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← PINKNEY INNOVATION COMPLEX FOR SCIENCE & TECHNOLOGY AT MONTGOMERY

Form 990 for tax year 2022

Filed by PINKNEY INNOVATION COMPLEX FOR SCIENCE & TECHNOLOGY AT MONTGOMERY.

Totals

Total revenue
$152,797
Total expenses
$114,125
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$63,462
Investment income
$89,335
Other revenue
$0
Total assets, end of year
$6,317,212
Total liabilities, end of year
$5,558,280
Net assets or fund balances, end of year
$758,932
Program services expenses (Part IX)
$84,790
Management and general expenses
$29,335
Fundraising expenses
$0
Program service expenses (Part III)
$84,790

Program services were 74.3% 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.

  • 2a · Program service revenue: PROGRAM RENTAL INCOME

    total $63,462 · related or exempt $63,462

  • 3 · Investment income

    total $89,335 · excluded $89,335

Functional expenses

Part IX, the statement of functional expenses.

  • 11f · Fees: investment management

    total $17,087 · management and general $17,087

  • 11g · Fees: other

    total $84,790 · program services $84,790

  • 13 · Office expenses

    total $4,575 · management and general $4,575

  • 19 · Conferences, conventions and meetings

    total $2,625 · management and general $2,625

  • 24a · Other expenses: LICENSE AND FEES

    total $5,048 · management and general $5,048

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $90,812 · end of year $63,412

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

    $384,186

  • 10c · Land, buildings and equipment, net

    beginning of year $384,186 · end of year $384,186

  • 11 · Investments: publicly traded securities

    beginning of year $5,665,940 · end of year $5,869,614

  • 17 · Accounts payable and accrued expenses

    beginning of year $15,318 · end of year $79

  • 19 · Deferred revenue

    beginning of year $5,621,655 · end of year $5,558,201

  • 27 · Net assets without donor restrictions

    beginning of year $503,965 · end of year $758,932

Mission and programs · 2022

Mission

SUPPORT THE MISSION OF THE COLLEGE AND PROMOTE THE ADVANCEMENT OF STUDENT EDUCATION BY FOSTERING AND EXPANDING EDUCATIONAL AND RESEARCH OPPORTUNITIES FOR FACULTY AND STUDENTS THROUGH ACADEMIC-INDUSTRY PARTNERSHIPS. (CONTINUED ON SCHEDULE O)

Activities or mission (Part I)

TO SUPPORT THE MISSION OF MONTGOMERY COLLEGE AND TO PROMOTE THE ADVANCEMENT OF EDUCATION.

  • SUPPORT THE MISSION OF THE COLLEGE AND PROMOTE THE ADVANCEMENT OF STUDENT EDUCATION BY FOSTERING AND EXPANDING EDUCATIONAL AND RESEARCH OPPORTUNITIES FOR FACULTY AND STUDENTS THROUGH ACADEMIC-INDUSTRY PARTNERSHIPS. ENHANCE AND ALIGN THE WORK OF THE COLLEGE WITH THOSE OF TECHNOLOGY BUSINESSES BY CO-LOCATING BUSINESSES ON CAMPUS IN AN INTEGRATED HUB THAT ACTIVELY PROMOTES INTERACTION BETWEEN FACULTY AND STUDENTS TO ACHIEVE THE COLLECTIVE GOAL OF EDUCATIONAL AND ECONOMIC SUCCESS.

    Expenses $84,790 · Revenue $63,462

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Dr Stephen Cain

    BOARD MEMBER

    Total calculated
    $256,673
    From this org
    $0
    From related orgs
    $210,915
    Other
    $45,758
    Hours/week
    5 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $210,588 related
    Bonus
    $0
    Other
    $0 + $327 related
    Deferred
    $0 + $15,733 related
    Nontaxable benefits
    $0 + $30,025 related
    Filer's total
    $0 + $256,673 related

  • Dr Sanjay Rai

    BOARD MEMBER

    Total calculated
    $238,949
    From this org
    $0
    From related orgs
    $216,959
    Other
    $21,990
    Hours/week
    5 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $216,632 related
    Bonus
    $0
    Other
    $0 + $327 related
    Deferred
    $0 + $15,733 related
    Nontaxable benefits
    $0 + $6,257 related
    Filer's total
    $0 + $238,949 related

  • Margaret Latimer

    SECRETARY

    Total calculated
    $201,732
    From this org
    $0
    From related orgs
    $170,320
    Other
    $31,412
    Hours/week
    10 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $170,320 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $10,152 related
    Nontaxable benefits
    $0 + $21,260 related
    Filer's total
    $0 + $201,732 related

  • John Compton PhD

    CHAIR

    Total calculated
    $0
    Hours/week
    5

  • Gail Folena Wasserman PhD

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    5

  • Allen Deleon

    TREASURER

    Total calculated
    $0
    Hours/week
    5

  • Dayana Batres

    STUDENT BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Kelli Brooks

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Yum Yu Cheng Esq

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Hermann Cruz

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Angela Graham

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Stephen Kaufman

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Manish Kothari

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Perry Paylor

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Orit Scharf

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Kristine Warner

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Doug Wrenn

    IMMEDIATE PAST CHAIR

    Total calculated
    $0
    Hours/week
    2

  • Zach Zwicker

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Michael Smith

    EXECUTIVE DIRECTOR

    Total calculated
    $197,595
    From this org
    $0
    From related orgs
    $156,571
    Other
    $41,024
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $0 + $155,878 related
    Bonus
    $0
    Other
    $0 + $693 related
    Deferred
    $0 + $12,151 related
    Nontaxable benefits
    $0 + $28,873 related
    Filer's total
    $0 + $197,595 related

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. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

None.

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

  • MONTGOMERY COLLEGE

    N/A · COLLEGE · MD

Provenance

Return type
form_990
Tax year
2022
Filed
1 May 2024
IRS schema version
2022v5.0
Source object
202431249349301328

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