2019-11-14T08:42:37-06:00 2019-06-30 650406502 DASZKAL BOLTON LLP 2401 NW BOCA RATON BLVD BOCA RATON FL 334316639 990 2018-07-01 900348486 INSTITUTE FOR COMMERCIALIZATION OF FLORIDA TECHNOLOGY INC INST 5613688889 3651 FAU BLVD NO 400 BOCA RATON FL 33431 JANE TEAGUE EXECUTIVE DIRECTOR 5613688889 2019-11-12 1 KEVIN E REYNOLDS P00178156 5613671040 64.135.94.35 2019-11-12 14:25:13 ES P 22D0B9433E99D4EECEEA8B7651E206753A94052A E260A586201E888490F339482C03E50D5056713D 2018 2020-03-31 21:24:44Z JANE TEAGUE 3651 FAU BLVD SUITE 400 BOCA RATON FL 33431 672170 0 X WWW.FLORIDA-INSTITUTE.COM X 2007 FL PROMOTING ECONOMIC DEVELOPMENT THROUGH THE COMMERCIALIZATION OF NEW DISCOVERIES. 3 3 8 30 0 0 20237 14500 1895367 657670 0 0 0 0 1915604 672170 0 0 0 0 963712 537258 0 0 0 1142051 1332188 2105763 1869446 -190159 -1197276 23130336 21804026 331074 202040 22799262 21601986 X THE INSTITUTE'S MISSION IS ECONOMIC DEVELOPMENT THROUGH THE COMMERCIALIZATION AND FUNDING OF NEW DISCOVERIES GENERATED FROM FLORIDA INNOVATION BUSINESSES. SUCCESS IS MEASURED BY THE NUMBER OF NEW VENTURES AND JOBS THAT ARE CREATED, AND THE AMOUNT OF CAPITAL COMPANIES RAISE. 0 1 1650381 657670 CONSISTENT WITH FLORIDA'S TARGETED INDUSTRY CLUSTER STRATEGY, THE INSTITUTE MATCHES COMMERCIALLY VIABLE TECHNOLOGIES WITH EXPERIENCED MANAGEMENT AND CAPITAL TO CREATE NEW STARTUP COMPANIES. THE INSTITUTE ALSO MANAGES SEED FUNDING PROGRAMS TO PROVIDE FUNDING TO QUALIFIED EARLY STAGE COMPANIES. RECIPIENTS MUST MATCH INSTITUTE FUNDING WITH PRIVATE INVESTMENT CAPITAL, AND FUNDED COMPANIES HAVE RAISED NEARLY $65 MILLION IN PRIVATE MATCHING FUNDS THIS YEAR. THIS YEAR THE INSTITUTE ENGAGED A PRIVATE FUND MANAGER TO MANAGE ITS INVESTMENT-RELATED AFFAIRS, AND AFTER CONTRACT AND TRANSITIONAL ACTIVITIES WERE COMPLETED, 2 FUNDING TRANSACTIONS WERE COMPLETED. 1650381 1 1 0 0 0 0 0 0 0 0 1 0 1 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 1 8 0 1 8 1 0 0 0 0 0 0 0 0 0 0 0 0 X 3 3 0 0 1 0 0 1 0 1 1 0 0 1 1 1 1 1 1 1 1 0 FL X X JANE TEAGUE 5613688889 3651 FAU BLVD SUITE 400 BOCA RATON FL 33431 X RENEE FINLEY CHAIRMAN 1.00 X X 0 0 0 RICK WASSEL VICE CHAIRMAN 1.00 X X 0 0 0 JIM O'CONNELL BOARD MEMBER 1.00 X 0 0 0 JANE TEAGUE CHIEF OPERATING OFFICER 40.00 X 170969 0 59839 JACKSON STREETER CHIEF EXECUTIVE OFFICER 40.00 X 123992 0 43397 LAWRENCE TINKER ENTREPRENEUR-IN-RESIDENCE 40.00 X 123601 0 43260 TODD B ANDERSEN-DAVIS FUND MANAGER 40.00 X 121909 0 42668 540471 0 189164 4 0 1 0 0 14500 14500 SCAP LOAN INTEREST INC 522291 445354 445354 PROGRAM RELATED INVEST 541990 211795 211795 CLOSING FEES 522291 521 521 657670 672170 657670 0 0 242469 193975 48494 159196 127357 31839 122034 97627 24407 13559 10847 2712 35874 32287 3587 63874 19162 44712 47955 47955 143886 143886 2100 480 1620 1730 1557 173 17984 16185 1799 6785 5428 1357 1073 858 215 7984 7984 BAD DEBT 992981 992981 UTILITIES 4279 3423 856 DUES & SUBSCRIPTION 4272 3418 854 PRINTING & POSTAGE 769 615 154 642 295 347 1869446 1650381 219065 0 2954003 3522870 37000 94369 8495 7974 12750 12750 0 0 20129738 18177713 1100 1100 23130336 21804026 291342 176792 22732 22211 17000 3037 331074 202040 X 414503 212208 13000 0 22371759 21389778 22799262 21601986 23130336 21804026 -1197276 0 X X 0 1 X 1 0 X 5622135 5664057 5631183 20237 14500 16952112 5622135 5664057 5631183 20237 14500 16952112 16952112 16952112 2919732 1.00000 1.00000 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 326647 291472 255447 873566 1310349 60000 60107 3180 123287 81662 72868 63862 218392 327588 1966 1966 0 10784 10784 0 0 SEED FUNDING LOANS RECEIVABLE LESS ALLOWANCE 4447665 C SEED FUNDING LOANS INTEREST RECEIVABLE 3123323 C EQUITY INVESTMENTS 10606725 C 18177713 X 672170 0 672170 0 672170 1869446 0 1869446 0 1869446 PART X, LINE 2: THE INSTITUTE IS A NON-PROFIT CORPORATION WHICH IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE ("IRC") AND, ACCORDINGLY, GENERALLY WOULD NOT INCUR INCOME TAXES. THE FUND IS A SINGLE MEMBER LIMITED LIABILITY COMPANY AND ITS RESULTS ARE INCLUDED IN THE INSTITUTE'S TAX FILINGS. AS A RESULT, THE CONSOLIDATED FINANCIAL STATEMENTS DO NOT REFLECT A PROVISION FOR INCOME TAXES. THE ORGANIZATION IDENTIFIES AND EVALUATES UNCERTAIN TAX POSITIONS, IF ANY, AND RECOGNIZES THE IMPACT OF UNCERTAIN TAX POSITIONS FOR WHICH THERE IS A LESS THAN MORE-LIKELY-THAN-NOT PROBABILITY OF THE POSITION BEING UPHELD WHEN REVIEWED BY THE RELEVANT TAXING AUTHORITY. SUCH POSITIONS ARE DEEMED TO BE UNRECOGNIZED TAX BENEFITS AND A CORRESPONDING LIABILITY IS ESTABLISHED ON THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION. THE ORGANIZATION HAS NOT RECOGNIZED A LIABILITY FOR UNCERTAIN TAX POSITIONS. IF THERE WERE AN UNRECOGNIZED TAX BENEFIT, THE ORGANIZATION WOULD RECOGNIZE INTEREST ACCRUED RELATED TO UNRECOGNIZED TAX BENEFITS IN INTEREST EXPENSE AND PENALTIES IN OPERATING EXPENSES. THE ORGANIZATION'S TAX YEARS SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE GENERALLY REMAIN OPEN FOR THREE YEARS FROM THE DATE OF FILING. X X X 0 0 0 0 0 0 0 0 0 JANE TEAGUE CHIEF OPERATING OFFICER 170969 0 0 0 0 0 0 0 59839 0 230808 0 0 0 JACKSON STREETER CHIEF EXECUTIVE OFFICER 123992 0 0 0 0 0 0 0 43397 0 167389 0 0 0 LAWRENCE TINKER ENTREPRENEUR-IN-RESIDENCE 123601 0 0 0 0 0 0 0 43260 0 166861 0 0 0 TODD B ANDERSEN-DAVIS FUND MANAGER 121909 0 0 0 0 0 0 0 42668 0 164577 0 0 0 JACKSON STREETER CEO LOBBYING COSTS X 17000 3037 0 1 1 3037 FORM 990, PART III, LINE 3 STATE FUNDING FOR THE INSTITUTE WAS VETOED IN 2017 BUT THE INSTITUTE CONTINUED TO PROVIDE SUPPORT AND INTRODUCTIONS TO INNOVATION COMPANIES. THE INSTITUTE WAS DIRECTED BY THE FLORIDA LEGISLATURE TO HIRE A PRIVATE FUND MANAGER TO MANAGE THE INVESTMENT-RELATED AFFAIRS OF THE ORGANIZATION, AND THE OVERALL ECONOMIC IMPACT OF THE INSTITUTE THROUGHOUT THE STATE THIS FISCAL YEAR BACK WAS $485 MILLION. THE INSTITUTE WORKS WITH THE PRIVATE FUND MANAGER TO ASSIST AND MONITOR ITS PORTFOLIO OF FUNDED COMPANIES TO CREATE NEW JOBS AND ATTRACT CAPITAL TO COMPANIES IN INNOVATION INDUSTRIES THAT ARE DRIVING THE GLOBAL ECONOMY. FORM 990, PART VI, SECTION A, LINE 4 DURING THE 2017/18 LEGISLATIVE SESSION, THE FLORIDA LEGISLATURE PASSED LEGISLATION THAT CHANGED THE NAME. THE BYLAWS WERE AMENDED AND RESTATED AND THE NAME CHANGE WAS REPORTED TO THE IRS. IN ADDITION, THE SCOPE OF THE INSTITUTE WAS BROADENED TO INCLUDE ASSISTANCE TO ANY INNOVATION BUSINESS IN FLORIDA AND A PRIVATE FUND MANAGER WAS HIRED TO MANAGE THE INVESTMENT AFFAIRS OF THE INSTITUTE SO THAT THE INSTITUTE MAY BECOME SELF-SUSTAINING. FORM 990, PART VI, SECTION A, LINE 7A THE GOVERNING BODY NOW APPOINTS NEW MEMBERS AS VACANCIES ARISE. FORM 990, PART VI, SECTION B, LINE 11B THE TREASURER REVIEWS THE FORM 990 BEFORE IT IS FILED. FORM 990, PART VI, SECTION B, LINE 12C BOARD OF DIRECTORS AND COMMITTEE MEMBERS MUST ADVISE THE BOARD OF ANY DIRECT AND INDIRECT INTEREST IN ANY TRANSACTION OR RELATIONSHIP WITH THE ORGANIZATION AND NOT PARTICIPATE IN DISCUSSIONS AND DECISIONS REGARDING ANY ACTION AFFECTING THEIR INDIVIDUAL, PROFESSIONAL, OR BUSINESS INTERESTS. FORM 990, PART VI, SECTION B, LINE 15 DURING JANUARY 2012, THE INSTITUTE ENGAGED THE UNIVERSITY OF FLORIDA (UF) TO PROVIDE PERSONNEL EMPLOYMENT SERVICES TO THE ORGANIZATION. UF PROVIDES COMPARABILITY DATA FOR EXECUTIVE SALARIES, AND AN INDEPENDENT CONSULTANT ALSO CONDUCTED A THOROUGH ANALYSIS AT THE END OF 2014. DURING 2014, THE INSITUTE ENGAGED A COMPENSATION SPECIALIST TO EVALUATE EXECUTIVE COMPENSATION. THE BOARD TOOK ACTION BASED ON THE FINDINGS OF THE SPECIALISTS' REPORT. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. THE FORM 990 IS ALSO AVAILABLE ON WWW.GUIDESTAR.ORG. PART V, LINES 2A, 2B & PART VII, SECTION A DURING JANUARY 2012, THE INSTITUTE ENGAGED THE UNIVERSITY OF FLORIDA (UF) TO PROVIDE PERSONNEL EMPLOYMENT SERVICES TO THE ORGANIZATION. FORM 990, PART XII, LINE 2C: NO CHANGES FROM PRIOR YEAR. FLORIDA TECHNOLOGY SEED CAPITAL FUND LLC 3651 FAU BOULEVARD SUITE 400 BOCA RATON FL 33431 463686978 INVESTMENT FUNDING IN INNOVATION BUSINESSES FL 469620 16833948 INSTITUTE FOR COMMERCIALIZATION OF PUBLIC RESEARCH INC