Ben Franklin Technology Partners Of Northeastern Pennsylvania Inc
- Assets
- $62.3m
- Revenue
- $12.3m
- Investments
- $7.9m
- Employees
- 23
- Location
- Bethlehem, PA
- Founding
- 10/1989
- Data as of
- 06/2022
- EIN
- 23-2517422
Organization Overview
Ben Franklin Technology Partners Of Northeastern Pennsylvania Inc is located in Bethlehem, PA. The organization was established in 1989. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2022, Ben Franklin Technology Partners Of Northeastern Pennsylvania Inc employed 23 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Ben Franklin Technology Partners Of Northeastern Pennsylvania 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 06/2022, Ben Franklin Technology Partners Of Northeastern Pennsylvania Inc generated $12.3m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.9% each year. All expenses for the organization totaled $7.9m during the year ending 06/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Ben Franklin Technology Partners Of Northeastern Pennsylvania Inc has awarded 213 individual grants totaling $4,124,685. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
OUR MISSION IS TO PROMOTE, SUSTAIN AND INVEST IN THE TRANSFORMATION OF OUR REGIONAL ECONOMY THROUGH INNOVATION AND PARTNERING.
Describe the Organization's Program Activity:
BUSINESS AND TECHNICAL ASSISTANCE PROJECTS - COMPANIES ARE LINKED WITH UNIVERSITIES, FUNDING AND OTHER RESOURCES TO HELP THEM PROSPER THROUGH INNOVATION. THE STRATEGY INCLUDES DEVELOPING EARLY-STAGE, TECHNOLOGY-ORIENTED COMPANIES AND HELPING ESTABLISHED MANUFACTURERS CREATIVELY APPLY NEW TECHNOLOGY AND BUSINESS PRACTICES.
TECHNOLOGY INFRASTRUCTURE ACTIVITIES - PROMOTING AN INNOVATIVE COMMUNITY-WIDE INFRASTRUCTURE THAT FOSTERS A FAVORABLE BUSINESS ENVIRONMENT FOR HIGH-GROWTH COMPANIES. BEN FRANKLIN TECHNOLOGY PARTNERS OF NEPA INAUGURATED ONE OF THE FIRST BUSINESS INCUBATORS IN THE NATION IN 1983 AND MANAGED AND DEVELOPED ITS AWARD-WINNING INCUBATOR TO BE AMONG THE BEST. IN 2007, BFTP/NEP RELOCATED ITS ORIGINAL INCUBATOR ACROSS THE STREET ON LEHIGH UNIVERSITY'S MOUNTAINTOP CAMPUS TO BEN FRANKLIN TECHVENTURES, A FORMER BETHLEHEM STEEL LABORATORY. THE NATIONAL BUSINESS INCUBATION ASSOCIATION NAMED BEN FRANKLIN TECHVENTURES THE 2012 NATIONAL INCUBATOR OF THE YEAR, A REMARKABLE REPEAT OF BEN FRANKLIN'S 2001 HONOR. BEN FRANKLIN TECHVENTURES BRINGS TOGETHER ENTREPRENEURS, BEN FRANKLIN STAFF, AND LEHIGH FACULTY AND STUDENTS TO ACCELERATE THE GROWTH OF THE REGION'S TECHNOLOGY ECONOMY. IN 2010, THE PARTNERS PURCHASED THE BLOOMSBURG REGIONAL TECHNOLOGY CENTER LOCATED IN BLOOMSBURG, PA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Patricia Johnson Board Member | Trustee | 2 | $0 |
Dr Alan J Snyder Board Member | Trustee | 2 | $0 |
R Chadwick Paul Jr Board Member | Trustee | 2 | $357,439 |
Angelo J Valletta Ceo/president | Officer | 40 | $289,148 |
Kathy Ann Minnich Cfo/treasurer/secretary | Officer | 40 | $163,212 |
Wayne Barz Cio/asst Treasurer/asst Secy | Officer | 40 | $140,488 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Ars Investment Partners Investment Manager | 6/29/22 | $204,019 |
Hepco Construction Construction | 6/29/22 | $104,595 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $3,500,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $21,100 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,521,100 |
| Total Program Service Revenue | $1,760,038 |
| Investment income | $283,936 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $6,711,647 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $12,276,721 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $412,978 |
| 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. | $731,334 |
| Compensation of current officers, directors, key employees. | $254,969 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,764,088 |
| Pension plan accruals and contributions | $156,802 |
| Other employee benefits | $237,606 |
| Payroll taxes | $118,181 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $115,731 |
| Fees for services: Accounting | $55,090 |
| Fees for services: Lobbying | $37,300 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $211,488 |
| Fees for services: Other | $391,917 |
| Advertising and promotion | $8,774 |
| Office expenses | $175,707 |
| Information technology | $85,092 |
| Royalties | $0 |
| Occupancy | $1,340,179 |
| Travel | $12,964 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $23,472 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,650,444 |
| Insurance | $11,642 |
| All other expenses | $0 |
| Total functional expenses | $7,869,096 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $5,750,110 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $45,482 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,171,778 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $6,666 |
| Net Land, buildings, and equipment | $21,710,687 |
| Investments—publicly traded securities | $21,712,729 |
| Investments—other securities | $7,947,776 |
| Investments—program-related | $2,886,114 |
| Intangible assets | $0 |
| Other assets | $50,548 |
| Total assets | $62,281,890 |
| Accounts payable and accrued expenses | $114,817 |
| Grants payable | $75,767 |
| Deferred revenue | $31,066 |
| 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 | $1,544,779 |
| Total liabilities | $1,766,429 |
| Net assets without donor restrictions | $60,515,461 |
| 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 | $62,281,890 |
Grants Awarded
Over the last fiscal year, Ben Franklin Technology Partners Of Northeastern Pennsylvania Inc has awarded $316,252 in support to 18 organizations.
| Grant Recipient | Amount |
|---|---|
AMERICAN POLARIZERS PURPOSE: BUSINESS AND TECHNICAL ASSISTANCE | $25,000 |
BIG BARKER PURPOSE: BUSINESS AND TECHNICAL ASSISTANCE | $5,453 |
BOSCH PURPOSE: BUSINESS AND TECHNICAL ASSISTANCE | $23,750 |
BRD NOISE AND VIBRATIONS PURPOSE: BUSINESS AND TECHNICAL ASSISTANCE | $25,000 |
BRENNTAG PURPOSE: BUSINESS AND TECHNICAL ASSISTANCE | $10,000 |
DYNALENE PURPOSE: BUSINESS AND TECHNICAL ASSISTANCE | $23,700 |