Massachusetts Biomedical Research Corporation, Massachusetts General Hospital East in Charlestown, Massachusetts (MA)

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Massachusetts Biomedical Research Corporation, Massachusetts General Hospital East
Employer Identification Number (EIN)043064073
Name of OrganizationMassachusetts Biomedical Research Corporation
Secondary NameMassachusetts General Hospital East
Address149 13th St, Charlestown, MA 02129-2020
ActivitiesHealth insurance (medical, dental, optical, etc.)
SubsectionCharitable Organization
Ruling Date02/1990
DeductibilityContributions are deductible
FoundationOrganizations operated solely for the benefit of and in conjunction with organizations described in 10 through 16 above
OrganizationCorporation
Exempt Organization StatusUnconditional Exemption
Tax Period09/2008
Assets$50,000,000 to greater
Income$10,000,000 to $49,999,999
Filing Requirement990 (all other) or 990EZ return
Asset Amount$238,900,845
Amount of Income$49,511,452
Form 990 Revenue Amount$49,511,452
National Taxonomy of Exempt Entities (NTEE)Medical Research: Biomedicine, Bioengineering Research


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Amount of income in 2008: $49,511,452
Massachusetts Biomedical Research Corporation, Massachusetts General Hospital East: 

 $49,511,452
Other organizations performing similar types of work: 

 $47,941,714

Assets in 2008: $238,900,845
This organization: 

 $238,900,845
Other organizations performing similar types of work: 

 $98,055,767

Expenses in 2007: $27,002,310
Massachusetts Biomedical Research Corporation, Massachusetts General Hospital East: 

 $27,002,310
Other organizations performing similar types of work: 

 $22,946,170

Income to expenses ratio in 2007: 1.8
Massachusetts Biomedical Research Corporation, Massachusetts General Hospital East: 

 1.8
Other organizations performing similar types of work: 

 1.1

Expenses allocated to program services in 2007: 96.2%
This organization: 

 96.2%
Other organizations performing similar types of work: 

 81.1%

Grants share in income in 2007: 0.0%
This organization: 

 0.0%
Other organizations performing similar types of work: 

 56.4%

Financial snapshot ($)

Revenue for 2007

Assets at end of 2007

Expenses for 2007

Functional Expenses for 2007 ($)

Income-Producing Activities for 2007

Revenue, Expenses, and Changes in Net Assets or Fund Balances
20002001200220032004200520062007
Total revenue$46,771,305$46,767,181$47,529,028$47,780,125$49,302,285$51,857,266$50,514,920$49,511,452
Contributions, gifts, grants, and similar amounts received$0$42,000$0$0$0$0$0$0
Contributions to donor advised funds$0$0
Direct public support$0$0$0$0$0$0$0$0
Indirect public support$0$42,000$0$0$0$0$0$0
Government contributions (grants)$0$0$0$0$0$0$0$0
Program service revenue including government fees and contracts$42,555,341$43,965,281$43,638,902$43,328,993$43,724,107$43,684,406$44,698,835$44,821,306
Membership dues and assessments$0$0$0$0$0$0$0$0
Interest on savings and temporary cash investments$96,614$103,019$16,288$18,185$69,257$228,604$248,198$133,665
Dividends and interest from securities$4,061,035$3,097,912$2,868,968$4,231,923$3,155,609$3,613,772$3,601,691$3,290,151
Net rental income or (loss)$0$0$0$0$0$0$0$0
Gross rents$0$0$0$0$0$0$0$0
Less: rental expenses$0$0$0$0$0$0$0$0
Other investment income$0$0$0$0$0$0$0$0
Gain or (loss) from sales of assets other than inventory$58,315$-441,031$1,004,870$201,024$2,353,312$4,330,484$1,966,196$1,266,330
Gross amount from sales of assets other than inventory$58,315$0$1,004,870$201,024$2,353,312$4,330,484$1,966,196$1,266,330
Less: cost or other basis and sales expenses$0$441,031$0$0$0$0$0$0
Net income or (loss) from special events and activities$0$0$0$0$0$0$0$0
Gross revenue$0$0$0$0$0$0$0$0
Less: direct expenses other than fundraising expenses$0$0$0$0$0$0$0$0
Gross profit or (loss) from sales of inventory$0$0$0$0$0$0$0$0
Gross sales of inventory, less returns and allowances$0$0$0$0$0$0$0$0
Less: cost of goods sold$0$0$0$0$0$0$0$0
Other revenue$0$0$0$0$0$0$0$0
Total expenses$34,055,968$34,733,539$33,900,708$33,327,399$32,960,328$30,000,490$27,892,938$27,002,310
Program services$33,482,194$34,233,724$33,369,272$32,768,194$32,167,214$29,093,448$27,254,933$25,980,984
Management and general$573,774$499,815$531,436$559,205$793,114$907,042$638,005$1,021,326
Fundraising$0$0$0$0$0$0$0$0
Payments to affiliates$0$0$0$0$0$0$0$0
Net assets or fund balances at end of year$23,530,000$35,840,000$52,342,000$68,530,120$86,971,232$107,101,064$132,449,434$148,992,985
Excess or (deficit) for the year$12,715,337$12,033,642$13,628,320$14,452,726$16,341,957$21,856,776$22,621,982$22,509,142
Net assets or fund balances at beginning of year$11,551,000$23,530,000$35,840,000$52,342,000$68,530,120$86,971,232$107,101,064$132,449,434
Other changes in net assets or fund balances$-736,337$276,358$2,873,680$1,735,394$2,099,155$-1,726,944$2,726,388$-5,965,591
Statement of Functional Expenses (for 2007)
TotalProgram servicesManagement and generalFundraising
Total functional expenses$27,002,310$25,980,984$1,021,326$0
Grants paid from donor advised funds$0
Other grants and allocations$0
Specific assistance to individuals$0
Benefits paid to or for members$0
Compensation of current officers, directors, key employees, etc.$0$0$0$0
Compensation of former officers, directors, key employees, etc.$0$0$0$0
Compensation and other distributions, not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)$0$0$0$0
Salaries and wages of employees not included above$0$0$0$0
Pension plan contributions not included above$0$0$0$0
Employee benefits not included above$0$0$0$0
Payroll taxes$0$0$0$0
Professional fundraising fees$0$0$0$0
Accounting fees$0$0$0$0
Legal fees$0$0$0$0
Supplies$0$0$0$0
Telephone$0$0$0$0
Postage and shipping$0$0$0$0
Occupancy$0$0$0$0
Equipment rental and maintenance$0$0$0$0
Printing and publications$0$0$0$0
Travel$0$0$0$0
Conferences, conventions, and meetings$0$0$0$0
Interest$8,261,221$8,261,221$0$0
Depreciation, depletion, etc.$12,536,383$12,536,383$0$0
Other expenses not covered above$6,204,706$5,183,380$1,021,326$0
Balance Sheets
20002001200220032004200520062007
Total assets$259,975,000$254,592,000$253,936,000$250,928,530$248,721,786$246,738,627$248,129,342$238,900,845
Cash - non-interest-bearing$0$0$0$0$0$0$0$0
Savings and temporary cash investments$1,028,000$285,000$96,000$100,016$100,036$92,186$21,772$50,007
Accounts receivable less allowance for doubtful accounts$0$0$0$0$0$0$0$0
Pledges receivable less allowance for doubtful accounts$0$0$0$0$0$0$0$0
Grants receivable$0$0$0$0$0$0$0$0
Receivables from current and former officers, directors, trustees, and key employees$0$0$0$0$0$0$0$0
Receivables from other disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)$0$0
Other notes and loans receivable less allowance for doubtful accounts$0$0$0$18,694,559$16,620,884$14,142,359$0$7,877,802
Inventories for sale or use$0$0$0$0$0$0$0$0
Prepaid expenses and deferred charges$23,600,000$22,299,000$21,161,000$328,664$491,222$530,785$606,610$629,905
Investments - publicly-traded securities$85,354,472$81,188,514
Investments - other securities$70,893,000$71,986,000$75,056,000$78,799,490$88,472,357$79,930,648$0$0
Investments - land, buildings, and equipment less accumulated depreciation$0$0$0$0$0$0$0$0
Investments - other$0$0$0$0$0$0$0$0
Land, buildings, and equipment less accumulated depreciation$162,756,000$158,429,000$156,170,000$151,669,765$141,780,265$150,944,306$149,970,911$148,344,847
Other assets, including program-related investments$1,698,000$1,593,000$1,453,000$1,336,036$1,257,022$1,098,343$12,175,577$809,770
Total liabilities$236,445,000$218,752,000$201,594,000$182,398,410$161,750,554$139,637,563$115,679,908$89,907,860
Accounts payable and accrued expenses$999,000$650,000$667,000$718,087$629,370$671,116$754,109$987,341
Grants payable$0$0$0$0$0$0$0$0
Deferred revenue$3,896,000$3,649,000$3,652,000$3,685,307$3,686,620$3,724,200$3,868,487$3,939,467
Loans from officers, directors, trustees, and key employees$0$0$0$0$0$0$0$0
Tax-exempt bond liabilities$231,084,000$214,334,000$196,825,000$177,866,400$157,334,853$135,099,436$111,018,272$84,943,324
Mortgages and other notes payable$0$0$0$0$0$0$0$0
Other liabilities$466,000$119,000$450,000$128,616$99,711$142,811$39,040$37,728
Total liabilities and net assets/fund balances$259,975,000$254,592,000$253,936,000$250,928,530$248,721,786$246,738,627$248,129,342$238,900,845
Total net assets or fund balances$23,530,000$35,840,000$52,342,000$68,530,120$86,971,232$107,101,064$132,449,434$148,992,985
Reconciliation of Revenue per Audited Financial Statements With Revenue per Return
20002001200220032004200520062007
Total revenue$46,771,301$46,767,181$47,529,028$47,780,125$49,302,285$51,857,266$50,514,920$49,511,452
Total revenue, gains, and other support per audited financial statements$46,771,000$46,767,000$47,529,000$47,780,000$51,401,000$50,130,000$53,240,000$43,546,000
Other expenses$0$0$0$0$2,099,156$-1,726,944$2,726,388$-5,965,590
Net unrealized gains on investments$0$0$0$0$2,099,156$-1,726,944$2,726,388$-5,965,590
Donated services and use of facilities$0$0$0$0$0$0$0$0
Recoveries of prior year grants$0$0$0$0$0$0$0$0
Other$0$0$0$0$0$0$0$0
Other revenue$301$181$28$125$441$322$1,308$-138
Investment expenses$0$0$0$0$0$0$0$0
Other$301$181$28$125$441$322$1,308$-138
Reconciliation of Expenses per Audited Financial Statements With Expenses per Return
20002001200220032004200520062007
Total expenses$34,055,968$34,733,539$33,900,708$33,327,399$32,960,328$30,000,490$27,892,938$27,002,310
Total expenses and losses per audited financial statements$34,056,000$34,734,000$33,901,000$33,327,000$32,960,000$30,000,000$27,892,000$27,002,000
Other revenue$32$461$292$0$0$0$0$0
Donated services and use of facilities$0$0$0$0$0$0$0$0
Prior year adjustments$0$0$0$0$0$0$0$0
Losses$0$0$0$0$0$0$0$0
Other$32$461$292$0$0$0$0$0
Other expenses$0$0$0$399$328$490$938$310
Investment expenses$0$0$0$0$0$0$0$0
Other$0$0$0$399$328$490$938$310
Current Officers, Directors, Trustees, and Key Employees
Total number of officers, directors, and trustees permitted to vote on organization business at board meetings3
Are any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, related to each other through family or business relationships?No
Do any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, receive compensation from any other organizations, whether tax exempt or taxable, that are related to the organization?No
Does the organization have a written conflict of interest policy?Yes
Other Information
Did the organization have unrelated business gross income of $1,000 or more during the year covered by this return, and has it filed a tax return on Form 990-T for this year?No
Was there a liquidation, dissolution, termination, or substantial contraction during the year?No
Is the organization related (other than by association with a statewide or nationwide organization) through common membership, governing bodies, trustees, officers, etc., to any other exempt or nonexempt organization?No
Direct and indirect political expenditures$0
Did the organization file Form 1120-POL for this year?No
Were substantially all dues nondeductible by members?
Did the organization make only in-house lobbying expenditures of $2,000 or less?
Dues, assessments, and similar amounts from members$0
Section 162(e) lobbying and political expenditures$0
Aggregate nondeductible amount of section 6033(e)(1)(A) dues notices$0
Taxable amount of lobbying and political expenditures$0
Does the organization elect to pay the section 6033(e) tax on the amount above?
If section 6033(e)(1)(A) dues notices were sent, does the organization agree to add the amount above to its reasonable estimate of dues allocable to nondeductible lobbying and political expenditures for the following tax year?
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities$0
At any time during the year, did the organization, directly or indirectly, own a controlled entity within the meaning of section 512(b)(13)?No
Amount of tax imposed on the organization during the year under: section 4911$0
Amount of tax imposed on the organization during the year under: section 4912$0
Amount of tax imposed on the organization during the year under: section 4955$0
Did the organization engage in any section 4958 excess benefit transaction during the year or did it become aware of an excess benefit transaction from a prior year?No
Amount of tax imposed on the organization managers or disqualified persons during the year under sections 4912, 4955, and 4958$0
Amount of tax above, reimbursed by the organization$0
At any time during the tax year, was the organization a party to a prohibited tax shelter transaction?No
Did the organization acquire a direct or indirect interest in any applicable insurance contract?No
Did the supporting organization, or a fund maintained by a sponsoring organization, have excess business holdings at any time during the year?No
Number of employees employed in the pay period that includes March 12, 20060
Analysis of Income-Producing Activities (for 2007)
Unrelated business incomeExcluded by section 512, 513, or 514Related or exempt function income
Business codeAmountExclusion codeAmount
Total$-9,687$4,699,833$44,821,306
Program service revenue
Program service revenue 1000000$000$0$43,126,480
Program service revenue 2000000$000$0$1,694,826
Program service revenue 3000000$000$0$0
Program service revenue 4000000$000$0$0
Program service revenue 5000000$000$0$0
Medicare/Medicaid payments000000$000$0$0
Fees and contracts from government agencies000000$000$0$0
Membership dues and assessments000000$000$0$0
Interest on savings and temporary cash investments000000$0Dividends, interest, payments with respect to securities loans, annuities, income from notional principal contracts, loan commitment fees, and other substantially similar income from ordinary and routine investments excluded by section 512(b)(1)$133,665$0
Dividends and interest from securities000000$0Dividends, interest, payments with respect to securities loans, annuities, income from notional principal contracts, loan commitment fees, and other substantially similar income from ordinary and routine investments excluded by section 512(b)(1)$3,290,151$0
Net rental income or (loss) from real estate
debt-financed property000000$000$0$0
not debt-financed property000000$000$0$0
Net rental income or (loss) from personal property000000$000$0$0
Other investment income000000$000$0$0
Gain or (loss) from sales of assets other than inventoryOther financial vehicles$-9,687Gain (or loss, to the extent allowed) from the sale of investments and other non-inventory property and from certain property acquired from financial institutions that are in conservatorship or receivership (sections 512(b)(5) and 512(b)(16)(A))$1,276,017$0
Net income or (loss) from special events000000$000$0$0
Gross profit or (loss) from sales of inventory000000$000$0$0
Other revenue000000$000$0$0
Information Regarding Taxable Subsidiaries and Disregarded Entities (for 2007)
EIN of corporation, partnership, or disregarded entityPercentage of ownership interestTotal incomeEnd-of-year assets
0000000000%$0$0
0000000000%$0$0
0000000000%$0$0
0000000000%$0$0
Compensation of the Five Highest Paid Employees Other Than Officers, Directors, and Trustees (for 2007)
CompensationContributions to employee benefit plans & deferred compensationExpense account and other allowances
$0$0$0
$0$0$0
$0$0$0
$0$0$0
$0$0$0
Total number of other employees paid over $50,0000
Statements About Activities (for 2007)
Expenses paid or incurred in connection with the lobbying activities$0
Did the organization receive or hold an easement for conservation purposes, including easements to preserve open space, the environment, historic land areas or historic structures?No
Did the organization provide credit counseling, debt management, credit repair, or debt negotiation services?No
Did the organization maintain any donor advised funds?No
Did the organization make any taxable distributions under section 4966?No
Did the organization make a distribution to a donor, donor advisor, or related person?No
Enter the total number of donor advised funds owned at the end of the tax year$0
Enter the aggregate value of assets held in all donor advised funds owned at the end of the tax year$0
Enter the total number of separate funds or accounts owned at the end of the tax year (excluding donor advised funds included above) where donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts$0
Enter the aggregate value of assets held in all funds or accounts included above at the end of the tax year$0
Reason for Non-Private Foundation Status
The organization is not a private foundation because it isNot controlled by disqualified persons/supports non private foundation
Type of supporting organizationType III
Information about the supported organizations
Employer identification number (EIN)Name of organizationType of organizationIs the supported organization listed in the supporting organization's governing documents?Amount of support
041564655Partners Healthcare System Inc, Massachusetts General HospitalOrganization that receives a substantial part of its support from a governmental unit or from the general publicNo$0
Total$0
Support Schedule
19992000200120022003200420052006
Total$0$0$0$0$0$0$0$0
Gifts, grants, and contributions received$0$0$0$0$0$0$0$0
Membership fees received$0$0$0$0$0$0$0$0
Gross receipts from admissions, merchandise sold or services performed, or furnishing of facilities in any activity that is related to the organization's charitable, etc., purpose$0$0$0$0$0$0$0$0
Gross income from interest, dividends, amounts received from payments on securities loans (section 512(a)(5)), rents, royalties, and unrelated business taxable income (less section 511 taxes) from businesses acquired by the organization after June 30, 1975$0$0$0$0$0$0$0$0
Net income from unrelated business activities not included above$0$0$0$0$0$0$0$0
Tax revenues levied for the organization's benefit and either paid to it or expended on its behalf$0$0$0$0$0$0$0$0
The value of services or facilities furnished to the organization by a governmental unit without charge. Do not include the value of services or facilities generally furnished to the public without charge$0$0$0$0$0$0$0$0
Other income$0$0$0$0$0$0$0$0
Lobbying Expenditures by Electing Public Charities (for 2007)
Total exempt purpose expenditures$0
Total lobbying expenditures$0
Total lobbying expenditures to influence public opinion (grassroots lobbying)$0
Total lobbying expenditures to influence a legislative body (direct lobbying)$0
Other exempt purpose expenditures$0
Lobbying nontaxable amount$0
Grassroots nontaxable amount$0
Unrelated Trade or Business Income (for 2008)
IncomeExpensesNet
Total$-9,687$0$-9,687
Gross receipts or sales less returns and allowances$0$0$0
Cost of goods sold$0$0$0
Gross profit$0$0$0
Capital gain net income$0$0$0
Net gain$0$0$0
Capital loss deduction for trusts$0$0$0
Income (loss) from partnerships and S corporations$-9,687$0$-9,687
Rent income$0$0$0
Unrelated debt-financed income$0$0$0
Interest, annuities, royalties, and rents from controlled organizations$0$0$0
Investment income of a section 501(c)(7), (9), or (17) organization$0$0$0
Exploited exempt activity income$0$0$0
Advertising income$0$0$0
Other income$0$0$0
Deductions Not Taken Elsewhere (for 2008)
Total deductions$223
Compensation of officers, directors, and trustees$0
Salaries and wages$0
Repairs and maintenance$0
Bad debts$0
Interest$0
Taxes and licenses$0
Charitable contributions$0
Depreciation$0
Depletion$0
Contributions to deferred compensation plans$0
Employee benefit programs$0
Excess exempt expenses$0
Excess readership costs$0
Other deductions$223
Unrelated business taxable income$-9,910
Unrelated business taxable income before net operating loss deduction$-9,910
Net operating loss deduction$0
Unrelated business taxable income before specific deduction$-9,910
Specific deduction$0
Organizations performing similar types of work
IdNameAddressStateEstablishedTotal Income
1Howard Hughes Medical Institute4000 Jones Bridge Rd, Chevy Chase, MD 20815-6720MD1957-03$37,573,566,140
2Scripps Research Institute10550 N Torrey Pines Rd, La Jolla, CA 92037-1000CA1991-01$464,291,457
3Institut Pasteur75724 Paris, Franceinternational1975-05$327,653,558
4Jackson Laboratory600 Main St, Bar Harbor, ME 04609-1523ME1950-05$257,021,742
5Whitehead Institute For Biomedical Research9 Cambridge Ctr, Cambridge, MA 02142-1401MA1988-12$190,023,498
6Sanford-Burnham Medical Research Institute10901 N Torrey Pines Rd, La Jolla, CA 92037-1005CA1982-08$174,816,413
7Foundation For The National Institute Of Health Inc9650 Rockville Pike, Bethesda, MD 20814-3999MD1997-04$107,510,023
8Stowers Institute For Medical Research1000 E 50th St, Kansas City, MO 64110-2262MO1995-03$101,497,508
9Oklahoma Medical Research Foundation825 Ne 13th St, Oklahoma City, OK 73104-5005OK1999-09$65,766,539
10Lovelace Respiratory Research Institute2425 Ridgecrest Dr Se, Albuquerque, NM 87108-5129NM1969-10$57,499,530
11Massachusetts Biomedical Research Corporation, Massachusetts General Hospital East149 13th St, Charlestown, MA 02129-2020MA1990-02$49,511,452
12Masonic Medical Research Laboratory2150 Bleecker St, Utica, NY 13501-1787NY1949-09$47,941,714
13Benaroya Research Institute At Virginia Mason1201 9th Ave, Seattle, WA 98101-2795WA1958-08$38,444,221
14Biomedical Research Foundation Of Northwest Louisiana1505 Kings Hwy, Shreveport, LA 71103-4228LA1986-11$15,253,296
15Brentwood Biomedical Research Institute IncPO BOX 25027, Los Angeles, CA 90025-0027CA1993-06$12,868,841
16Boston Biomedical Research Institute Inc64 Grove St, Watertown, MA 02472-2829MA1969-12$11,792,587
17Agouron InstituteSuite 410, Pasadena, CA 91106CA1980-04$8,902,467
18Alfred E Mann Institute For Biomedical Engineering At The UscUniversity Of Souther California, Los Angeles, CA 90089-0001CA1998-06$7,507,402
19Southern California Institute For Research And Education5901 E 7th St, Long Beach, CA 90822-5201CA2001-02$3,827,788
20Beckman Laser Institute Inc1002 Health Sciences Rd, Irvine, CA 92617-3010CA1983-03$3,608,046
21Department Of Veteran Affairs Cincinnati Foundation For3200 Vine St M 151, Cincinnati, OH 45220-2213OH1992-10$1,220,019
22Palo Alto Institute Of Molecular Medicine1230 Bordeaux Drive, Sunnyvale, CA 94089CA1996-12$1,169,911
23Mds Research Foundation IncPO BOX 180219, Tallahassee, FL 32318-0002FL1996-01$507,647
Number of organizations performing similar types of work
California8
Florida1
Louisiana1
Massachusetts3
Maryland2
Maine1
Missouri1
New Mexico1
New York1
Ohio1
Oklahoma1
Washington1
International1
Total23

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