Catalytic Development Funding Corp Of Northern Kentucky
- Assets
- $17.1m
- Revenue
- $2.0m
- Investments
- $0.0
- Employees
- 7
- Location
- Covington, KY
- Founding
- 09/2009
- Data as of
- 12/2021
- EIN
- 26-3389252
Organization Overview
Catalytic Development Funding Corp Of Northern Kentucky is located in Covington, KY. The organization was established in 2009. According to its NTEE Classification (S31) the organization is classified as: Urban & Community Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2021, Catalytic Development Funding Corp Of Northern Kentucky employed 7 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Catalytic Development Funding Corp Of Northern Kentucky is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, Catalytic Development Funding Corp Of Northern Kentucky generated $2.0m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 33.2% each year . All expenses for the organization totaled $1.5m during the year ending 12/2021. While expenses have increased by 10.3% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2016, Catalytic Development Funding Corp Of Northern Kentucky has awarded 23 individual grants totaling $508,176. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO STRENGTHEN THE ECONOMY OF THE NORTHERN KENTUCKY REGION THROUGH BUSINESS AND JOB CREATION SO AS TO RELIEVE POVERTY AND UNEMPLOYMENT THAT NEGATIVELY AFFECTS THE CITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO ACCELERATE NORTHERN KENTUCKY'S URBAN RENAISSANCE RECOGNIZING THAT A VIBRANT URBAN CORE IS VITAL TO OUR REGION'S ECONOMIC COMPETITIVENESS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jeanne Schroer President/ceo | Officer | 40 | $230,077 |
Joe Klare Vice President | Officer | 40 | $155,058 |
Charles Scheper Chairman | OfficerTrustee | 10 | $0 |
Martin Butler Vice Chairman | OfficerTrustee | 0.5 | $0 |
Martha Skelton Secretary | OfficerTrustee | 0.5 | $0 |
Mark Caesar Treasurer | OfficerTrustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $91,477 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,484,498 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,575,975 |
| Total Program Service Revenue | $114,294 |
| Investment income | $352,839 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,043,108 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $202,511 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $413,645 |
| Compensation of current officers, directors, key employees. | $71,726 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $186,764 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $22,711 |
| Payroll taxes | $39,645 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $25,960 |
| Fees for services: Accounting | $37,711 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $28,679 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $368,692 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $21,773 |
| Total functional expenses | $1,499,092 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $797,467 |
| Savings and temporary cash investments | $1,323,144 |
| Pledges and grants receivable | $345,244 |
| Accounts receivable, net | $4,733 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $6,426,410 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $8,185,437 |
| Total assets | $17,082,435 |
| Accounts payable and accrued expenses | $1,303,597 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $100,000 |
| Secured mortgages and notes payable | $13,068,388 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,318,564 |
| Total liabilities | $15,790,549 |
| Net assets without donor restrictions | $454,185 |
| Net assets with donor restrictions | $837,701 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $17,082,435 |
Grants Awarded
Over the last fiscal year, Catalytic Development Funding Corp Of Northern Kentucky has awarded $202,511 in support to 5 organizations.
| Grant Recipient | Amount |
|---|---|
Covington, KY PURPOSE: ECONOMIC DEVELOPMENT | $150,200 |
BURTON BUILDING PURPOSE: ECONOMIC DEVELOPMENT | $18,311 |
NORTH SOUTH BAKERY PURPOSE: ECONOMIC DEVELOPMENT | $15,000 |
CORK & CHAR PURPOSE: ECONOMIC DEVELOPMENT | $10,000 |
700 MONMOUTH PURPOSE: ECONOMIC DEVELOPMENT | $9,000 |
Grants Recieved
Over the last fiscal year, we have identified 6 grants that Catalytic Development Funding Corp Of Northern Kentucky has recieved totaling $367,500.
| Awarding Organization | Amount |
|---|---|
Horizon Community Funds Of Northern Kentucky Inc Covington, KY PURPOSE: General Support | $187,500 |
Greater Cincinnati Foundation Cincinnati, OH PURPOSE: GENERAL PURPOSE | $50,000 |
The Duke Energy Foundation Charlotte, NC PURPOSE: VIBRANT ECONOMIES | $40,000 |
The Duke Energy Foundation Charlotte, NC PURPOSE: VIBRANT ECONOMIES | $35,000 |
The Duke Energy Foundation Charlotte, NC PURPOSE: VIBRANT ECONOMIES | $35,000 |
Carol Ann And Ralph V Haile Jr Foundation Cincinnati, OH PURPOSE: GENERAL OPERATING SUPPORT (2019-2021) | $20,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
The Center Of Workforce Innovations Inc Valparaiso, IN | $2,958,255 | $14,608,336 |
Community Action Of South Eastern West Virginia Bluefield, WV | $9,324,400 | $12,779,130 |
Cintrifuse Cincinnati, OH | $9,097,086 | $17,758,065 |
Walnut Hills Redevelopment Foundation Inc Cincinnati, OH | $7,399,538 | $1,025,062 |
World Business Chicago Chicago, IL | $9,302,792 | $9,942,081 |
Enlace Chicago Chicago, IL | $7,912,354 | $9,016,287 |
Carter Street Corporation Chattanooga, TN | $16,714,346 | $6,596,539 |
Venture Richmond Inc Richmond, VA | $7,025,585 | $5,575,003 |
Bellvue Gardens Community Urban Redevelopment Corporation Cincinnati, OH | $29,237,042 | $3,964,847 |
Downtown Cleveland Improvementcorporation Cleveland, OH | $5,269 | $4,399,889 |
West Central Indiana Economic Development District Inc Terre Haute, IN | $2,629,970 | $4,624,225 |
Enterprise Center Inc Chattanooga, TN | $3,677,488 | $5,998,300 |