Civic Intelligence

Fogarty Institute for Innovation

EIN 11-3800306 • 501(c)3 • Mountain View, CA

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Profile

The Fogarty Institute for Innovation is dedicated to finding new ways to treat illnesses and improve the well-being of patients through the practical application of innovative ideas and the education and mentoring of medical innovators.

2495 Hospital Drive 300Mountain View, CA 94040

www.fogartyinstitute.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

84th percentile

0.69x

Higher debt load relative to assets than 84% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2024

Liabilities / Revenue

92nd percentile

3.46x

Higher debt load relative to revenue than 92% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2024

Net Margin

2nd percentile

-172%

Higher net margin than 2% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2024

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

3rd percentile

-32%

Faster asset growth than 3% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Annualized from 2023 to 2024

Revenue Growth

29th percentile

-1.8%

Faster revenue growth than 29% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets84th percentile

Assets

Down

$14,483,174

Down $6,867,217 (-32%) from 2023

Liabilities

Down

$9,985,317

Down $1,035,432 (-9.4%) from 2023

Net Assets

Down

$4,497,857

Down $5,831,785 (-56%) from 2023

Operations
Liabilities / Revenue92nd percentileNet Margin2nd percentile

Revenue

Down

$2,887,855

Down $51,581 (-1.8%) from 2023

Expenses

Up

$7,841,457

Up $210,676 (+2.8%) from 2023

Net Income

Down

-$4,953,602

Down $262,257 (-5.6%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth3rd percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$30M$20M$10M$0Assets 2011: $5,691,965Liabilities 2011: $848,249Net Assets 2011: $4,843,7162011Assets 2012: $7,366,018Liabilities 2012: $879,825Net Assets 2012: $6,486,1932012Assets 2013: $7,383,465Liabilities 2013: $939,015Net Assets 2013: $6,444,4502013Assets 2014: $8,790,328Liabilities 2014: $1,003,984Net Assets 2014: $7,786,3442014Assets 2015: $8,350,031Liabilities 2015: $710,977Net Assets 2015: $7,639,0542015Assets 2016: $8,578,033Liabilities 2016: $524,922Net Assets 2016: $8,053,1112016Assets 2017: $10,477,212Liabilities 2017: $501,673Net Assets 2017: $9,975,5392017Assets 2018: $9,262,396Liabilities 2018: $236,131Net Assets 2018: $9,026,2652018Assets 2019: $5,929,392Liabilities 2019: $189,029Net Assets 2019: $5,740,3632019Assets 2020: $14,113,011Liabilities 2020: $2,389,678Net Assets 2020: $11,723,3332020Assets 2021: $12,713,454Liabilities 2021: $3,323,728Net Assets 2021: $9,389,7262021Assets 2022: $26,940,908Liabilities 2022: $12,196,466Net Assets 2022: $14,744,4422022Assets 2023: $21,350,391Liabilities 2023: $11,020,749Net Assets 2023: $10,329,6422023Assets 2024: $14,483,174Liabilities 2024: $9,985,317Net Assets 2024: $4,497,8572024

Highlighted filing

2024

Assets$14,483,174
Liabilities$9,985,317
Net Assets$4,497,857
Open 2024 Filing

Operations Trend

Revenue Growth29th percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$15M$10M$5.0M$0-$5.0MRevenue 2011: $2,630,386Expenses 2011: $1,454,651Net Income 2011: $1,175,7352011Expenses 2012: $2,005,2772012Revenue 2013: $3,840,000Expenses 2013: $2,730,547Net Income 2013: $1,109,4532013Revenue 2014: $5,451,698Expenses 2014: $3,797,335Net Income 2014: $1,654,3632014Revenue 2015: $3,061,420Expenses 2015: $3,375,733Net Income 2015: -$314,3132015Revenue 2016: $2,937,735Expenses 2016: $2,762,850Net Income 2016: $174,8852016Revenue 2017: $1,980,655Expenses 2017: $2,470,100Net Income 2017: -$489,4452017Revenue 2018: $1,986,981Expenses 2018: $2,582,375Net Income 2018: -$595,3942018Revenue 2019: $649,742Expenses 2019: $3,406,139Net Income 2019: -$2,756,3972019Revenue 2020: $10,818,703Expenses 2020: $4,573,097Net Income 2020: $6,245,6062020Revenue 2021: $3,362,432Expenses 2021: $6,010,426Net Income 2021: -$2,647,9942021Revenue 2022: $12,603,959Expenses 2022: $7,150,758Net Income 2022: $5,453,2012022Revenue 2023: $2,939,436Expenses 2023: $7,630,781Net Income 2023: -$4,691,3452023Revenue 2024: $2,887,855Expenses 2024: $7,841,457Net Income 2024: -$4,953,6022024

Highlighted filing

2024

Revenue$2,887,855
Expenses$7,841,457
Net Income-$4,953,602
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Facts available. Structured filing facts are available, but richer extracted sections are limited.

Open filing
Assets
$14,483,174
Liabilities
$9,985,317
Net assets
$4,497,857
Revenue
$2,887,855
Expenses
$7,841,457
Net income
-$4,953,602
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$14.5$9.99$4.50$2.89$7.84$4.95
2023Detailed filing. Detailed filing data is available for this year.$21.4$11.0$10.3$2.94$7.63$4.69
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$26.9$12.2$14.7$12.6$7.15$5.45
2021Detailed filing. Detailed filing data is available for this year.$12.7$3.32$9.39$3.36$6.01$2.65
2020Detailed filing. Detailed filing data is available for this year.$14.1$2.39$11.7$10.8$4.57$6.25
2019Detailed filing. Detailed filing data is available for this year.$5.93$0.19$5.74$0.65$3.41$2.76
2018Detailed filing. Detailed filing data is available for this year.$9.26$0.24$9.03$1.99$2.58$0.60
2017Detailed filing. Detailed filing data is available for this year.$10.5$0.50$9.98$1.98$2.47$0.49
2016Detailed filing. Detailed filing data is available for this year.$8.58$0.52$8.05$2.94$2.76$0.17
2015Detailed filing. Detailed filing data is available for this year.$8.35$0.71$7.64$3.06$3.38$0.31
2014Detailed filing. Detailed filing data is available for this year.$8.79$1.00$7.79$5.45$3.80$1.65
2013Detailed filing. Detailed filing data is available for this year.$7.38$0.94$6.44$3.84$2.73$1.11
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$7.37$0.88$6.49$2.01
2011Summary only. Only limited summary data is available for this year.$5.69$0.85$4.84$2.63$1.45$1.18
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Nov 12, 2025
Return Version
2024v5.2
Gross Receipts
$2,887,855
Mission and Program Overview

Mission

The fogarty institute for innovation is dedicated to finding new ways to treat illnesses and improve the well-being of patients through the practical application of innovative ideas and the education and mentoring of medical innovators.

Balance Sheet Detail
LineBeginningEndChange
Assets
Pledges and Grants Receivable$5,000,000$0▼ $5,000,000
Investments in Publicly Traded Securities$2,864,006$3,168,480▲ $304,474
Investments Other Securities$2,664,198$1,715,253▼ $948,945
Land, Buildings, and Equipment, Net$1,257,411$1,190,239▼ $67,172
Accounts Receivable$464,679$612,290▲ $147,611
Prepaid Expenses and Deferred Charges$236,886$175,655▼ $61,231
Savings and Temporary Cash Investments$213,051$124,090▼ $88,961
Total Assets$21,350,391$14,483,174▼ $6,867,217
Other Assets Total$8,650,160$7,497,167▼ $1,152,993
Liabilities
Other Liabilities$8,438,850$7,143,863▼ $1,294,987
Mortgage Notes Payable Secured by Investment Property$1,165,603$1,294,987▲ $129,384
Unsecured Notes Loans Payable$1,208,585$1,129,555▼ $79,030
Deferred Revenue$40,896$209,167▲ $168,271
Accounts Payable and Accrued Expenses$166,815$207,745▲ $40,930
Total Liabilities$11,020,749$9,985,317▼ $1,035,432
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$4,694,978$3,833,101▼ $861,877
Net Assets With Donor Restrictions$5,634,664$664,756▼ $4,969,908
Total Net Assets Fund Balance$10,329,642$4,497,857▼ $5,831,785
Total Liabilities and Net Assets / Fund Balance$21,350,391$14,483,174▼ $6,867,217

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,023,550$427,150$1,450,700
Equipment$69,167$252,962$322,129
Other Land Buildings$97,522$211,150$308,672
Other Assets Org$6,978,000--
Closely Held Equity Interests$1,715,253--
Compensation and Service Providers
Top Officer PayScore unavailable

Employees

NameTitleFull / Part TimeBaseOtherTotal
Marga Ortigas-wedekindChief Strategy OfficerFT$333,517$44,343$377,860
Michael ReganChief Operating OfficerFT$333,548$38,373$371,921
Gayle KuokkaCFOFT$315,004$50,523$365,527
Denise ZarinsChief Operating OfficerFT$308,668$49,224$357,892
Andrew CleelandCEOFT$289,799$45,019$334,818
John MorrissDirector of InventionFT$287,959$33,183$321,142
Allie GregorianChief Alliance OfficerFT$262,812$16,900$279,712

Board Members and Trustees

NameTitle
Thomas M Krummel MdChairman
Frederick St Goar MdVice Chairman
Allan R WillDirector
Angela MacfarlaneDirector
J Casey Mcglynn JdDirector
Lewis Wexler MdDirector
Mark LeaheyDirector
Stacy Enxing-sengDirector
Thomas Fogarty MdFounder/director

Highest Paid Contractors

ContractorServicesLocationCompensation
Zachary Edmonds MdInnovation249 VISTA DEL MONTE, Los Gatos, CA 95030$130,400
Kurt SmithInnovation3400 ELDORADO SPRINGS DR, Boulder, CO 80303$126,000
Revenue and Support

Revenue Composition

Contributions and Grants
$345,064
Program Service Revenue
$2,161,507
Investment Income
$381,284
Other Revenue
$0
All Other Contributions
$345,064
Change in Net Assets
$-4,953,602

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,887,855
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$-869,979
Total Revenue per Audited Statements
$2,017,876
Total Revenue per Form 990
$2,887,855
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$5,008,503
Other Expenses$2,780,054
Total Fundraising Expense$158,898
Grants and Similar Amounts Paid$52,900
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$3,216,428$737,224$134,561$4,088,213
Occupancy$1,243,013$71,830$3,428$1,318,271
Other Employee Benefits$531,820$130,377$11,262$673,459
Fees for Services Other$511,850$64,145$84$576,079
Payroll Taxes$194,251$45,314$7,266$246,831
Depreciation Depletion$119,885$24,555-$144,440
Travel$72,803--$72,803
Interest$55,439$4,688$817$60,944
Grants to Domestic Orgs$52,900--$52,900
Other Expenses$38,273$1,531$25$39,829
Office Expenses$30,106$395$59$30,560
All Other Expenses$22,773$6,210$54$29,037
Insurance-$26,350-$26,350
Fees for Services Legal$23,708$292-$24,000
Fees for Services Accounting-$4,125-$4,125
Total Functional Expenses$6,324,445$1,358,114$158,898$7,841,457

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$7,849,661
Expenses per Audited Statements$7,841,457
Total Expenses per Form 990$7,841,457
Expenses Not Reported on Form 990$8,204
Expenses Not Reported on Financial Statements$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
El Camino HospitalMountain View, CA-Team Great Brazil 2024 Sponsor$14,400
Stanford UniversityRedwood City, CA-Gift to the Tracy Lefteroff Memorial Lecture Fund$10,000
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Operating Lease Liability$7,143,863
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 11B

“A draft of the 990 is reviewed by the cfo prior to filing.”

Form 990, Part VI, Section B, Line 12C

“The board reviews the conflict of interest policy on an annual basis and inquires of the board members as to the existence of relationships or transactions that could give rise to conflict.”

Form 990, Part VI, Section B, Line 15

“Officer's and key employee's compensation is reviewed and approved by the board of directors. The review process involves approval by independent persons, review of comparable data, and substantiation of deliberations.”

Form 990, Part VI, Section C, Line 18

“Copies of form 990 are available to the public upon request.”

Form 990, Part VI, Section C, Line 19

“The governing documents, conflict of interest policy, and financial statements are made available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Fogarty Institute for Innovation
EIN
11-3800306
Phone
6509624560
Address
2495 HOSPITAL DRIVE 300, MOUNTAIN VIEW, CA 94040

Signing Officer

Name
Gayle Kuokka
Title
CFO
Phone
6509624560
Signed
2025-11-12
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Andrew Cleeland
Formed
2006
Legal Domicile
CA
Voting Board Members
10
Independent Board Members
9
Employees
41
Volunteers
125

Preparer

Firm
Cnacpa Pc
Address
15105 CONCORD CIR 130, MORGAN HILL, CA 95037
Preparer
Sheldon Chavan
Phone
4087762401
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

“Change in residual trust 23,411. Subsidiary net loss -332.”

Financial Statement Notes

PART X, LINE 2:

“The institute believes that it has appropriate support for any tax positions taken to date and, therefore, has no related income tax due for all years where the statute of limitations remains open. As a result, no provision for federal or state income taxes has been made in the accompanying consolidated financial statements.”

PART XI, LINE 2D - OTHER ADJUSTMENTS:

“Change in value - charitable remainder trust 23,411. Subsidiary income 468.”

PART XII, LINE 2D - OTHER ADJUSTMENTS:

“SUBSIDIARY EXPENSES 800.”

Raw XML AppendixShowing 400 of 744 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/ActivityOrMissionDesc0THE FOGARTY INSTITUTE FOR INNOVATION IS DEDICATED TO FINDING NEW WAYS TO TREAT ILLNESSES AND IMPROVE THE WELL-BEING OF PATIENTS THROUGH THE PRACTICAL APPLICATION OF INNOVATIVE IDEAS AND THE EDUCATION AND MENTORING OF MEDICAL INNOVATORS.
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IRS990/Desc0INNOVATION PROGRAM - FOR DECADES, THE UNITED STATES HAS BENEFITED FROM BEING HOME TO THE PRE-EMINENT MEDICAL INNOVATION ECOSYSTEM IN THE WORLD. THIS HAS ENSURED SUCCESS TO CUTTING-EDGE TREATMENT OPTIONS FOR THE NATION'S CITIZENS, HAS FUELED THE ECONOMY BY BEING A MAJOR DRIVER OF SMALL BUSINESS AND JOB CREATION, AND HAS REPRESENTED A SIGNIFICANT AND CRITICAL COMPONENT OF THE NATION'S OVERALL GLOBAL TECHNOLOGICAL LEADERSHIP. THE ULTIMATE GOAL OF THE 501(C)(3) NON-PROFIT FOGARTY INSTITUTE FOR INNOVATION IS TO SUPPORT MEDICAL INNOVATION TO BENEFIT PATIENTS. AS A NECESSARY CONSEQUENCE OF THIS EFFORT, THE INSTITUTE ADDRESSES THE FACTORS THREATENING THE NATION'S MEDICAL INNOVATION ECOSYSTEM HEAD-ON.THE UNIQUE APPROACH OF THE INSTITUTE IS TO IDENTIFY INNOVATIONS THAT HAVE ESPECIALLY HIGH POTENTIAL FOR PATIENT BENEFIT. THROUGH ITS FLAGSHIP INNOVATION SUPPORT PROGRAM, THE FOGARTY INSTITUTE RECEIVES APPLICATIONS FOR SUPPORT FROM A BROAD CANDIDATE POOL THAT INCLUDES PHYSICIANS, STUDENTS, ENGINEERS, AND ENTREPRENEURS. INNOVATIONS HAVING THE GREATEST POTENTIAL FOR PATIENT BENEFIT ARE SELECTED, AND THE INSTITUTE SUPPORTS THE INNOVATOR'S EFFORTS TO DELIVER THEIR INNOVATIONS TO PATIENTS. THE TYPES OF SUPPORT PROVIDED TO SELECTED INNOVATORS BY THE INSTITUTE INCLUDE (A) DIRECT MENTORING BY OTHER MEMBERS OF THE MENTOR STAFF IN THE PROCESS OF MEDICAL INNOVATION AND DEVELOPMENT, (B) SIGNIFICANT, ACCESS TO EL CAMINO HOSPITAL PHYSICIANS AND FACILITIES THAT PROVIDES INNOVATORS WITH INVALUABLE INFORMATION THAT GUIDES MEDICAL TECHNOLOGY DEVELOPMENT, (C) LABORATORY/ENGINEERING SPACE, (D) FINANCIAL AID, AND (E) ACCESS TO THE INSTITUTE'S NETWORK OF FUNCTIONAL EXPERTS.THE INSTITUTE'S LAB SPACE IS CURRENTLY DEVOTED TO THE DEVELOPMENT OF MEDICAL TECHNOLOGIES THAT ADDRESS A RANGE OF CONDITIONS, AND THESE INCLUDE NOT LIMITED TO MATERNAL AND INFANT HEALTH, CARDIOVASCULAR DISEASE, AND A VARIETY OF DIAGNOSTIC TOOLS.
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IRS990/Form990PartVIISectionAGrp/PersonNm0THOMAS FOGARTY MD
IRS990/Form990PartVIISectionAGrp/PersonNm1THOMAS M KRUMMEL MD
IRS990/Form990PartVIISectionAGrp/PersonNm2FREDERICK ST GOAR MD
IRS990/Form990PartVIISectionAGrp/PersonNm3J CASEY MCGLYNN JD
IRS990/Form990PartVIISectionAGrp/PersonNm4LEWIS WEXLER MD
IRS990/Form990PartVIISectionAGrp/PersonNm5ALLAN R WILL
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IRS990/Form990PartVIISectionAGrp/PersonNm8ANGELA MACFARLANE
IRS990/Form990PartVIISectionAGrp/PersonNm9MARK LEAHEY
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IRS990/Form990PartVIISectionAGrp/PersonNm11MARGA ORTIGAS-WEDEKIND
IRS990/Form990PartVIISectionAGrp/PersonNm12DENISE ZARINS
IRS990/Form990PartVIISectionAGrp/PersonNm13MICHAEL REGAN
IRS990/Form990PartVIISectionAGrp/PersonNm14ALLIE GREGORIAN
IRS990/Form990PartVIISectionAGrp/PersonNm15JOHN MORRISS
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IRS990/Form990PartVIISectionAGrp/TitleTxt14CHIEF ALLIANCE OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt15DIRECTOR OF INVENTION
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IRS990/MissionDesc0THE FOGARTY INSTITUTE FOR INNOVATION IS DEDICATED TO FINDING NEW WAYS TO TREAT ILLNESSES AND IMPROVE THE WELL-BEING OF PATIENTS THROUGH THE PRACTICAL APPLICATION OF INNOVATIVE IDEAS AND THE EDUCATION AND MENTORING OF MEDICAL INNOVATORS.
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IRS990/ProgSrvcAccomActy2Grp/Desc0EDUCATION PROGRAM - THROUGH ITS EDUCATION PROGRAM, THE FOGARTY INSTITUTE MAKES ITS UNIQUE MENTORING CAPABILITY AVAILABLE TO A MUCH LARGER AUDIENCE THAN IS POSSIBLE WITH THE INNOVATION SUPPORT PROGRAM BY PROVIDING WORKSHOPS, SEMINARS AND INTERNSHIPS TO INTERESTED MEMBERS OF THE MEDICAL INNOVATION, CLINICIAN, AND ENTREPRENEUR COMMUNITIES. IN THIS WAY, WE HOPE TO NOT ONLY SUPPORT ACTIVE INNOVATORS, BUT ALSO INSPIRE THE NEXT GENERATION OF MEDICAL INNOVATORS SUCH AS COLLEGE AND HIGH SCHOOL STUDENTS WHO MAY BE CONSIDERING A CAREER IN MEDICAL INNOVATION.
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