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Slater Technology Fund INC

Tax-deductible

Providence, RI501(c)(3)Science & TechnologyEIN 06-1493673Revenue $2.9M in FY2025

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To promote scientific research and development in the areas of biomedical and informational technologies in the state of rhode island; and to support job creation and other economic activity in rhode island based on such technologies. Small businesses in the state of rhode island, or individuals planning to form such businesses, are eligible to apply for grant, equity, and loan awards from the Fund.

501(c)(3) charity; gifts are tax-deductible.
89¢ of each $1 spent went to programs.
Run by 9 volunteers and 3 employees.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · People: Part I, lines 5–6

Before you give

FY2025 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
3 of 6
filings with a surplus
Average surplus $538K a year · 17% of revenue · last 6 filings
Worth a look: a surplus in 3 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
89%
of spending
Looks good: 89% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$504K
to officers and key staff · 21% of spending
Top officer’s pay higher than 85% of similar orgs
Worth a look: pay to officers and key staff is 21% of spending; over 20%.
Pt VII · Sec A
Cash reserves
5 mo
of spending, in cash
Looks good: 5.2 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$92K
0.6% of total assets
Looks good: liabilities are 1% of assets; 50% or less.
Pt X · Ln 26
Independent board members
9
of 9 voting members
Looks good: 9 of 9 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$2.9M
+23% vs prior year
Spent
$2.5M
To programs
89%
Net assets
$15.2M
By yearFY2020–FY2025
Revenue
$2.9M
FY2025▲ +23%
Revenue by fiscal year
FY2020$3.3M
FY2021$8.0M
FY2022$2.1M
FY2023$818K
FY2024$2.4M
FY2025$2.9M
Expenses
$2.5M
FY2025▼ -13%
Expenses by fiscal year
FY2020$2.4M
FY2021$3.6M
FY2022$2.7M
FY2023$2.4M
FY2024$2.8M
FY2025$2.5M
Net assets
$15.2M
FY2025▲ +5%
Net assets by fiscal year
FY2020$11.8M
FY2021$16.2M
FY2022$15.6M
FY2023$14.1M
FY2024$14.5M
FY2025$15.2M

From the FY2025 Form 990 (year ending June 2025) · figures checked against the IRS filing · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Dec 1998.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

89 cents of each dollar spent went to programs.

Program services 89% · $2.2M Management & general 11% · $260K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

12 people listed on the 990; $504K paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2024); the FY2025 filing did not itemize Part VII
Thorne Sparkman III
President/Managing Directo
$292,231Pt VII · Sec A
Robert Chatham
Vice President
$212,048Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Nancy Gray
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
Larry Larson
Chairman
$0Pt VII · Sec A
Kimani Tousaint
Director (as of 12/24)
$0Pt VII · Sec A

Thorne Sparkman III’s $292K as President/Managing Directo is at the 85th percentile of top reported officer pay among 363 $1–10M science & technology nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 2 named individuals · Part VII

NameFY2025FY2024FY2023FY2022FY2021FY2020
Thorne Sparkman III$292,231$307,859$307,859$407,365$287,797$217,846
Robert Chatham$212,048$209,494$209,494$183,982$111,154—

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Funds biomedical and informational tech research, creating jobs and supporting Rhode Island businesses.

Provided by the organization

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3 programs · $2.2M · in their own filed words · FY2024
01

Venture Support

Provided technical, business development assistance, and public relations to over sixty (60) qualifying entities.

$1.1Mprogram expense
02

Technology Development Loans

Awarded loans to six (6) R.I. Companies in order to promote scientific research and development in the biomedical technology, information technology, and energy industries.

$767Kprogram expense
03

Equity Investments in Qualified Companies

Invested in five (5) R.I. Qualified companies in order to provide them with the capital infusion necessary to introduce products in rhode island.

$283Kprogram expense

By the numbers

The FY2025 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$2.9M
Ln 12
Gifts and grantsLn 1h$2.0M
Investment incomeLn 3$504K
Fees for servicesLn 2g$485K
Money outPt IX
$2.5M
Ln 25
Programscol B$2.2M
Managementcol C$260K
Owns and owesPt X
$15.2M
net assets · Ln 32
Cash and savingsLn 1–2$1.1M
Total assetsLn 16$15.3M
LiabilitiesLn 26$92K
PeoplePt VI, VII
12
listed · VII A
PaidVII A2
Voting boardVI 1a9
IndependentVI 1b9
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$2.0M
Government grantsLn 1e$2.0M
Fees for servicesLn 2g$485K
Investment incomeLn 3$504K
Gains on assetsLn 7$311K
Total revenueLn 12$2.9M
Assets in detailPt X, end of year
CashLn 1$494K
SavingsLn 2$561K
Cash and savings togetherLn 1–2$1.1M
InvestmentsLn 11–13$12.9M
Land, buildings, equipmentLn 10c$0
Other assetsLn 15$105K
Total assetsLn 16$15.3M
LiabilitiesLn 26$92K
Net assetsLn 32$15.2M
OperationsPt I, VI
EmployeesI 53
VolunteersI 69
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY25End FY25
Cash and savingsLn 1–2$164K$1.1M
InvestmentsLn 11–13$12.7M$12.9M
Land, buildings, equipmentLn 10c$0$0
Total assetsLn 16$14.6M$15.3M
LiabilitiesLn 26$86K$92K
Net assetsLn 32$14.5M$15.2M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$587K$546K$41K
Other salaries and wagesLn 7$121K$11K$109K
Pension plan contributionsLn 8$4K$61$3K
Other employee benefitsLn 9$21K$6K$15K
Payroll taxesLn 10$38K$29K$9K
Legal feesLn 11b$48K$48K
Accounting feesLn 11c$72K$72K
Investment management feesLn 11f$32K$32K
Other fees for servicesLn 11g$201K$201K
Advertising and promotionLn 12$54K$54K
Office expensesLn 13$19K$14K$4K
Information technologyLn 14$74K$74K
OccupancyLn 16$46K$40K$6K
TravelLn 17$34K$22K$12K
Conferences, conventions and meetingsLn 19$8K$8K
InsuranceLn 23$35K$8K$27K
Other expenses (24a–d)Ln 24$1.1M$1.1M
Total functional expensesLn 25$2.5M$2.2M$260K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest Viewing $2.9M$2.5M$441K$15.2M 990 PDF
FY2024 $2.4M$2.8M−$448K$14.5M 990 PDF
FY2023 $818K$2.4M−$1.6M$14.1M 990 PDF
FY2022 $2.1M$2.7M−$584K$15.6M 990 PDF
FY2021 $8.0M$3.6M$4.4M$16.2M 990 PDF
FY2020 $3.3M$2.4M$958K$11.8M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2025 990 (6 parts)
Part I · Summary $2,893,008 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $1,826,168$2,049,998
I-9 Program service revenuePrior year $397,710$485,128
I-10 Investment incomePrior year $203,730$504,295
I-11 Other revenuePrior year −$72,517−$146,413
I-12 Total revenuePrior year $2,355,091$2,893,008
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $680,548$770,300
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $2,122,562$1,681,910
I-18 Total expensesPrior year $2,803,110$2,452,210
I-19 Revenue less expensesPrior year −$448,019$440,798
Part VI · Governance 9 of 9 board members independent, no flags
VI-1a Voting members of the governing body9
VI-1b Independent voting members9
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $2,893,008 across 7 lines filed
VIII-1e Government grants$2,049,998
VIII-1h Total contributions, gifts and grants$2,049,998
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $485,128$485,128
VIII-3 Investment incomeExcluded from tax $193,437$193,437
VIII-7 Net gain or loss on sales of assetsExcluded from tax $310,858$310,858
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax −$146,413−$146,413
VIII-12 Total revenueRelated to mission $485,128 · Unrelated business $0 · Excluded from tax $357,882$2,893,008
Part IX · Statement of functional expenses $2,452,210 across 17 lines filed
IX-5 Pay of current officers, directors and key staffPrograms $545,585 · Management $41,066$586,651
IX-7 Other salaries and wagesPrograms $11,199 · Management $109,391$120,590
IX-8 Pension plan contributionsPrograms $61 · Management $3,492$3,553
IX-9 Other employee benefitsPrograms $6,268 · Management $14,945$21,213
IX-10 Payroll taxesPrograms $29,273 · Management $9,020$38,293
IX-11b Legal feesPrograms $48,048$48,048
IX-11c Accounting feesPrograms $72,198$72,198
IX-11f Investment management feesManagement $32,319$32,319
IX-11g Other fees for servicesPrograms $201,103$201,103
IX-12 Advertising and promotionPrograms $54,398$54,398
IX-13 Office expensesPrograms $14,470 · Management $4,114$18,584
IX-14 Information technologyPrograms $73,574$73,574
IX-16 OccupancyPrograms $39,657 · Management $5,927$45,584
IX-17 TravelPrograms $22,280 · Management $12,219$34,499
IX-19 Conferences, conventions and meetingsPrograms $7,585$7,585
IX-23 InsurancePrograms $8,113 · Management $27,161$35,274
IX-24 Other expenses (24a–d)Programs $1,058,744$1,058,744
IX-25 Total functional expensesPrograms $2,192,556 · Management $259,654 · Fundraising $0$2,452,210
Part X · Balance sheet $15,299,520 assets, 15 lines filed
Asset lines not itemized here account for $1,176,382; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $28,606$493,744
X-2 Savings and temporary cash investmentsStart of year $135,381$560,774
X-4 Accounts receivableStart of year $150,000$17,393
X-9 Prepaid expenses and deferred chargesStart of year $41,669$57,130
X-10c Land, buildings and equipment, netStart of year $0$0
X-11 Publicly traded securitiesStart of year $6,674,114$5,974,189
X-13 Program-related investmentsStart of year $6,073,052$6,915,024
X-15 Other assetsStart of year $89,730$104,884
X-16 Total assetsStart of year $14,619,182$15,299,520
X-17 Accounts payable and accrued expensesStart of year $85,850$91,527
X-26 Total liabilitiesStart of year $85,850$91,527
X-27 Net assets without donor restrictionsStart of year $13,703,331$13,709,620
X-28 Net assets with donor restrictionsStart of year $830,001$1,498,373
X-32 Total net assets or fund balancesStart of year $14,533,332$15,207,993
X-33 Total liabilities and net assetsStart of year $14,619,182$15,299,520
Part XI · Reconciliation of net assets $15,207,993 net assets at year end
XI-1 Total revenue$2,893,008
XI-2 Total expenses$2,452,210
XI-3 Revenue less expenses$440,798
XI-4 Net assets at start of year$14,533,332
XI-5 Net unrealized gains (losses) on investments$233,863
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$15,207,993

Form 990 e-file (XML) FY2025 from the IRS · Classification, formation year and address from the IRS Business Master File

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