Florida Opportunity Fund Inc

The information for Florida Opportunity Fund Inc is as of the organization's most recent filing in June '21. This organization is located in Orlando, FL. It has been in existence for 12 years, following its founding in 2009.

Organization Classification

The IRS classifies organizations according to the National Taxonomy of Exempt Entities (NTEE) system. The NTEE system helps the IRS assign a 3-character code to each organization to describe the organization's activities.

The Florida Opportunity Fund Inc's NTEE code is S31. The "S" tells us that the organization is classified along with Community Improvement & Capacity Building. The "31" tells us that the organization is focused on Urban & Community Economic Development. The NTEE describes organizations in this category as those that provide technical assistance, loans, loan guarantees, or other forms of management support to help impoverished urban communities create local jobs, sustain local services, and build healthier local economies.

Every organization is also governed by a specific section of the Internal Revenue Code. This organization happens to be a 501(c)(3) organization. The IRS describes these organizations as those engaged in Religious, Educational, Charitable, Scientific, Literary, Public Safety, Amateur Sports, or Prevention of Cruelty to Children or Animals work.

Perhaps the most accurate way to get a sense of what the organization hopes to achieve is by looking at its mission. The mission of the Florida Opportunity Fund is to identify and invest in a diversified, high-quality portfolio of seed and early-stage venture capital funds that target opportunities within Florida. The Fund aims to achieve a superior internal rate of return on private equity investments while contributing to Florida's economic development, fostering the creation, retention, and growth of companies in Florida, and encouraging the development and growth of a vibrant Florida-based venture capital investment community.

Program Areas

The program area description for the general fund focuses on increasing the availability of seed capital and early stage venture equity capital for emerging companies in various industries such as life sciences, information technology, advanced manufacturing processes, aviation and aerospace, homeland security and defense, and energy efficient or renewable energy products and technologies. This fund supports the growth of these industries and other strategic technologies within the state.

Board Governance

Florida Opportunity Fund Inc appears to be well-governed based on the provided information. The organization has a small but diverse voting membership of four individuals, all of whom are independent. This ensures that decisions made by the organization are not influenced by personal interests or biases. Additionally, the absence of potential conflicts of interest further strengthens the credibility of the organization's governance. The fact that the organization has not delegated management to an outside firm indicates that it retains control over its operations and decision-making processes. This allows for greater transparency and accountability within the organization. The documentation of board meetings and committee meetings further supports transparency and ensures that decisions and discussions are properly recorded. Florida Opportunity Fund Inc demonstrates a commitment to ethical practices through its conflict of interest policy, which requires disclosure of conflicts. This policy helps to prevent any potential conflicts from compromising the organization's mission and operations. The organization also has a written whistleblower policy, document retention policy, and provides copies of the 990 to the board prior to filing. These policies and practices indicate a dedication to accountability and compliance with legal and regulatory requirements. However, it is worth noting that the organization does not substantiate and review leadership salaries or officer's salaries. While this may not necessarily indicate poor governance, it does raise questions about the organization's approach to ensuring fair compensation and transparency in this area. Overall, Florida Opportunity Fund Inc appears to be well-governed, with a strong focus on transparency, accountability, and ethical practices.

Organization Growth

Florida Opportunity Fund Inc has shown growth in its total revenue and investment income over the given time period. In 2014, the organization had a total revenue of $6.0 million, which increased to $8.3 million in 2020. Similarly, their investment income increased from $2.2 million in 2014 to $7.9 million in 2020. However, the organization experienced an increase in total expenses, which rose from $3.2 million in 2014 to $8.9 million in 2020. The number of volunteers decreased from 5 in 2014 to 0 in 2020, but this data is not considered meaningful over this time period.