Palm Beach Tech Foundation Inc
- Assets
- $755.0
- Revenue
- $357.9k
- Investments
- $0.0
- Employees
- 7
- Location
- West Palm Beach, FL
- Founding
- 08/2019
- Data as of
- 12/2020
- EIN
- 30-0891778
Organization Overview
Palm Beach Tech Foundation Inc is located in West Palm Beach, FL. The organization was established in 2019. 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 12/2020, Palm Beach Tech Foundation Inc employed 7 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Palm Beach Tech Foundation 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 12/2020, Palm Beach Tech Foundation Inc generated $357.9k in total revenue. This organization has experienced exceptional growth, as over the past 3 years, it has increased revenue by an average of 45.8% each year . All expenses for the organization totaled $399.2k during the year ending 12/2020. While expenses have increased by 35.3% per year over the past 3 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
PALM BEACH TECH FOUNDATION INC.WILL GALVANIZE AND GROW THE TECHNOLOGY INDUSTRY OF PALM BEACH COUNTY, FL TO BECOME A LANDMARK TECHNOLOGY & INNOVATION HUB.
Describe the Organization's Program Activity:
Part 3 - Line 4a
IN RESPONSE TO THE PANDEMIC WE LAUNCHED A MICRO-GRANT PROGRAM IN 2020 TO PROVIDE MEANINGFUL WORK 1909 MICROGRANT PROGRAM FOR FREELANCERS AND CAPACITY BUILDING FOR LOCAL BUSINESSES IN NEED. OUR 2020 MICROGRANT PROGRAM PROVIDED OVER 20 JOBS FOR LOCAL FREELANCERS AND SUPPORTED 15 BUSINESSES IN THE DOWNTOWN WEST PALM BEACH COMMUNITY WHO NEEDED HELP TO PIVOT DURING THE COVID 19 CRISIS. THE PROGRAM WAS SO SUCCESSFUL THAT THE DDA AND KNIGHT FOUNDATION PROVIDED ADDITIONAL GRANT FUNDS FOR 2021 AND THE CRA ADDED THIS PROGRAM TO SUPPORT THE BUSINESSES IN NORTHWOOD VILLAGE AND THE HISTORIC NORTHWEST COMMUNITY.
1909 BUSINESS EDUCATION PROGRAMS WE OFFER BUSINESS COURSES TO HELP FOUNDERS TURN THEIR IDEAS INTO REAL BUSINESSES. OUR PROGRAMS ARE BASED ON COLLABORATIVE LEARNING, WHICH IS THE EDUCATIONAL APPROACH OF USING GROUPS TO ENHANCE LEARNING THROUGH WORKING TOGETHER. THIS STYLE OF LEARNING IS PROVEN TO HELP PARTICIPANTS DEVELOP SOCIAL SKILLS, LEARN FROM PEERS WITH DIFFERENT SKILLS, BUILD TRUST, BECOME MORE ENGAGED, AND BUILD CONFIDENCE AND LEADERSHIP SKILLS.
CO-LAB EVENTS HACKATHON STYLE DAYS WHERE WE TURN PROBLEMS INTO PROJECTS...AND SOLVE THEM. PARTICIPANTS IN OUR PROGRAMS EARN ACCESS TO CO-LAB EVENTS WHERE THEY GET A TEAM OF EXPERTS TO HELP MOVE THEIR BUSINESS FORWARD. TEAMS CAN INCLUDE CODERS, GRAPHIC DESIGNERS, PHOTOGRAPHERS, COPYWRITERS, BUSINESS STRATEGISTS, ETC.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Shana Ostrovitz Employee | Officer | 40 | $65,000 |
Yahira Rodriguez Employee | Officer | 40 | $45,000 |
Paul Vedder Officer | Officer | 4 | $0 |
Nick Mohnacky Officer | Officer | 4 | $0 |
Patrick Stinus Officer | Officer | 4 | $0 |
Joe Russo Employee | Officer | 10 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $236,422 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $25,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $79,117 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $340,539 |
| Total Program Service Revenue | $0 |
| Investment income | $34 |
| 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 | $357,920 |
| 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. | $115,790 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $2,534 |
| Payroll taxes | $5,944 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $3,172 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $46,557 |
| Advertising and promotion | $5,713 |
| Office expenses | $5,628 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $179,401 |
| Travel | $7,227 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,145 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,686 |
| Insurance | $240 |
| All other expenses | $22,124 |
| Total functional expenses | $399,161 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $755 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $755 |
| Accounts payable and accrued expenses | $26,373 |
| 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 | $26,373 |
| Net assets without donor restrictions | $0 |
| 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 | -$25,618 |
| Total liabilities and net assets/fund balances | $755 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Palm Beach Tech Foundation Inc has recieved totaling $25,000.
| Awarding Organization | Amount |
|---|---|
Truist Foundation Inc Orlando, FL PURPOSE: GENERAL OPERATING | $25,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Metro Atlanta Host Committee Inc Atlanta, GA | $222,399 | $14,582,853 |
Tampa Bay Convention & Visitors Bureau Inc Tampa, FL | $9,049,029 | $16,723,785 |
South Alabama Regional Planning Commission Mobile, AL | $10,162,715 | $18,722,811 |
Discover Palm Beach County Inc West Palm Beach, FL | $6,257,115 | $17,672,568 |
Step Up Suncoast Inc Sarasota, FL | $3,209,226 | $16,919,808 |
Atlanta Convention & Vistors Bureau Inc Atlanta, GA | $20,280,984 | $17,066,911 |
Access To Capital For Entrepreneurs Inc Cleveland, GA | $88,796,114 | $11,013,240 |
The Miami-Dade Beacon Council Inc Miami, FL | $5,791,643 | $5,287,764 |
Sarasota Convention And Visitors Bureau Sarasota, FL | $1,250,974 | $4,640,700 |
Grove Park Foundation Inc Atlanta, GA | $25,190,874 | $3,791,912 |
Woodlawn Foundation Inc Birmingham, AL | $23,281,492 | $7,022,697 |
East Tampa Business And Civic Association Inc Tampa, FL | $6,775,919 | $3,764,186 |