2021-11-10T10:59:08-06:00 2020-12-31 231144520 TAIT WELLER & BAKER LLP 50 SOUTH 16TH STREET SUITE 2900 PHILADELPHIA PA 19102 990 2020-01-01 231370501 THE FRANKLIN INSTITUTE FRAN 2154481200 222 NORTH 20TH STREET PHILADELPHIA PA 19103 LARRY DUBINSKI PRESIDENT & CEO 2154481200 2021-11-10 1 LARRY DUBINSKI 999009999 HARRISON PEREIRA P00746867 2159798800 2021-11-10 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z LARRY DUBINSKI 222 NORTH 20TH STREET PHILADELPHIA PA 19103 36904246 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. 42 41 323 292 123565 0 18743110 14122513 26145314 8270715 1971983 2281374 848470 381000 47708877 25055602 300000 0 0 0 17158479 12708259 145995 20946 1359550 24058427 13680006 41662901 26409211 6045976 -1353609 166266350 180641558 15565710 23660531 150700640 156981027 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 1 3645437 3727563 EDUCATIONAL PROGRAMS, SERVICES & GRANTS: COMPLETING ITS 28TH YEAR IN 2020, 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 90 STUDENTS FROM AREA PUBLIC SCHOOLS DURING THE 2019-2020 SCHOOL YEAR. IN ITS TWENTIETH 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 80 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 TRANSITIONED TO VIRTUAL PROGRAMMING. THE FRANKLIN @HOME DIGITAL SERIES SERVED 4,787 PHILADELPHIA SCHOOL DISTRICT STUDENTS, GENERATED 940,000 WEBSITE VIEWS AND 3.9 MILLION TOTAL SOCIAL MEDIA IMPRESSIONS. 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 THE LEAP INTO SCIENCE PROGRAM THAT COMBINED ALPHABETICAL LITERACY WITH SCIENTIFIC LITERACY FOR MORE THAN 1,151 EDUCATORS WHO ENGAGED MORE THAN 23,596 CHILDREN AND CAREGIVERS IN 16 STATES IN 2020. 12799003 3103206 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 2020, THE INSTITUTE WELCOMED 134,133 VISITORS TO THE MUSEUM, INCLUDING 17,600 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. 509034 1439946 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 195 YEARS OF THE JOURNAL ARE AVAILABLE ONLINE THROUGH LIBRARIES AND RESEARCH INSTITUTIONS.THE INSTITUTE HAS LONG BEEN A LEADER IN PROVIDING PROFESSIONAL DEVELOPMENT OFFERINGS TRHOUGHOUT THE REGION AND IN 2020 SERVED 1,710 EDUCATORS THROUGH ONLINE PROFESSIONAL DEVELOPMENT SESSIONS AND THE MASTER EDUCATORS CERTIFICATION PROGRAM. 4985141 INTEREST AND DEPRECIATION EXPENSE NOT INCLUDED ABOVE.INTEREST $412,570DEPRECIATION $4,572,571 4985141 21938615 1 1 0 1 0 0 0 1 0 1 1 1 0 0 0 1 1 0 0 0 0 0 0 1 1 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 74 0 1 323 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 42 41 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 K SIOBHAN KEEFE 2154481200 222 N 2OTH STREET PHILADELPHIA PA 19103 LARRY DUBINSKI PRESIDENT & CEO 37.50 X X 687523 0 46504 DONALD E MOREL JR PHD CHAIR 1.00 X X 0 0 0 SANDRA K BALDINO TRUSTEE 1.00 X 0 0 0 MICHAEL F BARRY TRUSTEE 1.00 X 0 0 0 NICK BAYER 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 PIERRE BRONDEAU TRUSTEE 1.00 X 0 0 0 DONALD E CALLAGHAN 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 TONI GARRISON TRUSTEE 1.00 X 0 0 0 ELIZABETH H GEMMILL TRUSTEE 1.00 X 0 0 0 RICHARD J GREEN 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 VICE CHAIR 1.00 X X 0 0 0 JULIA GUSTADT 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 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 RICHARD W VAGUE 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 PHD 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 K SIOBHAN KEEFE SVP & CHIEF FINANCIAL OFFI 37.50 X 237598 0 21048 REBEKAH SASSI VP EXTERNAL AFFAIRS 37.50 X 171558 0 24264 RICHARD RABENA SVP OF OPERATIONS 37.50 X 224902 0 36006 DARRYL WILLIAMS SVP OF SCIENCE & EDUCATION 37.50 X 239251 0 22409 CHRIS RIZZO VP OF BUSINESS OPERATIONS 37.50 X 166444 0 33608 INEZ LANKENAU VP OF HUMAN RESOURCES 37.50 X 174013 0 34999 ABIGAIL BYSSHE VP OF EXPERIENCES AND BUS. 37.50 X 178055 0 17846 ERIN ARMSTRONG VP MKT COMM. & DIGITAL MED 37.50 X 196025 0 19100 JOY MONTEFUSCO DIRECTOR OF DIGITAL EDITOR 37.50 X 108101 0 22397 CASEY SATELL DIR OF INSTITUTIONAL GIVIN 37.50 X 114876 0 18985 SUZETTE GRAVES DIRECTOR OF HR 37.50 X 102651 0 22047 MARK HARMON DIR OF OPS/SAFETY & SECURITY 37.50 X 107052 0 23967 STEFANIE SANTO DIRECTOR OF PR 37.50 X 107110 0 6554 2815159 0 349734 16 0 1 0 UNIVERSAL PROTECTION SVC LP PO BOX 828854 PHILADELPHIA PA 19182 SECURITY SERVICES 524313 ABM INDUSTRY GROUPS LLC PO BOX 419860 BOSTON MA 02241 JANITORIAL 500208 MAYO SEITZ MEDIA INC 751 ARBOR WAY SUITE 130 BLUE BELL PA 19422 MEDIA CONSULTATION & PLACEMENT 425481 SMITH GROUP JJR INC 1700 NEW YORK AVENUE NW SUITE 100 WASHINGTON DC 20006 ARCHITECTURAL & ENGINEERING 239806 FROG COMMISSARY CATERING 222 N 2OTH STREET PHILADELPHIA PA 19103 CATERING & FOOD SERVICE 184985 12 1350 667130 554386 12899647 921095 14122513 GRANTS 900099 3112598 3112598 MUSEUM ADMISSIONS 900099 1554567 1554567 MEMBERSHIPS 900099 1141171 1141171 EDUCATIONAL PROGRAMS & SERVICES 900099 614965 614965 ANCILLARY ACTIVITIES 900099 407468 283903 123565 1439946 1439946 8270715 1150557 1150557 284955 284955 91430 0 91430 91430 91430 12906405 11775588 1130817 1130817 1130817 68420 667130 73056 -4636 -4636 MISCELLANEOUS REVENUE 900099 9251 9251 9251 25055602 8147150 123565 2662374 2531155 1821513 146806 562836 7134040 5585897 1214991 333152 333784 255708 47978 30098 2009792 1380043 517945 111804 699488 535870 100543 63075 328153 328153 54000 54000 10000 10000 20946 20946 1788544 1473259 315285 581921 564390 16457 1074 305409 228169 35310 41930 263435 227404 36031 33948 33948 1973211 1972396 720 95 182207 164363 17844 12890 5972 6848 70 412570 412570 4572571 4572571 607197 450424 156773 PROGRAM AND EXHIBIT SUP 1508704 1508704 EVENT EXPENSES 140787 140787 DUES AND SUBSCRIPTIONS 105679 39355 48656 17668 EMPLOYEE EXPENSES 82903 28279 54293 331 715877 536993 48444 130440 26409211 21938615 3111046 1359550 0 11659041 5355737 2250012 16025263 15531575 1123548 2660755 1067629 949806 163981824 96319417 72042039 67662407 54587166 62751544 15938836 16889069 30544 30544 95588 256805 166266350 180641558 5681587 4522440 1434844 3678570 8449279 8459521 0 7000000 15565710 23660531 X 74866195 68233059 75834445 88747968 150700640 156981027 166266350 180641558 X -1353609 7645237 -11241 X 0 1 X 1 1 1 X 9846290 9502443 13109742 18743110 14122513 65324098 9846290 9502443 13109742 18743110 14122513 65324098 22000444 43323654 1884987 2085005 1994918 2264134 1528628 9757672 163645 59797 79887 116895 0 420224 315024 441213 369201 269700 77671 1472809 76974803 113919750 0.56280 0.53580 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: GROSS INCOME FROM FUNDRAISING - 2016 AMOUNT: $ 281,781. 2017 AMOUNT: $ 402,407. 2018 AMOUNT: $ 341,717. 2019 AMOUNT: $ 239,679. 2020 AMOUNT: $ 68,420. FOTO FANTASY COIN PRESS ETC - 2016 AMOUNT: $ 33,243. 2017 AMOUNT: $ 38,806. 2018 AMOUNT: $ 27,484. 2019 AMOUNT: $ 30,021. 2020 AMOUNT: $ 9,251. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 10000 10000 26399211 26409211 1000000 250000 0 0 1000000 1000000 1000000 1000000 4000000 6000000 95300 10000 105300 250000 250000 250000 250000 1000000 1500000 X X 0 54587165 801003 8953625 1590248 62751545 44816481 1432384 9456725 1118425 54587165 47661667 1747767 -2934362 500000 1158591 44816481 37759403 4430760 6965415 1493911 47661667 36991412 159537 2649040 2040586 37759403 0.22700 0.17450 0.59850 1 0 12000000 12000000 90336482 41647192 48689290 6787151 5449021 1338130 54858191 49223204 5634987 67662407 BENEFICIAL INTEREST IN PERPETUAL TRUSTS 16805195 F BENEFICIAL INTEREST IN CHARITABLE GIFT ANNUITIES 83874 F 16889069 X 32763676 7645237 62837 7708074 25055602 0 25055602 26483289 74078 74078 26409211 0 26409211 PART III, LINE 1A: COLLECTION ASSETS OF THE INSTITUTE HAVE NOT BEEN CAPITALIZED NOR RECOGNIZED. 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 (2017-2019) OR THOSE EXPECTED TO BE TAKEN IN THE INSTITUTE'S 2020 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 73,056. NET UNREALIZED LOSS ON INTEREST RATE SWAP -25,052. NET ACTUARIAL GAIN ON DEFINED BENEFIT RETIREMENT PLAN 14,833. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EVENT DIRECT EXPENSES 73,056. ITEM POSTED FROM EXPENSE TO BALANCE SHEET TIMING DIFFERENCE 1,022. X X X X X X X 1 MAE DANILLER & CO 3724 JEFFERSON SUITE 302 AUSTIN TX 78731 CONSULTING - DIRECT MAIL/EMAIL SOLICITATIONS 0 34397 94706 -60309 34397 94706 -60309 PA NJ CA CT FL MD MA AZ WA NY FRANKLIN AWARDS 735550 667130 68420 1625 71431 735550 667130 68420 1625 71431 73056 -4636 X 1 1 X X X X 0 0 0 0 0 0 0 1 0 LARRY DUBINSKI PRESIDENT & CEO 348133 0 325888 0 13502 0 17418 0 29086 0 734027 0 0 0 DARRYL WILLIAMS SVP OF SCIENCE & EDUCATION 194924 0 44147 0 180 0 11696 0 10713 0 261660 0 0 0 RICHARD RABENA SVP OF OPERATIONS 169076 0 53734 0 2092 0 12574 0 23432 0 260908 0 0 0 K SIOBHAN KEEFE SVP & CHIEF FINANCIAL OFFI 190242 0 46300 0 1056 0 11415 0 9633 0 258646 0 0 0 ERIN ARMSTRONG VP MKT COMM. & DIGITAL MED 157835 0 37623 0 567 0 9467 0 9633 0 215125 0 0 0 INEZ LANKENAU VP OF HUMAN RESOURCES 137210 0 36751 0 52 0 8530 0 26469 0 209012 0 0 0 CHRIS RIZZO VP OF BUSINESS OPERATIONS 135887 0 30500 0 57 0 8153 0 25455 0 200052 0 0 0 ABIGAIL BYSSHE VP OF EXPERIENCES AND BUS. 142875 0 35000 0 180 0 8572 0 9274 0 195901 0 0 0 REBEKAH SASSI VP EXTERNAL AFFAIRS 162692 0 8500 0 366 0 0 0 24264 0 195822 0 0 0 PART I, LINE 1A DURING 2020, THE FRANKLIN INSTITUTE PROVIDED MEMBERSHIP IN THE UNION LEAGUE OF PHILADELPHIA AND THE FITLER CLUB FOR THE PRESIDENT AND CEO. THE MEMBERSHIPS ARE PRINCIPALLY FOR BUSINESS PURPOSES. 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. A PHILADELPHIA AUTHORITY FOR INDUSTRIAL DEVELOPMENT 232237287 717818QG8 2006-03-22 14095000 REFINANCED DEBT, FUNDING FOR PRIOR CAPITAL PROJECTS 0 0 0 A 5580000 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 SCHEDULE K, PART I, PRINCIPAL REPAYMENT THE INSTITUTE COMMENCED ANNUAL PRINCIPAL PAYMENTS ON JUNE 1, 2014 AND ON MAY 26, 2020, THE INSTITUTE REMARKETED THE 2006 BONDS TO RESTRUCTURE THE FUTURE MATURITY SCHEDULE; HOWEVER, THE FINAL MATURITY DATE OF THE BONDS REMAINED UNCHANGED. THERE WERE NO PRINCIPAL PAYMENTS MADE ON THE 2006 BONDS DURING THE YEAR ENDED DECEMBER 31, 2020. X 16 921095 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 III, LINE 3 THE INSTITUTE COMPLETELY SHUT DOWN THE TRAVELING SCIENCE SHOW LINE OF BUSINESS DUE TO COVID-19. THE INSTITUTE ALSO STARTED THE FRANKLIN@HOME DIGITAL SERIES, WHICH WAS A TRANSITION TO VIRTUAL PROGRAMMING TO CONTINUE TO ENGAGE GUESTS DURING THE COVID-19 MANDATED SHUTDOWN. THE AWARDS WEEK ACTIVITIES AND SCIENCE FESTIVAL PROGRAMS WERE NOT HELD AS A RESULT OF THE IN-PERSON/HIGH TOUCH CHARACTERISTICS OF THESE ACTIVITIES. THE INSTITUTE ALSO CURTAILED CAMP PROGRAMS AS A RESULT OF THE COVID-19 PANDEMIC. 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 2020 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 INEZ LANKENAU, VICE PRESIDENT OF HUMAN RESOURCES 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 XI, LINE 9: NET UNREALIZED LOSS ON INTEREST RATE SWAP -25,052. NET ACTUARIAL GAIN ON DEFINED BENEFIT RETIREMENT PLAN 14,833. ITEM POSTED FROM EXPENSE TO BALANCE SHEET TIMING DIFFERENCE -1,022.