2025-10-02T07:14:04-05:00 2024-12-31 871353108 Eisner Advisory Group LLC 130 North 18th Street Suite 3000 Philadelphia PA 191032757 990 2024-01-01 231645908 University City Science Center UNIV 2159666000 3675 Market Street Suite 400 Philadelphia PA 19104 Tiffany Wilson President and CEO 2159666000 2025-10-01 1 0 HELEN M MARTIN P01330899 2158818800 2024 2025-03-06 01:10:19Z Tiffany Wilson 3675 Market Street Suite 400 Philadelphia PA 19104 49118725 0 X www.sciencecenter.org X 1963 PA To power progress that advances healthcare innovation, uplifts communities, and improves lives. 25 24 68 200 0 0 4461000 4312864 11405913 11621356 2817220 4873645 7671 820 18691804 20808685 274000 266680 0 0 7798788 8256916 0 0 1085087 13152181 14981386 21224969 23504982 -2533165 -2696297 134478155 136212671 30685503 29262735 103792652 106949936 X The Science Center is an innovation intermediary, working at the intersection of startups, health and science, and community. Our work advances economic growth locally and healthcare innovation globally. 0 0 8297644 11142971 Innovation CampusSee Detail Schedule O Narrative 1584031 478385 FirstHand STEM EducationSee Detail Schedule O Narrative 3175658 266680 CommercializationSee Detail Schedule O Narrative 13057333 1 1 0 1 0 0 0 0 0 0 1 1 0 1 1 1 0 1 0 1 1 0 0 0 1 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 177 0 1 68 1 0 0 0 0 0 0 0 0 0 0 0 0 X 25 24 0 0 0 0 1 1 0 1 1 0 0 1 1 1 1 1 1 1 1 0 AL AK AR CA CO CT FL GA HI IL KS KY LA ME MD MA MI MN MS MO NH NJ NY NC ND OH OK OR PA RI SC TN UT VA WA WV WI DC X Lorraine LoPresti CFO 2159666000 3675 Market Street Suite 400 Philadelphia PA 19104 Tiffany Wilson President & CEO 40.00 X X 512427 0 53456 Michael A DiPiano Chair 1.00 X X 0 0 0 Craig R Carnaroli Vice Chair 1.00 X X 0 0 0 Jane H Hollingsworth Vice Chair 1.00 X X 0 0 0 Kathleen M Shay Board Member 1.00 X 0 0 0 Ernest J Dianastasis Board Member 0.30 X 0 0 0 Yi Deng Board Member (Thru 7/24) 0.30 X 0 0 0 Dawn A Bonnell PhD Board Member 0.30 X 0 0 0 Tom Gordon Board Member 0.30 X 0 0 0 Alesiter Saunders Board Member 0.30 X 0 0 0 William Mezzanotte Board Member 0.30 X 0 0 0 Michele Masucci PhD Board Member 1.00 X 0 0 0 Kerry Benson Board Member 0.30 X 0 0 0 Pat Harker Board Member 0.30 X 0 0 0 Kisha Hortman Hawthorne PhD Board Member 1.00 X 0 0 0 Christian Eusemann PhD Board Member 0.30 X 0 0 0 Aileen Alexander Board Member 0.30 X 0 0 0 Tara L Weiner Board Member (Thru 7/24) 1.00 X 0 0 0 Richard Vague Board Member 0.30 X 0 0 0 J Larry Jameson MD PhD Board Member (Thru 7/24) 0.30 X 0 0 0 Chellie Cameron Board Member 0.30 X 0 0 0 Adam Glasofer Board Member 0.30 X 0 0 0 Michael Nutter Board Member 0.30 X 0 0 0 Liv Carter Board Member (eff 7/24) 0.30 X 0 0 0 Donald Generals ED Board Member (eff 7/24) 0.30 X 0 0 0 Josh Gladden PHD Board Member (eff 7/24) 0.30 X 0 0 0 Kevin Mahoney Board Member (eff 7/24) 0.30 X 0 0 0 Ivy Silver Board Member (eff 7/24) 0.30 X 0 0 0 Lorraine LoPresti CFO 40.00 X 299387 64947 41420 Timnit Abraha Vice President, Real Estate 40.00 X 48881 342167 64919 Kevin Baumlin Chief Medical Affairs Officer 40.00 X 277292 0 21080 Tracy Brala Sr. VP, Strategy and Partnerships 40.00 X 394302 0 66274 Heath Nacquin VP, Government and Capital Engagement 40.00 X 389028 0 53312 Kristy Traylor VP of People and Culture 40.00 X 175048 58349 39705 Jennifer Rajchel Sr Director, Digital Transformation and Product 40.00 X 205847 0 38235 Richard Southerland Sr Director of Real Estate 40.00 X 0 182609 26177 Clayton Moravec III Sr Director of Accounting and Finance 40.00 X 118278 63688 35917 Kristen Fitch Sr Director of Marketing 40.00 X 175672 0 26056 Katherine Nash Sr Director, External Affairs 40.00 X 184237 0 47526 2780399 711760 514077 22 0 1 0 Cushman & Wakefield Property Management 1650 Market St 48th Floor philadelphia PA 19103 Property Management 366204 Professional Buildings Services Inc 3936 Miller Road Newtown Square PA 19073 Janitorial Services 308959 SLG-REG LLC 2112 Spring Street Philadelphia PA 19103 Consultants 300000 Capital Stack Investors 2 Newton Street Belchertown MA 01007 Consultants 219142 River Mechanical Services Inc 605 W Ashland Ave Glenolden PA 19036 Maintenance Services 171447 11 164301 2514311 1634252 4312864 Rental Income From Exe 532000 8876248 8876248 Equity in Joint Ventur 531390 2266723 2266723 Business & Community N 541900 478385 478385 11621356 2234755 2234755 30898000 28259110 2638890 2638890 2638890 51750 164301 50930 820 820 20808685 11621356 0 4874465 X 266680 266680 2902766 882330 1882263 138173 3850546 1091478 2107098 651970 315939 82406 182932 50601 717531 194507 443289 79735 470134 132789 292737 44608 10651 10651 333421 74688 258733 170651 9573 161078 120000 120000 2550526 1485043 1065483 275377 48888 226489 1151967 351331 800636 6140729 5244237 896492 218541 116684 101857 1250440 1225488 24952 2461333 1651464 809869 156021 118636 37385 Security 54551 54148 403 Bad Debt 48969 6 48963 Miscellaneous 21094 14047 7047 Other Taxes 17115 2259 14856 23504982 13057333 9362562 1085087 4494839 3744891 1430473 1086753 237805 184502 35984514 19722151 18395747 16262363 78734861 83753059 15925286 17222499 2437049 2350676 12822095 11607928 134478155 136212671 3142359 3427543 333154 496923 17940800 17656812 486025 486025 8783165 7195432 30685503 29262735 X 103567652 106709936 225000 240000 103792652 106949936 134478155 136212671 X -2696297 5440768 412813 X X 0 1 X 1 1 1 X 3288793 2314296 3386078 4461000 4312864 17763031 15924919 12985889 37081410 11405913 11621356 89019487 19213712 15300185 40467488 15866913 15934220 106782518 0 8715929 6777843 3341954 3851504 4035704 26722934 8715929 6777843 3341954 3851504 4035704 26722934 80059584 1712028 1316653 1611536 2226926 2234755 9101898 1712028 1316653 1611536 2226926 2234755 9101898 10835 11266 11661 7671 820 42253 20936575 16628104 42090685 18101510 18169795 115926669 0.69060 0.65240 0.07850 0.08210 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 120000 120000 0 Part II-B, Line 1: The University City Science Center (UCSC) utilized the services of consultants to assist in the procurement of public sector funding to support its programs and capital projects. The consultants positioned UCSC to receive funding, primarily through direct grants. 5040230 5040230 26261022 15536215 10724807 4683262 4185936 497326 16262363 Invested Cash 6831657 F Alternative Investments 6769390 F Capital Reserves 3621452 F 17222499 Deferred Rent 485593 Other Deferred Costs, Net 228573 Planning and Development 251551 Due From Related Party 7188873 Right of Use Asset 3453338 11607928 Deposits & Other Current Liabilities 365672 Deferred Rent 350767 Deferred Fellowship Fund 83167 Right of Use Lease Liability 6113788 Swap Liability 282038 7195432 X Part X, Line 2: The Science Center is a tax-exempt organization under Section 501(c)(3) of the Internal Revenue Code, although its consolidated entities, the Park, PTI, and SCEC, are for profit entities which are subject to income taxes. During each of the years ended December 31, 2024 and 2023, the total federal and state income tax expense from the consolidated entities was $0. U.S. GAAP requires management to evaluate tax positions taken and recognize a tax liability if the Center has taken an uncertain tax position that more likely than not would not be sustained upon examination by a government authority. Management has analyzed the tax positions taken by the Center, and has concluded that as of December 31, 2024 and 2023, there are no uncertain positions taken or expected to be taken that would require recognition of a liability or disclosure in the consolidated financial statements. The Center would recognize future accrued interest and penalties related to unrecognized tax benefits and liabilities in income tax expense if such interest and penalties are incurred. There were no income tax related interest and penalties recorded for either of the years ended December 31, 2024 or 2023. Middle East and North Africa - Algeria, Bahrain, Djibouti, Egypt, 1 1 Program Services Program Operations 49941 Europe (Including Iceland & Greenland) - Albania, Andorra, Austria, Belgium 1 1 Program Services Program Operations 2400 North America - Canada and Mexico, but not the United States 1 1 Program Services Program Operations 5141 3 3 0 0 3 3 57482 0 57482 0 0 0 0 0 0 Nucleus 216051 164301 51750 19025 2500 29405 216051 164301 51750 19025 2500 29405 50930 820 1 0 0 Founder's Fellowship fellow stipends 8 266680 Part I, Line 2: Grant award documentation and applicable laws are reviewed to ensure compliance with the terms and conditions of the award. In instances where the Science Center grants sub-awards, the Science Center reserves the right to request proof of expenditure, as well as supporting documentation, to substantiate expenses from the sub-recipient. Reporting requirements are coordinated with all appropriate organizational staff, with oversight provided by an executive staff member. Upon termination of the award, all required close out materials are submitted. X X 1 1 X X X X 0 0 0 0 0 0 0 0 0 Tiffany Wilson President & CEO 397337 0 115090 0 0 0 36342 0 17114 0 565883 0 0 0 Tracy Brala Sr. VP, Strategy and Partnerships 305413 0 88889 0 0 0 36342 0 29932 0 460576 0 0 0 Timnit Abraha Vice President, Real Estate 38225 267573 10656 74594 0 0 4265 29855 3850 26949 56996 398971 0 0 Heath Nacquin VP, Government and Capital Engagemen 301668 0 87360 0 0 0 36345 0 16967 0 442340 0 0 0 Lorraine LoPresti CFO 236078 51822 63309 13125 0 0 26648 5850 7316 1606 333351 72403 0 0 Kevin Baumlin Chief Medical Affairs Officer 230792 0 46500 0 0 0 18718 0 2362 0 298372 0 0 0 Kristy Traylor VP of People and Culture 135673 45224 39375 13125 0 0 17244 5748 12535 4178 204827 68275 0 0 Jennifer Rajchel Sr Director, Digital Transformation 178940 0 26907 0 0 0 17221 0 21014 0 244082 0 0 0 Katherine Nash Sr Director, External Affairs 160237 0 24000 0 0 0 16560 0 30966 0 231763 0 0 0 Clayton Moravec III Sr Director of Accounting and Financ 102832 55371 15446 8317 0 0 9885 5323 13461 7248 141624 76259 0 0 Richard Southerland Sr Director of Real Estate 0 158909 0 23700 0 0 0 16353 0 9824 0 208786 0 0 Kristen Fitch Sr Director of Marketing 152789 0 22883 0 0 0 15789 0 10267 0 201728 0 0 0 Part I, Line 1a Per the Travel and Dues Policy included in the employee handbook: First class air travel should be approved in advance and used only when lower class travel would: - require circuitous routing; - greatly increase deviation of flight; - require travel during unreasonable hours; - result in additional costs offsetting transportation savings; - offer accommodations not reasonably adequate for the physical or medical needs; or - is not available. The Science Center reimburses the President/CEO of the Center for dues paid for a social club membership used for business-related activities. Part I, Line 3 See Schedule O Narrative - Form 990, Part VI, Section B, Line 15. Form 990, Part III, Line 4a, Program Service Accomplishments Innovation Campus In 1963 the Science Center was built on the foundation of real estate at a time when labs and research facilities were needed for cross disciplinary and cross-institutional collaborations. Our focus on providing researchers and entrepreneurs with the resources to advance the commercialization of their technologies hasn't changed over the last 60 years. The way we serve them has evolved with the changing needs of the ecosystem and now includes a combination of physical space and programs to advance health and science innovation. Today, the Science Center owns laboratory and office space within the larger uCity Square campus developed in partnership with Wexford Science + Technology and Ventas, Inc. Additionally, the Science Center operates Quorum, a 15,000 square foot conference center and community space for Greater Philadelphia's innovation community. Quorum's two-pronged approach to convening includes a free 5,000 square foot drop-in lounge serving as an open workspace and informal meeting location and a 10,000 square foot meeting facility available to rent. In 2024, Quorum attracted over 14,000 participants to over 250 meetings and events. Since Quorum's inception in 2011, over 200,000 visitors have joined over 2,000 events on a wide array of business-related topics. uCity Square is a partnership that includes Wexford and Ventas and consists of 27 acres, 20 buildings, 200+ companies and over 15,000 people. Form 990, Part III, Line 4b, Program Service Accomplishments FirstHand STEM Education FirstHand The Science Center's FirstHand STEM education program offers free year-round, project-based learning experiences for middle and high school students in Philadelphia. Based out of a dedicated lab within uCity Square's innovation ecosystem, FirstHand's industry-informed curricula provides hands-on learning to see themselves as STEM enthusiasts and open their eyes to a breadth of STEM careers. Since the program launched in 2014, 2,867 middle and high school students from 107 schools across Philadelphia have been supported through multiweek programming. In 2024, FirstHand supported 345 students from 51 Philadelphia middle and high schools and engaged 121 mentors from 31 life sciences and healthcare companies. Form 990, Part III, Line 4c, Program Service Accomplishments COMMERCIALIZATION: Startup Support Programs Science Center startup support programs are focused on derisking health tech and life sciences startups with an emphasis on commercialization, customer discovery, and stakeholder engagement. This support creates a more direct path from innovation to market adoption and ultimately greater impact for the economy locally and healthcare globally. In 2024, the Science Center supported 63 founders and 57 startups who raised over $13.5M. Ninety percent of startup founders were undercapitalized (undercapitalized includes female, LGBTQ+, Race & Ethnicity other than White & Caucasian, disabled, served in the armed forces, low income, first-generation graduate, immigrant, and first-generation U.S. citizens - or a combination of those). Founders Fellowship The Founders Fellowship is designed to support emerging life sciences entrepreneurs focused on solutions for aging/Alzheimer's. The Fellows are embedded at the Science Center for 12 months with the first six working alongside startup companies to learn the fundamentals of running a business. The second six months give the Fellows an opportunity to apply those lessons learned when transforming their research into reality and developing a pathway to market. In 2024, the Science Center completed the second cohort, supporting four fellows, launched the third cohort of five fellows, and engaged 40 mentors and subject matter experts to enrich the fellows' understanding of entrepreneurship and the aging population. Each fellow receives a $50K stipend, access to lab space, and 12-months of business building support from the Science Center's vast network of subject matter experts. Capital Readiness Program The Capital Readiness Program helps health tech founders pursuing their first round of institutional investment confidently navigate the fundraising process. Over the course of a week, 10 startups undergo a due diligence deep divecovering financial, legal, technical, and operational considerations while sharpening their leadership skills. Startups receive direct feedback from active investors and healthcare stakeholders. In 2024, the Science Center successfully ran three Capital Readiness Program cohorts supporting 30 companies from around the world, convening 14 Investors-in-Residence and 22 subject matter experts. The March 2024 and June 2024 cohorts raised a total of $13.5M in 2024. To date, the Capital Readiness Program has supported 80 companies who have raised over $38M and attracted 29 investors to Philadelphia. SBIR/STTR Support In 2024 the Science Center doubled down on connecting entrepreneurs and startups with non-dilutive funding opportunities. SBIR/STTR webinars and in-person workshops focused on crafting competitive proposals tailored to the NIH's unique requirements and the Science Center's Technical and Business Assistance (TABA) services were introduced to support awardees with commercialization, marketing, and legal guidance. This tailored mentorship and strategic guidance empowers founders to identify and pursue not just any funding source, but the right funding opportunities. In 2024 the Science Center attracted over 50 attendees to two SBIR/STTR 101 webinars and two in-person intensive workshops. U.S. Market Access Program The US Market Access Program enables companies to get a foothold in the US healthcare market. In 2024 the Science Center continued its focus on cultivating top Israeli health technology startups for commercialization in the U.S. The Science Center partnered with Startup Nation Central to support 22 vetted Israeli startups with curriculum and connections related to U.S. investment, clinical trials and pilots, and stakeholder engagement. The Science Center has supported over 50 global companies since 2022 who have gone on to raise over $80M since participating in the U.S. Market Access Program, the majority of which have active ties to the U.S. market, including clinical trials, pilots, revenue-generating contracts, U.S. investors, and/or U.S.-based advisors or team members. Trend Weeks Science Center Trend Weeks provide a structured environment for key decision-makers in the healthcare sector to establish and strengthen relationships. Each Trend week focuses on a timely topic and consists of a curated Think Tank and Salon Dinner. These gatherings bring together diverse perspectives and generate meaningful conversation and actionable solutions. Trend Weeks engaged more than 200 local and national healthcare stakeholders around topics including Harnessing Technology for Greater Accessibility, Advancing Care Beyond Boundaries and Scalable Solutions that reach everyone quickly. Venture Cafe Philadelphia Part of the Venture Cafe Global Network, Venture Cafe Philadelphia connects a community of innovators through free, high-impact programming focused on innovation and entrepreneurship. The bi-weekly events regularly draw a diverse group of stakeholders across the Greater Philadelphia ecosystem. In 2024, Venture Cafe attracted 1,600 visitors and engaged over 70 speakers. Since it launched in 2019, Venture Cafe has attracted 34,000 participants to close to 300 Thursday Gatherings. Form 990, Part VI, Section A, line 6 The ownership of shares of the corporation is restricted to organizations qualified for exemption from federal income taxes under section 501(c)(3) of the Internal Revenue Code. Form 990, Part VI, Section A, line 7a Annual Stockholder Meetings: In conjunction with each annual election of directors, the board of directors meets for the purpose of organization, election of a chairman of the Board and other officers, and the transaction of other business at the office of the corporation. Form 990, Part VI, Section B, line 11b The completed 990 is presented for review and discussion by the audit committee, and is subsequently made available to the entire board of directors. Form 990, Part VI, Section B, line 12c Each board member and executive employee is required to annually sign a conflict of interest disclosure form, indicating that he/she understands the policy and will alert the Organization should a conflict occur. Form 990, Part VI, Section B, line 15 The Science Center hired Career Concepts Inc. (CCI) in spring and summer 2024 to review CEO and executive compensation and provide benchmark information on salary and incentive compensation. An array of 501(c)(3) and for-profit benchmarks were included in the study in order to compare entities and their compensation structures that represented business and service operations of a comparable nature. The findings from the study were and have been incorporated into annual review and compensation planning for the CEO and her team. The executive committee of the board of directors annually reviews management compensation and approves all changes. Form 990, Part VI, Section C, line 19 A person requesting a copy of the governing documents etc. places his / her request with the secretary of the University City Science Center. Upon receipt of the request, the requested information is made available to the interested party. Form 990, Part IX, line 11g Other: Program service expenses 1,485,043. Management and general expenses 1,065,483. Fundraising expenses 0. Total expenses 2,550,526. Form 990, Part XI, line 9: Gain on swap valuation 412,813. Form 990, Part XII, Line 2c There has been no change during the current period by the Science Center in the audit oversight or independent auditor selection process. Whaley Partners LP 3675 Market Street Suite 400 Philadelphia PA 19104 208824011 Investment PA University City Science Center Related 141185 0 0 0.80070 Phase I Ventures LLC 3675 Market Street Suite 400 Philadelphia PA 19104 474150042 Technology Accelerator PA University City Science Center Related -623922 1079082 0 1 0.43930 3701 Limited Partnership I 3675 Market Street Suite 400 Philadelphia PA 19104 300172434 Investment PA N/A 0 0 Port of Technology Inc 3675 Market Street Suite 400 Philadelphia PA 19104 233054794 Investment PA University City Science Center C 1.00000 0 Research Park Inc 3675 Market Street Suite 400 Philadelphia PA 19104 232671100 Services - Real Estate Mgmt PA University City Science Center C 242872 95442 1.00000 0 SCEC Ventures Inc 3675 Market Street Suite 400 Philadelphia PA 19104 474043064 Property Development PA University City Science Center C 2071545 294528 1.00000 0 3701 Limited Partnership GP I Inc 3675 Market Street Suite 400 Philadelphia PA 19104 562383457 Investment PA University City Science Center C 1.00000 0 0 0 0 0 0 0 0 0 0 1 0 0 1 0 0 0 1 0 0 Research Park Inc M 179220 Research Park Inc - Net Intercompany Change Q 162006 Research Park Inc J 28443 SCEC Ventures Inc - Net Intercompany Change Q 8065