New Jersey Innovation Institute
New Jersey Innovation Institute reported $21.2 million in revenue and $36.6 million in expenses for the fiscal year ending June 30, 2025. Of every $100 it spent, $83.09 went to program services, $16.91 to management and general costs and $0.00 to fundraising. Its largest source of revenue was contributions and grants: 75.1% of the total. Government grants made up 74.7%. The highest compensation it reported for one person was $912,649 (PRESIDENT OF NJIT/DIRECTOR). 33 people received more than $100,000 in reportable compensation. Revenue fell 25% between FY2021 and FY2025. Source: Form 990, FY2025.
Where $100 of spending went
The fiscal year ending June 30, 2025 · Form 990, Part IX, line 25 · total expenses $37MFor context, the median across 192 covered science & technology charities: $84.33 programs, $15.67 management, $0.00 fundraising (medians computed separately, so they may not sum to $100).
Where $100 of revenue came from
The fiscal year ending June 30, 2025 · Form 990, Part VIII · total revenue $21MThe 990 scorecard · same measures for every charity, no grades
| Measure | FY2025 | Median |
|---|---|---|
| Program services Part IX 25(B) ÷ 25(A) | 83.1% | 83.2% |
| Management & general Part IX 25(C) ÷ 25(A) | 16.9% | 15.5% |
| Fundraising Part IX 25(D) ÷ 25(A) | 0.0% | 0.0% |
| Fundraising cost per $1 of contributions Part IX 25(D) ÷ Part VIII 1h | $0.00 | $0.00 |
| Contributions & grants share of revenue Part VIII 1h ÷ 12 | 75.1% | 51.6% |
| Government grants share of revenue Part VIII 1e ÷ 12 | 74.7% | 3.2% |
| Program service revenue share Part VIII 2g ÷ 12 | 11.8% | 19.2% |
| Highest reported compensation Part VII-A, columns D–F | $912,649 | $513,729 |
| Highest compensation as share of expenses Part VII-A ÷ Part IX 25(A) | 2.49% | 1.72% |
| People paid over $100,000 Part VII, line 2 | 33 | 27 |
| Net assets, in months of expenses Part X 33(B) ÷ monthly expenses | 14.8 | 14.7 |
| Independent voting board members Part VI 1a–1b | 9 of 12 | 94.3% |
A median is context, not a target: hospitals, universities, food banks and grantmakers spend in very different ways. What these measures can and can't tell you.
What the money paid for, in its own words
FY2025 · Form 990, Part III · the three largest programs by expenseSee schedule onjii helps to turn ideas into workable solutions across four divisions: healthcare, mission-drive ai, defense, and entrepreneurship.healthcare the njii healthcare division supports programs that aim to revolutionize healthcare through data-driven transformation. We are focused on improving patient experience and population health while reducing the cost of healthcare with innovation, technology, and metrics.njii is the state designated entity responsible for developing and managing the New Jersey health information network (njhin) on behalf of the New Jersey department of health…
Highest reported compensation
FY2025 · Form 990, Part VII, Section A · roles as filed; names are in the filing, not here| Role | From this org | From related orgs | Other | Total |
|---|---|---|---|---|
| PRESIDENT OF NJIT/DIRECTOR Director/trustee, 5.00 hrs/week | $0 | $844,373 | $68,276 | $912,649 |
| PROVOST OF NJIT/DIRECTOR Director/trustee, 1.00 hrs/week | $0 | $467,502 | $61,414 | $528,916 |
| VICE PROVOST OF NJIT/DIRECTOR Director/trustee, 1.00 hrs/week | $0 | $440,785 | $63,989 | $504,774 |
| PRESIDENT & CEO Officer, 35.00 hrs/week | $390,087 | $0 | $56,378 | $446,465 |
| CHIEF OPERATING OFFICER Officer, 35.00 hrs/week | $382,170 | $0 | $55,869 | $438,039 |
| CHIEF FINANCIAL OFFICER Officer, 35.00 hrs/week | $262,724 | $0 | $38,729 | $301,453 |
| VP HEALTHCARE DIVISION Highest compensated employee, 35.00 hrs/week | $207,163 | $0 | $44,494 | $251,657 |
| VP ENTREPRENEURSHIP Highest compensated employee, 35.00 hrs/week | $205,657 | $0 | $23,871 | $229,528 |
33 people received more than $100,000 in reportable compensation from New Jersey Innovation Institute (Part VII, line 2). Compensation of current officers, directors and key employees totaled $1.1M (Part IX, line 5).
5 years of filings
Form 990, Parts I, VII, IX and X · each row is that year's own filing, linkedGovernance answers, as filed
FY2025 · the organization's own yes/no answers; explanations, if any, are in Schedule O of the filing · what each means- Voting board members, and how many are independent Part VI, lines 1a–1b12 · 9 independent
- Audited financial statements Part XII 2bYes
- Conflict-of-interest policy Part VI 12aYes
- Whistleblower policy Part VI 13Yes
- Document retention policy Part VI 14Yes
- Independent process for top executive pay Part VI 15aNo
- Board given the 990 before filing Part VI 11aYes
- Family or business ties among insiders Part VI 2No
- Aware of a significant diversion of assets Part VI 5No
- Excess benefit transaction with an insider Part IV 25aNo
- Loans to or from insiders outstanding Part IV 26No
- Lobbying, or a 501(h) election in effect Part IV 4No
- Over $15,000 of professional fundraising services Part IV 18No
- Over $10,000 of activity outside the U.S. Part IV 14bNo
- Employees Part I, line 5122
- Volunteers Part I, line 612
Largest outside contractors
FY2025 · Form 990, Part VII, Section B · businesses only| VELATURA LLC Healthcare consulting | $3,032,176 |
| 4MEDICA INC Healthcare consulting | $2,618,047 |
| CASTLEMARK CONSULTING LLC Healthcare consulting | $1,412,345 |
| INTEROPERABILITY BIDCO INC DBA RHAPSOD Healthcare consulting | $417,140 |
| GLOBAL TEK WORKS Healthcare consulting | $356,800 |
Individuals listed as contractors are left out. 7 contractors were paid more than $100,000 in all.
Correct a figure or respond
Every number above is copied from New Jersey Innovation Institute's own Form 990. If one doesn't match the filing, that's our error and we'll fix it. If you work for New Jersey Innovation Institute, you can publish a response that is linked from this page.
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Of every $100 New Jersey Innovation Institute spent in FY2025, $83.09 went to programs. The full breakdown, from its IRS Form 990:
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All science & technology charities · Largest charities in New Jersey
Questions people ask
How much of New Jersey Innovation Institute's spending goes to programs?
In the fiscal year ending June 30, 2025, New Jersey Innovation Institute reported that 83.1% of its $36.6 million in expenses went to program services, 16.9% to management and general and 0.0% to fundraising (Form 990, Part IX).
How much does New Jersey Innovation Institute pay its top executive?
The largest total compensation New Jersey Innovation Institute reported for one person in the fiscal year ending June 30, 2025 was $912,649, for the role of PRESIDENT OF NJIT/DIRECTOR (Form 990, Part VII, including compensation from related organizations and other compensation).
Where does New Jersey Innovation Institute get its money?
Of $21.2 million in revenue in the fiscal year ending June 30, 2025, 75.1% came from contributions and grants (including 74.7% from government grants) and 11.8% from program service revenue (Form 990, Part VIII).
Is New Jersey Innovation Institute a registered charity?
The IRS lists EIN 47-1042118 as a 501(c)(3) organization (publicly supported organization (170(b)(1)(a)(vi))), and its records show contributions as tax-deductible. Form 990 filings on record here cover tax years 2020, 2021, 2022, 2023, 2024. A filing shows what the organization reported; it doesn't by itself show whether a program works.
Sources
- FY2025: Form 990 for the fiscal year ending June 30, 2025, object 202631199349300538 · read the filing
- FY2024: Form 990 for the fiscal year ending June 30, 2024, object 202500609349301000 · read the filing
- FY2023: Form 990 for the fiscal year ending June 30, 2023, object 202401359349306595 · read the filing
- FY2022: Form 990 for the fiscal year ending June 30, 2022, object 202331329349309618 · read the filing
- FY2021: Form 990 for the fiscal year ending June 30, 2021, object 202221299349300042 · read the filing
All filings for EIN 47-1042118: ProPublica Nonprofit Explorer · IRS Tax Exempt Organization Search. Figures are as the organization reported them; we have not audited them.