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Have you attended any Redbirds' games this season?Musculoskeletal Institute receives charitable status from IRS
In what may be record time, a Memphis non-profit dedicated to nurturing the biotechnology industry has received its 501(c)(3) status from the IRS.
The InMotion Musculoskeletal Institute announced late Monday that it now enjoys full tax-exempt charitable status under the tax code. That means donations to InMotion are tax deductible.
InMotion was organized last year as a complement to the Memphis Bioworks Foundation, with the goal of attracting scientists and faculty to Memphis who have a focus on musculoskeletal innovations.
After a 33-year career in the orthopedics industry and academics, Dick Tarr was chosen as executive director. Among his efforts has been the creation of a quarterly visiting lecturer, which serves as a conduit for local scientists and business people to meet each other.
InMotion is also building 6,000 square feet of lab space and office space at 20 South Dudley, as an inducement for future scientists. That space, ready for occupancy in a few months, will include a biomechanics lab available to any researcher in the community. That building belongs to Bioworks.
InMotion is recruiting clinician scientists who will hold a joint appointment with the Campbell Clinic treating musculoskeletal patients and who will preserve time for laboratory research. InMotion is also recruiting a director of biomechanics who will share a similar joint appointment with the University of Memphis Department of Biomechanical Engineering.
Full non-profit status typically takes about 10 months to complete. InMotion's application was filed in February. The process was so fast thanks to InMotion's attorney, said spokesman Chris Przybyszewski. He credits Mary Ann Jackson at Baker Donelson.
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