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Incubate FY2021 filing

Washington, DCUnknown exempt organizationEIN 85-4136963

Incubate is a 501(c)(4) organization of venture capital firms representing the patient, corporate, and investment communities, whose primary aim is to educate policymakers on the role of investments in bringing promising treatments to patients in need. Incubate helps to ensure patients continue to benefit from the unrelenting innovation spurred by venture capital investment in the life sciences and protected by america's intellectual property system.

98¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Programs: Part IX

Before you give

FY2021 · Form 990Independent: from IRS data, not the org
Download 990
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
2 of 4
filings with a surplus
Average surplus $132K a year · 9% of revenue · last 4 filings
Worth a look: a surplus in 2 of the last 4 filings.
Pt I · Ln 19 · 4 filings
Spent on programs
98%
of spending
Looks good: 98% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
1 mo
of spending, in cash
Fine: 1.1 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $10K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$32K
13% of total assets
Looks good: liabilities are 13% of assets; 50% or less.
Pt X · Ln 26
Independent board members
3
of 3 voting members
Looks good: 3 of 3 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$2.3M
Spent
$2.2M
To programs
98%
Net assets
$207K
By yearFY2021–FY2024
Revenue
$2.3M
FY2021
Revenue by fiscal year
FY2021$2.3M
FY2022$715K
FY2023$995K
FY2024$1.8M
Expenses
$2.2M
FY2021
Expenses by fiscal year
FY2021$2.2M
FY2022$728K
FY2023$1.1M
FY2024$1.2M
Net assets
$207K
FY2021
Net assets by fiscal year
FY2021$207K
FY2022$194K
FY2023$112K
FY2024$663K

From the FY2021 Form 990 · see the original

Give Claim
You’re viewing the FY2021 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024.

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

Where the money goes

98 cents of each dollar spent went to programs.

Program services 98% · $2.2M Management & general 2% · $38K

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

Who runs it and what they're paid

3 people listed on the 990.

Part VII, Section A · reportable compensation
Steve Gibson
Secretary
$0Pt VII · Sec A
Janis Naeve
Treasurer
$0Pt VII · Sec A
$0Pt VII · Sec A
See Incubate executive salaries →

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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 15aNo

Programs and updates

Educates policymakers on how venture capital investments advance patient treatments.

Provided by the organization

This section is blank until Incubate claims this page.

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3 program services account for $2.2M of program spending, described in the organization's own filed words · FY2021.
01

Educated investors and patient groups on changes to life science policy in the united states.

$722Kprogram expense
02

Convened patients, scientists and investors to advance priorities for early stage life science ecosystem.

$722Kprogram expense
03

Raised awareness for policymakers about the early stage ecosystem.

$722Kprogram expense

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Funders

Who pays for it.

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

Grants

Schedule I · received and paid
Grants received · FY2023
State Policy NetworkFY2023$10K
Total grants receivedfrom 1 funder$10K
Grants paid · 8 grants · $232K · 2021–2024
Springboard 2000 Enterprises INCVA · FY2024$30,000
Center ForwardVA · FY2023$35,000
Springboard 2000 Enterprises INCVA · FY2023$27,500
Future Forward Events LLCFY2022$44,000
Center ForwardVA · FY2022$30,000
Springboard 2000 Enterprises INCVA · FY2022$25,000
Aim-Hi Accelerator Fund INCMD · FY2022$15,000
Springboard 2000 Enterprises INCVA · FY2021$25,000

By the numbers

The FY2021 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$2.3M
Ln 12
Fees for servicesLn 2g$1.6M
Gifts and grantsLn 1h$720K
Investment incomeLn 3$30
Money outPt IX
$2.2M
Ln 25
Programscol B$2.2M
Managementcol C$38K
Owns and owesPt X
$207K
net assets · Ln 32
Cash and savingsLn 1–2$199K
Total assetsLn 16$239K
LiabilitiesLn 26$32K
PeoplePt VI, VII
3
listed · VII A
PaidVII A0
Voting boardVI 1a3
IndependentVI 1b3
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$720K
Fees for servicesLn 2g$1.6M
Investment incomeLn 3$30
Total revenueLn 12$2.3M
Assets in detailPt X, end of year
CashLn 1$199K
Cash and savings togetherLn 1–2$199K
Total assetsLn 16$239K
LiabilitiesLn 26$32K
Net assetsLn 32$207K
OperationsPt I, VI
EmployeesI 50
VolunteersI 60
Fiscal year endsHeaderDecember
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 FY21End FY21
Cash and savingsLn 1–2$199K
Total assetsLn 16$150K$239K
LiabilitiesLn 26$15K$32K
Net assetsLn 32$135K$207K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$25K$25K
Legal feesLn 11b$14K$14K
Accounting feesLn 11c$24K$24K
Lobbying feesLn 11d$80K$80K
Other fees for servicesLn 11g$394K$394K
Advertising and promotionLn 12$1.7M$1.7M
Office expensesLn 13$4K$4K
Total functional expensesLn 25$2.2M$2.2M$38K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $1.8M$1.2M$550K$663K 990 PDF
FY2023 $995K$1.1M−$82K$112K 990 PDF
FY2022 $715K$728K−$13K$194K 990 PDF
FY2021 Viewing $2.3M$2.2M$72K$207K 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2021 990 (4 parts)
Part VIII · Statement of revenue $2,275,055 across 5 lines filed
VIII-1f All other contributions, gifts and grants$720,000
VIII-1h Total contributions, gifts and grants$720,000
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $1,555,025$1,555,025
VIII-3 Investment incomeExcluded from tax $30$30
VIII-12 Total revenueRelated to mission $1,555,025 · Unrelated business $0 · Excluded from tax $30$2,275,055
Part IX · Statement of functional expenses $2,202,719 across 7 lines filed
IX-1 Grants to domestic organizationsPrograms $25,000$25,000
IX-11b Legal feesManagement $13,522$13,522
IX-11c Accounting feesManagement $24,000$24,000
IX-11d Lobbying feesPrograms $80,000$80,000
IX-11g Other fees for servicesPrograms $394,343$394,343
IX-12 Advertising and promotionPrograms $1,661,584$1,661,584
IX-13 Office expensesPrograms $4,270$4,270
IX-25 Total functional expensesPrograms $2,165,197 · Management $37,522 · Fundraising $0$2,202,719
Part X · Balance sheet $239,450 assets, 8 lines filed
X-1 Cash, non-interest-bearing$199,450
X-4 Accounts receivable$40,000
X-16 Total assetsStart of year $150,000$239,450
X-17 Accounts payable and accrued expensesStart of year $14,885$32,000
X-26 Total liabilitiesStart of year $14,885$32,000
X-27 Net assets without donor restrictionsStart of year $135,115$207,450
X-32 Total net assets or fund balancesStart of year $135,115$207,450
X-33 Total liabilities and net assetsStart of year $150,000$239,450
Part XI · Reconciliation of net assets $207,450 net assets at year end
XI-1 Total revenue$2,275,055
XI-2 Total expenses$2,202,719
XI-3 Revenue less expenses$72,336
XI-4 Net assets at start of year$135,115
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$207,450

Form 990 e-file (XML) FY2021 from the IRS · Classification, formation year and address from the IRS Business Master File

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