2022-11-09T09:51:03-06:00 2021-12-31 231144520 TAIT WELLER & BAKER LLP 50 SOUTH 16TH STREET SUITE 2900 PHILADELPHIA PA 19102 990 2021-01-01 231370501 THE FRANKLIN INSTITUTE FRAN 2154481200 222 NORTH 20TH STREET PHILADELPHIA PA 19103 LARRY DUBINSKI PRESIDENT & CEO 2154481200 2022-11-09 1 LARRY DUBINSKI 999009999 HARRISON PEREIRA P00746867 2159798800 2022-11-09 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z LARRY DUBINSKI 222 NORTH 20TH STREET PHILADELPHIA PA 19103 34116142 0 X WWW.FI.EDU X 1824 PA IN THE SPIRIT OF INQUIRY AND DISCOVERY EMBODIED BY BENJAMIN FRANKLIN, THE MISSION OF THE FRANKLIN INSTITUTE IS TO INSPIRE A PASSION FOR LEARNING ABOUT SCIENCE AND TECHNOLOGY. 44 43 165 81 91350 2063 14122513 21226806 8270715 7323519 2281374 2883676 381000 606911 25055602 32040912 0 320000 0 0 12708259 11257539 20946 23313 1337980 13680006 13379451 26409211 24980303 -1353609 7060609 180641558 191202786 23660531 20412413 156981027 170790373 X IN THE SPIRIT OF INQUIRY AND DISCOVERY EMBODIED BY BENJAMIN FRANKLIN, THE MISSION OF THE FRANKLIN INSTITUTE IS TO INSPIRE A PASSION FOR LEARNING ABOUT SCIENCE AND TECHNOLOGY. 0 0 3180866 320000 535075 EDUCATIONAL PROGRAMS, SERVICES & GRANTS: COMPLETING ITS 29TH YEAR IN 2021, THE PARTNERS FOR ACHIEVING CAREERS IN TECHNOLOGY AND SCIENCE (PACTS) PROGRAM IS ONE OF THE REGION'S OLDEST AND MOST COMPREHENSIVE SCIENCE IMMERSION PROGRAMS FOR DIVERSE URBAN HIGH SCHOOL STUDENTS. PACTS SERVED 59 STUDENTS FROM AREA PUBLIC SCHOOLS DURING THE 2020-2021 SCHOOL YEAR. IN ITS 21ST YEAR, THE INSTITUTE'S STEM SCHOLARS PROGRAM, A CONCENTRATED PROGRAM OF HIGH SCHOOL STUDENTS WHO SHOW HIGH INTEREST IN AND APTITUDE FOR STEM FIELDS, SERVED 73 STUDENTS. PACTS AND STEM SCHOLARS PROVIDE STUDENTS WITH ACCESS TO STEM PROFESSIONALS, AS WELL AS COLLEGE EDUCATIONAL PROGRAMS AND SERVICES, APPLICATION AND FINANCIAL AID COUNSELING, EXPOSURE TO STEM CAREERS, AND ANNUAL ROBOTICS PROGRAMS. THESE TWO PROGRAMS DELIVER UNIQUE STEM PROGRAMMING TO A DIVERSE AUDIENCE. AS A RESULT OF COVID-19, THE FRANKLIN INSTITUTE CONTINUED ITS VIRTUAL PROGRAMMING. THE FRANKLIN NIGHT SKIES @HOME DIGITAL SERIES GENERATED MORE THAN 167,000 VIEWS. THE FRANKLIN INSTITUTE ALSO DEVELOPS MODEL PROGRAMS IN SCIENCE LEARNING FOR THE K-12 EDUCATION COMMUNITY THAT ARE DELIVERED BOTH INSIDE AND OUTSIDE THE MUSEUM WALLS, INCLUDING SCIENCE IN THE SUMMER AND LEAP INTO SCIENCE WHICH SERVED 26,891 PARTICIPANTS ACROSS 33 STATES. 11759721 5543063 MUSEUM ADMISSIONS & OPERATIONS: AS THE MOST-VISITED MUSEUM IN THE COMMONWEALTH AND A TOP-FIVE TOURIST DESTINATION IN THE CITY OF PHILADELPHIA, THE FRANKLIN INSITITUTE SERVES AS BOTH A PROMINENT EDUCATION AND CULTURAL RESOURCE, AND AS AN ANCHOR OF THE LOCAL ECONOMY. IN 2021, THE INSTITUTE WELCOMED 248,000 VISITORS TO THE MUSEUM, INCLUDING 16,317 FREE AND DISCOUNTED VISITS PROVIDED TO UNDERSERVED SCHOOLS AND FAMILIES THROUGH THE ACCESS PROGRAM. THE FRANKLIN INSTITUTE'S LONGSTANDING REPUTATION HELPS TO ELEVATE THE COMMONWEALTH AND THE CITY OF PHILADELPHIA AS MODELS FOR CULTURAL AND INFORMAL EDUCATIONAL EXCELLENCE. THE INSTITUTE WELCOMES VISITORS OF ALL AGES TO EXPLORE SCIENCE IN INTERACTIVE EXHIBITS AND PUBLIC PROGRAMS. THE INSTITUTE REMAINS FULLY COMMITTED TO PROVIDING AN EXCEPTIONAL EXPERIENCE FOR ITS MANY VISITORS AND INCREASING SERVICE TO ITS AUDIENCE, EXTENDING THE INSTITUTE'S MISSION - TO INSPIRE A PASSION FOR LEARNING ABOUT SCIENCE AND TECHNOLOGY TO CHILDREN AND FAMILIES THROUGHOUT GREATER PHILADELPHIA, REGARDLESS OF MEANS, REMAINS, AS ALWAYS, AT THE HEART OF ITS PRIORITIES. IT DOES THIS THROUGH OUTSTANDING EXHIBITS AND MANY EDUCATION AND OUTREACH PROGRAMS. 892850 1235381 THE JOURNAL OF THE FRANKLIN INSTITUTE, THE SECOND OLDEST SCHOLARLY JOURNAL IN CONTINUOUS PUBLICATION IN THE UNITED STATES, HAS INCREASED THE VOLUME OF ARTICLES PER ISSUE,, AS WELL AS THE READERSHIP. ALL 196 YEARS OF THE JOURNAL ARE AVAILABLE ONLINE THROUGH LIBRARIES AND RESEARCH INSTITUTIONS.THE FRANKLIN INSTITUTE, IN PARTNERSHIP WITH THE PHILADELPHIA DEPARTMENT OF PUBLIC HEALTH, RECEIVED AN ASTC/IMLS COMMUNITIES FOR IMMUNITY GRANT TO CREATE SIMPLE, ACCURATE, AND EASY TO UNDERSTAND PRINT MATERIALS IN SEVEN LANGUAGES FOR OUTREACH TO UNDER VACCINATED COMMUNITIES. 4639349 INTEREST AND DEPRECIATION EXPENSE NOT INCLUDED ABOVE.INTEREST $372,440DEPRECIATION $4,266,909 4639349 20472786 1 1 0 1 0 0 0 1 0 1 1 1 0 0 0 1 1 0 0 0 1 0 1 1 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 53 0 165 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 44 43 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 1 1 PA CA CT FL MD MA NJ NY X X ELBERT BLACK 2154481200 222 N 2OTH STREET PHILADELPHIA PA 19103 X LARRY DUBINSKI PRESIDENT & CEO 37.50 X X 801673 0 57636 DONALD E MOREL JR PHD CHAIR 1.00 X X 0 0 0 SANDRA K BALDINO TRUSTEE 1.00 X 0 0 0 JOEL BERNSTEIN TRUSTEE 1.00 X 0 0 0 WADE H BERRETTINI MD PHD TRUSTEE 1.00 X 0 0 0 SUZANNE BODA TRUSTEE 1.00 X 0 0 0 RENEE B BOOTH PHD TRUSTEE 1.00 X 0 0 0 HALLEE ADELMAN TRUSTEE 1.00 X 0 0 0 PETER K CLASSEN TRUSTEE 1.00 X 0 0 0 ANNIE DUKE TRUSTEE 1.00 X 0 0 0 CHRIS FRANKLIN TRUSTEE 1.00 X 0 0 0 JOHN T FRIES TRUSTEE 1.00 X 0 0 0 CHRIS FRALIC TRUSTEE 1.00 X 0 0 0 ELIZABETH H GEMMILL TRUSTEE 1.00 X 0 0 0 GRETE GREENACRE TRUSTEE 1.00 X 0 0 0 RICHARD HENRIQUES TRUSTEE 1.00 X 0 0 0 FRANCES E JENSEN MD FACP TRUSTEE 1.00 X 0 0 0 STEPHEN E KELLY TRUSTEE 1.00 X 0 0 0 CHARISSE R LILLIE ESQ TRUSTEE 1.00 X 0 0 0 IRA M LUBERT TRUSTEE 1.00 X 0 0 0 THOMAS LYNCH TRUSTEE 1.00 X 0 0 0 MIRIAM G MANDELL TRUSTEE 1.00 X 0 0 0 SANDRA G MARSHALL TRUSTEE 1.00 X 0 0 0 CHRISTOPHER MCISAAC TRUSTEE 1.00 X 0 0 0 ROBERT S MCMENAMIN TRUSTEE 1.00 X 0 0 0 PAUL OFFIT MD TRUSTEE 1.00 X 0 0 0 QUENTIN ROACH TRUSTEE 1.00 X 0 0 0 MICHAEL A INNOCENZO TRUSTEE 1.00 X 0 0 0 JOAN N STERN ESQ TRUSTEE 1.00 X 0 0 0 ANDREA ANANIA STEWART TRUSTEE 1.00 X 0 0 0 LUIZ VIEIRA TRUSTEE 1.00 X 0 0 0 HAROLD L YOH III TRUSTEE 1.00 X 0 0 0 KAREN ZIMMER MD TRUSTEE 1.00 X 0 0 0 THE HONORABLE DARRELL L CLARKE TRUSTEE, EX OFFICIO 1.00 X 0 0 0 WILLIAM R HITE TRUSTEE, EX OFFICIO 1.00 X 0 0 0 THE HONORABLE JAMES F KENNEY TRUSTEE, EX OFFICIO 1.00 X 0 0 0 THE HONORABLE TOM WOLF TRUSTEE, EX OFFICIO 1.00 X 0 0 0 GERARD F JONES TRUSTEE, EX OFFICIO 1.00 X 0 0 0 OTIS HACKNEY III TRUSTEE, EX OFFICIO 1.00 X 0 0 0 CJ TAYLOR TRUSTEE, EX OFFICIO 1.00 X 0 0 0 MARSHA R PERELMAN TRUSTEE, EMERITUS 1.00 X 0 0 0 WILLIAM J AVERY TRUSTEE, EMERITUS 1.00 X 0 0 0 JAMES A UNRUH TRUSTEE, EMERITUS 1.00 X 0 0 0 MICHELLE SINGER TRUSTEE, EX OFFICIO 1.00 X 0 0 0 VINCENT AMATULLI TRUSTEE 1.00 X 0 0 0 MAUREEN BRENNAN-MILLER TRUSTEE 1.00 X 0 0 0 SAMUEL HAMILTON TRUSTEE 1.00 X 0 0 0 ANTHONY BUCCI TRUSTEE 1.00 X 0 0 0 PARIS BUTLER MD MPH TRUSTEE 1.00 X 0 0 0 TOM CARMANICO TRUSTEE 1.00 X 0 0 0 GUY PADBURY TRUSTEE 1.00 X 0 0 0 MATT ZELESKO TRUSTEE 1.00 X 0 0 0 SUCHIT BACHALLI TRUSTEE 1.00 X 0 0 0 MARK DICHTER TRUSTEE 1.00 X 0 0 0 JULIA DRANOFF TRUSTEE 1.00 X 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93934324 0.67490 0.56280 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: GROSS INCOME FROM FUNDRAISING - 2017 AMOUNT: $ 402,407. 2018 AMOUNT: $ 341,717. 2019 AMOUNT: $ 239,679. 2020 AMOUNT: $ 68,420. 2021 AMOUNT: $ 92,430. FOTO FANTASY COIN PRESS ETC - 2017 AMOUNT: $ 38,806. 2018 AMOUNT: $ 27,484. 2019 AMOUNT: $ 30,021. 2020 AMOUNT: $ 9,251. 2021 AMOUNT: $ 17,388. 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COLLECTION ITEMS ARE HELD AS HISTORICAL TREASURES AND ARE UNDER THE STEWARDSHIP OF THE INSTITUTE ACTING THROUGH ITS PRESIDENT AND CURATORIAL STAFF. THE COST OF CURRENT COLLECTION ADDITIONS TO EXHIBITS, BOOKS AND SCIENTIFIC LITERATURE IS CHARGED TO EXPENSE. A PORTION OF SUCH COST MAY BE REIMBURSED BY DESIGNATED CONTRIBUTED FUNDS AND INCOME OF NET ASSETS WITH DONOR RESTRICTIONS. PART III, LINE 4: THE HISTORICAL AND INTERPRETIVE COLLECTIONS OF THE FRANKLIN INSTITUTE ARE ORGANIZED INTO THREE TYPES OF HOLDINGS: MUSEUM, ARCHIVES AND LIBRARY. THEY EACH PLAY AN INSTRUMENTAL ROLE IN EDUCATIONAL AND PUBLIC PROGRAMMING THROUGH PERMANENT AND TEMPORARY GALLERY EXHIBITIONS; DEVELOPMENT INITIATIVES; OUTREACH, MARKETING AND PROMOTIONAL ACTIVITIES; AND INTERNET-BASED PRESENTATIONS. PART V, LINE 4: SCHEDULE D, PART V, LINE 4 THE ENDOWMENT FUNDS SUPPORT A VARIETY OF THE FRANKLIN INSTITUTE'S ACTIVITIES BASED UPON ORIGINAL DONOR INTENT. ACTIVITIES SUPPORTED INCLUDE THE FOLLOWING: AWARDS PROGRAM, LIBRARY, CURATORIAL AND COLLECTIONS, MUSEUM PROGRAMS, SUBSIDIZED ADMISSION TO THE SCIENCE MUSEUM AND GENERAL OPERATIONS. PART X, LINE 2: MANAGEMENT HAS REVIEWED THE TAX POSITIONS FOR EACH OF THE OPEN TAX YEARS (2018-2020) OR THOSE EXPECTED TO BE TAKEN IN THE INSTITUTE'S 2021 TAX RETURN AND HAS CONCLUDED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS THAT WOULD REQUIRE RECOGNITION IN THE FINANCIAL STATEMENTS. PART XI, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EVENT DIRECT EXPENSES 80,958. NET UNREALIZED GAIN ON INTEREST RATE SWAP 337,814. NET ACTUARIAL GAIN ON DEFINED BENEFIT RETIREMENT PLAN 1,150,277. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EVENT DIRECT EXPENSES 80,958. ITEM POSTED FROM EXPENSE TO BALANCE SHEET TIMING DIFFERENCE 19,632. 0 EAST ASIA AND THE PACIFIC 0 0 GRANTS TO RECIPIENTS LOCATED IN THE REGION 255974 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 GRANTS TO RECIPIENTS LOCATED IN THE REGION 5000 0 0 0 0 0 0 260974 0 260974 BOWER AWARD CASH PRIZE TO LAUREATE EAST ASIA AND THE PACIFIC 1 250000 WIRE TRANSFER BOWER LAUREATE HONORARIUM EUROPE (INCLUDING ICELAND & GREENLAND) 1 5000 WIRE TRANSFER 0 0 0 0 0 0 PART I, LINE 2: THE FRANKLIN INSTITUTE AWARDS ONE INDIVIDUAL WITH THE BOWER AWARD AND PRIZE FOR ACHIEVEMENT IN SCIENCE EACH YEAR. THE AWARD WINNER IS CHOSEN BY THE COMMITTEE ON SCIENCE AND THE ARTS, FOLLOWING A FORMAL NOMINATION AND DELIBERATION PERIOD. THE PRIZE MONEY AWARDED IS NOT A GRANT, SO MONITORING OF USE OF FUNDS IS NOT REQUIRED OR APPROPRIATE. THE INSTITUTE PROVIDES HONORARIUM PAYMENTS TO THE OTHER BENJAMIN FRANKLIN MEDALISTS, WITH THE EXCEPTION OF THE BOWER AWARD FOR BUSINESS LEADERSHIP. THE AWARD WINNERS ARE CHOSEN BY THE COMMITTEE ON SCIENCE AND THE ARTS FOLLOWING A FORMAL NOMINATION AND DELIBERATION PERIOD. THE HONORARIUM PAYMENTS AWARDED ARE NOT GRANTS, SO MONITORING OF USE OF FUNDS IS NOT REQUIRED OR APPROPRIATE. PART III ACCOUNTING METHOD: X X X X X X X 1 MAE DANILLER & CO 3724 JEFFERSON SUITE 302 AUSTIN TX 78731 CONSULTING - DIRECT MAIL/EMAIL SOLICITATIONS 0 326382 213848 112534 326382 213848 112534 PA NJ CA CT FL MD MA AZ WA NY FRANKLIN AWARDS 611065 518635 92430 60477 20481 611065 518635 92430 60477 20481 80958 11472 1 LAUREATE HONORARIUM 7 55000 PART I, LINE 2: THE INSTITUTE PROVIDES HONORARIUM PAYMENTS TO THE OTHER BENJAMIN FRANKLIN MEDALISTS, WITH THE EXCEPTION OF THE BOWER AWARD FOR BUSINESS LEADERSHIP. THE AWARD WINNERS ARE CHOSEN BY THE COMMITTEE ON SCIENCE AND THE ARTS FOLLOWING A FORMAL NOMINATION AND DELIBERATION PERIOD. THE HONORARIUM PAYMENTS AWARDED ARE NOT GRANTS, SO MONITORING OF USE OF FUNDS IS NOT REQUIRED OR APPROPRIATE. X 1 1 X X X X 1 0 0 0 0 0 0 1 0 LARRY DUBINSKI PRESIDENT & CEO 579135 0 211396 0 11142 0 27522 0 30114 0 859309 0 0 0 K SIOBHAN KEEFE SVP & CHIEF FINANCIAL OFFI 241825 0 55427 0 1675 0 12721 0 9984 0 321632 0 0 0 RICHARD RABENA SVP OF OPERATIONS 226951 0 49784 0 4770 0 14839 0 24239 0 320583 0 0 0 DARRYL WILLIAMS SVP OF SCIENCE & EDUCATION 247870 0 45450 0 317 0 12340 0 11064 0 317041 0 0 0 REBEKAH SASSI VP EXTERNAL AFFAIRS 224692 0 41200 0 486 0 9196 0 27494 0 303068 0 0 0 ABIGAIL BYSSHE VP OF EXPERIENCES AND BUS. 196548 0 48000 0 218 0 10422 0 9661 0 264849 0 0 0 ERIN ARMSTRONG VP MKT COMM. & DIGITAL MED 199877 0 36793 0 908 0 10556 0 9984 0 258118 0 0 0 CHRIS RIZZO VP OF BUSINESS OPERATIONS 176661 0 33000 0 315 0 9322 0 26551 0 245849 0 0 0 MARK HARMON DIR OF OPS/SAFETY & SECURI 125048 0 10091 0 434 0 7395 0 18344 0 161312 0 0 0 JOY MONTEFUSCO DIRECTOR OF DIGITAL EDITOR 126246 0 6172 0 274 0 7223 0 16724 0 156639 0 0 0 SUZETTE GRAVES DIRECTOR OF HR 120783 0 9381 0 -539 0 6862 0 17148 0 153635 0 0 0 PART I, LINE 1A DURING 2021, THE FRANKLIN INSTITUTE PROVIDED MEMBERSHIP IN THE UNION LEAGUE OF PHILADELPHIA FOR THE PRESIDENT AND CEO. PART I, LINE 7 REFER TO SCHEDULE O, DISCLOSURE FOR FORM 990, PART VI, SECTION B, LINE 15A AND 15B, PROCESS USED TO DETERMINE EXECUTIVE COMPENSATION. SCHEDULE J, PART II, COLUMN B REPORTABLE COMPENSATION FOR 2021 INCLUDES RETRO PAY FOR COVID-19 PANDEMIC RELATED SALARY REDUCTIONS IMPLEMENTED IN APRIL 2020. THE SECTION ALSO CONTAINS A LONG TERM INCENTIVE PLAN BONUS FOR THE PRESIDENT AND CEO. A PHILADELPHIA AUTHORITY FOR INDUSTRIAL DEVELOPMENT 232237287 717818QG8 2006-03-22 14095000 REFINANCED DEBT, FUNDING FOR PRIOR CAPITAL PROJECTS 0 0 0 A 6700000 14265843 206552 5358 14058055 1990 0 1 1 1 A 0 0 0 0 0 0 1 A 1 1 1 BANK OF AMERICA 20.000000000000 0 0 0 0 1 A 1 X 18 1753563 MARKET VALUE X CRYPTOCURRENCY 1 61909 MARKET VALUE 0 1 1 PART I, LINE 32B: THE FRANKLIN INSTITUTE UTILIZES A BROKER TO IMMEDIATELY SELL ANY GIFTS OF SECURITIES UPON RECEIPT OF THE GIFT. FORM 990, PART VI, SECTION A, LINE 2 IRA LUBERT HAS A BUSINESS RELATIONSHIP WITH JOHN FRIES. FORM 990, PART VI, SECTION B, LINE 11B THE AUDIT COMMITTEE OF THE BOARD OF TRUSTEES REVIEWS THE DRAFT FORM 990, AND APPROVES THE FORM 990 PRIOR TO IT BEING FILED WITH THE IRS. AND, A COMPLETE COPY OF FORM 990 IS PROVIDED TO THE BOARD PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE FRANKLIN INSTITUTE BOARD MEMBERS AND SENIOR MANAGEMENT STAFF COMPLETE AN ANNUAL CONFLICT OF INTEREST QUESTIONNAIRE AND DISCLOSURE FORM WHICH INCLUDES ACKNOWLEDGING RECEIPT OF, AND FAMILIARITY WITH, THE INSTITUTE'S CODE OF CONDUCT AND ETHICS POLICY. IN ADDITION, ALL EMPLOYEES RECEIVE THE CODE OF CONDUCT AND ETHICS POLICY APPROVED BY THE BOARD OF TRUSTEES. THE SENIOR VICE PRESIDENT AND CHIEF FINANCIAL OFFICER REVIEWS THE COMPLETED ANNUAL CONFLICT OF INTEREST QUESTIONNAIRES AND PROVIDES A SUMMARY FOR REVIEW BY THE AUDIT COMMITTEE. FORM 990, PART VI, SECTION B, LINE 15 KEY EMPLOYEES AND OFFICERS OF THE FRANKLIN INSITUTE IN 2021 INCLUDED THE FOLLOWING INDIVIDUALS: LARRY DUBINSKI, PRESIDENT AND CEO SIOBHAN KEEFE, SVP AND CFO REBEKAH SASSI, VICE PRESIDENT OF EXTERNAL AFFAIRS & SECRETARY ERIN ARMSTRONG, VICE PRESIDENT OF MARKETING, COMMUNICATIONS, DIGITAL MEDIA & SECRETARY RICHARD RABENA, SENIOR VICE PRESIDENT OF OPERATIONS DARRYL WILLIAMS, SENIOR VICE PRESIDENT OF SCIENCE & EDUCATION CHRIS RIZZO, VICE PRESIDENT OF BUSINESS OPERATIONS ABIGAIL BYSSHE, VICE PRESIDENT OF EXPERIENCES & BUSINESS DEVELOPMENT THE PROCESS THE FRANKLIN INSTITUTE USES TO ESTABLISH COMPENSATION FOR OFFICERS AND KEY EMPLOYEES INCLUDES A COMPLETE REVIEW OF EXECUTIVE COMPENSATION LEVELS BY THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES OF THE FRANKLIN INSTITUTE. THE REVIEW IS BASED ON A MARKET ANALYSIS PREPARED BY A COMPENSATION CONSULTING FIRM USING PUBLISHED COMPENSATION SURVEYS FOR BOTH NOT-FOR-PROFIT AND FOR-PROFIT ORGANIZATIONS COMPARABLE IN SIZE TO THE FRANKLIN INSTITUTE. COMPENSATION DECISIONS ARE MADE ON TWO LEVELS: RECOMMENDATIONS ARE MADE BY THE PRESIDENT AND CEO TO THE COMPENSATION COMMITTEE FOR APPROVAL OF ACTIONS REGARDING THE COMPENSATION OF SENIOR VICE PRESIDENTS AND VICE PRESIDENTS. THE COMPENSATION COMMITTEE DEVELOPS RECOMMENDATIONS FOR THE PRESIDENT AND CEO'S COMPENSATION AND REFERS ITS RECOMMENDATIONS TO THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES FOR APPROVAL. FORM 990, PART VI, SECTION C, LINE 19 THE FRANKLIN INSTITUTE'S FORM 990 IS POSTED ANNUALLY ON GUIDESTAR.ORG. THE FRANKLIN INSTITUTE PUBLISHES AN ANNUAL REPORT, WHICH INCLUDES THE AUDITED STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS AND THE AUDITED STATEMENT OF FINANCIAL POSITION. THE FRANKLIN INSTITUTE'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE MADE AVAILABLE UPON REQUEST. FORM 990, PART VII, SECTION A, COLUMN D REPORTABLE COMPENSATION FOR 2021 INCLUDES RETRO PAY FOR COVID-19 PANDEMIC RELATED SALARY REDUCTIONS IMPLEMENTED IN APRIL 2020. THE SECTION ALSO CONTAINS A LONG TERM INCENTIVE PLAN BONUS FOR THE PRESIDENT AND CEO. FORM 990, PART XI, LINE 9: NET UNREALIZED GAIN ON INTEREST RATE SWAP 337,814. NET ACTUARIAL GAIN ON DEFINED BENEFIT RETIREMENT PLAN 1,150,277. ITEM POSTED FROM EXPENSE TO BALANCE SHEET TIMING DIFFERENCE -19,632.