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← BEN FRANKLIN TECHNOLOGY CENTER OF SOUTHEASTERN PENNSYLVANIA

Form 990 for tax year 2024

Filed by BEN FRANKLIN TECHNOLOGY CENTER OF SOUTHEASTERN PENNSYLVANIA.

Totals

Total revenue
$15,534,909
Total expenses
$9,300,991
Contributions and grants received
$5,676,723
Grants paid
$200,000
Program service revenue
$2,318,297
Investment income
$7,362,791
Other revenue
$177,098
Total assets, end of year
$107,202,070
Total liabilities, end of year
$22,739,864
Net assets or fund balances, end of year
$84,462,206
Program services expenses (Part IX)
$4,397,790
Management and general expenses
$4,903,201
Fundraising expenses
$0
Program service expenses (Part III)
$4,397,790

Program services were 47.3% 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)

    $5,476,723

  • 1f · All other contributions, gifts and grants

    $200,000

  • 2a · Program service revenue: LOAN INTEREST

    total $1,238,309 · related or exempt $1,238,309 · unrelated business $0 · excluded $0

  • 2b · Program service revenue: LOAN MAINTENANCE FEES

    total $12,015 · related or exempt $12,015 · unrelated business $0 · excluded $0

  • 2c · Program service revenue: VENTURE FUND INCOME

    total $1,062,473 · related or exempt $1,062,473 · unrelated business $0 · excluded $0

  • 2d · Program service revenue: APPLICATION & CLOSING FEES

    total $5,500 · related or exempt $5,500 · unrelated business $0 · excluded $0

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $698,795 · related or exempt $0 · unrelated business $0 · excluded $698,795

  • 6a · Gross rents

    real property $818,684

  • 6b · Less rental expenses

    real property $643,836

  • 6c · Rental income or loss

    real property $174,848 · personal property $0

  • 6d · Net rental income or loss

    total $174,848 · related or exempt $0 · unrelated business $0 · excluded $174,848

  • 7a · Gross sales of assets other than inventory

    securities $10,421,709 · other assets $0

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

    securities $3,757,713 · other assets $0

  • 7c · Gain or loss

    securities $6,663,996 · other assets $0

  • 7d · Net gain or loss

    total $6,663,996 · related or exempt $0 · unrelated business $0 · excluded $6,663,996

  • 11a · Other revenue: MISCELLANEOUS REVENUE

    total $2,250 · related or exempt $2,250 · unrelated business $0 · excluded $0

  • 11d · All other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $2,250

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $200,000 · program services $200,000

  • 5 · Compensation of officers, directors and key employees

    total $1,692,746 · management and general $1,692,746

  • 7 · Other salaries and wages

    total $3,601,574 · program services $2,697,305 · management and general $904,269 · fundraising $0

  • 8 · Pension plan contributions

    total $437,438 · program services $280,650 · management and general $156,788

  • 9 · Other employee benefits

    total $192,347 · program services $150,250 · management and general $42,097 · fundraising $0

  • 10 · Payroll taxes

    total $380,868 · program services $194,792 · management and general $186,076

  • 11b · Fees: legal

    total $76,115 · program services $2,246 · management and general $73,869 · fundraising $0

  • 11c · Fees: accounting

    total $152,617 · program services $0 · management and general $152,617 · fundraising $0

  • 11d · Fees: lobbying

    total $24,121 · program services $0 · management and general $24,121 · fundraising $0

  • 11f · Fees: investment management

    total $184,089 · management and general $184,089

  • 11g · Fees: other

    total $911,948 · program services $464,567 · management and general $447,381 · fundraising $0

  • 12 · Advertising and promotion

    total $61,804 · program services $60,552 · management and general $1,252 · fundraising $0

  • 13 · Office expenses

    total $86,966 · program services $61 · management and general $86,905 · fundraising $0

  • 16 · Occupancy

    total $442,378 · program services $0 · management and general $442,378 · fundraising $0

  • 17 · Travel

    total $62,169 · program services $26,049 · management and general $36,120 · fundraising $0

  • 19 · Conferences, conventions and meetings

    total $34,928 · program services $10,490 · management and general $24,438 · fundraising $0

  • 22 · Depreciation, depletion and amortization

    total $22,475 · program services $0 · management and general $22,475 · fundraising $0

  • 23 · Insurance

    total $162,528 · program services $0 · management and general $162,528 · fundraising $0

  • 24a · Other expenses: SUBSCRIPTIONS

    total $204,801 · program services $24,677 · management and general $180,124 · fundraising $0

  • 24b · Other expenses: MEMBERSHIP DUES

    total $138,044 · program services $114,447 · management and general $23,597 · fundraising $0

  • 24c · Other expenses: VENTURE FUND - OPERATING EXPENSES

    total $132,115 · program services $132,115 · fundraising $0

  • 24d · Other expenses: FEES AND MISCELLANEOUS

    total $59,625 · program services $294 · management and general $59,331 · fundraising $0

  • 24e · All other expenses

    total $39,295 · program services $39,295 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $17,623,742 · end of year $26,526,086

  • 2 · Savings and temporary cash investments

    beginning of year $1,367,647 · end of year $7,612,600

  • 3 · Pledges and grants receivable

    end of year $130,096

  • 4 · Accounts receivable

    beginning of year $3,494,290 · end of year $3,064,987

  • 5 · Loans and receivables from officers and key people

    end of year $0

  • 6 · Loans and receivables from disqualified persons

    end of year $0

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

    $5,329,750

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

    $1,814,146

  • 10c · Land, buildings and equipment, net

    beginning of year $3,622,694 · end of year $3,515,604

  • 11 · Investments: publicly traded securities

    beginning of year $297,170 · end of year $32,087

  • 12 · Investments: other securities

    beginning of year $48,775,050 · end of year $46,099,111

  • 13 · Investments: program-related

    beginning of year $23,779,777 · end of year $19,369,370

  • 15 · Other assets

    beginning of year $165,859 · end of year $852,129

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,463,264 · end of year $1,575,867

  • 19 · Deferred revenue

    beginning of year $1,367,647 · end of year $6,832,594

  • 22 · Loans and payables to officers and key people

    end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $3,051,918 · end of year $2,904,923

  • 24 · Unsecured notes and loans payable

    beginning of year $9,201,530 · end of year $10,320,355

  • 25 · Other liabilities

    beginning of year $146,651 · end of year $1,106,125

  • 27 · Net assets without donor restrictions

    beginning of year $83,895,219 · end of year $84,462,206

Mission and programs · 2024

Mission

BEN FRANKLIN LEADS THE REGION'S ECONOMIC DEVELOPMENT BY NURTURING AND INVESTING IN INNOVATIVE, EARLY-STAGE COMPANIES, AND PURPOSEFUL INVOLVEMENT IN RELEVANT REGIONAL AND NATIONAL INITIATIVES.

Activities or mission (Part I)

BEN FRANKLIN STIMULATES ECONOMIC GROWTH AND INNOVATION IN THE REGION THROUGH INITIATIVES AND PARTNERSHIPS THAT ACCELERATE THE DEVELOPMENT OF NEW TECHNOLOGIES AND THEIR COMMERCIALIZATION PRIMARILY THROUGH INVESTMENTS IN AND SUPPORT OF TECHNOLOGY-BASED ENTERPRISES.

  • CAPITAL INVESTMENT, BUSINESS, AND TECHNICAL ASSISTANCE: BEN FRANKLIN SEEKS TO CREATE A THRIVING ECONOMY, POWERED BY TECHNOLOGY FOCUSED INNOVATION AND A SUPPORTIVE ECOSYSTEM FOR EARLY-STAGE COMPANIES. BEN FRANKLIN HAS SUPPORTED ENTREPRENEURS BY PROVIDING THE CAPITAL AND TECHNICAL EXPERTISE TO HELP THEM ACHIEVE THEIR VISIONS. BEN FRANKLIN PROVIDES EARLY-STAGE COMPANIES CUSTOMIZED, ONE-ON-ONE REAL-WORLD KNOWLEDGE IN PRODUCT DEVELOPMENT AND COMMERCIALIZATION, MARKETING, FUNDRAISING, ACCOUNTING, OPERATIONS, HUMAN RESOURCES, AND MORE, GIVING ACCESS TO ITS WIDE RANGE OF MENTORING, BUSINESS, AND TECHNOLOGY DEVELOPMENT SERVICES AND ITS EVER-EXPANDING NETWORK OF ADVISORS AND PARTNERS.

    Expenses $2,835,587 · Grants $200,000 · Revenue $2,320,547

  • TECHNOLOGY & ENTREPRENEURIAL INFRASTRUCTURE: BEN FRANKLIN IMPROVES THE REGION'S ECONOMY THROUGH THE DEVELOPMENT AND SUPPORT OF INFRASTRUCTURE FOR INNOVATION, INCLUDES WORK TO IDENTIFY AND GROW REGIONAL RESOURCES THAT CATALYZE AND DEVELOP REGIONAL TECHNOLOGY ASSETS THAT CAN BECOME PLATFORMS FOR NEW ENTERPRISE GROWTH AND PROVIDE OPPORTUNITIES TO RETAIN AND ATTRACT TALENT. BEN FRANKLIN LEADS AND PARTNERS IN THE FORMATION OF UNIVERSITY-INDUSTRY COMMERCIALIZATION MODELS; IDENTIFIES AND SUPPORTS COMMERCIALIZATION ACCELERATION ENGAGEMENTS BETWEEN TECHNOLOGY DEVELOPMENT RESOURCES AND EMERGING ENTERPRISES; PROVIDES SUPPORT AND/OR MANAGES REGIONAL INCUBATORS AND ACCELERATORS; ENDORSES THE PUBLICATION OF CAPITAL AND TECHNOLOGY REPORTS; ENGAGES IN EFFORTS TO STIMULATE COMPANY FORMATION AMONG WOMEN AND MINORITIES; IS ACTIVE IN THE REGION'S IMPACT INVESTMENT COMMUNITY; AND PARTNERS TO CREATE AN ENVIRONMENT OF INFORMATION EXCHANGE AND INTERACTION VIA SEMINARS AND EVENTS.

    Expenses $1,562,203

As filed on the 2024 return.

Listed in Part VII

  • Denise Devine

    VICE-CHAIR OF THE BOARD

    Total calculated
    $0
    Hours/week
    2

  • Mindy Posoff

    CORPORATE SECRETARY

    Total calculated
    $0
    Hours/week
    2

  • Mr Doc Parghi

    VICE-CHAIR OF THE BOARD/INVEST

    Total calculated
    $0
    Hours/week
    3

  • Orim Graves

    CHAIR OF THE BOARD

    Total calculated
    $0
    Hours/week
    3

  • Robert Ciaruffoli

    CORPORATE TREASURER & FINANCE

    Total calculated
    $0
    Hours/week
    2

  • Scott Nissenbaum

    PRESIDENT AND CEO

    Total calculated
    $492,167
    From this org
    $445,527
    From related orgs
    $0
    Other
    $46,640
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $353,362
    Bonus
    $84,361
    Other
    $7,804
    Deferred
    $27,748
    Nontaxable benefits
    $18,892
    Filer's total
    $492,167

  • Alan J Cohn

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Ami Miron

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Audrey Greenberg

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Elaina Shekhter

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • James D Narron

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Leroy Jones

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Mark Redlus

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Matthew Callahan

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Michael Purcell

    DIRECTOR/AUDIT COMMITTEE CHAIR

    Total calculated
    $0
    Hours/week
    2

  • Nate Lentz

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Nick Wilkinson

    DIRECTOR/CORPORATE DEVELOPMENT CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Sushma Rajagopalan

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Timothy Reese

    DIRECTOR/GOVERNANCE COMMITTEE

    Total calculated
    $0
    Hours/week
    2

  • Tucker Twitmyer

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Vince Rogusky

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Dorthea Chrupcala

    ASST CORP SECRETARY/CHIEF OF STAFF

    Total calculated
    $148,652
    From this org
    $113,136
    From related orgs
    $0
    Other
    $35,516
    Hours/week
    35

  • Saniah M Johnson CPA

    CFO/ASST CORPORATE TREASURER

    Total calculated
    $557,263
    From this org
    $340,468
    From related orgs
    $0
    Other
    $216,795
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $271,742
    Bonus
    $64,378
    Other
    $4,348
    Deferred
    $206,936
    Nontaxable benefits
    $9,859
    Filer's total
    $557,263

  • William Kiesling

    COO/GEN'L COUNSEL/ASST CORP SECRETARY

    Total calculated
    $382,815
    From this org
    $339,071
    From related orgs
    $0
    Other
    $43,744
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $266,535
    Bonus
    $62,657
    Other
    $9,879
    Deferred
    $23,985
    Nontaxable benefits
    $19,759
    Filer's total
    $382,815

  • Anthony Green

    CHIEF SCIENTIFIC OFFICER

    Total calculated
    $317,145
    From this org
    $277,647
    From related orgs
    $0
    Other
    $39,498
    Hours/week
    44

    Schedule J breakdown matched by us

    Base
    $237,825
    Bonus
    $33,538
    Other
    $6,284
    Deferred
    $20,105
    Nontaxable benefits
    $19,393
    Filer's total
    $317,145

  • Aston Williams

    INVESTMENT DIRECTOR

    Total calculated
    $220,588
    From this org
    $204,688
    From related orgs
    $0
    Other
    $15,900
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $192,917
    Bonus
    $8,709
    Other
    $3,062
    Deferred
    $7,025
    Nontaxable benefits
    $8,875
    Filer's total
    $220,588

  • Katherine Jordan

    MANAGING DIRECTOR, HEALTHCARE INVESTMENT

    Total calculated
    $295,333
    From this org
    $261,850
    From related orgs
    $0
    Other
    $33,483
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $223,316
    Bonus
    $31,407
    Other
    $7,127
    Deferred
    $14,973
    Nontaxable benefits
    $18,510
    Filer's total
    $295,333

  • Margaret Bradley

    VP STRATEGIC INITIATIVES

    Total calculated
    $291,884
    From this org
    $245,318
    From related orgs
    $0
    Other
    $46,566
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $204,281
    Bonus
    $32,566
    Other
    $8,471
    Deferred
    $18,385
    Nontaxable benefits
    $28,181
    Filer's total
    $291,884

  • Omar Mencin

    MANAGING DIRECTOR, TECH INVESTMENT

    Total calculated
    $306,542
    From this org
    $286,192
    From related orgs
    $0
    Other
    $20,350
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $250,987
    Bonus
    $33,996
    Other
    $1,209
    Deferred
    $19,302
    Nontaxable benefits
    $1,048
    Filer's total
    $306,542

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

  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 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

  • AMARANTH FLORAL AND EVENTS

    $50,000

    CATALYTIC GRANTS

  • STIMULUS INC

    $50,000

    CATALYTIC GRANTS

  • AMORSUI INC

    $50,000

    CATALYTIC GRANTS

  • MODKAF

    $50,000

    CATALYTIC GRANTS

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.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • BUILDING 100 LIMITED PARTNERS LLC

    TO HOLD INTEREST IN BUILDING 100, LP · PA · income $0 · assets $0

    Directly controlled by BEN FRANKLIN TECHNOLOGY PTRS OF SE PA

  • BUILDING 100 GENERAL PARTNERS LLC

    TO HOLD INTEREST IN BUILDING 100, LP · PA · income $0 · assets $0

    Directly controlled by BEN FRANKLIN TECHNOLOGY PTRS OF SE PA

  • BUILDING 100 LP

    TO HOLD INTEREST IN PNA 100 ASSOCIATES · PA · income $0 · assets $0

    Directly controlled by BUILDING 100 GENERAL PARTNERS LLC

  • PNA 100 ASSOCIATES

    TO HOLD REAL ESTATE · PA · income $818,684 · assets $4,512,968

    Directly controlled by BUILDING 100 GENERAL PARTNERS LLC

  • GLOBAL OPPORTUNITY PHILADELPHIA MANAGEMENT LLC

    MANAGEMENT COMPANY · PA · income $269,861 · assets $1,015,784

    Directly controlled by BEN FRANKLIN TECHNOLOGY PTRS OF SE PA

  • GLOBAL OPPORTUNITY PHILADELPHIA FUND GP

    GENERAL PARTNER OF THE FUND · PA · income $12,012 · assets $555,537

    Directly controlled by BEN FRANKLIN TECHNOLOGY PTRS OF SE PA

  • GLOBAL OPPORTUNITY PENNSYLVANIA MANAGEMENT LLC

    MANAGEMENT COMPANY · PA · income $779,190 · assets $1,065,895

    Directly controlled by BEN FRANKLIN TECHNOLOGY PTRS OF SE PA

  • GLOBAL OPPORTUNITY PENNSYLVANIA FUND GP

    GENERAL PARTNER OF THE FUND · PA · income $1,399 · assets $1,127,325

    Directly controlled by BEN FRANKLIN TECHNOLOGY PTRS OF SE PA

  • GLOBAL OPPORTUNITY PENNSYLVANIA CV LLC

    ADMINISTERS CARRIED INTEREST OF THE FUND · PA · income $12 · assets $413,678

    Directly controlled by BEN FRANKLIN TECHNOLOGY PTRS OF SE PA

Related partnerships

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

  • STAGE2 CAPITAL ASSOCIATES GP LLC

    Related · GENERAL PARTNER OF THE FUND · DE · 68% owned · share of income $0

    Directly controlled by BEN FRANKLIN TECHNOLOGY PTRS OF SE PA

  • STAGE2 CAPITAL MANAGEMENT LLC

    Related · MANAGEMENT COMPANY · DE · 50% owned · share of income $0

    Directly controlled by BEN FRANKLIN TECHNOLOGY PTRS OF SE PA

  • GLOBAL OPPORTUNITY PHILADELPHIA FUND I LP

    Related · INVEST IN GROWTH STAGE COMPANIES IN THE IT SECTOR · DE · 36.149% owned · share of income $2,031,218 · share of assets $7,013,714 · general or managing partner

    Directly controlled by GLOBAL OPPORTUNITY PHILADELPHIA GP LLC

  • GLOBAL OPPORTUNITY PHILADELPHIA CV LLC

    Related · ADMINISTERS CARRIED INTEREST OF THE FUND · DE · 59.212% owned · share of income $1,010,002

    Directly controlled by BEN FRANKLIN TECHNOLOGY PTRS OF SE PA

  • GLOBAL OPPORTUNITY PENNSYLVANIA FUND II LP

    Related · INVEST IN GROWTH STAGE COMPANIES IN THE IT SECTOR · DE · 35.242% owned · share of income $1,628,941 · general or managing partner

    Directly controlled by GLOBAL OPPORTUNITY PENNSYLVANIA GP II LLC

  • STAGE2 FOUNDERS PARTNERSHIP

    Related · LIMITED PARTNER OF SCVA · DE · 27.011% owned · share of income $351 · general or managing partner

    Directly controlled by BEN FRANKLIN TECHNOLOGY PTRS OF SE PA

  • STAGE2 CAPITAL VENTURES ASSOCIATES LP

    Related · FACILITATE AND ESTABLISH MANAGEMENT OF THE EMERALD FUND · DE · 15.053% owned · share of income $117 · share of assets $47,950 · general or managing partner

    Directly controlled by STAGE2 CAPITAL ASSOCIATES GP LLC

  • EMERALD STAGE2 VENTURES LP

    Related · INVEST IN GROWTH STAGE COMPANIES IN THE IT SECTOR · DE · 69.838% owned · share of income $1,835 · share of assets $701,408 · general or managing partner

    Directly controlled by STAGE2 CAPITAL VENTURES ASSOCIATES LP

Provenance

Return type
form_990
Tax year
2024
Filed
12 May 2026
IRS schema version
2024v5.1
Source object
202611329349306706

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