Civic Intelligence

Advanced Regenerative Manufacturing

990 • Fiscal year 2023 • EIN 81-3327581

Jan 01, 2023 to Dec 31, 2023 • Filed on Nov 15, 2024

Refreshing map…

400 Commercial StManchester, NH 03101

(603) 666-3905

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

59th percentile

0.39x

Higher debt load relative to assets than 59% of similar nonprofits.

2023 filings • 501(c)6 • $25M-$50M nonprofits • Source year 2023

Liabilities / Revenue

43rd percentile

0.42x

Higher debt load relative to revenue than 43% of similar nonprofits.

2023 filings • 501(c)6 • $25M-$50M nonprofits • Source year 2023

Net Margin

38th percentile

1.9%

Higher net margin than 38% of similar nonprofits.

2023 filings • 501(c)6 • $25M-$50M nonprofits • Source year 2023

Top Officer Pay

20th percentile

$285,458

Higher top officer pay than 20% of similar nonprofits.

Top officer pay equals 1.1% of source-year revenue.

2023 filings • 501(c)6 • $25M-$50M nonprofits • Source year 2023

Asset Growth

27th percentile

1.4%

Faster asset growth than 27% of similar nonprofits.

2023 filings • 501(c)6 • $25M-$50M nonprofits • Annualized from 2022 to 2023

Revenue Growth

12th percentile

-11%

Faster revenue growth than 12% of similar nonprofits.

2023 filings • 501(c)6 • $25M-$50M nonprofits • Annualized from 2022 to 2023

Assets

Flat

$29,045,430

Flat from 2023

Net Assets

Flat

$17,674,252

Flat from 2023

Liabilities

Flat

$11,371,178

Flat from 2023

Revenue

Flat

$26,819,069

Flat from 2023

Expenses

Flat

$26,309,774

Flat from 2023

Net Income

Flat

$509,295

Flat from 2023

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$40M$30M$20M$10M$0Assets 2017: $1,340,964Liabilities 2017: $1,067,165Net Assets 2017: $273,7992017Assets 2018: $3,623,804Liabilities 2018: $842,081Net Assets 2018: $2,781,7232018Assets 2019: $9,593,362Liabilities 2019: $4,409,713Net Assets 2019: $5,183,6492019Assets 2020: $17,423,174Liabilities 2020: $7,828,334Net Assets 2020: $9,594,8402020Assets 2021: $22,637,554Liabilities 2021: $8,034,241Net Assets 2021: $14,603,3132021Assets 2022: $28,649,661Liabilities 2022: $11,484,704Net Assets 2022: $17,164,9572022Assets 2023: $29,045,430Liabilities 2023: $11,371,178Net Assets 2023: $17,674,2522023Assets 2023: $29,045,430Liabilities 2023: $11,371,178Net Assets 2023: $17,674,2522023Assets 2024: $37,903,038Liabilities 2024: $17,623,664Net Assets 2024: $20,279,3742024

Highlighted filing

2023

Assets$29,045,430
Liabilities$11,371,178
Net Assets$17,674,252

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$60M$40M$20M$0Revenue 2017: $2,456,227Expenses 2017: $2,182,428Net Income 2017: $273,7992017Revenue 2018: $5,212,381Expenses 2018: $2,704,457Net Income 2018: $2,507,9242018Revenue 2019: $10,942,647Expenses 2019: $8,540,721Net Income 2019: $2,401,9262019Revenue 2020: $23,960,299Expenses 2020: $19,549,108Net Income 2020: $4,411,1912020Revenue 2021: $26,561,020Expenses 2021: $21,552,547Net Income 2021: $5,008,4732021Revenue 2022: $30,061,391Expenses 2022: $27,499,747Net Income 2022: $2,561,6442022Revenue 2023: $26,819,069Expenses 2023: $26,309,774Net Income 2023: $509,2952023Revenue 2023: $26,819,069Expenses 2023: $26,309,774Net Income 2023: $509,2952023Revenue 2024: $41,521,294Expenses 2024: $38,916,172Net Income 2024: $2,605,1222024

Highlighted filing

2023

Revenue$26,819,069
Expenses$26,309,774
Net Income$509,295
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Nov 15, 2024
Return Version
2023v5.1
Gross Receipts
$26,819,069
Mission and Program Overview

Mission

ARMI's mission is to support advanced tissue biofabrication.

ARMI's mission is to support, develop, advance and promote the United States bioeconomy.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$10,652,869$10,926,085▲ $273,216
Savings and Temporary Cash Investments$9,697,118$8,126,955▼ $1,570,163
Accounts Receivable$4,452,276$6,802,994▲ $2,350,718
Loans From Officers Directors-$1,457,447-
Prepaid Expenses and Deferred Charges$398,735$597,427▲ $198,692
Cash and Non-Interest-Bearing Accounts$224,206$140,238▼ $83,968
Intangible Assets$119,415$76,975▼ $42,440
Total Assets$28,649,661$29,045,430▲ $395,769
Other Assets Total$3,105,042$2,374,756▼ $730,286
Liabilities
Accounts Payable and Accrued Expenses$6,919,240$5,334,402▼ $1,584,838
Other Liabilities$3,105,042$2,374,756▼ $730,286
Deferred Revenue$1,460,422$2,204,573▲ $744,151
Total Liabilities$11,484,704$11,371,178▼ $113,526
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$17,164,957$17,674,252▲ $509,295
Total Net Assets Fund Balance$17,164,957$17,674,252▲ $509,295
Total Liabilities and Net Assets / Fund Balance$28,649,661$29,045,430▲ $395,769

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$4,888,893$5,080,413$9,969,306
Leasehold Improvements$6,037,192$577,130$6,614,322
Other Assets Org$2,374,756--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Jennifer MacDonaldChief Operating OfficerFT$232,584$52,874$285,458
Edward GordonBioFab Chief Operating OfficerFT$191,771$43,112$234,883
Richard McFarlandChief Regulatory OfficerFT$194,203$28,756$222,959
Julie LenzerChief Innovation OfficerFT$196,065$24,973$221,038
Michael OrricoBioFab Startup Lab ManagerFT$166,835$18,170$185,005
Karla TalanianPast Chief Workforce Development OfficerFT$170,291$4,034$174,325
Karla TalanianPast Chief Workforce Development Off-$170,291$4,034$174,325

Board Members and Trustees

NameTitle
Blake MoretBoard Member
Jim WeinsteinBoard Member
John AbeleBoard Member
Martine RothblattBoard Member
Maureen TooheyDeputy Executive Director
Dean KamenExecutive Director
James ScottChief Administrative Officer
Brendan DuffyTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
US Pharmacopeial ConventionContractor - HHS ProgramsPO Box 21845, New York, NY 10087-1845$400,016
Nexight Group LLCContractor - HHS Programs1100 Wayne Avenue Suite 1100, Silver Spring, MD 20910$194,962
PluristyxContractor - DoD Programs201 Elliott Ave West Ste 290, Seattle, WA 98119$192,008
CeldaraContractor77 South Street, Portsmouth, NH 03801$146,242
-Contractor - EDA Program16 Cavendish Court, Lebanon, NH 03766$101,130
Revenue and Support

Revenue Composition

Contributions and Grants
$24,486,867
Program Service Revenue
$2,229,394
Investment Income
$102,808
Other Revenue
$0
All Other Contributions
$505,030
Change in Net Assets
$509,295
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$11,333,391
Other Expenses$7,950,167
Salaries, Compensation, and Employee Benefits$7,026,216
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs---$10,702,911
Other Salaries and Wages---$5,676,792
Depreciation Depletion---$2,141,641
Other Expenses---$1,673,290
Fees for Services Other---$1,288,760
Occupancy---$1,037,269
Conferences and Meetings---$666,717
Foreign Grants---$630,480
Other Employee Benefits---$489,210
Payroll Taxes---$443,025
Information Technology---$433,756
Office Expenses---$366,339
Current Officers, Directors, Trustees, and Key Employees---$285,458
Travel---$176,395
Pension Plan Contributions---$131,731
Fees for Services Legal---$55,638
Fees for Services Accounting---$45,000
Insurance---$35,646
Advertising---$29,716
Total Functional Expenses$0$0$0$26,309,774
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
BETA Technologies IncSouth Burlington, VT501(c)(3)See Part IV$4,795,913
MxD USAChicago, IL501(c)(3)See Part IV$1,225,324
DEKA Integrated Solutions CorpManchester, NH501(c)(3)See Part IV$450,000
Dartmouth CollegeHanover, NH501(c)(3)See Part IV$415,319
University of FloridaAlachua, FL-See Part IV$398,058
Sciperio IncOrlando, FL-See Part IV$300,000
University of California DavisLos Angeles, CA-See Part IV$291,715
University of Notre DameNotre Dame, IN-See Part IV$255,227
The General Hospital Corporation dba Massachusetts General HospitalBoston, MA-See Part IV$215,169
Cornell UniversityIthaca, NY501(c)(3)See Part IV$185,296
EpiboneJersey City, NJ501(c)(3)See Part IV$183,024
Texas A&M Engineering ExperimentCollege Station, TX-See Part IV$169,828
TheradaptiveFrederick, MD-See Part IV$165,866
X-ThermaHercules, CA-See Part IV$160,878
Virginia Polytechnic InstituteBlacksburg, VA-See Part IV$155,142
Arizona State UniversityTempe, AZ501(c)(3)See Part IV$142,716
University of New HampshireDurham, NH-See Part IV$138,441
Washington UniversitySt Louis, MO-See Part IV$131,615
Georgia Tech Research CorpAtlanta, GA501(c)(3)See Part IV$121,720
Advanced Silicon GroupLincoln, MA501(c)(3)See Part IV$121,705
Axogen CorpAlachua, FL501(c)(3)See Part IV$103,852
Safi Biotherapeutics IncCambridge, MA501(c)(3)See Part IV$91,000
WpiWorcester, MA-See Part IV$86,992
Auburn UniversityAuburn University, AL501(c)(3)See Part IV$60,454
Trustees of Boston UniversityBoston, MA-See Part IV$57,435
ChromoLogic LLCMonrovia, CA501(c)(3)See Part IV$56,413
Axonova MedicalPhiladelphia, PA501(c)(3)See Part IV$46,162
Applied BiosensorsSalt Lake City, UT501(c)(3)See Part IV$40,406
Advanced Solutions IncLouisville, KY501(c)(3)See Part IV$33,022
DEKA Integrated Solutions CorpManchester, NH501(c)(3)See Part IV$29,949
Standards Coordinating BodyGaithersburg, MD-See Part IV$29,064
Organamet BioMontgomery, AL501(c)(3)See Part IV$26,919
University of New HampshireDurham, NH-See Part IV$16,530

International Summary

Offices
0
Employees
0
Spending
$630,480

International Compliance

Foreign grant records maintained
Yes
Activity in boycott countries
No
Foreign corporation ownership
No
Foreign partnership interest
No
Interest in foreign trust
No
Passive foreign investment company interest
No
Transfers to foreign corporations
No

International Activities

RegionActivityServicesOfficesEmployeesSpending
IsraelGrant NextFab US-Israel Bilateral HealthTech Hub Program (HHS-Directed)-00$630,480
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
In-house lobbying only
Yes
Subject to proxy tax
Yes
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
-See Part VSee Part VNo$656,032
-See Part VSee Part VNo$192,198
-See Part VSee Part VNo$119,407
-See Part VSee Part VNo$110,992

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees-$1,457,447-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Lease Obligations$2,374,756
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
Yes
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
No
Other officer compensation reviewed
No
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 A, line 2

James Scott and Brendan Duffy are employees of DEKA, a company owned by Dean Kamen. Maureen Toohey is a member of the Toohey Law Group. The Executive Director Dean Kamen, board member Martine Rothblattt, and board member John Abele are directors at Beta Technologies. The Executive Director Dean Kamen and Deputy Executive Director Maureen Toohey are directors at Sequel Med Tech.

Form 990, Part VI, Section A, line 6

ARMI is a membership based organization consisting of organizations with interests and/or experience with regenerative medicine and manufacturing in the United States.

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

Key members of management review and comment on the 990 and it is distributed to all board members prior to filing with the Internal Revenue Service.

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

The conflict of interest policy is included on ARMI's internal server, and is posted online on its member portal. Any new employees or officers are provided a copy of this when joining ARMI. Any conflicts are to be reported to the Executive Director or ARMI legal counsel.

Form 990, Part VI, Section C, line 19

Upon Request

Form 990, Part VII, Section A:

As part of its startup activities, per its proposal to the government, the Organization (ARMI) does not pay compensation to some of its officers. Instead, these officers are compensated by member organization DEKA, an unrelated third party, through a government cost share agreement between ARMI and DEKA. DEKA does not treat these compensation payments as a charitable contribution to ARMI; therefore, the compensation is not required to be shown on Part VII, Section A, Line 1a.

Filing and Contact Details

Filer

Filer Name
Advanced Regenerative Manufacturing
EIN
81-3327581
Phone
6036663905
Address
400 Commercial St, Manchester, NH 03101

Signing Officer

Name
Jennifer MacDonald
Title
Chief Operating Officer
Phone
6036663905
Signed
2024-11-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Maureen Toohey
Formed
2016
Legal Domicile
Nh
Voting Board Members
5
Independent Board Members
4
Employees
77
Volunteers
150

Preparer

Firm
Berry Dunn McNeil & Parker LLC
Address
2211 Congress St, Portland, ME 04102
Preparer
Barbara J McGuan CPA
Phone
2077752387
Supplemental Narrative

Financial Statement Notes

Part X, Line 2:

ARMI, Inc. is a not-for-profit corporation, as described under Section 501(c)(6) of the Internal Revenue Code, exempt from federal and state income taxes on income related to the fulfillment of ARMI, Inc.'s mission. Accordingly, no income tax expense for ARMI, Inc. has been reported in these financial statements.

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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/Desc0ARMI and its BioFabUSA Institute accomplishes its mission through key activities, such as the following:- Collaborates with community, local, State, and Federal stakeholders to advance the U.S bioeconomy and fuel inclusive economic growth, including by creating pathways and access to jobs in the biofabrication industry. - Provides wrap-around commercialization services for tissue engineering and enabling technology companies. These efforts de-risk and accelerate translation of impactful technologies to market. - Funds technical projects that address many of the common manufacturing challenges faced by companies in the field of tissue engineering. This will allow tissue engineering and enabling technology companies to focus their time and resources on product-specific challenges, moving the entire industry forward more quickly and efficiently. - Funds education and workforce development (EWD) projects that address the industry need for trained employees with a broad base of biomanufacturing skills and specific expertise. This pressing need can otherwise constrain the growth of tissue engineering and enabling technology companies. - In coordination with organizations in the field of regenerative manufacturing, develops roadmaps of technical and EWD needs for the field. These roadmaps guide the work of organizations in the field of regenerative manufacturing and guide the selection of projects. - Hosts, sponsors, and participates in conferences and workshops that convene organizations that support regenerative manufacturing. These events allow for shared learning related to technical, regulatory, workforce, and financial challenges and solutions. - Shares information about best practices and innovations in the field via various fora and online resources.NextFab accomplishes is mission through key activities, such as the following: - Develop commercial advisory and consulting programs designed to accelerate adoption of advanced technologies. - Provide shared facilities to accelerate advanced technologies. - Performs projects of interest to U.S. Department of Health and Human Services.
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IRS990/Form990PartVIISectionAGrp/PersonNm0Dean Kamen
IRS990/Form990PartVIISectionAGrp/PersonNm1Martine Rothblatt
IRS990/Form990PartVIISectionAGrp/PersonNm2John Abele
IRS990/Form990PartVIISectionAGrp/PersonNm3Jim Weinstein
IRS990/Form990PartVIISectionAGrp/PersonNm4Blake Moret
IRS990/Form990PartVIISectionAGrp/PersonNm5Maureen Toohey
IRS990/Form990PartVIISectionAGrp/PersonNm6James Scott
IRS990/Form990PartVIISectionAGrp/PersonNm7Brendan Duffy
IRS990/Form990PartVIISectionAGrp/PersonNm8Jennifer MacDonald
IRS990/Form990PartVIISectionAGrp/PersonNm9Julie Lenzer
IRS990/Form990PartVIISectionAGrp/PersonNm10Richard McFarland
IRS990/Form990PartVIISectionAGrp/PersonNm11Edward Gordon
IRS990/Form990PartVIISectionAGrp/PersonNm12Karla Talanian
IRS990/Form990PartVIISectionAGrp/PersonNm13Michael Orrico
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IRS990/Form990PartVIISectionAGrp/TitleTxt0Executive Director
IRS990/Form990PartVIISectionAGrp/TitleTxt1Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt2Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt3Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt4Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt5Deputy Executive Director
IRS990/Form990PartVIISectionAGrp/TitleTxt6Chief Administrative Officer
IRS990/Form990PartVIISectionAGrp/TitleTxt7Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt8Chief Operating Officer
IRS990/Form990PartVIISectionAGrp/TitleTxt9Chief Innovation Officer
IRS990/Form990PartVIISectionAGrp/TitleTxt10Chief Regulatory Officer
IRS990/Form990PartVIISectionAGrp/TitleTxt11BioFab Chief Operating Officer
IRS990/Form990PartVIISectionAGrp/TitleTxt12Past Chief Workforce Development Officer
IRS990/Form990PartVIISectionAGrp/TitleTxt13BioFab Startup Lab Manager
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0ARMI, Inc. is a not-for-profit corporation, as described under Section 501(c)(6) of the Internal Revenue Code, exempt from federal and state income taxes on income related to the fulfillment of ARMI, Inc.'s mission. Accordingly, no income tax expense for ARMI, Inc. has been reported in these financial statements.
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IRS990ScheduleF/SupplementalInformationDetail/ExplanationTxt0ARMI's monitoring level is dependent on a risk assessment, which is completed on all subawards. Based on this assessment, ARMI performed procedures that included, but were not limited to, the following: o development of a written Statement of Work o periodic conference calls to review progress related to the Statement of Work o review of all deliverables prior to approval of invoices
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IRS990ScheduleI/RecipientTable/CashGrantAmt18300000
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