, end of year
CashLn 1$7K
SavingsLn 2$15.1M
Cash and savings togetherLn 1–2$15.1M
InvestmentsLn 11–13$65.0M
Land, buildings, equipmentLn 10c$85K
Other assetsLn 15$726K
Total assetsLn 16$81.1M
LiabilitiesLn 26$3.3M
Net assetsLn 32$77.8M
OperationsPt I, VI
EmployeesI 56
VolunteersI 68
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$17.0M$15.1M
InvestmentsLn 11–13$64.3M$65.0M
Land, buildings, equipmentLn 10c$6K$85K
Total assetsLn 16$81.9M$81.1M
LiabilitiesLn 26$4.6M$3.3M
Net assetsLn 32$77.3M$77.8M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$1.2M$1.1M$82K
Other salaries and wagesLn 7$469K$185K$284K
Pension plan contributionsLn 8$12K$5K$7K
Other employee benefitsLn 9$51K$27K$24K
Payroll taxesLn 10$82K$63K$19K
Legal feesLn 11b$69K$25K$44K
Accounting feesLn 11c$49K$49K
Other fees for servicesLn 11g$206K$157K$49K
Office expensesLn 13$15K$15K
Information technologyLn 14$35K$35K
OccupancyLn 16$223K$223K
TravelLn 17$8K$8K
Conferences, conventions and meetingsLn 19$4K$4K
Depreciation, depletion and amortizationLn 22$7K$7K
InsuranceLn 23$73K$73K
Other expenses (24a–d)Ln 24$96K$58K$38K
All other expensesLn 24e$8K$1K$6K
Total functional expensesLn 25$2.6M$1.7M$968K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $7.8M$2.7M$5.1M$80.3M 990 PDF
FY2024 Viewing $7.1M$2.6M$4.5M$77.8M 990 PDF
FY2023 $1.6M$2.5M−$922K$77.3M 990 PDF
FY2022 $2.5M$2.3M$245K$72.8M 990 PDF
FY2021 $2.9M$2.4M$519K$79.8M 990 PDF
FY2020 $13.0M$2.3M$10.6M$77.9M 990 PDF
FY2019 $2.6M$2.4M$132K$65.4M 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support J · Pay O · Explanations
See the full FY2024 990 (6 parts)
Part I · Summary $7,128,753 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $1,352,745$2,843,149
I-9 Program service revenuePrior year −$1,090,523$1,876,935
I-10 Investment incomePrior year $1,139,187$2,096,402
I-11 Other revenuePrior year $184,883$312,267
I-12 Total revenuePrior year $1,586,292$7,128,753
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $1,772,776$1,831,098
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $735,743$793,837
I-18 Total expensesPrior year $2,508,519$2,624,935
I-19 Revenue less expensesPrior year −$922,227$4,503,818
Part VI · Governance 6 of 7 board members independent, no flags
VI-1a Voting members of the governing body7
VI-1b Independent voting members6
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $7,128,753 across 8 lines filed
VIII-1e Government grants$2,843,149
VIII-1h Total contributions, gifts and grants$2,843,149
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $1,876,935$1,876,935
VIII-3 Investment incomeRelated to mission $427,244 · Excluded from tax $1,598,308$2,025,552
VIII-5 RoyaltiesRelated to mission $309,767$309,767
VIII-7 Net gain or loss on sales of assetsExcluded from tax $70,850$70,850
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $2,500$2,500
VIII-12 Total revenueRelated to mission $2,616,446 · Unrelated business $0 · Excluded from tax $1,669,158$7,128,753
Part IX · Statement of functional expenses $2,624,935 across 17 lines filed
IX-5 Pay of current officers, directors and key staffPrograms $1,134,884 · Management $82,500$1,217,384
IX-7 Other salaries and wagesPrograms $185,106 · Management $283,636$468,742
IX-8 Pension plan contributionsPrograms $4,997 · Management $6,910$11,907
IX-9 Other employee benefitsPrograms $27,472 · Management $23,963$51,435
IX-10 Payroll taxesPrograms $62,855 · Management $18,775$81,630
IX-11b Legal feesPrograms $25,121 · Management $44,204$69,325
IX-11c Accounting feesManagement $49,200$49,200
IX-11g Other fees for servicesPrograms $157,193 · Management $48,699$205,892
IX-13 Office expensesManagement $15,299$15,299
IX-14 Information technologyManagement $35,123$35,123
IX-16 OccupancyManagement $223,025$223,025
IX-17 TravelManagement $8,250$8,250
IX-19 Conferences, conventions and meetingsManagement $4,419$4,419
IX-22 Depreciation, depletion and amortizationManagement $6,678$6,678
IX-23 InsuranceManagement $73,200$73,200
IX-24 Other expenses (24a–d)Programs $58,092 · Management $37,554$95,646
IX-24e All other expensesPrograms $1,349 · Management $6,431$7,780
IX-25 Total functional expensesPrograms $1,657,069 · Management $967,866 · Fundraising $0$2,624,935
Part X · Balance sheet $81,128,530 assets, 15 lines filed
X-1 Cash, non-interest-bearingStart of year $6,824$6,824
X-2 Savings and temporary cash investmentsStart of year $17,037,823$15,091,118
X-9 Prepaid expenses and deferred chargesStart of year $366,043$267,345
X-10c Land, buildings and equipment, netStart of year $6,442$84,747
X-11 Publicly traded securitiesStart of year $26,908,073$24,252,137
X-13 Program-related investmentsStart of year $37,436,064$40,700,568
X-15 Other assetsStart of year $187,288$725,791
X-16 Total assetsStart of year $81,948,557$81,128,530
X-17 Accounts payable and accrued expensesStart of year $349,090$377,704
X-19 Deferred revenueStart of year $4,067,595$2,224,446
X-25 Other liabilitiesStart of year $188,995$745,324
X-26 Total liabilitiesStart of year $4,605,680$3,347,474
X-27 Net assets without donor restrictionsStart of year $77,342,877$77,781,056
X-32 Total net assets or fund balancesStart of year $77,342,877$77,781,056
X-33 Total liabilities and net assetsStart of year $81,948,557$81,128,530
Part XI · Reconciliation of net assets $77,781,056 net assets at year end
XI-1 Total revenue$7,128,753
XI-2 Total expenses$2,624,935
XI-3 Revenue less expenses$4,503,818
XI-4 Net assets at start of year$77,342,877
XI-5 Net unrealized gains (losses) on investments$612,353
XI-9 Other changes in net assets−$4,677,992
XI-10 Net assets at end of year$77,781,056

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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