2018-11-15T07:16:14-06:00 2018-06-30 650406502 DASZKAL BOLTON LLP 2401 NW BOCA RATON BLVD BOCA RATON FL 334316639 990 2017-07-01 900348486 INSTITUTE FOR COMMERCIALIZATION OF PUBLIC RESEARCH INC INST 5613688889 3651 FAU BLVD NO 400 BOCA RATON FL 33431 JANE TEAGUE CHIEF OPERATING OFFICER 5613688889 2018-11-13 1 KEVIN E REYNOLDS P00178156 5613671040 64.135.94.35 2018-11-13 11:29:26 ES P 98E609125A3BA90E4592D6F7B70C360D1CBF93A7 E260A586201E888490F339482C03E50D5056713D 2017 2018-06-14 16:35:46Z JANE TEAGUE 3651 FAU BLVD SUITE 400 BOCA RATON FL 33431 1915604 0 X WWW.FLORIDA-INSTITUTE.COM X 2007 FL PROMOTING ECONOMIC DEVELOPMENT THROUGH THE COMMERCIALIZATION OF NEW DISCOVERIES. 5 5 11 40 0 0 5631183 20237 866676 1895367 0 0 0 0 6497859 1915604 0 0 0 0 1416071 963712 0 0 0 1613363 1142051 3029434 2105763 3468425 -190159 23463384 23130336 473963 331074 22989421 22799262 X THE INSTITUTE'S MISSION IS ECONOMIC DEVELOPMENT THROUGH THE COMMERCIALIZATION AND FUNDING OF NEW DISCOVERIES GENERATED FROM PUBLICLY FUNDED RESEARCH. SUCCESS IS MEASURED BY THE NUMBER OF NEW VENTURES AND JOBS THAT ARE CREATED, AND THE AMOUNT OF CAPITAL COMPANIES RAISE. 0 1 1818668 1895367 CONSISTENT WITH FLORIDA'S TARGETED INDUSTRY CLUSTER STRATEGY, THE INSTITUTE MATCHES COMMERCIALLY VIABLE TECHNOLOGIES WITH EXPERIENCED MANAGEMENT AND CAPITAL TO CREATE NEW STARTUP COMPANIES BASED ON RESEARCH CONDUCTED AT UNIVERSITIES AND RESEARCH INSTITUTIONS.THE INSTITUTE ALSO MANAGES SEED FUNDING PROGRAMS TO PROVIDE BETWEEN $50,000 AND $500,000 TO QUALIFIED EARLY STAGE COMPANIES. RECIPIENTS MUST MATCH INSTITUTE FUNDING WITH PRIVATE INVESTMENT CAPITAL, AND FUNDED COMPANIES HAVE RAISED ON AVERAGE 7-8 TIMES THE AMOUNT PROVIDED BY THE INSTITUTE IN PRIVATE MATCHING FUNDS. THIS YEAR THE INSTITUTE COMPLETED EIGHT FUNDING TRANSACTIONS (FOUR FIRST-ROUND AND FOUR FOLLOW-ON ROUND) WITH SIX COMPANIES THROUGH THE FLORIDA TECHNOLOGY SEED CAPITAL FUND WHICH WAS CREATED IN 2013, WITH FUNDS PREVIOUSLY COMMITTED FROM THE PRIOR YEAR. 1818668 1 1 0 1 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 19 0 1 11 1 0 0 0 0 0 0 0 0 X 5 5 0 0 0 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 HAL VALECHE TREASURER 1.00 X X 0 0 0 RENEE FINLEY CHAIRMAN 1.00 X X 0 0 0 RICK WASSEL VICE CHAIRMAN 1.00 X X 0 0 0 DREW GRAHAM BOARD MEMBER 1.00 X 0 0 0 JIM O'CONNELL BOARD MEMBER 1.00 X 0 0 0 JANE TEAGUE CHIEF OPERATING OFFICER 40.00 X 153066 0 50512 JACKSON STREETER CHIEF EXECUTIVE OFFICER 40.00 X 169333 0 55880 LAWRENCE TINKER ENTREPRENEUR-IN-RESIDENCE 40.00 X 126109 0 41616 448508 0 148008 3 0 1 0 0 20237 20237 PROGRAM RELATED INVEST 541990 1278987 1278987 SCAP LOAN INTEREST INC 522291 541808 541808 CLOSING FEES 522291 74572 74572 1895367 1915604 1895367 0 0 282425 225940 56485 442877 354302 88575 214569 171655 42914 23841 19073 4768 10000 6575 3425 149620 98374 51246 45185 29709 15476 3180 3180 7789 6231 1558 2772 2495 277 34845 31360 3485 21405 17124 4281 4286 3429 857 8034 8034 BAD DEBT 721973 721973 UNOBLIGATED SEED FUNDS 65048 65028 20 ENTREPRENEUR IN RESIDEN 55348 55348 DUES & SUBSCRIPTION 5888 4710 1178 6678 5342 1336 2105763 1818668 287095 0 1431659 2954003 1400000 29109 37000 11743 8495 12750 12750 0 0 20589373 20129738 1500 1100 23463384 23130336 391984 291342 64979 22732 17000 17000 473963 331074 X 454744 414503 25000 13000 22509677 22371759 22989421 22799262 23463384 23130336 -190159 0 X X 0 1 X 1 0 X 5611109 5622135 5664057 5631183 20237 22548721 5611109 5622135 5664057 5631183 20237 22548721 22548721 22548721 3197228 1.00000 1.00000 X 3180 3180 2105763 2108943 255447 63862 0 0 308424 326647 291472 255447 1181990 1772985 60781 60000 60107 3180 184068 77106 81662 72868 63862 295498 443247 1966 1966 0 10784 10784 0 0 SEED FUNDING LOANS RECEIVABLE LESS ALLOWANCE 5449088 C SEED FUNDING LOANS INTEREST RECEIVABLE 3863655 C EQUITY INVESTMENTS 10816995 C 20129738 X 1915604 0 1915604 0 1915604 2105763 0 2105763 0 2105763 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 0 0 0 0 0 0 0 0 0 JANE TEAGUE CHIEF OPERATING OFFICER 153066 0 0 0 0 0 0 0 50512 0 203578 0 0 0 JACKSON STREETER CHIEF EXECUTIVE OFFICER 169333 0 0 0 0 0 0 0 55880 0 225213 0 0 0 LAWRENCE TINKER ENTREPRENEUR-IN-RESIDENCE 126109 0 0 0 0 0 0 0 41616 0 167725 0 0 0 JACKSON STREETER CEO LOBBYING COSTS X 17000 17000 0 1 1 17000 FORM 990, PART III, LINE 3 STATE FUNDING FOR THE INSTITUTE WAS VETOED FOR THIS FISCAL YEAR, BUT THE INSTITUTE CONTINUED TO PROVIDE SUPPORT AND INTRODUCTIONS TO INNOVATION COMPANIES. TWO COMPANIES, PEERFIT AND VERIGO, HAD EXIT EVENTS WHICH YIELDED SIGNIFICANT RETURNS TO THE FLORIDA TECHNOLOGY SEED CAPITAL FUND. THE INSTITUTE CONTINUES TO ASSIST AND MONITOR ITS PORTFOLIO OF FUNDED COMPANIES TO HELP THEM GROW, ATTRACT CAPITAL, AND CREATE NEW JOBS IN INNOVATION INDUSTRIES THAT ARE DRIVING THE GLOBAL ECONOMY, BUT AS A RESULT OF THE VETO, DID NOT HAVE ANY NEW CAPITAL TO INVEST. FORM 990, PART VI, SECTION A, LINE 7A THE GOVERNOR OF FLORIDA HAS THE POWER TO APPOINT A MEMBER OF THE GOVERNING BODY. 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 1560343 17361138 INSTITUTE FOR COMMERCIALIZATION OF PUBLIC RESEARCH INC