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Wellcome Leap INC EIN 84-5192069 Form 990 (PDF) Claim this org

Wellcome Leap INC

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A private foundation based in San Diego, CA. It reported about $800K in revenue for 2023. For fiscal year 2024 it reported $800K in revenue, $155.8M in expenses, and $238.5M in net assets.Pt I

Type
Private foundation / grantmaker · Medical Research
Location
San Diego, CA
Website
www.wellcomeleap.org
Filings
4 on file (2021–2024)
Revenue
$800KFY2024
Expenses
$155.8M
Net assets
$238.5M
People
8
Filings
4
Updates
0
More identity details & actions ⌄
EIN  84-5192069 Private foundation / grantmaker San Diego, CA
Form 990 (PDF)
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Size
$100K–1M
What they do
A private foundation based in San Diego, CA. It reported about $800K in revenue for 2023.
Leadership
Regina Dugan · Director, President & CEO · $790K
Money in and out
$800K revenue, $155.8M expenses
Bottom line
—
Grants paid & assets · FY2024
Total revenue
$800K
Pt VIII · Ln 12
Total expenses
$155.8M
Pt IX · Ln 25
Net assets
$238.5M
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): −$155.0M
Total assets
252.2M
deployed as grants and operations
Grants paid
71.0M
in FY2024
Grants made
108grants
total in period
Payout rate
28%
of assets (5% rule)

Who They Fund

Part XV · grants paid · 108 grants · $71.0M · 2023–2023
Cornell UniversityNY · FY2023$3,428,758
McLean HospitalFY2023$2,439,181
University of California Los AngelesFY2023$2,123,429
Wellcome Sanger InstituteFY2023$2,002,033
Ribopro BvFY2023$1,988,186
Procedural Learning and Safety CollaborativeMA · FY2023$1,948,827
Stanford UniversityFY2023$1,795,268
Centillion TechnologyFY2023$1,622,399
King's College LondonFY2023$1,479,032
Grendel Games BvFY2023$1,454,723
University of Cape TownFY2023$1,447,647
Sibel Health INCFY2023$1,421,622
Vanderbilt UniversityTN · FY2023$1,360,448
Makerere University HospitalFY2023$1,359,990
University of CambridgeFY2023$1,347,014
Vanderbilt UniversityTN · FY2023$1,292,970
Stanford UniversityFY2023$1,217,013
University of California IrvineFY2023$1,184,618
See all 108 grants →

Grantmaking Profile

Patterns in foundation giving
Distinct granteesPart XV13
Average grantPart XV$657K
Median grantPart XV$499K
Largest grantPart XV$3.4M
Top cause focusNTEEEducation (12%)

Summary of the Filing

Part I · fiscal year 2024 · Form 990-PF
Revenue
$800K
FY2024▼ -74%
Expenses
$155.8M
FY2024▼ -2%
Total assets
$252.2M
FY2024▼ -37%
Total liabilities
$13.7M
FY2024▲ +70%
Total revenue
$800K
Pt VIII · Ln 12
Total expenses
$155.8M
Pt IX · Ln 25
Net assets
$238.5M
Pt X · Ln 32
Total assetsPt II$252.2M

Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item CWellcome Leap INC
EINHdr · item D84-5192069
Principal addressHdr · item CSan Diego, CA
WebsiteHdr · item Jwww.wellcomeleap.org
State of legal domicileHdr · item MCA
Exempt statusHdr · item I501(c)(3) · active
NTEE classificationIRS BMFMedical Research (H12)
Ruling yearIRS BMFJul 2020

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1apending
Independent voting membersPt VI · Ln 1bpending
Conflict-of-interest policyPt VI · Ln 12a—
Whistleblower policyPt VI · Ln 13—
Document retention policyPt VI · Ln 14—
CEO/top-official compensation independently reviewedPt VI · Ln 15a—
Family or business relationships among officers/directorsPt VI · Ln 2—

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation · most recent filed roster (FY2023); the FY2024 filing did not itemize Part VII
Regina Dugan
Director, President & CEO
$790,408Pt VII · Sec A
$601,923Pt VII · Sec A
Rachel Rogers
Secretary (through July 2024)
$163,450Pt VII · Sec A
Jay Flatley
Director & Chair
$75,000Pt VII · Sec A
Ho Ching
Director
$12,500Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Fiona Powrie
Director
$0Pt VII · Sec A
See Wellcome Leap INC executive salaries →

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Statement of Revenue

Part VIII
Investment income$629K · 79%
Other revenue$171K · 21%
Investment income79%$629K
Other revenue21%$171K
Total revenueLn 12$800K

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Grants & contributions paid $0.46 Operating & administrative $0.54
Grants & contributions paid46%$71.0M
Operating & administrative54%$84.8M
Total functional expensesLn 25$155.8M

Balance Sheet

Part X · end of year
CashLn 1$19.1M
Total assetsLn 16$252.2M
Total liabilitiesLn 26$13.7M
Total net assetsLn 32$238.5M
Months of cash on handcomputed1.5

Financial Metrics

Form 990 · FY2024 · each ratio shown with the dollars behind it
Liquidity & Payout
Payout rate
Grants paid $0 · Total assets $252.2M
0%
Where the money comes from
Contribution dependence
Contributions & grants — · Total revenue $800K
—
Government reliance
not reported
Earned-income share
not reported
Investment reliance
Investment income $0 · Total revenue $800K
0%
Program self-sufficiency
not reported
Growth & trend
Revenue growth (YoY)
This year $800K · Prior year $3.1M
-74%
Net-asset trend (YoY)
End of year $238.5M · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $800K · Expenses $155.8M
-19374%
Liabilities-to-Assets
Total liabilities — · Total assets $252.2M
—
Net-asset ratio
Net assets $238.5M · Total assets $252.2M
95%
People & payroll
Highest Reported Total Compensation
Individual Regina Dugan · Reported title DIRECTOR, PRESIDENT & CEO · Highest reported compensation $790K · Total expenses $155.8M
0.5%
Personnel share
not reported
Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

MetricThis orgPeer medianPercentile
Revenue growth -74%——

Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.

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Filings & Schedule Manifest

Part IV
III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
FY2024 (Latest)$800K revenue · viewing · ⤓ 990 PDF
FY2023$3.1M revenue · ⤓ 990 PDF
FY2022$346.3M revenue · ⤓ 990 PDF
FY2021$307.1M revenue · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2024IRS
Classification, formation year, addressIRS Business Master File
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