2024-05-15T12:16:08-05:00 2023-06-30 871353108 EISNER ADVISORY GROUP LLC 130 NORTH 18TH STREET SUITE 3000 PHILADELPHIA PA 191032757 990 2022-07-01 232527210 BEN FRANKLIN TECHNOLOGY PTRS OF SE PA BENF 2159726700 4800 S 13TH ST-BLDG100 200 PHILADELPHIA PA 19112 SCOTT NISSENBAUM PRESIDENT & CEO 2159726700 2024-05-14 1 SCOTT NISSENBAUM 999009999 0 HELEN M MARTIN P01330899 2158818800 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z SCOTT NISSENBAUM 4800 S 13TH ST-BLDG100 200 PHILADELPHIA PA 19112 11902642 0 X WWW.SEP.BENFRANKLIN.ORG X 1988 PA BEN FRANKLIN STIMULATES ECONOMIC GROWTH AND INNOVATION IN THE REGION (SEE SCH O FOR CONTINUATION) THROUGH INITIATIVES AND PARTNERSHIPS THAT ACCELERATE THE DEVELOPMENT OF NEW TECHNOLOGIES AND THEIR COMMERCIALIZATION PRIMARILY THROUGH INVESTMENTS IN AND SUPPORT OF TECHNOLOGY-BASED ENTERPRISES. 21 20 38 125 0 0 5607897 6998283 2667508 1962672 2886795 -431636 345994 245840 11508194 8775159 19028 109938 0 0 6152209 5658043 0 0 0 1151312 6959003 7322549 12726984 4185645 -3951825 116022723 109485559 17897423 20730725 98125300 88754834 X BEN FRANKLIN IS THE REGION'S PARTNER WITH A PURPOSE. WE DRIVE EQUITABLE ECONOMIC GROWTH AND POSITIVE, SUSTAINABLE SOCIAL IMPACT THROUGH CULTIVATING A REGIONAL ECOSYSTEM THAT FOSTERS, MENTORS AND INVESTS IN ENTREPRENEURS (CONTINUED IN SCHEDULE O) WHO ARE DEVELOPING AND COMMERCIALIZING HEALTHCARE AND TECHNOLOGY-BASED INNOVATIONS. 0 0 3537477 1962672 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. 4699070 109938 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. 8236547 1 1 0 1 0 0 1 0 0 0 1 1 1 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 1 53 0 1 38 1 0 0 0 0 0 0 0 0 0 0 0 0 X 21 20 0 0 0 0 1 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 PA X SANIAH M JOHNSON CPA CHIEF FINAN 2159726700 4800 S 13TH STREET-BUILDING PHILADELPHIA PA 19112 SCOTT NISSENBAUM PRESIDENT AND CEO 50.00 X X 394420 0 54741 ORIM GRAVES CHAIR OF THE BOARD 3.00 X X 0 0 0 CHARLES M ROBINS CHAIR OF THE BOARD (THRU 06/14/23) 3.00 X X 0 0 0 DENISE DEVINE VICE-CHAIR OF THE BOARD 2.00 X X 0 0 0 MR DOC PARGHI VICE-CHAIR OF THE BOARD/INV COMM CHAIR 3.00 X X 0 0 0 MINDY POSOFF CORPORATE SECRETARY 2.00 X X 0 0 0 ROBERT CIARUFFOLI CORPORATE TREASURER & FINANCE COMM CHAIR 2.00 X X 0 0 0 MATTHEW CALLAHAN DIRECTOR 1.00 X 0 0 0 JOHN CASTLEMAN DIRECTOR 1.00 X 0 0 0 ALAN J COHN DIRECTOR 1.00 X 0 0 0 LEROY JONES DIRECTOR 1.00 X 0 0 0 NATE LENTZ DIRECTOR 1.00 X 0 0 0 AMI MIRON DIRECTOR 1.00 X 0 0 0 JAMES D NARRON DIRECTOR 1.00 X 0 0 0 MICHAEL PURCELL DIRECTOR/AUDIT COMMITTEE CHAIR 2.00 X 0 0 0 SUSHMA RAJAGOPALAN DIRECTOR 1.00 X 0 0 0 MARK REDLUS DIRECTOR (EFF 3/22/23) 1.00 X 0 0 0 TIMOTHY REESE DIRECTOR/GOVERNANCE COMMITTEE CHAIR 2.00 X 0 0 0 VINCE ROGUSKY DIRECTOR 1.00 X 0 0 0 ELAINA SHEKHTER DIRECTOR 1.00 X 0 0 0 TUCKER TWITMYER DIRECTOR 1.00 X 0 0 0 NICK WILKINSON DIRECTOR/CORPORATE DEVELOPMENT CHAIR 2.00 X 0 0 0 DORTHEA CHRUPCALA ASST CORP SECRETARY/CHIEF OF STAFF 35.00 X 97942 0 40993 WILLIAM KIESLING COO/GEN'L COUNSEL/ASST CORP SECRETARY 50.00 X 297187 0 33334 SANIAH M JOHNSON CPA CFO/ASST CORPORATE TREASURER 40.00 X 136153 0 5626 ANTHONY GREEN CHIEF SCIENTIC OFFICER 44.00 X 241211 0 50759 MARGARET BRADLEY VP, STRATEGIC INITIATIVES 40.00 X 237018 0 52062 JENNIFER HARTT DIRECTOR OF INVESTMENTS-LIFE SCIENCES 50.00 X 258959 0 17585 OMAR MENCIN MANAGING DIRECTOR, TECH INVESTMENT GROUP 40.00 X 261096 0 15293 MARK TRABBOLD SR VP, STRATEGIC INITIATIVES 38.00 X 229720 0 12448 2153706 0 282841 19 0 1 0 5370 TECHNOLOGIES SOLUTIONS 25 N MAIN STREET DOYLESTOWN PA 18901 IT CONSULTANT 113131 1 6664391 333892 6998283 LOAN INTEREST 900099 1901163 1901163 LOAN MAINTENANCE FEES 900099 55009 55009 APPLICATION & CLOSING FEES 900099 6500 6500 1962672 575079 575079 820846 575006 245840 245840 245840 1545762 2552477 -1006715 -1006715 -1006715 8775159 1962672 0 -185796 109938 109938 1193928 1193928 3574146 2405556 1168590 227994 187254 40740 292668 95480 197188 369307 268450 100857 179171 29681 149490 83430 83430 120716 120716 457220 171483 285737 149877 120377 29500 215517 63364 152153 188351 19459 168892 596536 596536 17251 11238 6013 61333 61333 98582 98582 PROVISION FOR LOAN LOSS 2523427 2523427 PROVISION FOR INTEREST 1885648 1885648 OTHER EXPENSES 200174 42706 157468 PORTFOLIO MGMT 104130 104130 77640 77640 12726984 8236547 4490437 0 3128759 3065284 5513910 2726592 223301 5513958 4425810 5329751 1542781 3894457 3786970 10509175 9100764 11284493 14774901 75168401 70937047 786269 668191 116022723 109485559 1492655 1484055 1096729 4372497 3328145 3189692 10979894 10684481 1000000 1000000 17897423 20730725 X 98125300 88754834 98125300 88754834 116022723 109485559 -3951825 -5418641 0 X 0 1 X 1 0 X 4867316 3278317 5130220 5607896 6998283 25882032 4867316 3278317 5130220 5607896 6998283 25882032 25882032 556974 637207 410465 1321379 820846 3746871 50644 154324 204968 29833871 16287234 0.86750 0.87320 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 120716 120716 12606268 12726984 786349 196587 0 0 632529 586425 516127 786349 2521430 3782145 118473 115281 124574 120716 479044 158132 146606 129032 196587 630357 945536 X X 1 1.72 1 0 0 1 1 125.00 9704 1 683333 683333 3688854 646154 3042700 683260 655855 27405 227686 194993 32693 46618 45779 839 3786970 VANGUARD TOTAL STOCK MKT IDX ADM 8245349 F VANGUARD ULTRA - SHORT - TERM BOND ADMIRAL 6529552 F 14774901 LOANS RECEIVABLE 19136504 F PRIVATE EQUITIES 42908591 F WARRANTS 2236384 F VENTURE FUNDS 5307168 F CAPITAL POOLS 1348400 F 70937047 LINE OF CREDIT 1000000 1000000 X PART II, LINE 5: THE BUILDING IS INSPECTED FOR DEFICIENCIES ON THE PRESERVATION ALLIANCE'S MINIMUM MAINTENANCE PROGRAM. WE HAVE A REGULARLY SCHEDULED TECHNICIAN ON SITE WEEKLY, WHO ALSO REVIEWS THE SITE FOR ANY DEFICIENCIES. PART II, LINE 9: PROPERTY AND EQUIPMENT ARE STATED AT COST LESS ACCUMULATED DEPRECIATION. PROPERTY AND EQUIPMENT ARE DEFINED BY BEN FRANKLIN AS ASSETS WITH A COST OF MORE THAN $10,000 AND AN ESTIMATED USEFUL LIFE IN EXCESS OF ONE YEAR. DEPRECIATION AND AMORTIZATION ARE COMPUTED ON A STRAIGHT-LINE BASIS OVER THE ESTIMATED LIVES OF THE ASSETS. LEASEHOLD IMPROVEMENTS ARE AMORTIZED OVER THE SHORTER OF THE LEASE PERIOD OR ESTIMATED USEFUL LIFE. ESTIMATED USEFUL LIVES OF ASSETS RANGE FROM THREE TO FIVE YEARS FOR EQUIPMENT, 10 TO 15 YEARS FOR LEASEHOLD IMPROVEMENTS, AND 39 YEARS FOR THE BUILDING. MANAGEMENT EVALUATES THE RECOVERABILITY OF LONG-LIVED ASSETS ON AN ONGOING BASIS AND RECOGNIZES ANY IMPAIRMENT IN THE YEAR OF DETERMINATION. LONG-LIVED ASSETS WERE TESTED FOR IMPAIRMENT AT JUNE 30, 2023 AND 2022, AND IN THE OPINION OF MANAGEMENT, THERE WAS NO IMPAIRMENT. IT IS REASONABLY POSSIBLE THAT RELEVANT CONDITIONS COULD CHANGE IN THE NEAR TERM AND NECESSITATE A CHANGE IN MANAGEMENT'S ESTIMATE OF THE RECOVERABILITY OF THESE ASSETS. PART X, LINE 2: BEN FRANKLIN IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. AS A NOT-FOR-PROFIT ORGANIZATION, BEN FRANKLIN IS ALSO EXEMPT FROM STATE AND LOCAL INCOME TAXES. BUILDING 100 LIMITED PARTNERS, LLC AND BUILDING 100 GENERAL PARTNER, LLC ARE LIMITED LIABILITY COMPANIES WHOSE SOLE MEMBER IS AN EXEMPT ORGANIZATION. MANAGEMENT HAS EVALUATED THE TAX POSITIONS OF BEN FRANKLIN AND SUBSIDIARIES AND CONCLUDED THAT THERE ARE NO UNCERTAIN TAX POSITIONS THAT REQUIRE RECOGNITION OR FURTHER DISCLOSURE IN THE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS. BEN FRANKLIN AND SUBSIDIARIES IS SUBJECT TO AUDITS BY TAXING JURISDICTIONS; HOWEVER, NO AUDITS FOR ANY PERIODS ARE CURRENTLY IN PROGRESS. MANAGEMENT RECOGNIZES ACCRUED INTEREST AND PENALTIES ASSOCIATED WITH UNCERTAIN TAX POSITIONS, IF ANY, AS PART OF MANAGEMENT AND ADMINISTRATIVE EXPENSES. THERE WERE NO INCOME TAX RELATED INTEREST OR PENALTIES RECORDED FOR BEN FRANKLIN AND SUBSIDIARIES FOR EITHER OF THE YEARS ENDED JUNE 30, 2023 OR 2022. 1 TYCHERMONT PRODUCTS (CARE OF ARCHIMEDIC) 2 W MARKET STREET WEST CHESTER PA 19382 833477107 10000 0 PRIMA MATCHING FUNDS ALFA VENTILATOR (CARE OF NEXTFAB) 2025 WASHINGTON AVE PHILADELPHIA PA 19146 231352685 10000 0 PRIMA MATCHING FUNDS TREVARX( CARE OF EMPIRICAL CONSULTING SOLUTIONS) 145 N NARBERTH AVE NARBERTH PA 19072 814441936 9938 0 PRIMA MATCHING FUNDS UNIVERSITY OF PENNSYLVANIA (BABY SEAL) (CARE OF NEXT FAB) 2025 WASHINGTON AVE PHILADELPHIA PA 19146 231352685 10000 0 PRIMA MATCHING FUNDS FLOBIO (CARE OF ABSORPTION SYSTEMS) 436 CREAMERY WAY EXTON PA 19341 822803564 10000 0 PRIMA MATCHING FUNDS RTM VITAL SIGNS (CARE OF RED TEAM ASSOCIATES) 100 WITMER RD HORSHAM PA 19044 465006515 20000 0 PRIMA MATCHING FUNDS UNIVERSITY OF PENNSYLVANIA (MIS RIB FIXATION)(CARE OF ARCHIMEDIC) 2 W MARKET STREET WEST CHESTER PA 19382 231352685 10000 0 PRIMA MATCHING FUNDS 2 5 PART I, LINE 2: PROCEDURES FOR MONITORING THE USE OF AWARDS: THE ORGANIZATION MONITORS THE USE OF FUNDS AWARDED BY PUTTING EACH AWARD THROUGH SEVERAL ROUNDS OF REVIEW DURING THE APPLICATION PROCESS, THE CONTRACTING PROCESS, REPORTING AND PAYMENT PROCESS. THE BOARD OF DIRECTORS HAS ULTIMATE AUTHORITY FOR ALLOCATION OF FUNDS. FOR TECHNOLOGY COMMERCIALIZATION AWARDS: 1. THE PROJECTS ARE REVIEWED INTERNALLY BY THE TECHNOLOGY COMMERCIALIZATION AND INVESTMENT GROUPS, AND IF ELIGIBLE FOR THE AWARD PROGRAM, TWO OUTSIDE REVIEWS ARE COMPLETED FOR RELEVANCY TO THE AWARD MISSION AND PROJECT SUCCESS PROBABILITY. 2. APPROVED PROJECTS ARE REVIEWED BY THE GRANT AND CONTRACT ACCOUNTANT TO ENSURE COMPLIANCE WITH AWARDS THRESHOLDS. 3. PROJECTS THAT MEET REQUIREMENTS IN THESE AREAS MOVE ON TO THE CONTRACTING PHASE. 4. THE BOARD OF DIRECTORS HAS ULTIMATE AUTHORITY FOR ALLOCATION OF FUNDS. AT THE CONTRACTING PHASE FOR ALL AWARDS: 1. THE GRANT AND CONTRACT ACCOUNTANT CREATES A CONTRACT. THE CONTRACT TEMPLATES WERE CREATED BY BEN FRANKLIN'S ATTORNEYS AND INCORPORATES ALL GRANT/AWARD REQUIREMENTS. 2. THE CONTRACT IS CIRCULATED FOR REVIEW, APPROVAL, AND SIGNATURE BY THE PROJECT MANAGER (VP THAT IS HEADING UP THE INITIATIVE), CONTROLLER, CHIEF FINANCIAL OFFICER, CHIEF OPERATING OFFICER & GENERAL COUNSEL AND CEO. AWARD REPORTING AND PAYMENT: 1. BEN FRANKLIN RECEIVES QUARTERLY UPDATES ON EACH AWARDED PROJECT AS WELL AS DETAILED INVOICES WHICH ARE REVIEWED BY THE GRANT AND CONTRACT ACCOUNTANT, VICE PRESIDENT, ASSISTANT CONTROLLER, CONTROLLER, CHIEF FINANCIAL OFFICER AND THE CHIEF OPERATING OFFICER & GENERAL COUNSEL. X X X X X 0 0 0 0 0 0 0 0 0 SCOTT NISSENBAUM PRESIDENT AND CEO 318331 0 76089 0 0 0 18289 0 36452 0 449161 0 0 0 WILLIAM KIESLING COO/GEN'L COUNSEL/ASST CORP SECRETAR 241120 0 56067 0 0 0 16459 0 16875 0 330521 0 0 0 ANTHONY GREEN CHIEF SCIENTIC OFFICER 212355 0 28856 0 0 0 13938 0 36821 0 291970 0 0 0 MARGARET BRADLEY VP, STRATEGIC INITIATIVES 208198 0 28820 0 0 0 11521 0 40541 0 289080 0 0 0 JENNIFER HARTT DIRECTOR OF INVESTMENTS-LIFE SCIENCE 224564 0 34395 0 0 0 14784 0 2801 0 276544 0 0 0 OMAR MENCIN MANAGING DIRECTOR, TECH INVESTMENT G 229339 0 31757 0 0 0 13974 0 1319 0 276389 0 0 0 MARK TRABBOLD SR VP, STRATEGIC INITIATIVES 203144 0 26576 0 0 0 11191 0 1257 0 242168 0 0 0 FORM 990, PART VI, SECTION A, LINE 6 MEMBERS OR STOCKHOLDERS OF THE ORGANIZATION THE SOLE MEMBER OF THIS CORPORATION IS UNIVERSITY CITY SCIENCE CENTER, A PENNSLYVANIA NONPROFIT CORPORATION. MEMBERSHIP OF THIS CORPORATION IS NON-TRANSFERABLE AND NON-ASSIGNABLE. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 REVIEW PROCESS CURRENTLY BEN FRANKLIN'S FORM 990 IS PREPARED BY AN INDEPENDENT ACCOUNTING FIRM. ONCE COMPLETED, THE 990 IS REVIEWED BY THE CFO AND ASSISTANT CONTROLLER. IF FOUND TO BE COMPLETE AND SATISFACTORY, THE 990 IS PRESENTED TO THE COO AND GENERAL COUNSEL AND THE CEO FOR REVIEW. UNDER OUR CURRENT AUDIT COMMITTEE CHARTER, THE AUDIT COMMITTEE WILL REVIEW FORM 990 TAX FILINGS TO ENSURE COMPLIANCE WITH TAX LAWS. A COPY OF THE 990 IS PROVIDED TO ALL MEMBERS OF THE BOARD'S AUDIT COMMITTEE. FORM 990, PART VI, SECTION B, LINE 12C CONFLICT OF INTEREST POLICY AND PROCEDURES A COMPLETE LIST OF CONFLICTS IS COMPILED ON A YEARLY BASIS AND REVIEWED BY THE BOARD CHAIRPERSON, CEO, CFO, COO & GENERAL COUNSEL AND THE ASSISTANT SECRETARY OF THE ORGANIZATION. 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