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Nonprofiteer
← LONG ISLAND HIGH TECHNOLOGY INCUBATOR INC

Form 990 for tax year 2022

Filed by LONG ISLAND HIGH TECHNOLOGY INCUBATOR INC.

Totals

Total revenue
$2,672,338
Total expenses
$2,648,163
Contributions and grants received
$832,006
Grants paid
$139,762
Program service revenue
$1,833,820
Investment income
$56
Other revenue
$6,456
Total assets, end of year
$6,097,369
Total liabilities, end of year
$2,531,891
Net assets or fund balances, end of year
$3,565,478
Program services expenses (Part IX)
$2,365,342
Management and general expenses
$282,821
Fundraising expenses
$0
Program service expenses (Part III)
$2,365,342

Program services were 89.3% 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.

  • 1e · Government grants (contributions)

    $832,006

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

    total $1,820,520 · related or exempt $1,820,520

  • 2b · Program service revenue: CEBIP SERVICES

    total $13,300 · related or exempt $13,300

  • 3 · Investment income

    total $56 · excluded $56

  • 11a · Other revenue: SPONSORSHIP

    total $6,425 · related or exempt $6,425

  • 11b · Other revenue: OTHER INCOME

    total $31 · related or exempt $31

  • 11e · Other revenue, total

    $6,456

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $139,762 · program services $139,762

  • 5 · Compensation of officers, directors and key employees

    total $294,691 · program services $193,481 · management and general $101,210

  • 7 · Other salaries and wages

    total $287,054 · program services $260,049 · management and general $27,005

  • 9 · Other employee benefits

    total $213,800 · program services $166,207 · management and general $47,593

  • 10 · Payroll taxes

    total $16,588 · program services $12,895 · management and general $3,693

  • 11b · Fees: legal

    total $12,447 · program services $1,867 · management and general $10,580

  • 11c · Fees: accounting

    total $15,000 · management and general $15,000

  • 11g · Fees: other

    total $180,010 · program services $178,510 · management and general $1,500

  • 12 · Advertising and promotion

    total $43,031 · program services $39,031 · management and general $4,000

  • 13 · Office expenses

    total $5,317 · program services $3,510 · management and general $1,807

  • 17 · Travel

    total $9,307 · program services $9,115 · management and general $192

  • 19 · Conferences, conventions and meetings

    total $13,666 · program services $13,664 · management and general $2

  • 20 · Interest

    total $5,073 · program services $4,971 · management and general $102

  • 22 · Depreciation, depletion and amortization

    total $426,046 · program services $417,501 · management and general $8,545

  • 23 · Insurance

    total $35,583 · program services $34,871 · management and general $712

  • 24a · Other expenses: UTILITIES

    total $442,943 · program services $434,085 · management and general $8,858

  • 24b · Other expenses: REPAIRS AND MAINTENANCE

    total $338,514 · program services $318,160 · management and general $20,354

  • 24c · Other expenses: ADMINISTRATIVE

    total $120,575 · program services $117,085 · management and general $3,490

  • 24d · Other expenses: LOSS ON DISPOSALS OF FI

    total $26,672 · program services $211 · management and general $26,461

  • 24e · All other expenses

    total $22,084 · program services $20,367 · management and general $1,717

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $39,217 · end of year $54,076

  • 2 · Savings and temporary cash investments

    beginning of year $206,181 · end of year $106,189

  • 3 · Pledges and grants receivable

    beginning of year $2,414,350 · end of year $2,504,610

  • 4 · Accounts receivable

    beginning of year $39,398 · end of year $219,466

  • 9 · Prepaid expenses and deferred charges

    end of year $12,904

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

    $13,722,664

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

    $10,535,639

  • 10c · Land, buildings and equipment, net

    beginning of year $3,546,408 · end of year $3,187,025

  • 15 · Other assets

    beginning of year $185,378 · end of year $13,099

  • 17 · Accounts payable and accrued expenses

    beginning of year $355,289 · end of year $343,671

  • 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 $629,354 · end of year $507,267

  • 25 · Other liabilities

    beginning of year $404,986 · end of year $180,953

  • 27 · Net assets without donor restrictions

    beginning of year $3,541,303 · end of year $3,565,478

Mission and programs · 2022

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 $1,436,620 · Revenue $1,820,520

  • CLEAN ENERGY BUSINESS INCUBATOR PROGRAM (CEBIP) - CEBIP SEEKS TO ADDRESS MANY KEY NEEDS OF AN EARLY-STAGE, ENERGY-BASED TECHNOLOGY BUSINESS. THIS IS PARTICULARLY CRITICAL IN TODAY'S RAPIDLY CHANGING MARKETPLACE. SUPPORTED BY THE NEW YORK STATE ENERGY RESEARCH AND DEVELOPMENT AUTHORITY (NYSERDA), CEBIP PROVIDES ACCESS TO AN UNSURPASSED TEAM OF PARTNERS AND RESOURCES TO MAXIMIZE THE PROSPECTS FOR NEW BUSINESS VENTURES. CEBIP WILL CONTINUOUSLY WORK TOWARDS THE DEVELOPMENT OF A SUCCESSFUL CLEAN ENERGY ECONOMY ON LONG ISLAND, WITH THE ULTIMATE GOAL OF CREATING NEW JOBS AND MAKING A STRONG ECONOMIC IMPACT HERE IN NEW YORK.

    Expenses $554,511 · Grants $39,000 · Revenue $13,300

  • 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.

    Expenses $374,211 · Grants $100,762

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

Listed in Part VII

  • Ryan Welch

    SECRETARY

    Total calculated
    $0
    Hours/week
    37.5

  • 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

  • Jon Longtin

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2

  • Nicholas Querues

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2

  • Lyle Gomes

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2

  • Robert Brill

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2

  • Paul Sheiffele

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2

  • Peter Donnelly

    CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Richard Reeder

    EX-OFFICIO, VICE CHAIR

    Total calculated
    $0
    Hours/week
    0.2

  • Anil Dhundale

    EXECUTIVE DIRECTOR

    Total calculated
    $0
    Hours/week
    37.5

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.

Schedule J

Answered yes

  • 3 · Approval by the board or compensation committee

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

  • UNIQUE ELECTRIC SOLUTIONS INCORPORATED - CEBIP

    $39,000

    SUPPORT THE COMPANY'S LASER WELDING MANUFACTURING PROJECT.

  • SOMNIAL BIO (IWW) - HOTSPOT

    $16,630

    ASSIST EARLY STAGE TECHNOLOGY STARTUPS WITH IP LEGAL, MANUFACTURING/ENGINEERING AND MARKETING EXPENSES.

  • AWE TECHNOLOGIES LLC (IWW) - HOTSPOT

    $15,000

    ASSIST EARLY STAGE TECHNOLOGY STARTUPS WITH IP LEGAL, MANUFACTURING/ENGINEERING AND MARKETING EXPENSES.

  • NAVISECT INC (IWW) - HOTSPOT

    $15,000

    ASSIST EARLY STAGE TECHNOLOGY STARTUPS WITH IP LEGAL, MANUFACTURING/ENGINEERING AND MARKETING EXPENSES.

  • SEN-JAM PHARMA (IWW) - HOTSPOT

    $14,967

    ASSIST EARLY STAGE TECHNOLOGY STARTUPS WITH IP LEGAL, MANUFACTURING/ENGINEERING AND MARKETING EXPENSES.

  • CHANGE IMPACT (IDEAHUB) - HOTSPOT

    $10,000

    ASSIST EARLY STAGE TECHNOLOGY STARTUPS WITH IP LEGAL, MANUFACTURING/ENGINEERING AND MARKETING EXPENSES.

  • SHARPER SENSE (IWW) - HOTSPOT

    $10,000

    ASSIST EARLY STAGE TECHNOLOGY STARTUPS WITH IP LEGAL, MANUFACTURING/ENGINEERING AND MARKETING EXPENSES.

  • LISMIKRO - HOTSPOT

    $9,768

    ASSIST EARLY STAGE TECHNOLOGY STARTUPS WITH IP LEGAL, MANUFACTURING/ENGINEERING AND MARKETING EXPENSES.

  • VOLTAIR POWER (CEBIP) - HOTSPOT

    $9,396

    ASSIST EARLY STAGE TECHNOLOGY STARTUPS WITH IP LEGAL, MANUFACTURING/ENGINEERING AND MARKETING EXPENSES.

Provenance

Return type
form_990
Tax year
2022
Filed
10 November 2023
IRS schema version
2022v5.0
Source object
202313199349332406

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