Form 990 for tax year 2022

Totals

Total revenue

$8,775,159

Total expenses

$12,726,984

Contributions and grants received

$6,998,283

Grants paid

$109,938

Program service revenue

$1,962,672

Investment income

-$431,636

Other revenue

$245,840

Total assets, end of year

$109,485,559

Total liabilities, end of year

$20,730,725

Net assets or fund balances, end of year

$88,754,834

Program services expenses (Part IX)

$8,236,547

Management and general expenses

$4,490,437

Fundraising expenses

$0

Program service expenses (Part III)

$8,236,547

Program services were 64.7% 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.

Mission and programs · 2022

• CAPITAL INVESTMENT, BUSINESS, AND TECHNICAL ASSISTANCE: BEN FRANKLIN TECHNOLOGY PARTNERS OF SOUTHEASTERN PENNSYLVANIA IS A PUBLIC/PRIVATE PARTNERSHIP WHOSE MISSION IS TO DRIVE ECONOMIC GROWTH AND JOB CREATION THROUGH TECHNOLOGY, INNOVATION, AND ENTREPRENEURSHIP. WE ARE PARTNERS WITH A PURPOSE.SINCE 1982, BEN FRANKLIN HAS SEEDED AND SUPPORTED ENTREPRENEURS AND INNOVATORS AS THE INVESTOR OF FIRST RESORT FOR GROWING TECHNOLOGY ENTERPRISES; PROVIDING THE CAPITAL, BUSINESS, AND TECHNICAL EXPERTISE TO HELP THEM ACHIEVE THEIR VISIONS. BEN FRANKLIN PROVIDES EARLY-STAGE COMPANIES CUSTOMIZED, (CONTINUED ON SCHEDULE O, PAGE 43)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. THE $2,244,099 OF EXPENSES IN THIS CATEGORY REPRESENT BUSINESS AND TECHNICAL ASSISTANCE PROVIDED TO THOSE EXISTING AND OTHER REGIONAL TECHNOLOGY-BASED COMPANIES WHO ARE PROSPECTIVE CLIENTS. SERVICES PROVIDED INCLUDE MENTORING, NETWORKING, TECHNICAL ASSISTANCE AND A FULL RANGE OF ENTREPRENEURIAL SUPPORT AND DIRECT ASSISTANCE DESIGNED TO HELP COMPANIES REACH TARGETED MILESTONES AND ACCELERATE THEIR PATH TO COMMERCIAL SUCCESS.SINCE 1982, BEN FRANKLIN HAS SUPPORTED MORE THAN 2,000 COMPANIES TO DELIVER AN IMPACT OF MORE THAN $5 BILLION AND 32,000 JOBS IN THE PHILADELPHIA REGION. IN ADDITION, OUR CLIENTS HAVE RAISED MORE THAN $ 3.5 BILLION IN FOLLOW ON FUNDING SINCE 2001. OUR CURRENT PORTFOLIO SPANS 200 REGIONAL ENTERPRISES. WE HAVE INVESTED CAPITAL OR OTHER RESOURCES IN MANY REGIONAL SEED FUNDS, ANGEL GROUPS AND ACCELERATORS. SOME OF THESE INITIATIVES HAVE INCLUDED EMERALD STAGE 2 VENTURES, RITTENHOUSE VENTURES, SEVENTY-SIX CAPITAL AND BIOADVANCE VENTURES. BEN FRANKLIN ALSO MAINTAINS A ROBUST PARTNERSHIP WITH THE AREA IN WHICH UNIVERSITIES ARE LEVERAGING OVER $500 MILLION IN FUNDING TO THE REGION.

  Expenses $3,537,477 · Revenue $1,962,672

• TECHNOLOGY & ENTREPRENEURIAL INFRASTRUCTURE:BEN FRANKLIN'S MISSION IS TO IMPROVE THE REGION'S ECONOMY THROUGH THE DEVELOPMENT AND SUPPORT OF INFRASTRUCTURE FOR INNOVATION, INCLUDES WORK TO IDENTIFY SEED 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; (CONTINUED ON SCHEDULE O, PAGE 42)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. THE $2,458,735 OF EXPENSES IN THIS CATEGORY IS RESOURCED FROM FEDERAL, STATE, AND FOUNDATION GRANTS.THE GREATER PHILADELPHIA REGION PRECISION MEDICINE TECH HUB, LED BY THE BEN FRANKLIN TECHNOLOGY PARTNERS OF SOUTHEASTERN PA IN COLLABORATION WITH MORE THAN 60 PARTNERS, AIMS TO BECOME A GLOBAL LEADER IN END-TO-END PRECISION MEDICINE. EARNING GREATER PHILADELPHIA'S DESIGNATION AND POTENTIAL FOR FUNDING FROM THE UNITED STATES ECONOMIC DEVELOPMENT ADMINISTRATION'S TECH HUBS PROGRAM, THE INITIATIVE WILL LEVERAGE THE REGION'S DENSITY OF LIFE SCIENCES ASSETS AND RESEARCH AND DEVELOPMENT EXPERTISE TO WEAVE TOGETHER DISPARATE TECHNOLOGY APPLICATIONS: BIOTECHNOLOGY, MEDICAL TECHNOLOGY, GENOMICS, SYNTHETIC BIOLOGY SUPPORTED BY ARTIFICIAL INTELLIGENCE, MACHINE LEARNING, ROBOTICS, AND MORE. TOGETHER, THESE TECH-ENABLED EFFORTS WILL DELIVER NEW WAYS TO DIAGNOSE, PREVENT, AND TREAT DISEASE, INCREASING EVIDENCE-BASED TECHNOLOGY APPLICATIONS THAT IMPROVE MORBIDITY AND MORTALITY AND DECREASE HEALTH DISPARITIES.BEN FRANKLIN FORMED THE GLOBAL OPPORTUNITY PENNSYLVANIA FUND II (GO PA FUND) IN PARTNERSHIP WITH FULTON BANK. AS A FOLLOW UP TO THE SUCCESSFUL GLOBAL OPPORTUNITY PHILADELPHIA FUND I (GO PHILLY FUND), THE GO PA FUND PROVIDES CAPITAL TO SELECTED CURRENT AND FUTURE PORTFOLIO COMPANIES OF THE PA-BASED STATEWIDE NETWORK OF BEN FRANKLIN TECHNOLOGY PARTNERS. THE FUND INVESTS IN EARLY-STAGE COMPANIES THAT PASS BEN FRANKLIN'S COMPREHENSIVE DUE DILIGENCE PROCESS, SUPPORTING THE GROWTH OF ENTERPRISES THAT BUILD THE COMMUNITY OF INNOVATION THROUGHOUT PENNSYLVANIA. BEN FRANKLIN SUPPORTS PLAIN SIGHT CAPITAL, AN EMERGING FUND BECOMING A FUTURE FEEDER AND/OR CO-INVESTOR WITH BEN FRANKLIN. THE FUND, DEVELOPED FROM THE 1PHILADELPHIA FRAMEWORK FOR CREATING AN EQUITABLE TECH SPACE IN PHILADELPHIA, HAS SECURED A $1,000,000 COMMITMENT FROM BEN FRANKLIN. BEN FRANKLIN'S COMMITMENT HAS ENABLED PLAIN SIGHT TO PURSUE INVESTMENT IN HIGH-POTENTIAL, EARLY-STAGE ENTERPRISES LED BY UNDERREPRESENTED FOUNDERS, TO GROW DIVERSE AND INCLUSIVE ENTREPRENEURSHIP IN THE PHILADELPHIA REGION.JUDEE VON SELDENECK, FOUNDER AND CHAIR OF DIVERSIFIED SEARCH GROUP CREATED THE JVS PHILADELPHIA FUND FOR WOMEN, A MULTI-MILLION-DOLLAR PARTNERSHIP WITH BEN FRANKLIN DESIGNED TO PROVIDE CAPITAL AND TO COACH WOMEN-OWNED ENTERPRISES WITH STRONG GROWTH POTENTIAL IN GREATER PHILADELPHIA. WITHIN FIVE MONTHS OF LAUNCHING THEIR PARTNERSHIP, THEY MADE THREE GRANTS AND NINE INVESTMENTS IN TECHNOLOGY-BASED VENTURES LED BY WOMEN IN THE PHILADELPHIA REGION, TOTALING $650,000 IN INVESTMENT.BEN FRANKLIN REMAINS A LEADING PARTNER IN IMPACTPHL, WHICH WAS FORMED TO JUMPSTART THE STRATEGY FOR GROWING PHILADELPHIA'S IMPACT ECONOMY. IMPACTPHL IS AN ALLIANCE OF ORGANIZATIONS AND INSTITUTIONS THAT BRING TOGETHER DOLLARS, TIME, AND LEADERSHIP TO ADVANCE GREATER PHILADELPHIA'S IMPACT ECONOMY ECOSYSTEM. IMPACTPHL WORKS TO ESTABLISH A WELCOMING FRONT DOOR FOR THOSE SEEKING TO PARTICIPATE IN THE REGIONAL IMPACT ECONOMY. BEN FRANKLIN PARTNERED WITH THE CITY OF PHILADELPHIA'S DEPARTMENT OF COMMERCE AND PIDC AS THE INVESTMENT FUND MANAGER FOR STARTUPPHL SEED FUND II. FULLY DEPLOYED, THE FUND TARGETED INVESTMENTS AVERAGING $150,000 - $200,000 IN SEED AND EARLY-STAGE TECHNOLOGY COMPANIES IN PHILADELPHIA. BEN FRANKLIN FULLY ALLOCATED STARTUPPHL TO 54 COMPANIES, 59% OF WHICH WERE LED BY BIPOC FOUNDERS.THE DIGITAL HEALTH SEED FUNDING INITIATIVE IS A PARTNERSHIP BETWEEN BEN FRANKLIN AND INDEPENDENCE HEALTH GROUP TO FUEL PHILADELPHIA'S INNOVATIVE DIGITAL HEALTH ECOSYSTEM AND GROW TECHNOLOGY-DRIVEN, EARLY-STAGE HEALTHCARE STARTUPS. THE INITIATIVE WAS BORN AS A RESPONSE TO A BURGEONING ECONOMIC VITALITY IN DIGITAL HEALTH EACH INTEND TO PLEDGE $2 MILLION OVER FOUR YEARS TO LAUNCH THE FUNDING INITIATIVE AND WILL IDENTIFY, VET, AND ALLOCATE FUNDS TO AUGMENT THE PHILADELPHIA REGION'S CONTINUED GROWTH AND DEVELOPMENT IN DIGITAL HEALTH. STARTUP COMPANIES RECEIVE FUNDS BASED UPON THE QUALITY OF THEIR BUSINESS MODEL, THE TECHNOLOGY'S VIABILITY, AND THE STRENGTH OF THEIR MANAGEMENT TEAM. BEN FRANKLIN PARTICIPATED IN THE DVN BETA PROGRAM OF DRAPER VENTURE NETWORK, A SELF-GOVERNED ORGANIZATION OF GLOBAL INDEPENDENT VENTURE FUNDS. THE NETWORK LINKS SEED-STAGE FUNDS WITH DVN'S MORE EXTENSIVE NETWORK OF 17 INDEPENDENT VENTURE FUNDS AND MORE THAN 500 PORTFOLIO COMPANIES WORLDWIDE. THE PROGRAM BRINGS TOGETHER EXPERIENCED INVESTORS AND INNOVATIVE ENTREPRENEURS FROM ACROSS SECTORS AND CONTINENTS TO SHARE STRATEGIES, SOURCE OPPORTUNITIES, AND CREATE GREATER VALUE. MENTOR CONNECT, A PROGRAM PROVIDING FOUNDERS AND LEADERS OF EMERGING COMPANIES WITH COACHING, CONNECTIONS, AND TOOLS TO SUCCESSFULLY GROW THEIR BUSINESSES, BRINGS THE EXPERIENCE OF A CURATED TEAM OF LEADERS AND EXPERTS TO THE ENTREPRENEURS MOST READY TO GROW, ASSISTING IN THE DEVELOPMENT OF THEIR BUSINESS SKILLS. AS GUIDED BY THE PRINCIPLES AND STANDARDS OF MIT VENTURE MENTORING SERVICE, MENTORS DELIVER IMPARTIAL AND UNBIASED ADVICE BY A CODE OF ETHICS TO WHICH ALL MUST ADHERE. ENTREPRENEURS FROM THE PHILADELPHIA ALLIANCE FOR CAPITAL AND TECHNOLOGIES (PACT) AND BEN FRANKLIN NETWORKS RECEIVE PRACTICAL HANDS-ON ADVICE FROM TEAMS OF THREE TO FIVE MENTORS, TAILORED TO EACH VENTURE'S NEEDS. THE MENTORS VOLUNTEER THEIR WEALTH OF ENTREPRENEURIAL INSIGHTS FROM A BROAD RANGE OF INDUSTRY AND MARKET-TESTED EXPERIENCE. WITH SIGNIFICANT COMMITMENT TO GROWING THE DIVERSITY OF THE PROGRAM PARTICIPANTS, 27% OF THE NEW FOUNDERS WELCOMED INTO THE MENTOR CONNECT PROGRAM WERE WOMEN AND 31% BIPOC IN 2022. VC4BC IS A PARTNERSHIP BETWEEN THE BUCKS COUNTY RETIREMENT BOARD AND BEN FRANKLIN. WITH A $4 MILLION COMMITMENT FROM THE RETIREMENT BOARD, VC4BC INVESTS $8 MILLION IN EMERGING ADVANCED TECHNOLOGY COMPANIES LOCATED IN, OR WILLING TO LOCATE TO, BUCKS COUNTY. ALL VC4BC INVESTMENT OPPORTUNITIES IN THE IT, HEALTH, DIGITAL HEALTH, AND PHYSICAL SCIENCES TECHNOLOGY SECTORS ARE EVALUATED THROUGH BEN FRANKLIN'S TECHNOLOGY SECTOR-SPECIFIC REVIEW PROCESS.VENTURE CHESCO INVESTS $4 MILLION IN EMERGING AND GROWING COMPANIES LOCATED IN, COMMITTED TO LOCATING IN, OR WITH SIGNIFICANT BUSINESS PRESENCE IN CHESTER COUNTY. BEN FRANKLIN AND CHESTER COUNTY HAVE EACH COMMITTED $2 MILLION IN FUNDS THAT ARE USED TO INVEST IN NEW TECHNOLOGY COMPANIES AND EXISTING COMPANIES LOOKING TO APPLY NEW TECHNOLOGIES TO THEIR BUSINESS OPERATIONS. SUPPORTING CHESTER'S VISTA 2025 INITIATIVE, VENTURE CHESCO FILLS A CRITICAL EARLY-STAGE FUNDING GAP IN THE GROWTH CYCLE OF CHESTER COUNTY'S YOUNG COMPANIES AND COMPANIES LOOKING TO APPLY TECHNOLOGY TO IMPROVE BUSINESS PERFORMANCE.BEN FRANKLIN PARTNERED WITH THE MONTGOMERY COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY (MCIDA), AN INDEPENDENT ECONOMIC DEVELOPMENT AUTHORITY, ON MONTCO MADE INVESTMENT INITIATIVE, A PARTNERSHIP COMMITTING $2 MILLION IN INVESTMENT TO EMERGING AND GROWING COMPANIES LOCATED IN MONTGOMERY COUNTY. BEN FRANKLIN AND MCIDA ARE EACH COMMITTING $1M TO INVEST IN NEW TECHNOLOGY COMPANIES AND EXISTING COMPANIES LOOKING TO APPLY NEW TECHNOLOGIES TO THEIR BUSINESSES LOCATED IN MONTGOMERY COUNTY.

  Expenses $4,699,070 · Grants $109,938

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

Listed in Part VII

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

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

• RTM VITAL SIGNS (CARE OF RED TEAM ASSOCIATES)

  $20,000

  PRIMA MATCHING FUNDS

• TYCHERMONT PRODUCTS (CARE OF ARCHIMEDIC)

  $10,000

  PRIMA MATCHING FUNDS

• ALFA VENTILATOR (CARE OF NEXTFAB)

  $10,000

  PRIMA MATCHING FUNDS

• UNIVERSITY OF PENNSYLVANIA (BABY SEAL) (CARE OF NEXT FAB)

  $10,000

  PRIMA MATCHING FUNDS

• FLOBIO (CARE OF ABSORPTION SYSTEMS)

  $10,000

  PRIMA MATCHING FUNDS

• UNIVERSITY OF PENNSYLVANIA (MIS RIB FIXATION)(CARE OF ARCHIMEDIC)

  $10,000

  PRIMA MATCHING FUNDS

• TREVARX( CARE OF EMPIRICAL CONSULTING SOLUTIONS)

  $9,938

  PRIMA MATCHING FUNDS

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.

Provenance

Return type

form_990

Tax year

2022

Filed

14 May 2024

IRS schema version

2022v5.0

Source object

202411369349308126

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

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