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Slater Technology Fund INC FY2020 filing

Tax-deductible

Providence, RI501(c)(3)Science & Technology EIN 06-1493673Revenue $3.3M in FY2020

On file with the IRSslaterfund.com225 Dyer St, 02903-3927 · Providence, RITax-exempt since Dec 1998Publicly supported charity — 170(b)(1)(A)(vi)

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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.
94¢ of each $1 spent went to programs.
$218K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · Pay: Part VII

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FY2020 · 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
94%
of spending
Looks good: 94% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$218K
to officers and key staff · 9% of spending
Looks good: pay to officers and key staff is 9% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
11 mo
of spending, in cash
Plus $7.2M in investments, Pt X · Ln 11–13
Looks good: 11.4 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$72K
0.6% of total assets
Looks good: liabilities are 1% of assets; 50% or less.
Pt X · Ln 26
Independent board members
6
of 6 voting members
Looks good: 6 of 6 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$3.3M
Spent
$2.4M
To programs
94%
Net assets
$11.8M
By yearFY2020–FY2025
Revenue
$3.3M
FY2020
Tap a bar for its year
Revenue by fiscal year
FY2020$3.3M
FY2021$8.0M
FY2022$2.1M
FY2023$818K
FY2024$2.4M
FY2025$2.9M
Expenses
$2.4M
FY2020
Tap a bar for its year
Expenses by fiscal year
FY2020$2.4M
FY2021$3.6M
FY2022$2.7M
FY2023$2.4M
FY2024$2.8M
FY2025$2.5M
Net assets
$11.8M
FY2020
Tap a bar for its year
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 FY2020 Form 990 (year ending June 2020) · figures checked against the IRS filing · see the original

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You’re viewing the FY2020 filing — not the latest on file. See the latest (FY2025) →

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

94 cents of each dollar spent went to programs.

Program services 94% · $2.2M Management & general 6% · $141K

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

8 people listed on the 990; $218K paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2019); the FY2020 filing did not itemize Part VII
Thorne Sparkman III
President/Managing Director
$217,846Pt VII · Sec A
$0Pt VII · Sec A
James C Maynard
Director (to 3/20)
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$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.

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Provided by the organization

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3 programs · $2.2M · in their own filed words · FY2019
01

Venture Support

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

$1.2Mprogram expense
02

Technology Development Loans

Awarded loans to seven (7) R.I. Companies in order to promote scientific research and development in the biomedical technology, information technology, and energy industries.

$593Kprogram expense
03

Equity Investments in Qualified Companies

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

$451Kprogram expense

By the numbers

The FY2020 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$3.3M
Ln 12
Other incomeLn 4–11$2.1M
Fees for servicesLn 2g$652K
Gifts and grantsLn 1h$575K
Money outPt IX
$2.4M
Ln 25
Programscol B$2.2M
Managementcol C$141K
Owns and owesPt X
$11.8M
net assets · Ln 32
Cash and savingsLn 1–2$2.3M
Total assetsLn 16$11.9M
LiabilitiesLn 26$72K
PeoplePt VI, VII
8
listed · VII A
PaidVII A1
Voting boardVI 1a6
IndependentVI 1b6
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$575K
Government grantsLn 1e$575K
Fees for servicesLn 2g$652K
Investment incomeLn 3$510
Other incomeLn 4–11$2.1M
Total revenueLn 12$3.3M
Assets in detailPt X, end of year
CashLn 1$17K
SavingsLn 2$2.2M
Cash and savings togetherLn 1–2$2.3M
InvestmentsLn 11–13$7.2M
Land, buildings, equipmentLn 10c$3K
Total assetsLn 16$11.9M
LiabilitiesLn 26$72K
Net assetsLn 32$11.8M
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 FY20End FY20
Cash and savingsLn 1–2$713K$2.3M
InvestmentsLn 11–13$7.9M$7.2M
Land, buildings, equipmentLn 10c$3K$3K
Total assetsLn 16$10.9M$11.9M
LiabilitiesLn 26$99K$72K
Net assetsLn 32$10.8M$11.8M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$353K$264K$88K
Other salaries and wagesLn 7$106K$80K$27K
Pension plan contributionsLn 8$3K$2K$809
Other employee benefitsLn 9$10K$8K$1K
Payroll taxesLn 10$22K$17K$6K
Legal feesLn 11b$48K$46K$2K
Accounting feesLn 11c$44K$43K$713
Other fees for servicesLn 11g$655K$649K$6K
Office expensesLn 13$6K$6K$80
Information technologyLn 14$17K$17K
OccupancyLn 16$22K$20K$2K
TravelLn 17$10K$10K$104
Depreciation, depletion and amortizationLn 22$771$385$386
InsuranceLn 23$24K$18K$6K
Other expenses (24a–d)Ln 24$1.1M$1.1M$49
Total functional expensesLn 25$2.4M$2.2M$141K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $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 Viewing $3.3M$2.4M$958K$11.8M 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support J · Pay O · Explanations
See the full FY2020 990 (6 parts)
Part I · Summary $3,329,564 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $267,431$575,000
I-9 Program service revenuePrior year $550,752$651,643
I-10 Investment incomePrior year $3,087$510
I-11 Other revenuePrior year $1,415,195$2,102,411
I-12 Total revenuePrior year $2,236,465$3,329,564
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 $402,868$494,026
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $671,760$1,877,749
I-18 Total expensesPrior year $1,074,628$2,371,775
I-19 Revenue less expensesPrior year $1,161,837$957,789
Part VI · Governance 6 of 6 board members independent, no flags
VI-1a Voting members of the governing body6
VI-1b Independent voting members6
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 $3,329,564 across 6 lines filed
VIII-1e Government grants$575,000
VIII-1h Total contributions, gifts and grants$575,000
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $651,643$651,643
VIII-3 Investment incomeExcluded from tax $510$510
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax $2,102,411$2,102,411
VIII-12 Total revenueRelated to mission $651,643 · Unrelated business $0 · Excluded from tax $2,102,921$3,329,564
Part IX · Statement of functional expenses $2,371,775 across 15 lines filed
IX-5 Pay of current officers, directors and key staffPrograms $264,383 · Management $88,128$352,511
IX-7 Other salaries and wagesPrograms $79,860 · Management $26,620$106,480
IX-8 Pension plan contributionsPrograms $2,426 · Management $809$3,235
IX-9 Other employee benefitsPrograms $8,073 · Management $1,455$9,528
IX-10 Payroll taxesPrograms $16,704 · Management $5,568$22,272
IX-11b Legal feesPrograms $46,134 · Management $2,034$48,168
IX-11c Accounting feesPrograms $43,108 · Management $713$43,821
IX-11g Other fees for servicesPrograms $648,774 · Management $6,308$655,082
IX-13 Office expensesPrograms $6,413 · Management $80$6,493
IX-14 Information technologyPrograms $16,895$16,895
IX-16 OccupancyPrograms $19,817 · Management $2,207$22,024
IX-17 TravelPrograms $9,921 · Management $104$10,025
IX-22 Depreciation, depletion and amortizationPrograms $385 · Management $386$771
IX-23 InsurancePrograms $17,903 · Management $6,219$24,122
IX-24 Other expenses (24a–d)Programs $1,050,299 · Management $49$1,050,348
IX-25 Total functional expensesPrograms $2,231,095 · Management $140,680 · Fundraising $0$2,371,775
Part X · Balance sheet $11,858,470 assets, 12 lines filed
Asset lines not itemized here account for $1,984,523; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $24,911$17,277
X-2 Savings and temporary cash investmentsStart of year $687,868$2,235,112
X-4 Accounts receivableStart of year $94,261$444,132
X-9 Prepaid expenses and deferred chargesStart of year $24,740$9,215
X-10c Land, buildings and equipment, netStart of year $3,399$2,628
X-13 Program-related investmentsStart of year $7,905,813$7,165,583
X-16 Total assetsStart of year $10,928,387$11,858,470
X-17 Accounts payable and accrued expensesStart of year $99,393$71,687
X-26 Total liabilitiesStart of year $99,393$71,687
X-27 Net assets without donor restrictionsStart of year $10,828,994$11,786,783
X-32 Total net assets or fund balancesStart of year $10,828,994$11,786,783
X-33 Total liabilities and net assetsStart of year $10,928,387$11,858,470
Part XI · Reconciliation of net assets $11,786,783 net assets at year end
XI-1 Total revenue$3,329,564
XI-2 Total expenses$2,371,775
XI-3 Revenue less expenses$957,789
XI-4 Net assets at start of year$10,828,994
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$11,786,783

Form 990 e-file (XML) FY2020 from the IRS · Classification, formation year and address from the IRS Business Master File

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