Civic Intelligence

N-Lorem Foundation

990 • Fiscal year 2023 • EIN 84-3288113

Jan 01, 2023 to Dec 31, 2023 • Filed on Oct 31, 2024

Organization Profilewww.nlorem.org
2888 Loker Ave East 110Carlsbad, CA 92010

(760) 378-8001

Siviq Scores

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

Liabilities / Assets

45th percentile

0.14x

Higher debt load relative to assets than 45% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Liabilities / Revenue

53rd percentile

0.28x

Higher debt load relative to revenue than 53% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Net Margin

3rd percentile

-107%

Higher net margin than 3% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Top Officer Pay

89th percentile

$431,071

Higher top officer pay than 89% of similar nonprofits.

Top officer pay equals 6.3% of source-year revenue.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Asset Growth

2nd percentile

-35%

Faster asset growth than 2% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2022 to 2023

Revenue Growth

4th percentile

-61%

Faster revenue growth than 4% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets45th percentile

Assets

Down

$13,344,649

Down $7,096,282 (-35%) from 2022

Net Assets

Down

$11,428,414

Down $7,352,225 (-39%) from 2022

Liabilities

Up

$1,916,235

Up $255,943 (+15%) from 2022

Revenue And Expenses
Liabilities / Revenue53rd percentileNet Margin3rd percentile

Revenue

Down

$6,864,176

Down $10,779,946 (-61%) from 2022

Expenses

Up

$14,216,401

Up $5,262,938 (+59%) from 2022

Net Income

Down

-$7,352,225

Down $16,042,884 (-185%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth2nd percentile

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

$30M$20M$10M$0Assets 2019: $4,114,000Liabilities 2019: $56,203Net Assets 2019: $4,057,7972019Assets 2020: $8,940,657Liabilities 2020: $110,850Net Assets 2020: $8,829,8072020Assets 2021: $10,417,681Liabilities 2021: $327,701Net Assets 2021: $10,089,9802021Assets 2022: $20,440,931Liabilities 2022: $1,660,292Net Assets 2022: $18,780,6392022Assets 2023: $13,344,649Liabilities 2023: $1,916,235Net Assets 2023: $11,428,4142023Assets 2024: $12,276,482Liabilities 2024: $5,642,293Net Assets 2024: $6,634,1892024

Highlighted filing

2023

Assets$13,344,649
Liabilities$1,916,235
Net Assets$11,428,414
Open 2023 Filing

Operations Trend

Revenue Growth4th percentile

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

$20M$10M$0-$10MRevenue 2019: $4,122,962Expenses 2019: $65,165Net Income 2019: $4,057,7972019Revenue 2020: $5,284,720Expenses 2020: $395,655Net Income 2020: $4,889,0652020Revenue 2021: $2,993,351Expenses 2021: $1,622,366Net Income 2021: $1,370,9852021Revenue 2022: $17,644,122Expenses 2022: $8,953,463Net Income 2022: $8,690,6592022Revenue 2023: $6,864,176Expenses 2023: $14,216,401Net Income 2023: -$7,352,2252023Revenue 2024: $11,008,892Expenses 2024: $15,803,117Net Income 2024: -$4,794,2252024

Highlighted filing

2023

Revenue$6,864,176
Expenses$14,216,401
Net Income-$7,352,225
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Oct 31, 2024
Return Version
2023v5.1
Gross Receipts
$6,864,176
Mission and Program Overview

Mission

n-Lorems mission is to apply the efficiency, versatility and specificity of antisense technology to charitably provide experimental antisense oligonucleotides (ASO) medicines to treat patients with ultra-rare diseases (10 patients).

N-Lorem's mission is creating individual treatments for patients in the United States with nano-rare diseases caused by genetic mutations that affect approximately30 patients in the world.

Balance Sheet Detail
LineBeginningEndChange
Assets
Pledges and Grants Receivable$5,887,629$6,458,260▲ $570,631
Savings and Temporary Cash Investments$13,524,621$5,282,360▼ $8,242,261
Land, Buildings, and Equipment, Net$831,115$1,217,017▲ $385,902
Cash and Non-Interest-Bearing Accounts$97$157,489▲ $157,392
Prepaid Expenses and Deferred Charges$55,674$57,297▲ $1,623
Accounts Receivable-$0-
Other Notes and Loans Receivable, Net-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$20,440,931$13,344,649▼ $7,096,282
Other Assets Total$141,795$172,226▲ $30,431
Liabilities
Accounts Payable and Accrued Expenses$1,518,497$1,874,002▲ $355,505
Other Liabilities$141,795$42,233▼ $99,562
Total Liabilities$1,660,292$1,916,235▲ $255,943
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$6,807,422$6,635,791▼ $171,631
Net Assets With Donor Restrictions$11,973,217$4,792,623▼ $7,180,594
Total Net Assets Fund Balance$18,780,639$11,428,414▼ $7,352,225
Total Liabilities and Net Assets / Fund Balance$20,440,931$13,344,649▼ $7,096,282

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$1,212,579$317,555$1,530,134
Leasehold Improvements$4,438$35,507$39,945
Compensation and Service Providers
Top Officer Pay89th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Sarah GlassCOOFT$159,272$41,182$431,071
Laury MignonExecutive Director, Clinical DeveloFT$195,337$85,932$329,559
Julie DouvilleExecutive Director, ASO DiscoveryFT$187,924$57,879$309,998
Amy WillifordSr. Director of CommunicationsFT$225,440$287,777$255,831
Cedrik NgongangSenior Director, MFT$226,602$24,880$247,147
Kimberly ButlerSr. Director of OpeFT$237,435$29,521$215,381
Megan KnutsenDirector, FoundatiFT$154,129$21,629$209,827
Ram PuranamSenior ScientistFT$144,471$13,650$175,288
Thuy NguyenAssociate DirectorFT$162,364$7,297$171,707
Ria ThomasSenior ScientistFT$389,889$14,475$158,912
Joseph GleesonCMOFT$86,250-$86,250

Board Members and Trustees

NameTitle
Stanley T CrookeChair/CEO
Amy MccooeBoard Member
Frank BennettBoard Member
Frank SasinowskiBoard Member
Gene YeoBoard Member
Jason WoodBoard Member
Joseph LoscalzoBoard Member
Michael HaydenBoard Member
Neil ShneiderBoard Member
Paul ComptonBoard Member
Rosanne CrookeBoard Member
Lynne ParshallTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Julie Johnson - Zw Consulting LLCConsulting380 SW MT MAZAMA ST, Mcminnville, OR 97128$134,763
Revenue and Support

Revenue Composition

Contributions and Grants
$6,498,151
Program Service Revenue
$0
Investment Income
$365,525
Other Revenue
$500
All Other Contributions
$6,498,151
Change in Net Assets
$-7,352,225

Audited Revenue Reconciliation

Revenue per Audited Statements
$6,864,176
Total Revenue per Audited Statements
$6,864,176
Total Revenue per Form 990
$6,864,176
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$8,756,433
Salaries, Compensation, and Employee Benefits$5,459,968
Total Fundraising Expense$583,478
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees$2,198,765$200,333$191,873$2,590,971
Other Salaries and Wages$1,696,561$437,128$157,342$2,291,031
Fees for Services Other$353,492$13,923-$367,415
Information Technology$290,051$32,228-$322,279
Payroll Taxes$239,127$37,147$21,438$297,712
Other Employee Benefits$225,105$34,969$20,180$280,254
Depreciation Depletion$265,320--$265,320
Office Expenses$82,537$87,084$524$170,145
Occupancy$120,316$13,368-$133,684
Insurance-$76,952-$76,952
Travel$5,379$59,893$482$65,754
Fees for Services Accounting$8,200$24,600-$32,800
Fees for Services Legal$18,056$2,006-$20,062
Conferences and Meetings-$9,998-$9,998
Other Expenses$8,652$961$2,873$9,613
Total Functional Expenses$12,597,354$1,035,569$583,478$14,216,401

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$14,216,401
Total Expenses per Audited Statements$14,216,401
Total Expenses per Form 990$14,216,401
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
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Lease Liabilities (current)$42,233
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
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 2

“Stanley and Rosanne Crooke have a family relationship.”

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

“Form 990 is prepared by audit firm and provided to the board of directors prior to filing.”

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

“Any issues or conflicts are monitored and policy is reinforced throughout the year.”

Form 990, Part VI, Section B, Line 15A

“Compensation of the executive director is determined with the assistance of an hr specialist.”

Form 990, Part VI, Section C, Line 19

“No documents available to the public.”

Filing and Contact Details

Filer

Filer Name
n-Lorem Foundation
EIN
84-3288113
Phone
7603788001
Address
2888 Loker Ave East 110, Carlsbad, CA 92010

Signing Officer

Name
Stanley T Crooke
Title
Chair/CEO
Signed
2024-10-31
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Stanley T Crooke
Formed
2019
Legal Domicile
De
Voting Board Members
12
Independent Board Members
12
Employees
31

Preparer

Firm
YSR CPA Group PC
Address
2529 Foothill Blvd Suite 212, La Crescenta, CA 91214
Preparer
Emin Shahbazian CPA
Phone
8183309752
Supplemental Narrative

Financial Statement Notes

Part X : FIN48 Footnote

“The Foundation is exempt from income taxes under Section 501(c)(3) of the Internal Revenue Code and Section 23701(d) of the California Revenue and Taxation Code. The Foundation has been determined by the Internal Revenue Service not to be a private foundation within the meaning of Section 509(a) of the Internal Revenue Code. Income generated from activities unrelated to the Foundation's exempt purpose is subject to tax under IRC Section 511. The FOundation did not have any unrelated business income for the year ended December 31, 2023, and therefore, no provision for income taxes has been made.The Foundation follows the provision of uncertain tax positions as addressed in FASB Accounting Standards Codification. The Foundation recognizes accrued interest and penalties associated with uncertain tax positions as part of the income tax provision, when applicable. The Organization believes that it has taken no significant uncertain tax positions for the year ended December 31, 2023.”

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IRS990/Form990PartVIISectionAGrp/TitleTxt6Director, Foundati
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Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$13,344,649
Liabilities
$1,916,235
Net assets
$11,428,414
Revenue
$6,864,176
Expenses
$14,216,401
Net income
-$7,352,225
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$12.3$5.64$6.63$11.0$15.8$4.79
2023Detailed filing. Detailed filing data is available for this year.$13.3$1.92$11.4$6.86$14.2$7.35
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$20.4$1.66$18.8$17.6$8.95$8.69
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$10.4$0.33$10.1$2.99$1.62$1.37
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$8.94$0.11$8.83$5.28$0.40$4.89
2019Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.11$0.06$4.06$4.12$0.07$4.06