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Nonprofiteer
← LONG ISLAND HIGH TECHNOLOGY INCUBATOR INC

Form 990 for tax year 2024

Filed by LONG ISLAND HIGH TECHNOLOGY INCUBATOR INC.

Totals

Total revenue
$2,567,247
Total expenses
$2,104,425
Contributions and grants received
$560,000
Grants paid
$24,410
Program service revenue
$2,007,188
Investment income
$59
Other revenue
$0
Total assets, end of year
$16,857,671
Total liabilities, end of year
$2,205,829
Net assets or fund balances, end of year
$14,651,842
Program services expenses (Part IX)
$1,750,023
Management and general expenses
$354,402
Fundraising expenses
$0
Program service expenses (Part III)
$1,750,023

Program services were 83.2% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1f · All other contributions, gifts and grants

    $560,000

  • 2a · Program service revenue: RENTAL INCOME AND SURC

    total $2,007,188 · related or exempt $2,007,188

  • 3 · Investment income

    total $59 · excluded $59

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $24,410 · program services $24,410

  • 5 · Compensation of officers, directors and key employees

    total $373,594 · program services $214,413 · management and general $159,181

  • 7 · Other salaries and wages

    total $180,505 · program services $146,504 · management and general $34,001

  • 8 · Pension plan contributions

    total $44,617 · program services $28,435 · management and general $16,182

  • 9 · Other employee benefits

    total $127,483 · program services $82,192 · management and general $45,291

  • 10 · Payroll taxes

    total $40,858 · program services $26,040 · management and general $14,818

  • 11b · Fees: legal

    total $27,751 · management and general $27,751

  • 11c · Fees: accounting

    total $35,600 · program services $34,908 · management and general $692

  • 11g · Fees: other

    total $119,493 · program services $115,244 · management and general $4,249

  • 12 · Advertising and promotion

    total $7,060 · program services $5,819 · management and general $1,241

  • 13 · Office expenses

    total $17,732 · program services $12,220 · management and general $5,512

  • 17 · Travel

    total $1,780 · management and general $1,780

  • 19 · Conferences, conventions and meetings

    total $3,882 · program services $3,509 · management and general $373

  • 20 · Interest

    total $2,594 · program services $2,542 · management and general $52

  • 22 · Depreciation, depletion and amortization

    total $276,309 · program services $264,495 · management and general $11,814

  • 23 · Insurance

    total $39,640 · program services $38,839 · management and general $801

  • 24a · Other expenses: REPAIRS AND MAINTENANCE

    total $387,548 · program services $382,381 · management and general $5,167

  • 24b · Other expenses: UTILITIES

    total $305,708 · program services $299,594 · management and general $6,114

  • 24c · Other expenses: ADMINISTRATIVE

    total $76,252 · program services $59,278 · management and general $16,974

  • 24d · Other expenses: BAD DEBT EXPENSE

    total $9,200 · program services $9,200

  • 24e · All other expenses

    total $2,409 · management and general $2,409

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $41,872 · end of year $59,630

  • 2 · Savings and temporary cash investments

    beginning of year $113,085 · end of year $164,125

  • 3 · Pledges and grants receivable

    beginning of year $13,611,995 · end of year $12,650,200

  • 4 · Accounts receivable

    beginning of year $19,448 · end of year $1,119

  • 9 · Prepaid expenses and deferred charges

    beginning of year $24,930 · end of year $26,750

  • 10a · Land, buildings and equipment: cost or other basis

    $15,144,977

  • 10b · Land, buildings and equipment: accumulated depreciation

    $11,209,295

  • 10c · Land, buildings and equipment, net

    beginning of year $2,971,407 · end of year $3,935,682

  • 15 · Other assets

    beginning of year $11,583 · end of year $20,165

  • 17 · Accounts payable and accrued expenses

    beginning of year $309,945 · end of year $253,814

  • 23 · Secured mortgages and notes payable

    beginning of year $1,500,000 · end of year $1,500,000

  • 24 · Unsecured notes and loans payable

    beginning of year $383,959 · end of year $259,418

  • 25 · Other liabilities

    beginning of year $165,443 · end of year $192,597

  • 27 · Net assets without donor restrictions

    beginning of year $2,992,400 · end of year $3,455,221

  • 28 · Net assets with donor restrictions

    beginning of year $11,442,573 · end of year $11,196,621

Mission and programs · 2024

Mission

SEE SCHEDULE O.THE LONG ISLAND HIGH TECHNOLOGY INCUBATOR (LIHTI) IS A NON-PROFIT ORGANIZATION THAT SUPPORTS AND STABILIZES EARLY-STAGE, HIGH-RISK, HIGH-TECH BUSINESSES. WE ARE DEDICATED TO HELPING NEW TECHNOLOGICALLY-INNOVATIVE COMPANIES GROW BY PROVIDING THEM WITH A VARIETY OF SUPPORT RESOURCES AND SERVICES. IN ADDITION TO ITS BEAUTIFUL SETTING, LIHTI'S LOCATION ON THE STONY BROOK UNIVERSITY CAMPUS ENABLES THE TRANSFER OF IDEAS FROM THE UNIVERSITY TO THE PRIVATE SECTOR. THE COMPANIES THAT DEVELOP AND GROW AS A RESULT OF BEING A PART OF THE INCUBATOR CREATE JOBS AND EXPAND THE TAX BASE ON LONG ISLAND AND IN NEW YORK STATE.

  • GENERAL INCUBATOR PROGRAM - THE UTILIZATION OF THE INCUBATOR FACILITIES IS INTRINSTIC TO THE ACCOMPLISHMENT OF THE ORGANIZATION'S EXEMPT PURPOSE OF ECONOMIC DEVELOPMENT OF LONG ISLAND AND THE STATE OF NEW YORK ECONOMY. APPROXIMATELY TWENTY-FIVE HIGH TECHNOLOGY BUSINESS ORGANIZATIONS ARE UNDER DEVELOPMENT IN THIS FACILITY. THE ORGANIZATION ENHANCES THE SUCCESS OF DEVELOPMENT COMPANIES BY PROVIDING SPACE AT A MUCH LOWER RATE AS COMPARED TO THE MARKET.

    Expenses $1,707,876 · Grants $24,410 · Revenue $2,007,188

  • INNOVATION HOTSPOT PROGRAM - THE INNOVATION HOTSPOT PROGRAM IS A GRANT FROM EMPIRE STATE DEVELOPMENT'S DIVISION OF SCIENCE, TECHNOLOGY AND INNOVATION ("NYSTAR") TO LIHTI DESIGNATING IT AS ONE OF TEN INNOVATION HOTSPOTS ACROSS NEW YORK STATE. THE PURPOSE OF THE GRANT IS TO AID LIHTI TO REACH A GREATER NUMBER OF EARLY-STAGE COMPANIES. THE FINANCIAL SUPPORT MAY BE USED FOR PHYSICAL SPACE, SHARED ADMINISTRATIVE STAFF, ACCESS TO CAPITAL, COACHING, MENTORING, NETWORKING CONNECTIONS, PROTOTYPE DEVELOPMENT, AND ACCESS TO OTHER TECHNICAL SERVICES. INNOVATION HOTSPOTS ALSO OFFERS TAX BENEFITS TO PARTICIPATING COMPANIES. LIHTI IS SPECIFICALLY USING THE GRANT TO REIMBURSE QUALIFIED PROTOTYPING, INTELLECTUAL PROPERTY ("IP"), SMALL BUSINESS INNOVATION RESEARCH ("SBIR"), AND MARKETING EXPENSES FROM PARTICIPATING COMPANIES AND TO FINANCIALLY SUPPORT THE ADMINISTRATION OF THE GRANT AND DELIVERY OF MARKETING AND BUSINESS MENTORING STAFF SERVICES. IN ADDITION, LIHTI ENTERED A SUBCONTRACT WITH ACCELERATE LI TO RUN THE HOT SPOT PROGRAM THROUGH NYSTAR, BEGINNING 1/31/2023. LIHTI VALIDATES COMPANIES FOR ALI AND OFFERS MENTORING AND OTHER INCUBATION SERVICES. ALI IS RESPONSIBLE FOR ALL OF THE ADMINISTRATIVE WORK AND REPORTING TO NYSTAR. LIHTI SUBMITS TWO REPORTS A YEAR TO ALI WHICH COVERS $5,000/YR. OF SALARY/FRINGE AT LIHTI.

    Expenses $42,147

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Ryan Welch

    FACILITES AND OPS. MGR., SECRETARY

    Total calculated
    $0
    Hours/week
    40

  • Susan Dibbins

    TREASURER

    Total calculated
    $0
    Hours/week
    4

  • David Marcus

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2

  • Kacy Bullard

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2

  • Nicholas Querques

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2

  • Paul Sheiffele

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2

  • Peter Donnelly

    CHAIR (THROUGH 10/2024)

    Total calculated
    $0
    Hours/week
    1

  • Anil Dhundale

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2

  • Michael Kinch

    CHAIR (AS OF 02/2025)

    Total calculated
    $0
    Hours/week
    1

  • Kevin Gardner

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2

  • Andrew L Wooten

    EXECUTIVE DIRECTOR

    Total calculated
    $0
    Hours/week
    40

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2024
Filed
24 October 2025
IRS schema version
2024v5.2
Source object
202532979349301648

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