Benjamin Franklin Institute Of Technology
- Assets
- $15.1m
- Revenue
- $17.1m
- Investments
- $0.0
- Employees
- 194
- Location
- Boston, MA
- Founding
- 11/2012
- Data as of
- 06/2021
- EIN
- 04-2103576
Organization Overview
Benjamin Franklin Institute Of Technology is located in Boston, MA. The organization was established in 2012. According to its NTEE Classification (B40) the organization is classified as: Higher Education, under the broad grouping of Education and related organizations. As of 06/2021, Benjamin Franklin Institute Of Technology employed 194 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Benjamin Franklin Institute Of Technology is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2021, Benjamin Franklin Institute Of Technology generated $17.1m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 6.4% each year. All expenses for the organization totaled $16.7m during the year ending 06/2021. While expenses have increased by 3.9% per year over the past 6 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
BENJAMIN FRANKLIN INSTITUTE OF TECHNOLOGY IS AN AFFORDABLE, URBAN COLLEGE SERVING THE BOSTON REGION AND COMMITTED TO STUDENT SUCCESS AND CAREER READINESS IN TECHNOLOGY FIELDS.
Describe the Organization's Program Activity:
PROVIDING COLLEGE EDUCATION AT THE LEVEL OF CERTIFICATES, ASSOCIATE DEGREES AND BACHELOR'S DEGREES TO A LARGELY UNDERSERVED URBAN POPULATION. IN THE 2020-2021 ACADEMIC YEAR THE INSTITUTE ENROLLED ABOUT 600 STUDENTS, MOSTLY FULL TIME. BFIT STRIVES TO EMPOWER AND INSPIRE EVERY STUDENT TO REACH HIS OR HER FULL POTENTIAL, THROUGH INDUSTRY INFORMED CURRICULA, HANDS-ON LEARNING, AND PERSONALIZED SUPPORT, PRODUCING GRADUATES FULLY PREPARED FOR WORK, LIFE-LONG LEARNING, AND CITZENSHIP.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Anthony G Benoit President Emeritus | OfficerTrustee | 35 | $168,965 |
Aisha Francis President & CEO | Officer | 35 | $149,092 |
Angela Johnson Chief Development Officer | 35 | $141,982 | |
Marvin Loiseau Dean Of Academics & Chief Academic Officer | 35 | $129,238 | |
David Protano Department Chair Of Automtive Technology | 35 | $118,104 | |
Kristen Hurley Chief Strategy Officer | 35 | $115,441 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Overdrive Marketing Communications Adveritising | 6/29/21 | $289,053 |
Leggat Mccall Properties Llc Consultant | 6/29/21 | $152,470 |
Neoscope It Consultant | 6/29/21 | $301,901 |
The Vieras Llc Consulting/contractred Services | 6/29/21 | $128,392 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $4,614,851 |
| All other contributions, gifts, grants, and similar amounts not included above | $3,287,233 |
| Noncash contributions included in lines 1a–1f | $679,489 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $7,902,084 |
| Total Program Service Revenue | $9,142,041 |
| Investment income | $2,832 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $40,488 |
| Net Gain/Loss on Asset Sales | -$9,715 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $17,077,730 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $3,139,663 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $941,431 |
| Compensation of current officers, directors, key employees. | $941,431 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $5,544,017 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $773,042 |
| Payroll taxes | $414,543 |
| Fees for services: Management | $1,252,506 |
| Fees for services: Legal | $105,012 |
| Fees for services: Accounting | $83,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $3,160 |
| Fees for services: Other | $0 |
| Advertising and promotion | $604,205 |
| Office expenses | $0 |
| Information technology | $384,001 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $19 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $4,864 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $292,324 |
| Insurance | $116,819 |
| All other expenses | $1,115,302 |
| Total functional expenses | $16,744,946 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,693,554 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $1,308,939 |
| Accounts receivable, net | $801,446 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $10,806,346 |
| Investments—publicly traded securities | $439,923 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $20,000 |
| Total assets | $15,070,208 |
| Accounts payable and accrued expenses | $1,085,820 |
| Grants payable | $0 |
| Deferred revenue | $869,178 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $6,819,591 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $8,774,589 |
| Net assets without donor restrictions | $1,099,037 |
| Net assets with donor restrictions | $5,196,582 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $15,070,208 |
Grants Recieved
Over the last fiscal year, we have identified 17 grants that Benjamin Franklin Institute Of Technology has recieved totaling $3,377,645.
| Awarding Organization | Amount |
|---|---|
Oneworld Boston Inc Woburn, MA PURPOSE: SOCIAL JUSTICE | $2,500,000 |
Hamilton Company Charitable Foundation Allston, MA PURPOSE: GENERAL | $300,000 |
Liberty Mutual Foundation Inc Boston, MA PURPOSE: EARLY COLLEGE & CLEAN ENERGY JOBS | $125,000 |
Liberty Mutual Foundation Inc Boston, MA PURPOSE: EARLY COLLEGE & CLEAN ENERGY JOBS | $125,000 |
Bank Of America Charitable Foundation Inc Charlotte, NC PURPOSE: OPERATIONAL SUPPORT | $100,000 |
Yawkey Foundation Ii Dedham, MA PURPOSE: TUITION SCHOLARSHIPS TO ACCESS EDUCATIONAL OPPORTUNITIES | $75,000 |
Endowment Analysis
| Beg. Balance | $3,374,503 |
| Earnings | $8,267 |
| Net Contributions | $157,153 |
| Ending Balance | $3,539,923 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
William J Brennan Jr Center For Justice Inc New York, NY | $161,401,732 | $45,056,482 |
American Academy Of Dramatic Arts New York, NY | $82,489,294 | $25,967,106 |
Benjamin Franklin Institute Of Technology Boston, MA | $15,070,208 | $17,077,730 |
Montserrat College Of Art Inc Beverly, MA | $16,506,023 | $17,973,351 |
Merrick Academy Queens Public Charter School Springfield Gardens, NY | $3,505,135 | $11,792,569 |
Omega Institute For Holistic Studies Inc Rhinebeck, NY | $27,528,865 | $10,367,756 |
Urban College Of Boston A Two Year College Inc Boston, MA | $2,648,182 | $7,626,014 |
University At Buffalo Otolaryngology Inc Buffalo, NY | $799,618 | $5,038,737 |
National Academy Of Design New York, NY | $76,726,771 | $4,754,677 |
Consortium For Advanced Studies Abroad Providence, RI | $1,494,580 | $2,843,422 |
Andover Newton Theological School Wayland, MA | $4,688,013 | $16,291 |
Yeshivat Maharat Inc Riverdale, NY | $6,390,529 | $2,913,175 |