Slater Technology Fund Inc
- Assets
- $16.4m
- Revenue
- $8.0m
- Investments
- $0.0
- Employees
- 3
- Location
- Providence, RI
- Founding
- 12/1998
- Data as of
- 06/2021
- EIN
- 06-1493673
Organization Overview
Slater Technology Fund Inc is located in Providence, RI. The organization was established in 1998. According to its NTEE Classification (U30) the organization is classified as: Physical & Earth Sciences, under the broad grouping of Science & Technology and related organizations. As of 06/2021, Slater Technology Fund Inc employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Slater Technology Fund Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2021, Slater Technology Fund Inc generated $8.0m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 19.4% each year . All expenses for the organization totaled $3.6m during the year ending 06/2021. While expenses have increased by 5.8% per year over the past 6 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROMOTE SCIENTIFIC RESEARCH AND DEVELOPMENT IN THE AREAS OF BIOMEDICAL AND INFORMATIONAL TECHNOLOGIES IN THE STATE OF RHODE ISLAND; AND TO SUPPORT JOB CREATION AND OTHER ECONOMIC ACTIVITY IN RHODE ISLAND BASED ON SUCH TECHNOLOGIES. SMALL BUSINESSES IN THE STATE OF RHODE ISLAND, OR INDIVIDUALS PLANNING TO FORM SUCH BUSINESSES, ARE ELIGIBLE TO APPLY FOR GRANT, EQUITY, AND LOAN AWARDS FROM THE FUND.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TECHNOLOGY DEVELOPMENT LOANS - AWARDED LOANS TO SEVEN (7) R.I. COMPANIES IN ORDER TO PROMOTE SCIENTIFIC RESEARCH AND DEVELOPMENT IN THE BIOMEDICAL TECHNOLOGY, INFORMATION TECHNOLOGY, AND ENERGY INDUSTRIES.
VENTURE SUPPORT - PROVIDED TECHNICAL, BUSINESS DEVELOPMENT ASSISTANCE, AND PUBLIC RELATIONS TO OVER SIXTY (60) QUALIFYING ENTITIES.
EQUITY INVESTMENTS IN QUALIFIED COMPANIES - INVESTED IN FIVE (5) QUALIFIED COMPANIES IN ORDER TO PROVIDE THEM WITH THE CAPITAL INFUSION NECESSARY TO INTRODUCE PRODUCTS IN RHODE ISLAND.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Thorne Sparkman III President/managing Director | Officer | 40 | $287,797 |
Robert Chatham Director | 40 | $111,154 | |
Raymond M Mathieu Director | Trustee | 1 | $0 |
Richard Spies Director | Trustee | 1 | $0 |
Dennis J Duffy ESQ Director | Trustee | 1 | $0 |
Robert J Maccini Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $490,438 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $490,438 |
| Total Program Service Revenue | $649,418 |
| Investment income | $13,944 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $8,003,295 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $438,084 |
| Compensation of current officers, directors, key employees. | $118,955 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $280,113 |
| Pension plan accruals and contributions | $10,727 |
| Other employee benefits | $4,055 |
| Payroll taxes | $35,175 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $44,898 |
| Fees for services: Accounting | $38,198 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,064,982 |
| Advertising and promotion | $83,900 |
| Office expenses | $9,553 |
| Information technology | $22,580 |
| Royalties | $0 |
| Occupancy | $13,937 |
| Travel | $8,894 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $771 |
| Insurance | $24,505 |
| All other expenses | $0 |
| Total functional expenses | $3,583,334 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $125,864 |
| Savings and temporary cash investments | $8,912,984 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $982,797 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,162,145 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $26,680 |
| Net Land, buildings, and equipment | $1,857 |
| Investments—publicly traded securities | $97,267 |
| Investments—other securities | $0 |
| Investments—program-related | $5,080,738 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $16,390,332 |
| Accounts payable and accrued expenses | $183,588 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $183,588 |
| Net assets without donor restrictions | $16,206,744 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $16,390,332 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Woodwell Climate Research Center Falmouth, MA | $35,020,483 | $19,563,281 |
The John B Pierce Laboratory Inc New Haven, CT | $10,117,404 | $6,351,380 |
Slater Technology Fund Inc Providence, RI | $16,390,332 | $8,003,295 |
International Union United Auto Aerospace & Agricultural Workers West Hartford, CT | $39,635 | $669,007 |
International Union United Auto Aerospace & Agricultural Workers West Hartford, CT | $282,653 | $0 |
Yale Aviation Inc Guilford, CT | $254,624 | $0 |
Curenow Pd Inc Weatogue, CT | $71,198 | $0 |
Lab Project Inc Marblehead, MA | $6,000 | $0 |