Civic Intelligence

Polymer Processing Institute at Njit

990 • Fiscal year 2023 • EIN 22-2458275

Jul 01, 2022 to Jun 30, 2023 • Filed on May 15, 2024

Organization ProfileWWW.POLYMERS-PPI.ORG

View Organization Page

NJIT-GITC Building Suite 1201Newark, NJ 07102

(973) 596-5896

Siviq Scores

Scores are not available for this record yet.

Balance Sheet

Assets

Up

$6,198,011

Up $675,832 (+12%) from 2022

Net Assets

Up

$5,693,176

Up $585,172 (+11%) from 2022

Liabilities

Up

$504,835

Up $90,660 (+22%) from 2022

Revenue And Expenses

Revenue

Down

$5,034,613

Down $131,754 (-2.6%) from 2022

Expenses

Down

$4,449,441

Down $536,474 (-11%) from 2022

Net Income

Up

$585,172

Up $404,720 (+224%) from 2022

Historical Trend

Balance Sheet Trend

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

$8.0M$6.0M$4.0M$2.0M$0Assets 2010: $1,836,831Liabilities 2010: $68,157Net Assets 2010: $1,768,6742010Assets 2011: $2,223,895Liabilities 2011: $97,838Net Assets 2011: $2,126,0572011Assets 2012: $1,865,318Liabilities 2012: $81,392Net Assets 2012: $1,783,9262012Assets 2013: $1,342,602Liabilities 2013: $89,528Net Assets 2013: $1,253,0742013Assets 2014: $865,928Liabilities 2014: $82,851Net Assets 2014: $783,0772014Assets 2015: $783,244Liabilities 2015: $329,101Net Assets 2015: $454,1432015Assets 2016: $1,526,066Liabilities 2016: $376,777Net Assets 2016: $1,149,2892016Assets 2017: $2,278,950Liabilities 2017: $341,162Net Assets 2017: $1,937,7882017Assets 2018: $2,977,658Liabilities 2018: $354,308Net Assets 2018: $2,623,3502018Assets 2019: $3,264,151Liabilities 2019: $282,753Net Assets 2019: $2,981,3982019Assets 2020: $3,561,387Liabilities 2020: $526,647Net Assets 2020: $3,034,7402020Assets 2021: $4,651,810Liabilities 2021: $677,183Net Assets 2021: $3,974,6272021Assets 2022: $5,522,179Liabilities 2022: $414,175Net Assets 2022: $5,108,0042022Assets 2023: $6,198,011Liabilities 2023: $504,835Net Assets 2023: $5,693,1762023Assets 2024: $5,396,496Liabilities 2024: $515,338Net Assets 2024: $4,881,1582024

Highlighted filing

2023

Assets$6,198,011
Liabilities$504,835
Net Assets$5,693,176
Open 2023 Filing

Operations Trend

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

$6.0M$4.0M$2.0M$0-$2.0MExpenses 2010: $2,257,7132010Revenue 2011: $2,371,866Expenses 2011: $2,014,483Net Income 2011: $357,3832011Expenses 2012: $1,684,7302012Expenses 2013: $1,510,3332013Revenue 2014: $683,741Expenses 2014: $1,153,738Net Income 2014: -$469,9972014Revenue 2015: $1,082,747Expenses 2015: $1,411,681Net Income 2015: -$328,9342015Revenue 2016: $2,415,760Expenses 2016: $1,706,571Net Income 2016: $709,1892016Revenue 2017: $2,337,763Expenses 2017: $1,549,264Net Income 2017: $788,4992017Revenue 2018: $2,729,772Expenses 2018: $2,044,210Net Income 2018: $685,5622018Revenue 2019: $2,398,527Expenses 2019: $2,040,479Net Income 2019: $358,0482019Revenue 2020: $2,612,174Expenses 2020: $2,558,832Net Income 2020: $53,3422020Revenue 2021: $5,118,235Expenses 2021: $4,178,348Net Income 2021: $939,8872021Revenue 2022: $5,166,367Expenses 2022: $4,985,915Net Income 2022: $180,4522022Revenue 2023: $5,034,613Expenses 2023: $4,449,441Net Income 2023: $585,1722023Revenue 2024: $3,254,373Expenses 2024: $4,066,391Net Income 2024: -$812,0182024

Highlighted filing

2023

Revenue$5,034,613
Expenses$4,449,441
Net Income$585,172
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
May 15, 2024
Return Version
2022v5.0
Gross Receipts
$5,034,613
Mission and Program Overview

Mission

Polymer processing institute ("ppi") is a private, non-for-profit new jersey corporation, established in 1982. Ppi was established for the purpose of advancing the general knowledge of the public in the art, science and technology of polymer processing through scientific research and education performed for the northern new jersey area. Significant revenues are received from subcontracts with the new jersey institute of technology ("njit") which contracts with a related entity which contracts with the federal government on research projects in the field of polymers and from research fees from public and private companies.

Provide research, education, publications to the polymer field for medical devices and pharmaceutical applications, packaging, recycling, paints and coatings.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$2,411,033$3,285,748▲ $874,715
Savings and Temporary Cash Investments$1,296,723$1,298,320▲ $1,597
Accounts Receivable$931,848$850,096▼ $81,752
Land, Buildings, and Equipment, Net$826,802$708,074▼ $118,728
Prepaid Expenses and Deferred Charges$22,840$22,840→ $0
Other Notes and Loans Receivable, Net$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Investments in Publicly Traded Securities$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$5,522,179$6,198,011▲ $675,832
Other Assets Total$32,933$32,933→ $0
Liabilities
Accounts Payable and Accrued Expenses$381,108$471,843▲ $90,735
Other Liabilities$24,267$24,192▼ $75
Deferred Revenue$8,800$8,800→ $0
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$414,175$504,835▲ $90,660
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$5,108,004$5,693,176▲ $585,172
Net Assets With Donor Restrictions$0$0→ $0
Total Net Assets Fund Balance$5,108,004$5,693,176▲ $585,172
Total Liabilities and Net Assets / Fund Balance$5,522,179$6,198,011▲ $675,832

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$708,074$1,188,668$1,896,742
Leasehold Improvements$0$99,236$99,236
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Dr Ming Wan YoungPresidentFT$263,310$23,405$286,715
Zohar OphirScientistFT$126,398-$126,398
Nikolaos IoannidisScientistFT$107,883-$107,883
Kasia StrycharzSecretaryFT$63,458$6,468$69,926
Dr Costas Gogosboard chairmanPT$50,150-$50,150

Board Members and Trustees

NameTitle
Dr Kun H HyunPresident - Emeritus
Charlie MartinTrustee
Dr Donald SebastianTrustee
John ChristianoTrustee
Lefteris ValsamisTrustee
Paul AndersonTrustee
Stan JakopinTrustee
Sy FinderTrustee
Timothy GibsonTrustee
Viggy MehtaTrustee
Revenue and Support

Revenue Composition

Contributions and Grants
$2,711,818
Program Service Revenue
$2,321,198
Investment Income
$1,597
Other Revenue
$0
All Other Contributions
$0
Change in Net Assets
$585,172
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$2,864,780
Salaries, Compensation, and Employee Benefits$1,584,661
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Expenses$1,844,778--$1,844,778
Other Salaries and Wages$908,247-$0$908,247
Current Officers, Directors, Trustees, and Key Employees$227,247$184,546$0$411,793
Occupancy$337,172$45,689$0$382,861
Fees for Services Other$110,119$65,000-$175,119
Office Expenses$135,740$18,394$0$154,134
Depreciation Depletion$118,728-$0$118,728
Other Employee Benefits$98,809-$0$98,809
Payroll Taxes$88,874$4,560$0$93,434
Insurance$77,846$10,549$0$88,395
Pension Plan Contributions$72,378-$0$72,378
Travel$57,134$7,742$0$64,876
Fees for Services Accounting-$28,288$0$28,288
Information Technology$4,851--$4,851
Fees for Services Legal-$2,750$0$2,750
Total Functional Expenses$4,081,923$367,518$0$4,449,441
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$0
Fundraising Gross Income$0
Gaming Direct Expenses$0
Gaming Gross Income$0
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Deferred Rent$24,192
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
No
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
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
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No
Filing and Contact Details

Filer

Filer Name
Polymer Processing Institute
EIN
22-2458275
In Care Of
% THE ORGANIZATION
Phone
9735965896
Address
NJIT-GITC Building Suite 1201, Newark, NJ 07102

Signing Officer

Name
Ming-Wan Young
Title
President
Phone
9735965896
Signed
2024-05-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Ming-Wan Young
Formed
1982
Legal Domicile
Nj
Voting Board Members
13
Independent Board Members
10
Employees
13
Volunteers
10

Preparer

Firm
WithumSmithBrown PC
Address
ONE TOWER CENTER BLVD 14TH FL, EAST BRUNSWICK, NJ 08816
Preparer
Brad Caruso
Phone
7328281614
Supplemental Narrative

Additional Explanations

CORE FORM 990 Responses

“Part vi, section a, question 8a & b there are no committees other than the board of trustees that have the authority to act on behalf of the governing body. Part vi, section b, 11b the form 990 is distributed to all board members for their review and comments. Dr. Gogos and dr. Young give it a final review prior to approving the form 990 to be filed. Part vi, section b, question 15a the president's compensation is reviewed by the chairman of the board and goals are set. The compensation is based on comparable entities and effort produced. The chairman ultimately approves the president's contract. Part vi, section c, line 19 the organization makes its financial information available to the public upon request and via e-mail requests through its website.”

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IRS990/Form990PartVIISectionAGrp/TitleTxt3Secretary
IRS990/Form990PartVIISectionAGrp/TitleTxt4board chairman
IRS990/Form990PartVIISectionAGrp/TitleTxt5PRESIDENT - EMERITUS
IRS990/Form990PartVIISectionAGrp/TitleTxt6TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt7TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt8TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt9TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt10TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt11TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt12TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt13TRUSTEE
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IRS990/InvestmentsPubTradedSecGrp/BOYAmt00
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IRS990/MembersOrStockholdersInd0false
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IRS990/MinutesOfCommitteesInd0false
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IRS990/NoDonorRestrictionNetAssetsGrp/EOYAmt05693176
IRS990/NondeductibleContributionsInd0false
IRS990/OccupancyGrp/FundraisingAmt00
IRS990/OccupancyGrp/ManagementAndGeneralAmt045689
IRS990/OccupancyGrp/ProgramServicesAmt0337172
IRS990/OccupancyGrp/TotalAmt0382861
IRS990/OfficeExpensesGrp/FundraisingAmt00
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt018394
IRS990/OfficeExpensesGrp/ProgramServicesAmt0135740
IRS990/OfficeExpensesGrp/TotalAmt0154134
IRS990/OfficerMailingAddressInd0false
IRS990/OperateHospitalInd0false
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsFASB117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt032933
IRS990/OtherAssetsTotalGrp/EOYAmt032933
IRS990/OtherEmployeeBenefitsGrp/FundraisingAmt00
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt098809
IRS990/OtherEmployeeBenefitsGrp/TotalAmt098809
IRS990/OtherExpensesGrp/Desc0LABORATORY EXPENSES
IRS990/OtherExpensesGrp/ProgramServicesAmt01844778
IRS990/OtherExpensesGrp/TotalAmt01844778
IRS990/OtherLiabilitiesGrp/BOYAmt024267
IRS990/OtherLiabilitiesGrp/EOYAmt024192
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IRS990/OtherSalariesAndWagesGrp/FundraisingAmt00
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt0908247
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IRS990/PayPremiumsPrsnlBnftCntrctInd0false
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IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt04560
IRS990/PayrollTaxesGrp/ProgramServicesAmt088874
IRS990/PayrollTaxesGrp/TotalAmt093434
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IRS990/PensionPlanContributionsGrp/ProgramServicesAmt072378
IRS990/PensionPlanContributionsGrp/TotalAmt072378
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IRS990/PledgesAndGrantsReceivableGrp/EOYAmt00
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IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt022840
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IRS990/PYRevenuesLessExpensesAmt0180452
IRS990/PYSalariesCompEmpBnftPaidAmt01424615
IRS990/PYTotalExpensesAmt04985915
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt05166367
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IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus1YearAmt03847934
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus2YearsAmt02127923
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus3YearsAmt01537789
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IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/TotalAmt011520453

Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$6,198,011
Liabilities
$504,835
Net assets
$5,693,176
Revenue
$5,034,613
Expenses
$4,449,441
Net income
$585,172
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$5.40$0.52$4.88$3.25$4.07$0.81
2023Detailed filing. Detailed filing data is available for this year.$6.20$0.50$5.69$5.03$4.45$0.59
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.52$0.41$5.11$5.17$4.99$0.18
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$4.65$0.68$3.97$5.12$4.18$0.94
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.56$0.53$3.03$2.61$2.56$0.05
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.26$0.28$2.98$2.40$2.04$0.36
2018Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.98$0.35$2.62$2.73$2.04$0.69
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.28$0.34$1.94$2.34$1.55$0.79
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.53$0.38$1.15$2.42$1.71$0.71
2015Detailed filing. Detailed filing data is available for this year.$0.78$0.33$0.45$1.08$1.41$0.33
2014Detailed filing. Detailed filing data is available for this year.$0.87$0.08$0.78$0.68$1.15$0.47
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.34$0.09$1.25$1.51
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.87$0.08$1.78$1.68
2011Summary only. Only limited summary data is available for this year.$2.22$0.10$2.13$2.37$2.01$0.36
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.84$0.07$1.77$2.26