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Incubate FY2022 filing

Washington, DCUnknown exempt organization EIN 85-4136963Revenue $715K in FY2022

On file with the IRSincubatecoalition.org1333 H Street Nw 800e · Washington, DC

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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.

94¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Programs: Part IX

Before you give

FY2022 · 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
94%
of spending
Looks good: 94% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
3 mo
of spending, in cash
Looks good: 3.2 months of spending in cash; 3 or more.
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
$0
0% of total assets
Looks good: liabilities are 0% 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
$715K
-69% vs prior year
Spent
$728K
To programs
94%
Net assets
$194K
By yearFY2021–FY2024
Revenue
$715K
FY2022▼ -69%
Tap a bar for its year
Revenue by fiscal year
FY2021$2.3M
FY2022$715K
FY2023$995K
FY2024$1.8M
Expenses
$728K
FY2022▼ -67%
Tap a bar for its year
Expenses by fiscal year
FY2021$2.2M
FY2022$728K
FY2023$1.1M
FY2024$1.2M
Net assets
$194K
FY2022▼ -6%
Tap a bar for its year
Net assets by fiscal year
FY2021$207K
FY2022$194K
FY2023$112K
FY2024$663K

From the FY2022 Form 990 · see the original

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You’re viewing the FY2022 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

94 cents of each dollar spent went to programs.

Program services 94% · $686K Management & general 6% · $43K

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

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.

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Provided by the organization

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3 programs · $686K · in their own filed words · FY2022
01

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

$229Kprogram expense
02

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

$229Kprogram expense
03

Raised awareness for policymakers about the early stage ecosystem.

$229Kprogram expense

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 FY2022 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$715K
Ln 12
Gifts and grantsLn 1h$715K
Investment incomeLn 3$51
Money outPt IX
$728K
Ln 25
Programscol B$686K
Managementcol C$43K
Owns and owesPt X
$194K
net assets · Ln 32
Cash and savingsLn 1–2$194K
Total assetsLn 16$194K
LiabilitiesLn 26$0
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$715K
Investment incomeLn 3$51
Total revenueLn 12$715K
Assets in detailPt X, end of year
CashLn 1$194K
Cash and savings togetherLn 1–2$194K
Total assetsLn 16$194K
LiabilitiesLn 26$0
Net assetsLn 32$194K
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 FY22End FY22
Cash and savingsLn 1–2$199K$194K
Total assetsLn 16$239K$194K
LiabilitiesLn 26$32K$0
Net assetsLn 32$207K$194K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$114K$114K
Legal feesLn 11b$1K$1K
Accounting feesLn 11c$41K$41K
Lobbying feesLn 11d$128K$128K
Other fees for servicesLn 11g$241K$241K
Advertising and promotionLn 12$195K$195K
Office expensesLn 13$3K$3K
TravelLn 17$6K$6K
Total functional expensesLn 25$728K$686K$43K$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 Viewing $715K$728K−$13K$194K 990 PDF
FY2021 $2.3M$2.2M$72K$207K 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants O · Explanations
See the full FY2022 990 (6 parts)
Part I · Summary $715,051 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $720,000$715,000
I-9 Program service revenuePrior year $1,555,025$0
I-10 Investment incomePrior year $30$51
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $2,275,055$715,051
I-13 Grants and similar amounts paidPrior year $25,000$114,000
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $0$0
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $2,177,719$614,440
I-18 Total expensesPrior year $2,202,719$728,440
I-19 Revenue less expensesPrior year $72,336−$13,389
Part VI · Governance 3 of 3 board members independent, 1 to look at
VI-1a Voting members of the governing body3
VI-1b Independent voting members3
VI-15a Process for setting top official's payNo
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
Part VIII · Statement of revenue $715,051 across 4 lines filed
VIII-1b Membership dues$715,000
VIII-1h Total contributions, gifts and grants$715,000
VIII-3 Investment incomeExcluded from tax $51$51
VIII-12 Total revenueRelated to mission $0 · Unrelated business $0 · Excluded from tax $51$715,051
Part IX · Statement of functional expenses $728,440 across 8 lines filed
IX-1 Grants to domestic organizationsPrograms $114,000$114,000
IX-11b Legal feesManagement $1,463$1,463
IX-11c Accounting feesManagement $41,048$41,048
IX-11d Lobbying feesPrograms $127,500$127,500
IX-11g Other fees for servicesPrograms $241,062$241,062
IX-12 Advertising and promotionPrograms $195,066$195,066
IX-13 Office expensesPrograms $2,525$2,525
IX-17 TravelPrograms $5,776$5,776
IX-25 Total functional expensesPrograms $685,929 · Management $42,511 · Fundraising $0$728,440
Part X · Balance sheet $194,061 assets, 8 lines filed
X-1 Cash, non-interest-bearingStart of year $199,450$194,061
X-4 Accounts receivableStart of year $40,000$0
X-16 Total assetsStart of year $239,450$194,061
X-17 Accounts payable and accrued expensesStart of year $32,000$0
X-26 Total liabilitiesStart of year $32,000$0
X-27 Net assets without donor restrictionsStart of year $207,450$194,061
X-32 Total net assets or fund balancesStart of year $207,450$194,061
X-33 Total liabilities and net assetsStart of year $239,450$194,061
Part XI · Reconciliation of net assets $194,061 net assets at year end
XI-1 Total revenue$715,051
XI-2 Total expenses$728,440
XI-3 Revenue less expenses−$13,389
XI-4 Net assets at start of year$207,450
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$194,061

Form 990 e-file (XML) FY2022 from the IRS · Classification, formation year and address from the IRS Business Master File

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