Florida Opportunity Fund Inc
- Assets
- $103.0m
- Revenue
- $3.3m
- Investments
- $14.6m
- Employees
- 0
- Location
- Orlando, FL
- Founding
- 04/2009
- Data as of
- 06/2022
- EIN
- 41-2262408
Organization Overview
Florida Opportunity Fund Inc is located in Orlando, FL. The organization was established in 2009. According to its NTEE Classification (S31) the organization is classified as: Urban & Community Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Florida Opportunity 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 06/2022, Florida Opportunity Fund Inc generated $3.3m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (12.2%) each year. All expenses for the organization totaled $723.1k during the year ending 06/2022. As we would expect to see with falling revenues, expenses have declined by (18.4%) per year over the past 7 years. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE FLORIDA OPPORTUNITY FUND ("FOF OR THE "FUND") IDENTIFIES AND INVESTS IN A DIVERSIFIED, HIGH-QUALITY PORTFOLIO OF SEED AND EARLY STAGE VENTURE CAPITAL FUNDS THAT TARGETS IN WHOLE OR IN PART OPPORTUNITIES WITHIN FLORIDA. IN ADDITION, THE FUND SEEKS TO ACHIEVE A SUPERIOR INTERNAL RATE OF RETURN ON PRIVATE EQUITY INVESTMENTS WHILE CONTRIBUTING TO FLORIDA'S ECONOMIC DEVELOPMENTS; FOSTER THE CREATION, RETENTION, AND GROWTH OF COMPANIES IN FLORIDA; AND ENCOURAGE THE DEVELOPMENT AND GROWTH OF A VIBRANT FLORIDA-BASED VENTURE CAPITAL INVESTMENT COMMUNITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FUND INCREASES THE AVAILABILITY OF SEED CAPITAL AND EARLY STAGE VENTURE EQUITY CAPITAL FOR EMERGING COMPANIES IN THE STATE, INCLUDING, WITHOUT LIMITATION, ENTERPRISES IN LIFE SCIENCES, INFORMATION TECHNOLOGY, ADVANCED MANUFACTURING PROCESSES, AVIATION AND AEROSPACE, HOMELAND SECURITY AND DEFENSE, AND ENERGY EFFICIENT OR RENEWABLE ENERGY PRODUCTS AND TECHNOLOGIES, AS WELL AS OTHER STRATEGIC TECHNOLOGIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Daniel Schwartz Chairman | OfficerTrustee | 1 | $0 |
Susan Amat Director | Trustee | 1 | $0 |
Tomi Iarossi Director | Trustee | 1 | $0 |
Garrett Johnson Director | Trustee | 1 | $0 |
Aaron J Ripin Director | Trustee | 1 | $0 |
Marc Adler President | Officer | 5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Shutts & Bowen Llp Legal | 6/29/22 | $246,400 |
Enterprise Florida Management | 6/29/22 | $140,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| 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 | $0 |
| Total Program Service Revenue | $197,185 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $3,132,054 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,329,239 |
| 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. | $0 |
| 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 | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $140,000 |
| Fees for services: Legal | $249,365 |
| Fees for services: Accounting | $35,835 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $125,285 |
| Advertising and promotion | $0 |
| Office expenses | $919 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $8,706 |
| 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 | $0 |
| Insurance | $65,556 |
| All other expenses | $97,404 |
| Total functional expenses | $723,070 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $63,211,805 |
| 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 | $3,701,890 |
| 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 | $14,630,418 |
| Investments—program-related | $19,731,668 |
| Intangible assets | $0 |
| Other assets | $1,742,782 |
| Total assets | $103,018,563 |
| Accounts payable and accrued expenses | $573,399 |
| 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 | $526,946 |
| Total liabilities | $1,100,345 |
| Net assets without donor restrictions | $35,518,707 |
| Net assets with donor restrictions | $66,399,511 |
| 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 | $103,018,563 |