INSTITUTE FOR COMMERCIALIZATION OF FLORIDA TECHNOLOGY INC: Form 990, tax year 2023
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- Organization
- INSTITUTE FOR COMMERCIALIZATION OF FLORIDA TECHNOLOGY INC (EIN 90-0348486)
- Tax period
- 2023-07-01 to 2024-06-30
- Filed
- 2025-01-27
- IRS object ID
- 202530279349301293
- Schema version
- 2023v6.0
- Source
- Download XML · Original 990 at ProPublica
Every field in the e-filed return. Faint text is the IRS element name, for citing.
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return | 2025-01-27T15:12:31-05:00 | ReturnTs |
| Tax Period End | 2024-06-30 | TaxPeriodEndDt |
Preparer Firm PreparerFirmGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Firm EIN | 811343524 | PreparerFirmEIN |
Preparer Firm Name PreparerFirmName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | 1SOURCE PARTNERS | BusinessNameLine1Txt |
Preparer US Address PreparerUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 701 S HOWARD AVE STE 203 | AddressLine1Txt |
| City | TAMPA | CityNm |
| State Abbreviation | FL | StateAbbreviationCd |
| ZIP | 33606 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnTypeCd |
| Tax Period Begin | 2023-07-01 | TaxPeriodBeginDt |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 900348486 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | INSTITUTE FOR COMMERCIALIZATION OF | BusinessNameLine1Txt |
| Business Name Line2 | FLORIDA TECHNOLOGY INC | BusinessNameLine2Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Control | INST | BusinessNameControlTxt |
| Phone | 7277587687 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 912 DREW ST SUITE 102 1052 | AddressLine1Txt |
| City | CLEARWATER | CityNm |
| State Abbreviation | FL | StateAbbreviationCd |
| ZIP | 33755 | ZIPCd |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | RAFAEL LOHNER | PersonNm |
| Person Title | EXECUTIVE DIRECTOR | PersonTitleTxt |
| Phone | 5613688889 | PhoneNum |
| Signature | 2025-01-27 | SignatureDt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| IRS Responsible Prty Info Curr | Yes (true) | IRSResponsiblePrtyInfoCurrInd |
Preparer Person PreparerPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Person | PAUL DEGANCE | PreparerPersonNm |
| PTIN | P00443908 | PTIN |
| Phone | 8132547222 | PhoneNum |
| Preparation | 2025-01-27 | PreparationDt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2023 | TaxYr |
| Build TS | 2025-03-06 01:10:19Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Special Condition | HURRICANES HELENE MILTON | SpecialConditionDesc |
| Principal Officer | RAFAEL LOHNER | PrincipalOfficerNm |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 912 DREW STREET SUITE 102 1052 | AddressLine1Txt |
| City | CLEARWATER | CityNm |
| State Abbreviation | FL | StateAbbreviationCd |
| ZIP | 33755 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | $253,778 | GrossReceiptsAmt |
| Group Return For Affiliates | false | GroupReturnForAffiliatesInd |
| Organization501c3 | Yes (X) | Organization501c3Ind |
| Website Address | WWW.FLORIDA-INSTITUTE.COM | WebsiteAddressTxt |
| Type Of Organization Corp | Yes (X) | TypeOfOrganizationCorpInd |
| Formation | 2007 | FormationYr |
| Legal Domicile State | FL | LegalDomicileStateCd |
| Activity Or Mission | PROMOTING ECONOMIC DEVELOPMENT THROUGH THE COMMERCIALIZATION OF NEW DISCOVERIES. | ActivityOrMissionDesc |
| Voting Members Governing Body | 3 | VotingMembersGoverningBodyCnt |
| Voting Members Independent | 3 | VotingMembersIndependentCnt |
| Total Employee | 2 | TotalEmployeeCnt |
| Total Volunteers | 35 | TotalVolunteersCnt |
| Total Gross UBI | $0 | TotalGrossUBIAmt |
| PY Contributions Grants | $500 | PYContributionsGrantsAmt |
| CY Contributions Grants | $2,505 | CYContributionsGrantsAmt |
| PY Program Service Revenue | $152,049 | PYProgramServiceRevenueAmt |
| CY Program Service Revenue | $249,272 | CYProgramServiceRevenueAmt |
| CY Investment Income | -$284,822 | CYInvestmentIncomeAmt |
| PY Other Revenue | $10,602 | PYOtherRevenueAmt |
| CY Other Revenue | $2,000 | CYOtherRevenueAmt |
| PY Total Revenue | $163,151 | PYTotalRevenueAmt |
| CY Total Revenue | -$31,045 | CYTotalRevenueAmt |
| CY Grants And Similar Paid | $0 | CYGrantsAndSimilarPaidAmt |
| CY Benefits Paid To Members | $0 | CYBenefitsPaidToMembersAmt |
| PY Salaries Comp Emp Bnft Paid | $140,110 | PYSalariesCompEmpBnftPaidAmt |
| CY Salaries Comp Emp Bnft Paid | $97,116 | CYSalariesCompEmpBnftPaidAmt |
| CY Total Prof Fndrsng Expns | $0 | CYTotalProfFndrsngExpnsAmt |
| CY Total Fundraising Expense | $0 | CYTotalFundraisingExpenseAmt |
| PY Other Expenses | $2,778,485 | PYOtherExpensesAmt |
| CY Other Expenses | $1,450,166 | CYOtherExpensesAmt |
| PY Total Expenses | $2,918,595 | PYTotalExpensesAmt |
| CY Total Expenses | $1,547,282 | CYTotalExpensesAmt |
| PY Revenues Less Expenses | -$2,755,444 | PYRevenuesLessExpensesAmt |
| CY Revenues Less Expenses | -$1,578,327 | CYRevenuesLessExpensesAmt |
| Total Assets BOY | $14,290,682 | TotalAssetsBOYAmt |
| Total Assets EOY | $12,702,532 | TotalAssetsEOYAmt |
| Total Liabilities BOY | $99,705 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $89,882 | TotalLiabilitiesEOYAmt |
| Net Assets Or Fund Balances BOY | $14,190,977 | NetAssetsOrFundBalancesBOYAmt |
| Net Assets Or Fund Balances EOY | $12,612,650 | NetAssetsOrFundBalancesEOYAmt |
| Info In Schedule O Part III | Yes (X) | InfoInScheduleOPartIIIInd |
| Mission | 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. | MissionDesc |
| Significant New Program Srvc | false | SignificantNewProgramSrvcInd |
| Significant Change | false | SignificantChangeInd |
| Expense | $1,433,095 | ExpenseAmt |
| Revenue | $249,272 | RevenueAmt |
| Desc | 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 100 MILLION IN PRIVATE MATCHING FUNDS THIS YEAR. THE INSTITUTE'S FUNDS CONTINUE TO BE MANAGED BY THE SAME PRIVATE FUND MANAGER AS LAST FISCAL YEAR. INSTITUTE COMPANIES GENERATED OVER 90 MILLION IN REVENUE. | Desc |
| Total Program Service Expenses | $1,433,095 | TotalProgramServiceExpensesAmt |
| Described In Section501c3 | Yes (true) | DescribedInSection501c3Ind |
| Schedule B Required | false | ScheduleBRequiredInd |
| Political Campaign Acty | false | PoliticalCampaignActyInd |
| Lobbying Activities | false | LobbyingActivitiesInd |
| Subject To Proxy Tax | false | SubjectToProxyTaxInd |
| Donor Advised Fund | false | DonorAdvisedFundInd |
| Conservation Easements | false | ConservationEasementsInd |
| Collections Of Art | false | CollectionsOfArtInd |
| Credit Counseling | false | CreditCounselingInd |
| Donor Rstr Or Quasi Endowments | false | DonorRstrOrQuasiEndowmentsInd |
| Report Land Building Equipment | Yes (true) | ReportLandBuildingEquipmentInd |
| Report Investments Other Sec | false | ReportInvestmentsOtherSecInd |
| Report Program Related Invst | Yes (true) | ReportProgramRelatedInvstInd |
| Report Other Assets | false | ReportOtherAssetsInd |
| Report Other Liabilities | false | ReportOtherLiabilitiesInd |
| Include FIN48 Footnote | Yes (true) | IncludeFIN48FootnoteInd |
| Independent Audit Fincl Stmt | Yes (true) | IndependentAuditFinclStmtInd |
| Consolidated Audit Fincl Stmt | Yes (true) | ConsolidatedAuditFinclStmtInd |
| School Operating | false | SchoolOperatingInd |
| Foreign Office | false | ForeignOfficeInd |
| Foreign Activities | false | ForeignActivitiesInd |
| More Than5000 K To Org | false | MoreThan5000KToOrgInd |
| More Than5000 K To Individuals | false | MoreThan5000KToIndividualsInd |
| Professional Fundraising | false | ProfessionalFundraisingInd |
| Fundraising Activities | false | FundraisingActivitiesInd |
| Gaming Activities | false | GamingActivitiesInd |
| Operate Hospital | false | OperateHospitalInd |
| Grants To Organizations | false | GrantsToOrganizationsInd |
| Grants To Individuals | false | GrantsToIndividualsInd |
| Schedule J Required | false | ScheduleJRequiredInd |
| Tax Exempt Bonds | false | TaxExemptBondsInd |
| Engaged In Excess Benefit Trans | false | EngagedInExcessBenefitTransInd |
| PY Excess Benefit Trans | false | PYExcessBenefitTransInd |
| Loan Outstanding | false | LoanOutstandingInd |
| Grant To Related Person | false | GrantToRelatedPersonInd |
| Business Rln With Org Mem | false | BusinessRlnWithOrgMemInd |
| Business Rln With Fam Mem | false | BusinessRlnWithFamMemInd |
| Business Rln With35 Ctrl Ent | false | BusinessRlnWith35CtrlEntInd |
| Deductible Non Cash Contri | false | DeductibleNonCashContriInd |
| Deductible Art Contribution | false | DeductibleArtContributionInd |
| Terminate Operations | false | TerminateOperationsInd |
| Partial Liquidation | false | PartialLiquidationInd |
| Disregarded Entity | Yes (true) | DisregardedEntityInd |
| Related Entity | false | RelatedEntityInd |
| Related Organization Ctrl Ent | false | RelatedOrganizationCtrlEntInd |
| Trnsfr Exmpt Non Chrtbl Rltd Org | false | TrnsfrExmptNonChrtblRltdOrgInd |
| Activities Conducted Prtshp | false | ActivitiesConductedPrtshpInd |
| Schedule O Required | Yes (true) | ScheduleORequiredInd |
| IRP Document | 3 | IRPDocumentCnt |
| IRP Document W2 G | 0 | IRPDocumentW2GCnt |
| Backup Wthld Compliance | Yes (true) | BackupWthldComplianceInd |
| Employee | 2 | EmployeeCnt |
| Employment Tax Returns Filed | Yes (true) | EmploymentTaxReturnsFiledInd |
| Unrelated Bus Incm Over Limit | false | UnrelatedBusIncmOverLimitInd |
| Foreign Financial Account | Yes (true) | ForeignFinancialAccountInd |
| Foreign Country | SW | ForeignCountryCd |
| Prohibited Tax Shelter Trans | false | ProhibitedTaxShelterTransInd |
| Taxable Party Notification | false | TaxablePartyNotificationInd |
| Nondeductible Contributions | false | NondeductibleContributionsInd |
| Quid Pro Quo Contributions | false | QuidProQuoContributionsInd |
| Form8282 Property Disposed Of | false | Form8282PropertyDisposedOfInd |
| Rcv Fnds To Pay Prsnl Bnft Cntrct | false | RcvFndsToPayPrsnlBnftCntrctInd |
| Pay Premiums Prsnl Bnft Cntrct | false | PayPremiumsPrsnlBnftCntrctInd |
| Indoor Tanning Services | false | IndoorTanningServicesInd |
| Subj To Tax Rmnrtn Ex Prcht Pymt | false | SubjToTaxRmnrtnExPrchtPymtInd |
| Subject To Excs Tax Net Invst Inc | false | SubjectToExcsTaxNetInvstIncInd |
| Info In Schedule O Part VI | Yes (X) | InfoInScheduleOPartVIInd |
| Governing Body Voting Members | 3 | GoverningBodyVotingMembersCnt |
| Independent Voting Member | 3 | IndependentVotingMemberCnt |
| Family Or Business Rln | false | FamilyOrBusinessRlnInd |
| Delegation Of Mgmt Duties | false | DelegationOfMgmtDutiesInd |
| Change To Org Documents | false | ChangeToOrgDocumentsInd |
| Material Diversion Or Misuse | false | MaterialDiversionOrMisuseInd |
| Members Or Stockholders | false | MembersOrStockholdersInd |
| Election Of Board Members | Yes (true) | ElectionOfBoardMembersInd |
| Decisions Subject To Approva | false | DecisionsSubjectToApprovaInd |
| Minutes Of Governing Body | Yes (true) | MinutesOfGoverningBodyInd |
| Minutes Of Committees | Yes (true) | MinutesOfCommitteesInd |
| Officer Mailing Address | false | OfficerMailingAddressInd |
| Local Chapters | false | LocalChaptersInd |
| Form990 Provided To Gvrn Body | false | Form990ProvidedToGvrnBodyInd |
| Conflict Of Interest Policy | Yes (true) | ConflictOfInterestPolicyInd |
| Annual Disclosure Covered Prsn | Yes (true) | AnnualDisclosureCoveredPrsnInd |
| Regular Monitoring Enfrc | Yes (true) | RegularMonitoringEnfrcInd |
| Whistleblower Policy | Yes (true) | WhistleblowerPolicyInd |
| Document Retention Policy | Yes (true) | DocumentRetentionPolicyInd |
| Compensation Process CEO | Yes (true) | CompensationProcessCEOInd |
| Compensation Process Other | Yes (true) | CompensationProcessOtherInd |
| Investment In Joint Venture | false | InvestmentInJointVentureInd |
| States Where Copy Of Return Is Fld | FL | StatesWhereCopyOfReturnIsFldCd |
| Other Website | Yes (X) | OtherWebsiteInd |
| Upon Request | Yes (X) | UponRequestInd |
Books In Care Of Detail BooksInCareOfDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | RAFAEL LOHNER | PersonNm |
| Phone | 7277587687 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 912 DREW ST SUITE 102 1052 | AddressLine1Txt |
| City | CLEARWATER | CityNm |
| State Abbreviation | FL | StateAbbreviationCd |
| ZIP | 33755 | ZIPCd |
Form990 Part VII Section A Form990PartVIISectionAGrp (5 entries)
| TitleTitleTxt | Average Hours Per WeekAverageHoursPerWeekRt | OfficerOfficerInd | Reportable Comp From OrgReportableCompFromOrgAmt | Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt | Other CompensationOtherCompensationAmt | Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd |
|---|---|---|---|---|---|---|
| RAFAEL LOHNER | ||||||
| EXECUTIVE DI | 40.00 | Yes (X) | $90,000 | $0 | $0 | |
| RENEE FINLEY | ||||||
| CHAIRMAN | 1.00 | Yes (X) | $0 | $0 | $0 | Yes (X) |
| JIM O'CONNELL | ||||||
| BOARD MEMBER | 1.00 | $0 | $0 | $0 | Yes (X) | |
| SHERRICK RICK WASSEL | ||||||
| VICE CHAIRMA | 1.00 | Yes (X) | $0 | $0 | $0 | Yes (X) |
| LYNN MATTICE | ||||||
| TREASURER | 10.00 | Yes (X) | $0 | $0 | $0 | |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | $90,000 | TotalReportableCompFromOrgAmt |
| Former Ofcr Employees Listed | false | FormerOfcrEmployeesListedInd |
| Total Comp Greater Than150 K | false | TotalCompGreaterThan150KInd |
| Compensation From Other Srcs | false | CompensationFromOtherSrcsInd |
| All Other Contributions | $2,505 | AllOtherContributionsAmt |
| Total Contributions | $2,505 | TotalContributionsAmt |
Program Service Revenue ProgramServiceRevenueGrp (2 entries)
| DescDesc | BusinessBusinessCd | Total Revenue ColumnTotalRevenueColumnAmt | Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt |
|---|---|---|---|
| SCAP LOAN INTEREST INC | 522291 | $131,771 | $131,771 |
| PROGRAM RELATED INVEST | 541990 | $117,501 | $117,501 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | $249,272 | TotalProgramServiceRevenueAmt |
Gross Amount Sales Assets GrossAmountSalesAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | $1 | SecuritiesAmt |
Less Cost Oth Basis Sales Expnss LessCostOthBasisSalesExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | $284,823 | SecuritiesAmt |
Gain Or Loss GainOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | -$284,822 | SecuritiesAmt |
Net Gain Or Loss Investments NetGainOrLossInvestmentsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | -$284,822 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | -$284,822 | RelatedOrExemptFuncIncomeAmt |
Other Revenue Misc OtherRevenueMiscGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | UNOBLIGATED SEED FUNDS | Desc |
| Business | 900099 | BusinessCd |
| Total Revenue Column | $2,000 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $2,000 | RelatedOrExemptFuncIncomeAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Revenue Total | $2,000 | OtherRevenueTotalAmt |
Total Revenue TotalRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | -$31,045 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | -$33,550 | RelatedOrExemptFuncIncomeAmt |
Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $90,000 | TotalAmt |
| Program Services | $72,000 | ProgramServicesAmt |
| Management And General | $18,000 | ManagementAndGeneralAmt |
Payroll Taxes PayrollTaxesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $7,116 | TotalAmt |
| Program Services | $5,693 | ProgramServicesAmt |
| Management And General | $1,423 | ManagementAndGeneralAmt |
Fees For Services Management FeesForServicesManagementGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $282 | TotalAmt |
| Program Services | $221 | ProgramServicesAmt |
| Management And General | $61 | ManagementAndGeneralAmt |
Fees For Services Legal FeesForServicesLegalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $9,445 | TotalAmt |
| Program Services | $7,408 | ProgramServicesAmt |
| Management And General | $2,037 | ManagementAndGeneralAmt |
Fees For Services Accounting FeesForServicesAccountingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $63,376 | TotalAmt |
| Program Services | $49,710 | ProgramServicesAmt |
| Management And General | $13,666 | ManagementAndGeneralAmt |
Fees For Srvc Invst Mgmnt Fees FeesForSrvcInvstMgmntFeesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $251,593 | TotalAmt |
| Program Services | $197,341 | ProgramServicesAmt |
| Management And General | $54,252 | ManagementAndGeneralAmt |
Advertising AdvertisingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,424 | TotalAmt |
| Program Services | $195 | ProgramServicesAmt |
| Management And General | $1,229 | ManagementAndGeneralAmt |
Office Expenses OfficeExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $934 | TotalAmt |
| Program Services | $676 | ProgramServicesAmt |
| Management And General | $258 | ManagementAndGeneralAmt |
Occupancy OccupancyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $3,427 | TotalAmt |
| Program Services | $3,084 | ProgramServicesAmt |
| Management And General | $343 | ManagementAndGeneralAmt |
Travel TravelGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $154 | TotalAmt |
| Program Services | $123 | ProgramServicesAmt |
| Management And General | $31 | ManagementAndGeneralAmt |
Interest InterestGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $21,603 | TotalAmt |
| Program Services | $21,603 | ProgramServicesAmt |
Insurance InsuranceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $22,398 | TotalAmt |
| Management And General | $22,398 | ManagementAndGeneralAmt |
Other Expenses OtherExpensesGrp (2 entries)
| DescDesc | TotalTotalAmt | Program ServicesProgramServicesAmt | Management And GeneralManagementAndGeneralAmt |
|---|---|---|---|
| BAD DEBT | $1,073,083 | $1,073,083 | |
| DUES & SUBSCRIPTIONS | $2,447 | $1,958 | $489 |
Total Functional Expenses TotalFunctionalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,547,282 | TotalAmt |
| Program Services | $1,433,095 | ProgramServicesAmt |
| Management And General | $114,187 | ManagementAndGeneralAmt |
| Fundraising | $0 | FundraisingAmt |
Cash Non Interest Bearing CashNonInterestBearingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $762,821 | BOYAmt |
| EOY | $870,528 | EOYAmt |
Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $16,191 | BOYAmt |
| EOY | $26,453 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Bldg Equip Cost Or Other Bss | $12,750 | LandBldgEquipCostOrOtherBssAmt |
| Land Bldg Equip Accum Deprec | $12,750 | LandBldgEquipAccumDeprecAmt |
Investments Program Related InvestmentsProgramRelatedGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $13,511,090 | BOYAmt |
| EOY | $11,805,551 | EOYAmt |
Other Assets Total OtherAssetsTotalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $580 | BOYAmt |
Total Assets TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $14,290,682 | BOYAmt |
| EOY | $12,702,532 | EOYAmt |
Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $99,705 | BOYAmt |
| EOY | $89,882 | EOYAmt |
Total Liabilities TotalLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $99,705 | BOYAmt |
| EOY | $89,882 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Organization Follows FASB117 | Yes (X) | OrganizationFollowsFASB117Ind |
No Donor Restriction Net Assets NoDonorRestrictionNetAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $14,190,977 | BOYAmt |
| EOY | $12,612,650 | EOYAmt |
Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $14,190,977 | BOYAmt |
| EOY | $12,612,650 | EOYAmt |
Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $14,290,682 | BOYAmt |
| EOY | $12,702,532 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Reconcilation Revenue Expnss | -$1,578,327 | ReconcilationRevenueExpnssAmt |
| Method Of Accounting Accrual | Yes (X) | MethodOfAccountingAccrualInd |
| Accountant Compile Or Review | false | AccountantCompileOrReviewInd |
| FS Audited | Yes (true) | FSAuditedInd |
FS Audited Basis FSAuditedBasisGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Consolidated Basis Fincl Stmt | Yes (X) | ConsolidatedBasisFinclStmtInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Audit Committee | Yes (true) | AuditCommitteeInd |
| Federal Grant Audit Required | false | FederalGrantAuditRequiredInd |
Schedule A IRS990ScheduleA
| Field | Value | IRS element (for citing) |
|---|---|---|
| Public Organization170 | Yes (X) | PublicOrganization170Ind |
Gifts Grants Contri Rcvd170 GiftsGrantsContriRcvd170Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | $1,000 | CurrentTaxYearMinus4YearsAmt |
| Current Tax Year Minus1 Year | $500 | CurrentTaxYearMinus1YearAmt |
| Current Tax Year | $2,505 | CurrentTaxYearAmt |
| Total | $4,005 | TotalAmt |
Total Calendar Year170 TotalCalendarYear170Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | $1,000 | CurrentTaxYearMinus4YearsAmt |
| Current Tax Year Minus1 Year | $500 | CurrentTaxYearMinus1YearAmt |
| Current Tax Year | $2,505 | CurrentTaxYearAmt |
| Total | $4,005 | TotalAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Public Support Total170 | $4,005 | PublicSupportTotal170Amt |
Other Income170 OtherIncome170Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus1 Year | $10,602 | CurrentTaxYearMinus1YearAmt |
| Current Tax Year | $2,000 | CurrentTaxYearAmt |
| Total | $12,602 | TotalAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Support | $16,607 | TotalSupportAmt |
| Gross Receipts Rltd Activities | $2,742,213 | GrossReceiptsRltdActivitiesAmt |
| Public Support CY170 | 0.24120 | PublicSupportCY170Pct |
| Public Support PY170 | 0.60150 | PublicSupportPY170Pct |
| Thirty Thr Pct Suprt Tests PY170 | Yes (X) | ThirtyThrPctSuprtTestsPY170Ind |
Form990 Schedule A Part VI Form990ScheduleAPartVIGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | PART II, LINE 10 | FormAndLineReferenceDesc |
| Explanation | INCOME ON BAD DEBT 10,602 UNOBLIGATED SEED FUNDS 2,000 | ExplanationTxt |
Schedule D IRS990ScheduleD
Leasehold Improvements LeaseholdImprovementsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Investment Cost Or Other Basis | $1,966 | InvestmentCostOrOtherBasisAmt |
| Depreciation | $1,966 | DepreciationAmt |
Equipment EquipmentGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Investment Cost Or Other Basis | $10,784 | InvestmentCostOrOtherBasisAmt |
| Depreciation | $10,784 | DepreciationAmt |
Invst Program Related Org InvstProgramRelatedOrgGrp (3 entries)
| DescDesc | Book ValueBookValueAmt | Method ValuationMethodValuationCd |
|---|---|---|
| EQUITY INVESTMENTS | $9,671,542 | C |
| RECEIVABLE LESS ALLOWANCE | $1,132,664 | C |
| INTEREST RECEIVABLE | $1,001,345 | C |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Program Rltd | $11,805,551 | TotalBookValueProgramRltdAmt |
| Footnote Text | Yes (X) | FootnoteTextInd |
| Total Rev Etc Audited Fincl Stmt | -$31,045 | TotalRevEtcAuditedFinclStmtAmt |
| Revenue Subtotal | -$31,045 | RevenueSubtotalAmt |
| Total Revenue Per Form990 | -$31,045 | TotalRevenuePerForm990Amt |
| Tot Expns Etc Audited Fincl Stmt | $1,547,282 | TotExpnsEtcAuditedFinclStmtAmt |
| Expenses Subtotal | $1,547,282 | ExpensesSubtotalAmt |
| Total Expenses Per Form990 | $1,547,282 | TotalExpensesPerForm990Amt |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | SCHEDULE D, PAGE 3, PART X | FormAndLineReferenceDesc |
| Explanation | THE INSTITUTE IS A NONPROFIT 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. MANAGEMENT HAS ANALYZED THE TAX POSITIONS TAKEN BY THE ORGANIZATION AND HAS CONCLUDED THAT, AS OF JUNE 30, 2024, THERE ARE NO UNCERTAIN TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OF A LIABILITY (OR ASSET) OR DISCLOSURE IN THE FINANCIAL STATEMENTS. THE ORGANIZATION'S TAX YEARS SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE GENERALLY REMAIN OPEN FOR THREE YEARS FROM THE DATE OF FILING. | ExplanationTxt |
Schedule O IRS990ScheduleO
Supplemental Information Detail SupplementalInformationDetail (8 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| FORM 990 - ORGANIZATION'S MISSION | 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. |
| FORM 990, PART V, LINE 4B | SWEDEN |
| FORM 990, PAGE 6, PART VI, LINE 7A | THE GOVERNING BODY NOW APPOINTS NEW MEMBERS AS VACANCIES ARISE. |
| FORM 990, PAGE 6, PART VI, LINE 11B | THE SECRETARY REVIEWS THE FORM 990 BEFORE IT IS FILED. |
| FORM 990, PAGE 6, PART VI, 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, PAGE 6, PART VI, LINE 15A | THE EXECUTIVE DIRECTOR'S COMPENSATION IS REVIEWED ANNUALLY AND ESTABLISHED BY THE INSTITUTE'S BOARD OF DIRECTORS OR THE INSTITUTE'S EXECUTIVE COMMITTEE USING COMPARABILITY DATA. |
| FORM 990, PAGE 6, PART VI, LINE 15B | THE OTHER OFFICERS- AND KEY EMPLOYEES' COMPENSATION IS REVIEWED ANNUALLY AND ESTABLISHED BY THE INSTITUTE'S BOARD OF DIRECTORS OR THE INSTITUTE'S EXECUTIVE COMMITTEE USING COMPARABILITY DATA. |
| FORM 990, PAGE 6, PART VI, 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. |
Schedule R IRS990ScheduleR
Id Disregarded Entities IdDisregardedEntitiesGrp
Disregarded Entity Name DisregardedEntityName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | FLORIDA TECHNOLOGY SEED CAPITAL | BusinessNameLine1Txt |
| Business Name Line2 | FUND LLC | BusinessNameLine2Txt |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 912 DREW STREET SUITE 102 1052 | AddressLine1Txt |
| City | CLEARWATER | CityNm |
| State Abbreviation | FL | StateAbbreviationCd |
| ZIP | 33755 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 463686978 | EIN |
| Primary Activities | INVESTING | PrimaryActivitiesTxt |
| Legal Domicile State | FL | LegalDomicileStateCd |
| Total Income | -$103,687 | TotalIncomeAmt |
| End Of Year Assets | $10,489,387 | EndOfYearAssetsAmt |
Direct Controlling Entity Name DirectControllingEntityName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | INSTITUTE | BusinessNameLine1Txt |
| Business Name Line2 | FOR COMMERCIALIZATION OF FLORIDA TE | BusinessNameLine2Txt |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | SCHEDULE R | FormAndLineReferenceDesc |
| Explanation | PART I, IDENTIFICATION OF DISREGARDED ENTITIES: NAME OF DISREGARDED ENTITY: FLORIDA TECHNOLOGY SEED CAPITAL FUND, LLC DIRECT CONTROLLING ENTITY: INSTITUTE FOR COMMERCIALIZATION OF FLORIDA TECHNOLOGY, INC. | ExplanationTxt |