Massachusetts Technology
Development Corporation
d/b/a MassVentures
Financial Statements
Years Ended June 30, 2024 and 2023
 Massachusetts Technology
Development Corporation
d/b/a MassVentures
Financial Statements
Years Ended June 30, 2024 and 2023
Contents
Page
Management’s Discussion and Analysis (Unaudited) i-vi
Independent Auditors' Report 1-2
Financial Statements
Statements of Net Position 3
Statements of Activities and Changes in
Net Position 4
Statements of Cash Flows 5
Notes to Financial Statements 6-20
 Massachusetts Technology Development Corporation
d/b/a MassVentures
(a component unit of the Commonwealth of Massachusetts)
Management’s Discussion and Analysis
For the Years Ended June 30, 2024 and 2023
Unaudited
The following discussion and analysis provides management's overview of the financial position of the
Massachusetts Technology Development Corporation, d/b/a MassVentures (the Corporation) as of June 30,
2024 and 2023, and the results of its operations and cash flows for the years then ended. This management's
discussion and analysis is unaudited and should be read in conjunction with the Corporation’s audited
financial statements and notes, which are attached hereto.
General Overview
The purpose of the Corporation is to provide financial and other assistance to innovative technology-based
enterprises in Commonwealth of Massachusetts (the “Commonwealth”) that have the potential to expand
and generate new jobs and tax revenues. The Corporation seeks to: i) target technologies, regions and
companies that are not adequately served by private investors; ii) complement, not compete with, private
venture and angel investors and leverage the Corporation’s investment dollars with private capital; and iii)
nurture entrepreneurship among the citizens of the Commonwealth to stimulate long-term economic
development. The Corporation seeks to realize appropriate financial returns to enable it to be self-sufficient.
The Corporation is governed by a Board of Directors consisting of eleven members, eight of whom are
appointed by the Governor of Massachusetts from the private sector and three of whom are public officials.
In June 2012, the Corporation began doing business as MassVentures.
Enabling Legislation and Funding Sources
The Corporation was created as a body politic and instrumentality of the Commonwealth on October 19,
1978, pursuant to Chapter 497 of the Acts of 1978.
The Corporation’s original investment funds were provided in 1979 by a $2,000,000 grant (including
$28,000 in start-up costs) from the Economic Development Administration (“EDA”), U.S. Department of
Commerce. Under this grant, the Corporation made loans from a revolving loan fund to eligible borrowers,
defined as Massachusetts-based businesses with operations involving a significant amount of technology,
which are located in EDA Title IV redevelopment areas and which meet the requirements of the
Corporation’s enabling act.
During the year ended June 30, 1981, the Corporation was awarded a $1,000,000 grant under the
Corporations for Innovation Development (“CID”) program of the U.S. Department of Commerce. The
grant award was for the purpose of establishing a second revolving loan fund to assist in the creation and
development of small, innovative high-technology companies in Massachusetts. In addition, the
Commonwealth appropriated $1,000,000 to the Corporation as matching funds for the federal grant. The
Commonwealth appropriation is restricted to equity investment. The CID program was cancelled during
the year ended June 30, 2003. Restricted cash for investment programs of $407,839 was returned to the
U.S. Department of Commerce representing their portion of the remaining grant.
i
Enabling Legislation and Funding Sources (continued)
Each year from fiscal years 1982 to 1988, the Commonwealth appropriated additional amounts to
supplement the Corporation’s investment fund. There were no geographical limitations within
Massachusetts for these funds. The Commonwealth appropriated additional amounts to the Corporation’s
investment fund of $5,000,000 in fiscal year 2004, $2,500,000 in fiscal year 2007 and $1,000,000 in fiscal
year 2015. In fiscal year 2023, The Commonwealth appropriated additional funds of $20,000,000 via the
State Small Business Credit Initiative (“SSBCI”) which includes up to $575,000 in administrative costs.
SSBCI is a program for the US Department of the Treasury. The SSBCI program was created to strengthen
state programs that support private financing to small businesses that are not getting the support they need
to expand and create jobs. The cumulative amount of all appropriations received from the initial funding in
1981 through June 30, 2024 totaled $33,700,000.
Under the terms of the grants of investment funds from the federal government and the Commonwealth,
principal repayments and costs recovered are returned to the Restricted for Investment Programs Fund to
be reinvested in accordance with the criteria required by the grants’ provisions and the Corporation’s
enabling legislation and policies. In addition, the Corporation has transferred $44,161,833 cumulatively
through fiscal year 2024 to the Restricted for Investment Programs Fund to be reinvested in accordance
with the criteria required by the Corporation’s enabling legislation and policies. The transferred funds were
derived from earnings and gains realized on past investments by the Corporation.
Financial Statements
The Corporation's financial statements have been prepared in accordance with accounting principles
generally accepted in the United States of America as promulgated by the Governmental Accounting
Standards Board (GASB).
The Statement of Net Position presents the financial position of the Corporation. It provides information
about the nature and the amount of resources (assets), plus deferred outflows of resources (as applicable),
obligations (liabilities), plus deferred inflows of resources (as applicable), and net position. Over time,
increases or decreases in net position may serve as a useful indicator of whether the financial position of
the Corporation is improving or deteriorating.
The Statement of Revenues, Expenditures, and Changes in Net Position presents information showing how
the Corporation's net position changed during the fiscal year presented. All changes in net position are
reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related
cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result
in cash flows in future fiscal periods. The change in net position may be useful in assessing whether the
financial position improved or deteriorated for the year.
The Statement of Cash Flows presents the cash activities segregated by the three major cash flow categories:
general support activities, capital activities, and restricted for investment program activities. This statement
may be useful in determining changes in liquidity and in understanding how cash and cash equivalents were
used during the years presented.
The notes to the financial statements describe significant accounting policies adopted by the Corporation
and provide additional information that is essential to a full understanding of the data presented in the
financial statements.
ii
Financial Highlights
 Total assets of the Corporation increased from $58,760,286 at June 30, 2023 to $60,415,644 at June
30, 2024, primarily due to an increase in the unrealized value of the Corporation’s investments.
 During the year ended June 30, 2024, the Corporation made new investments totaling $4,784,899.
 The cost of investments held increased from $12,195,021 at June 30, 2023 to $16,340,946 at June
30, 2024.
 The Corporation had $3,000,000 of grant awards during the year ended June 30, 2024 under its
SBIR Targeted Technologies (“START”) Program, as compared to $3,000,000 in START grant
awards during the year ended June 30, 2023.
 The Corporation made $1,458,871 of grant awards during the year ended June 30, 2024 under the
Catalyst Program, as comparted to $1,184,893 at June 30, 2023, which it administers under an
agreement with the Massachusetts Clean Entergy Technology Center (“MassCEC”) to provide
support to researchers and early-stage companies looking to demonstrate initial prototypes of their
clean energy technologies.
 The Corporation made $207,500 of grant awards during the year ended June 30, 2024 as compared
to $186,250 during the year ended June 30, 2023, under its Innovation Commercialization Seed
Fund (aka Acorn Program), to provide support to principal investigators at Massachusetts research
universities seeking to demonstrate viability of their technologies.
 During the fiscal year ending June 30, 2023, The Commonwealth appropriated additional funds of
$20,000,000 via the State Small Business Credit Initiative (“SSBCI”) program, which includes up
to $575,000 in administrative costs. The SSBCI program was created to strengthen state programs
that support private financing to small businesses that are not getting the support they need to
expand and create jobs.
 During the fiscal year ended June 30, 2022, Legislation was signed that transferred Massachusetts
Technology Transfer Center (MTTC) operations to MassVentures. MTTC help inventors,
researchers, and entrepreneurs bring innovative technologies from academic research institutions
to the market. By providing access to capital, coaching, and connections, MTTC accelerates the
adoption of new technology, expedites startup activity, and expands economic impact
statewide. MTTC activities include administration the Massachusetts Association of Technology
Transfer Offices (MATTO), whose members are all not-for-profit research institutions in the
Commonwealth.
 MassVentures is the MassCEC technical consultant for the Innovate Mass Program. Providing
strategic support for clean energy startups providing pitch coaching to companies who apply to
MACEC for grant funding under the program. Other support includes meeting regularly with
awardees to review workplans, discuss and resolve technical and other project-related barriers, and
review performance monitoring and evaluation plans, to ensure projects succeed.
iii
Financial Analysis
Statement of Net Position
Statement of Net Position
June 30, 2024 June 30, 2023
Total Total
Total Investments, at market $ 29,170,193 $ 24,151,984
Total Assets 60,415,644 58,760,286
Total Liabilities 2,441,341 2,372,460
Total Fund Balance 57,974,303 56,387,826
Total Liabilities and Fund Balance $60,415,644 $ 58,760,286
Total assets increased $1,655,358 in the current year, primarily due to an increase in the carrying value of
the Corporation’s investments.
Total liabilities increased $68,881 in the current fiscal year primarily due to an increase in accounts payable.
Total fund balance increased $1,586,477 in the current year primarily due the excess of net unrealized gains
on investments and the Corporation’s increased interest revenue and other income for the current fiscal
year.
Investment and Grants
The Corporation provides financial assistance to innovative technology-based enterprises in
Commonwealth. Financial assistance may come in the form of grants, equity investments or debt
investments. During the fiscal year ended June 30, 2024, the Corporation provided a total of $ 9,451,270 in
assistance consisting of $3,000,000 in START awards, $1,458,871 in Catalyst awards, $207,500 in
Innovation Commercialization Seed Fund (aka Acorn) awards and $4,784,899 in equity and debt
investments. Financial assistance in fiscal 2024 increased $718,163 as compared to fiscal 2023 due
primarily to an increase in equity and debt investments.
iv
Financial Analysis (continued)
Statement of Revenues, Expenditures and Changes in Net Position
Statement of Revenues, Expenditures and Changes in Net Position
Fiscal year ended June 30
2024 2023
Programs & Sponsorships Income $ 10,000 $ 520,370
Grant - 20,000,000
Other income 984,329 951,562
Interest revenue 1,619,050 920,451
Total Revenue 2,613,379 22,392,383
Operating expenses 1,953,302 1,907,638
Operating gain 660,077 20,484,745
Program Grants received 4,666,371 4,371,143
Program Grants disbursed 4,666,371 4,371,143
Net grants - -
Net realized gains (losses) on investments 54,117 (1,651,548)
Net unrealized gains on investments 872,283 5,977,223
Total net gains 926,400 4,325,675
Increase in Fund Balance $1,586,477 $24,810,420
Fund Balance, beginning of year $ 56,387,826 $ 31,577,406
Fund Balance, end of year $ 57,974,303 $ 56,387,826
The operating gain of $660,077 in the current fiscal year was primarily due an increase in interest and other
income over slightly higher operating expenses.
Operating expenses include all personnel, occupancy, professional and consulting, and all other business
expenses associated with the Corporation’s operations.
Total net gains decreased by $3,399,275 in the current year primarily due to realized gains during the year
compared to realized losses the prior year, being offset by the decrease in unrealized gains between the
years.
v
Financial Analysis (continued)
Statement of Cash Flows
Fiscal year ended June 30,
2024 2023
Net cash general support activities $730,445 $20,533,922
Net cash capital activities (8,444) (2,328)
Net cash restricted for investment programs activities (4,091,809) (3,496,677)
Net increase (decrease) in cash and cash equivalents (3,369,808) 17,034,917
Cash and cash equivalents, beginning of year 34,521,089 17,486,172
Cash and cash equivalents, end of year $ 31,151,281 $ 34,521,089
Cash and cash equivalents were $31,151,281 at June 30, 2024 compared to $34,521,089 at June 30, 2023.
This $3,369,808 decrease is due primarily to the restricted for investment program activity.
Activities from net cash restricted for investment programs activities for the year ended June 30, 2024
includes $4,784,899 in equity and debt investments made into innovative technology-based enterprises by
the Corporation and costs recovered from equity investments of $382,368 and principal repayments.
Activities from net cash restricted for investment programs activities for the year ended June 30, 2023,
included $4,361,964 in equity and debt investments made into innovative technology-based enterprises by
the Corporation.
Requests for Information
The Corporation's financial statements are designed to present readers with a general overview of the
Corporation's finances. Additional financial information, including official statements relating to the
Corporation's investments and programs can be found on the Corporation's website www.mass-
ventures.com. Questions concerning the financial statements or requests for additional financial
information should be addressed to the President, MassVentures, 1075 Main Street, Suite 100, Waltham,
MA 02451
vi
Independent Auditors’ Report
To the Board of Directors
Massachusetts Technology
Development Corporation
d/b/a MassVentures
Boston, Massachusetts