Institute For Commercialization Of Florida Technology Inc
- Assets
- $17.1m
- Revenue
- $342.7k
- Investments
- $0.0
- Employees
- 1
- Location
- Tampa, FL
- Founding
- 02/2010
- Data as of
- 06/2022
- EIN
- 90-0348486
Organization Overview
Institute For Commercialization Of Florida Technology Inc is located in Tampa, FL. The organization was established in 2010. According to its NTEE Classification (S40) the organization is classified as: Business & Industry, 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. Institute For Commercialization Of Florida Technology 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, Institute For Commercialization Of Florida Technology Inc generated $342.7k 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 (34.3%) each year. All expenses for the organization totaled $1.7m during the year ending 06/2022. 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
PROMOTING ECONOMIC DEVELOPMENT THROUGH THE COMMERCIALIZATION OF NEW DISCOVERIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CONSISTENT WITH FLORIDA'S TARGETED INDUSTRY CLUSTER STRATEGY, THE INSTITUTE MATCHES COMMERCIALLY VIABLE TECHNOLOGIES WITH EXPERIENCED MANAGEMENT AND CAPITAL TO CREATE NEW STARTUP COMPANIES. THE INSTITUTE ALSO MANAGES SEED FUNDING PROGRAMS TO PROVIDE FUNDING TO QUALIFIED EARLY STAGE COMPANIES. RECIPIENTS MUST MATCH INSTITUTE FUNDING WITH PRIVATE INVESTMENT CAPITAL, AND FUNDED COMPANIES HAVE RAISED NEARLY $67 MILLION IN PRIVATE MATCHING FUNDS THIS YEAR. THE INSTITUTE'S FUNDS CONTINUE TO BE MANAGED BY THE SAME PRIVATE FUND MANAGER AS LAST FISCAL YEAR, COMPLETING 14 FUNDING TRANSACTIONS. ECONOMIC IMPACT THIS YEAR WAS $733 MILLION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Rafael Lohner Executive Director | Officer | 40 | $88,308 |
Renee Finley Chairman | OfficerTrustee | 1 | $0 |
Rick Wassel Vice Chairman | OfficerTrustee | 1 | $0 |
Lynn Mattice Treasurer | Officer | 10 | $0 |
Jim O'connell Board Member | Trustee | 1 | $0 |
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 | $342,694 |
| Investment income | $0 |
| 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 | $342,694 |
| 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. | $92,830 |
| Compensation of current officers, directors, key employees. | $18,566 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $10,769 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $9,395 |
| Fees for services: Management | $16,065 |
| Fees for services: Legal | $44,507 |
| Fees for services: Accounting | $53,560 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $338,828 |
| Fees for services: Other | $0 |
| Advertising and promotion | $10,169 |
| Office expenses | $4,232 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $7,243 |
| Travel | $5,497 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,598 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $22,820 |
| All other expenses | $2,426 |
| Total functional expenses | $1,727,814 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,515,996 |
| 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 | $33,744 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $15,541,149 |
| Intangible assets | $0 |
| Other assets | $580 |
| Total assets | $17,091,469 |
| Accounts payable and accrued expenses | $145,048 |
| 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 | $145,048 |
| Net assets without donor restrictions | -$157,798 |
| Net assets with donor restrictions | $17,104,219 |
| 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 | $17,091,469 |
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The Better Business Bureau Of Metropolitan Birmingham Incorportd Birmingham, AL | $1,159,880 | $2,115,172 |
Institute For Commercialization Of Florida Technology Inc Tampa, FL | $17,091,469 | $342,694 |
Atlanta Committee For Progress Inc Atlanta, GA | $1,166,579 | $1,555,000 |
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