Civic Intelligence

Benjamin Franklin Cummings Institute of Technology

990 • Fiscal year 2017 • EIN 04-2103576

Jul 01, 2016 to Jun 30, 2017 • Filed on May 09, 2018

Organization Profilewww.bfit.edu
41 berkeley streetboston, MA 02116

(617) 423-4630

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

74th percentile

0.53x

Higher debt load relative to assets than 74% of similar nonprofits.

2017 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2017

Liabilities / Revenue

57th percentile

0.31x

Higher debt load relative to revenue than 57% of similar nonprofits.

2017 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2017

Net Margin

30th percentile

-1.3%

Higher net margin than 30% of similar nonprofits.

2017 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2017

Top Officer Pay

57th percentile

$197,255

Higher top officer pay than 57% of similar nonprofits.

Top officer pay equals 1.4% of source-year revenue.

2017 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2017

Asset Growth

60th percentile

7.6%

Faster asset growth than 60% of similar nonprofits.

2017 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2016 to 2017

Revenue Growth

75th percentile

19%

Faster revenue growth than 75% of similar nonprofits.

2017 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2016 to 2017

Balance Sheet
Liabilities / Assets74th percentile

Assets

Up

$8,294,430

Up $585,920 (+7.6%) from 2016

Net Assets

Up

$3,929,451

Up $105,219 (+2.8%) from 2016

Liabilities

Up

$4,364,979

Up $480,701 (+12%) from 2016

Revenue And Expenses
Liabilities / Revenue57th percentileNet Margin30th percentile

Revenue

Up

$14,044,259

Up $2,263,587 (+19%) from 2016

Expenses

Up

$14,232,402

Up $935,697 (+7.0%) from 2016

Net Income

Up

-$188,143

Up $1,327,890 (+88%) from 2016

Historical Trend

Balance Sheet Trend

Asset Growth60th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$60M$40M$20M$0Assets 2012: $7,101,559Liabilities 2012: $2,381,536Net Assets 2012: $4,720,0232012Assets 2013: $7,162,903Liabilities 2013: $2,159,226Net Assets 2013: $5,003,6772013Assets 2014: $8,875,191Liabilities 2014: $2,647,904Net Assets 2014: $6,227,2872014Assets 2015: $9,125,971Liabilities 2015: $3,614,038Net Assets 2015: $5,511,9332015Assets 2016: $7,708,510Liabilities 2016: $3,884,278Net Assets 2016: $3,824,2322016Assets 2017: $8,294,430Liabilities 2017: $4,364,979Net Assets 2017: $3,929,4512017Assets 2018: $8,251,404Liabilities 2018: $4,213,224Net Assets 2018: $4,038,1802018Assets 2019: $6,446,882Liabilities 2019: $5,643,931Net Assets 2019: $802,9512019Assets 2020: $14,257,736Liabilities 2020: $8,313,211Net Assets 2020: $5,944,5252020Assets 2021: $15,070,208Liabilities 2021: $8,774,589Net Assets 2021: $6,295,6192021Assets 2022: $17,195,877Liabilities 2022: $10,874,146Net Assets 2022: $6,321,7312022Assets 2023: $22,696,356Liabilities 2023: $13,872,185Net Assets 2023: $8,824,1712023Assets 2024: $45,231,193Liabilities 2024: $33,169,487Net Assets 2024: $12,061,7062024Assets 2025: $49,978,288Liabilities 2025: $35,304,367Net Assets 2025: $14,673,9212025

Highlighted filing

2017

Assets$8,294,430
Liabilities$4,364,979
Net Assets$3,929,451
Open 2017 Filing

Operations Trend

Revenue Growth75th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$40M$30M$20M$10M$0-$10MRevenue 2012: $9,605,805Expenses 2012: $9,435,495Net Income 2012: $170,3102012Revenue 2013: $10,342,462Expenses 2013: $10,194,567Net Income 2013: $147,8952013Revenue 2014: $12,820,976Expenses 2014: $12,013,672Net Income 2014: $807,3042014Revenue 2015: $12,354,235Expenses 2015: $13,031,732Net Income 2015: -$677,4972015Revenue 2016: $11,780,672Expenses 2016: $13,296,705Net Income 2016: -$1,516,0332016Revenue 2017: $14,044,259Expenses 2017: $14,232,402Net Income 2017: -$188,1432017Revenue 2018: $15,476,152Expenses 2018: $15,475,728Net Income 2018: $4242018Revenue 2019: $13,792,086Expenses 2019: $17,063,776Net Income 2019: -$3,271,6902019Revenue 2020: $14,554,191Expenses 2020: $18,897,603Net Income 2020: -$4,343,4122020Revenue 2021: $17,077,730Expenses 2021: $16,744,946Net Income 2021: $332,7842021Revenue 2022: $16,845,374Expenses 2022: $16,819,262Net Income 2022: $26,1122022Revenue 2023: $19,382,762Expenses 2023: $16,875,340Net Income 2023: $2,507,4222023Revenue 2024: $31,443,429Expenses 2024: $28,205,894Net Income 2024: $3,237,5352024Revenue 2025: $26,514,755Expenses 2025: $23,902,540Net Income 2025: $2,612,2152025

Highlighted filing

2017

Revenue$14,044,259
Expenses$14,232,402
Net Income-$188,143
Open 2017 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2016 to Jun 30, 2017
Signed
May 9, 2018
Return Version
2016v3.0
Gross Receipts
$15,460,709
Mission and Program Overview

Mission

Benjamin franklin cummings institute of technology is an affordable, urban college serving the boston region and committed to student success and career readiness in technology fields. Through personalized support, hands-on learning, and industry-informed curricula, benjamin franklin cummings institute of technology prepares graduates for work, life-long learning, and citizenship.

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.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$4,152,045$3,508,717▼ $643,328
Land, Buildings, and Equipment, Net$2,676,621$2,677,743▲ $1,122
Pledges and Grants Receivable$610,721$802,295▲ $191,574
Cash and Non-Interest-Bearing Accounts$56,817$679,912▲ $623,095
Accounts Receivable$180,054$523,177▲ $343,123
Prepaid Expenses and Deferred Charges$19,620$69,954▲ $50,334
Savings and Temporary Cash Investments$0--
Total Assets$7,708,510$8,294,430▲ $585,920
Other Assets Total$12,632$32,632▲ $20,000
Liabilities
Mortgage Notes Payable Secured by Investment Property$536,092$2,992,855▲ $2,456,763
Other Liabilities$2,468,850$0▼ $2,468,850
Accounts Payable and Accrued Expenses$782,942$1,190,124▲ $407,182
Deferred Revenue$96,394$182,000▲ $85,606
Grants Payable$0--
Total Liabilities$3,884,278$4,364,979▲ $480,701
Net Assets / Fund Balance
Permanently Rstr Net Assets$3,107,743$3,219,043▲ $111,300
Temporarily Rstr Net Assets$908,775$1,852,295▲ $943,520
Unrestricted Net Assets$-192,286$-1,141,887▼ $949,601
Total Net Assets Fund Balance$3,824,232$3,929,451▲ $105,219
Total Liabilities and Net Assets / Fund Balance$7,708,510$8,294,430▲ $585,920

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$0$3,181,180$3,181,180
Equipment$1,126,592$1,868,134$2,994,726
Leasehold Improvements$824,319$1,865,654$2,689,973
Land$726,832-$726,832

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2016$4,152,045$111,300▲ $400,370$575,404$3,508,717
2015$4,818,978$93,250▼ $183,452$499,274$4,152,045
2014$4,636,591$2,000▲ $264,509$18,557$4,818,978
2013$3,787,171$77,450▲ $829,575$18,557$4,636,590
2012$3,224,095$227,525▲ $390,006$17,988$3,787,171
Compensation and Service Providers
Top Officer Pay57th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
anthony g benoitpresidentFT$182,858$14,397$197,255
Larson Rogersdean of facultyFT$107,452$14,156$121,608
maureen joycechief financial officerFT$118,948$452$119,400
David Protanodept. chair of auto techFT$100,997$12,963$113,960
Tracey ArvinDept Chair of Elect. TechFT$102,175$5,535$107,710
Kimberly FreedmanChief Development OfficerFT$101,539$204$101,743

Board Members and Trustees

NameTitle
ryan hutchinschair
judy pagliucavice chair
Jed Nosaltrustee
Roger BermanTrustee
amy leddytrustee
christopher morsetrustee
daniel weingertrustee
david fischertrustee
erik lientrustee
jake grossmantrustee
joseph shakertrustee
kaye ferritertrustee
kevin stonetrustee
rahul yaralatrustee
maureen pompeoClerk
daniel bonnettetreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Apogee IT servicesItpo box 970067, boston, MA 02297-0067$262,580
Goulston & StorrsLegal400 atlantic avenue, boston, MA 02110$159,131
Revenue and Support

Revenue Composition

Contributions and Grants
$3,593,610
Program Service Revenue
$10,002,422
Investment Income
$138,556
Other Revenue
$309,671
All Other Contributions
$2,887,364
Change in Net Assets
$-188,143

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
Yes
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded2$102,089Fair Market Value (FMV)
Total Noncash Contributions2$102,089-

Audited Revenue Reconciliation

Revenue per Audited Statements
$11,212,647
Revenue Not Reported on Financial Statements
$2,831,612
Revenue Not Reported on Form 990
$293,362
Other Revenue Adjustments
$2,800,064
Total Revenue per Audited Statements
$11,506,009
Total Revenue per Form 990
$14,044,259
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$7,354,152
Other Expenses$4,078,186
Grants and Similar Amounts Paid$2,800,064
Total Fundraising Expense$156,327
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$4,653,948$911,240$35,702$5,600,890
Grants to Domestic Individuals$2,800,064--$2,800,064
Fees for Services Other$438,719$324,823$2,821$766,363
All Other Expenses$317,692$303,599$7,900$629,191
Other Employee Benefits$410,661$200,362$9,273$620,296
Payroll Taxes$339,466$79,009$7,945$426,420
Pension Plan Contributions$286,225$75,768$7,553$369,546
Current Officers, Directors, Trustees, and Key Employees$38,800$220,600$77,600$337,000
Advertising$28,456$296,833-$325,289
Depreciation Depletion-$307,861-$307,861
Fees for Services Legal-$204,259-$204,259
Information Technology$165,735$499$5,479$171,713
Other Expenses$68,420$74,639$39$143,059
Insurance$500$138,936-$139,436
Interest$304$130,903-$131,207
Fees for Service Investment Mgmnt Fees-$31,548-$31,548
Conferences and Meetings$23,782$3,011$1,942$28,735
Travel$13,836$295$73$14,204
Fees for Services Accounting-$4,000-$4,000
Office Expenses$979$881-$1,860
Total Functional Expenses$10,515,951$3,560,124$156,327$14,232,402

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$14,232,402
Expenses per Audited Statements$11,400,790
Total Expenses per Audited Statements$11,400,790
Expenses Not Reported on Financial Statements$2,831,612
Other Expense Adjustments$2,800,064
Expenses Not Reported on Form 990$0
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, line 11B

“the form 990 is prepared by an independent accounting firm with information provided by management. prior to being filed with the internal revenue service, the form 990 is reviewed by the audit committee and provided to each member of the board of trustees.”

Form 990, Part VI, Section B, line 12C

“trustees are required to submit a conflict of interest disclosure annually and report conflicts immediately should they develop during the year. conflict of interest disclosures are reviewed by the chair of the governance committee, as authroized by the board of trustees is responsible for resolution, and the individual with a conflict is recused from participating in the discussion and resolution of the conflict.”

Form 990, Part VI, Section B, line 15

“The president's compensation is subject to annual review by a presidential review subcommittee, as authorized by the executive committee of the board of trustees. The subcommittee makes a recommendation to the executive committee, who reviews comparable salary information prior to making a recommendation for approval to the complete board of trustees. The review is documented in the minutes of the executive committee and board of trustees. The cfo's compensation is determined using comparability data, including review and approval by independent persons, and contemporaneous substantiation of the deliberation and decision.”

Form 990, Part VI, Section C, line 19

“the organization's governing documents, conflict of interest policy, and financial statements are available upon request.”

Filing and Contact Details

Filer

Filer Name
benjamin franklin institute of
EIN
04-2103576
Phone
6174234630
Address
41 berkeley street, boston, MA 02116

Signing Officer

Name
maureen joyce
Title
CFO
Phone
6174234630
Signed
2018-05-09
Discuss with paid preparer
Yes

Organization Details

Principal Officer
anthony benoit
Formed
1913
Legal Domicile
Ma
Voting Board Members
17
Independent Board Members
16
Employees
185
Volunteers
16

Preparer

Firm
Cbiz Mhm LLC
Address
500 Boylston Street, Boston, MA 02116
Preparer
Brenda l booth
Phone
6177610600
Supplemental Narrative

Financial Statement Notes

Part V, Line 4:

“The Institute has numerous donor-restricted endowment funds established to further its educational mission.”

Part X, Line 2:

“The Institute accounts for the effect of any uncertain tax positions based on a "more likely than not" threshold to the recognition of the tax positions being sustained based on the technical merits of the position under scrutiny by the applicable taxing authority. If a tax position or positions are deemed to result in uncertainties of those positions, the unrecognized tax benefit is estimated based on a "cumulative probability assessment" that aggregates the estimated tax liability for all uncertain tax positions. The Institute has identified its tax status as a tax exempt entity and its determinations of which income items are related or unrelated as its only significant tax positions; however, the Institute has determined that such tax positions do not result in an uncertainty requiring recognition. The Institute is not currently under examination by any taxing jurisdictions and considers further tax disclosures as not significant. The Institute's Federal and state tax returns are generally open for examination for three years following the date filed.”

Part XI, Line 4B - Other Adjustments:

“university funded financial aid - tuition discount 2,800,064.”

Part XII, Line 4B - Other Adjustments:

“university funded financial aid - tuition discount 2,800,064.”

Raw XML AppendixShowing 400 of 753 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Form990PartVIISectionAGrp/TitleTxt3CLERK
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IRS990/Form990PartVIISectionAGrp/TitleTxt5trustee
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IRS990/Form990PartVIISectionAGrp/TitleTxt15trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt16Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt17chief financial officer
IRS990/Form990PartVIISectionAGrp/TitleTxt18Chief Development Officer
IRS990/Form990PartVIISectionAGrp/TitleTxt19dept. chair of auto tech
IRS990/Form990PartVIISectionAGrp/TitleTxt20dean of faculty
IRS990/Form990PartVIISectionAGrp/TitleTxt21Dept Chair of Elect. Tech
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IRS990/MissionDesc0benjamin franklin institute of technology (bfit) is an affordable, urban college serving the boston region and committed to student success and career readiness in technology fields. through personalized support, hands-on learning, and industry-informed curricula, bfit prepares graduates for work, life-long learning, and citzenship.
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Document Assets

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Filings

Displayed year

2017 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$8,294,430
Liabilities
$4,364,979
Net assets
$3,929,451
Revenue
$14,044,259
Expenses
$14,232,402
Net income
-$188,143
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$50.0$35.3$14.7$26.5$23.9$2.61
2024Detailed filing. Detailed filing data is available for this year.$45.2$33.2$12.1$31.4$28.2$3.24
2023Detailed filing. Detailed filing data is available for this year.$22.7$13.9$8.82$19.4$16.9$2.51
2022Detailed filing. Detailed filing data is available for this year.$17.2$10.9$6.32$16.8$16.8$0.03
2021Detailed filing. Detailed filing data is available for this year.$15.1$8.77$6.30$17.1$16.7$0.33
2020Detailed filing. Detailed filing data is available for this year.$14.3$8.31$5.94$14.6$18.9$4.34
2019Detailed filing. Detailed filing data is available for this year.$6.45$5.64$0.80$13.8$17.1$3.27
2018Detailed filing. Detailed filing data is available for this year.$8.25$4.21$4.04$15.5$15.5$0.00
2017Detailed filing. Detailed filing data is available for this year.$8.29$4.36$3.93$14.0$14.2$0.19
2016Detailed filing. Detailed filing data is available for this year.$7.71$3.88$3.82$11.8$13.3$1.52
2015Detailed filing. Detailed filing data is available for this year.$9.13$3.61$5.51$12.4$13.0$0.68
2014Detailed filing. Detailed filing data is available for this year.$8.88$2.65$6.23$12.8$12.0$0.81
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$7.16$2.16$5.00$10.3$10.2$0.15
2012Summary only. Only limited summary data is available for this year.$7.10$2.38$4.72$9.61$9.44$0.17
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2017 filings • 501(c)3 • $10M-$25M nonprofits