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Nonprofiteer
← FLORIDA OPPORTUNITY FUND INC

Form 990 for tax year 2022

Filed by FLORIDA OPPORTUNITY FUND INC.

Totals

Total revenue
$33,349,392
Total expenses
$2,869,332
Contributions and grants received
$30,000,000
Grants paid
$5,500
Program service revenue
$1,623,643
Investment income
$1,725,749
Other revenue
$0
Total assets, end of year
$129,288,350
Total liabilities, end of year
$1,363,085
Net assets or fund balances, end of year
$127,925,265
Program services expenses (Part IX)
$2,733,071
Management and general expenses
$136,261
Fundraising expenses
$0
Program service expenses (Part III)
$2,733,071

Program services were 95.3% 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)

    $30,000,000

  • 2a · Program service revenue: PROGRAM RELATED INTEREST INCOME

    total $1,623,643 · related or exempt $1,623,643

  • 7a · Gross sales of assets other than inventory

    securities $10,969,913

  • 7b · Less cost or other basis and sales expenses

    securities $9,244,164

  • 7c · Gain or loss

    securities $1,725,749

  • 7d · Net gain or loss

    total $1,725,749 · excluded $1,725,749

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $5,500 · program services $5,500

  • 11a · Fees: management

    total $130,494 · management and general $130,494

  • 11b · Fees: legal

    total $549,761 · program services $549,761

  • 11c · Fees: accounting

    total $36,510 · program services $36,510

  • 11f · Fees: investment management

    total $1,903,153 · program services $1,903,153

  • 11g · Fees: other

    total $52,000 · program services $52,000

  • 13 · Office expenses

    total $38,603 · program services $32,836 · management and general $5,767

  • 17 · Travel

    total $6,619 · program services $6,619

  • 23 · Insurance

    total $61,119 · program services $61,119

  • 24a · Other expenses: SHARED SERVICES

    total $85,573 · program services $85,573

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $63,211,805 · end of year $79,034,834

  • 7 · Other notes and loans receivable

    beginning of year $3,701,890 · end of year $3,143,389

  • 12 · Investments: other securities

    beginning of year $14,630,418 · end of year $12,325,681

  • 13 · Investments: program-related

    beginning of year $19,731,668 · end of year $34,442,215

  • 15 · Other assets

    beginning of year $1,742,782 · end of year $342,231

  • 17 · Accounts payable and accrued expenses

    beginning of year $573,399 · end of year $654,037

  • 25 · Other liabilities

    beginning of year $526,946 · end of year $709,048

  • 27 · Net assets without donor restrictions

    beginning of year $35,518,707 · end of year $39,403,533

  • 28 · Net assets with donor restrictions

    beginning of year $66,399,511 · end of year $88,521,732

Mission and programs · 2022

Mission

THE FUND WAS CREATED BECAUSE THE FLORIDA LEGISLATURE FOUND THERE WAS A NEED TO INCREASE THE AVAILABILITY OF SEED CAPITAL AND EARLY STAGE VENTURE EQUITY CAPITAL FOR EMERGING COMPANIES IN THE STATE, INCLUDING, WITHOUT LIMITATION, ENTERPRISES IN LIFE SCIENCES, INFORMATION TECHNOLOGY, ADVANCED MANUFACTURING PROCESSES, AVIATION AND AEROSPACE, AND HOMELAND SECURITY AND DEFENSE, AS WELL AS OTHER STRATEGIC TECHNOLOGIES.

Activities or mission (Part I)

THE FLORIDA OPPORTUNITY FUND ("FOF OR THE "FUND") IDENTIFIES AND INVESTS IN A DIVERSIFIED, HIGH-QUALITY PORTFOLIO OF SEED AND EARLY STAGE VENTURE CAPITAL FUNDS THAT TARGETS IN WHOLE OR IN PART OPPORTUNITIES WITHIN FLORIDA. IN ADDITION, THE FUND SEEKS TO ACHIEVE A SUPERIOR INTERNAL RATE OF RETURN ON PRIVATE EQUITY INVESTMENTS WHILE CONTRIBUTING TO FLORIDA'S ECONOMIC DEVELOPMENTS; FOSTER THE CREATION, RETENTION, AND GROWTH OF COMPANIES IN FLORIDA; AND ENCOURAGE THE DEVELOPMENT AND GROWTH OF A VIBRANT FLORIDA-BASED VENTURE CAPITAL INVESTMENT COMMUNITY.

  • THE FUND INCREASES THE AVAILABILITY OF SEED CAPITAL AND EARLY STAGE VENTURE EQUITY CAPITAL FOR EMERGING COMPANIES IN THE STATE, INCLUDING, WITHOUT LIMITATION, ENTERPRISES IN LIFE SCIENCES, INFORMATION TECHNOLOGY, ADVANCED MANUFACTURING PROCESSES, AVIATION AND AEROSPACE, HOMELAND SECURITY AND DEFENSE, AND ENERGY EFFICIENT OR RENEWABLE ENERGY PRODUCTS AND TECHNOLOGIES, AS WELL AS OTHER STRATEGIC TECHNOLOGIES.

    Expenses $2,733,071 · Grants $5,500 · Revenue $1,557,892

  • THE ECP PROGRAM IS DESIGNED TO CREATE NEW BUSINESSES AND JOBS IN FLORIDA AND FURTHER DIVERSIFY THE ECONOMY OF THE STATE OF FLORIDA BY MAKING DIRECT EQUITY OR CONVERTIBLE DEBT INVESTMENTS IN FLORIDA BUSINESSES.

    Revenue $65,751

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

Listed in Part VII

  • AJ RIPIN

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • SUSAN AMAT

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • TOMI LAROSSI

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • GARRETT JOHNSON

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • DANIEL SCHWARTZ

    CHAIRMAN UNTIL 11/30/22

    Total calculated
    $0
    Hours/week
    1

  • MARC ADLER

    PRESIDENT UNTIL 8/25/22

    Total calculated
    $111,316
    From this org
    $0
    From related orgs
    $106,653
    Other
    $4,663
    Hours/week
    5 + 35 related

  • DAVID ROGERS

    VICE PRESIDENT UNTIL 8/25/22

    Total calculated
    $126,967
    From this org
    $0
    From related orgs
    $120,478
    Other
    $6,489
    Hours/week
    5 + 35 related

  • LORNA DUSTI

    SECRETARY

    Total calculated
    $76,340
    From this org
    $0
    From related orgs
    $64,924
    Other
    $11,416
    Hours/week
    5 + 35 related

  • DAISY DOVALE

    TREASURER UNTIL 6/1/23

    Total calculated
    $151,433
    From this org
    $0
    From related orgs
    $126,909
    Other
    $24,524
    Hours/week
    5 + 35 related

    Schedule J breakdown matched by us

    Base
    $0 + $126,909 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $14,589 related
    Nontaxable benefits
    $0 + $9,935 related
    Filer's total
    $0 + $151,433 related

  • MERDITH PELTON

    EXECUTIVE DIR UNTIL 8/12/22

    Total calculated
    $73,772
    From this org
    $0
    From related orgs
    $70,690
    Other
    $3,082
    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. 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.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • PBC NRI CO-INVESTORS LP

    INVESTMENT · INVESTMENTS · FL · 52.38% owned · share of assets -$33,484

    Directly controlled by FLORIDA OPPORTUNITY FUND

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • FOF PA II INC

    C · FOF PA II, INC. WAS CREATED TO HOLD UBTI FROM FOF INVESTMENTS. · FL · 100% owned · share of income $6,566,208 · share of assets $10,543,045 · controlled entity

    Directly controlled by FLORIDA OPPORTUNITY FUND INC

Provenance

Return type
form_990
Tax year
2022
Filed
13 May 2025
IRS schema version
2022v5.0
Source object
202501339349306050

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