Catalytic Development Funding Corp Of Northern Kentucky
- Assets
- $20.7m
- Revenue
- $2.5m
- Investments
- $0.0
- Employees
- 6
- Location
- Covington, KY
- Founding
- 09/2009
- Data as of
- 12/2022
- 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 12/2022, Catalytic Development Funding Corp Of Northern Kentucky employed 6 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 12/2022, Catalytic Development Funding Corp Of Northern Kentucky generated $2.5m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 32.0% each year . All expenses for the organization totaled $1.7m during the year ending 12/2022. While expenses have increased by 10.4% per year over the past 8 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 $553,432. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE CATALYTIC FUND'S INNOVATIVE FINANCING PRODUCTS, DEVELOPMENT SERVICES, AND VIBRANCY INITIATIVES CONVERT COMMUNITY REVITALIZATION PLANS INTO COMPLETED PROJECTS THAT HAVE LASTING AND MEASURABLE IMPACT. THE CATALYTIC FUND IS A COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION (CDFI) CERTIFIED BY THE US DEPARTMENT OF TREASURY. AS A CDFI, THE CATALYTIC FUND BRINGS NON-TRADITIONAL GROWTH CAPITAL TO LMI COMMUNITIES IN NEED OF THOUGHTFUL INVESTMENT IN UNDERUTILIZED SITES AND BUILDINGS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
IN 2022, THE CATALYTIC FUND DEPLOYED $9,142,500 IN CAPITAL (A 137% INCREASE FROM 2021 DEPLOYMENT OF $3,872,500) AND DEVELOPED AN ACTIVE PIPELINE OF $11,470,000 DURING A CHALLENGING YEAR FOR REAL ESTATE MARKETS AND SMALL BUSINESSES. THE 13 PROJECTS FUNDED THROUGH CATALYTIC FUND INVESTMENTS OR OTHERWISE SUPPORTED BY CATALYTIC FUND DEVELOPMENT SERVICES CREATED $26.3M IN NEW INVESTMENT IN THE CATALYTIC FUND'S CDFI TARGET MARKET, PRESERVED AND RENNOVATED 19 HISTORIC BUILDINGS, CREATED 86 RESIDENTIAL UNITS, 41 OF WHICH ARE AFFORABLE TO HOUSEHOLDS AT 80% OF AMI, CREATED 95,000 SQUARE FEET OF TENANT-READY COMMERCIAL SPACE, AND FUNDED A COMMUNITY FACILITY WHICH PROVIDES LOW-COST AUTO REPAIR SERVICES FOR LMI INDIVIDUALS WHO RELY ON AUTOMOBILE TRANSPORTATION TO ACCESS EMPLOYMENT AND EDUCATIONAL OPPORTUNITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jeanne Schroer President/ceo | OfficerTrustee | 40 | $250,000 |
Joe Klare COO | Officer | 40 | $180,000 |
April Coffee Director | Trustee | 0.5 | $0 |
Bernie Mckay Director | Trustee | 0.5 | $0 |
Bob Luebbe Director | Trustee | 0.5 | $0 |
Brian Brockhoff Director | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,314,814 |
| All other contributions, gifts, grants, and similar amounts not included above | $674,998 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,989,812 |
| Total Program Service Revenue | $78,070 |
| Investment income | $460,150 |
| 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 | $2,528,032 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $69,708 |
| 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. | $449,476 |
| Compensation of current officers, directors, key employees. | $77,939 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $153,070 |
| Pension plan accruals and contributions | $17,045 |
| Other employee benefits | $12,987 |
| Payroll taxes | $37,259 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $4,395 |
| Fees for services: Accounting | $64,988 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $10,338 |
| Advertising and promotion | $8,731 |
| Office expenses | $25,511 |
| Information technology | $7,784 |
| 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 | $9,163 |
| Interest | $443,037 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $8,629 |
| All other expenses | $0 |
| Total functional expenses | $1,667,768 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $691,544 |
| Savings and temporary cash investments | $594,259 |
| Pledges and grants receivable | $278,014 |
| Accounts receivable, net | $22,220 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $9,089,102 |
| 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 | $10,050,152 |
| Total assets | $20,725,291 |
| Accounts payable and accrued expenses | $1,508,182 |
| 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 | $0 |
| Secured mortgages and notes payable | $17,064,959 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $18,573,141 |
| Net assets without donor restrictions | $1,389,158 |
| Net assets with donor restrictions | $762,992 |
| 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 | $20,725,291 |
Grants Awarded
Over the last fiscal year, Catalytic Development Funding Corp Of Northern Kentucky has awarded $69,708 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
BROADUS CAPITAL INVESTMENTS LLC PURPOSE: ECONOMIC DEVELOPMENT | $23,020 |
BURTON BUILDING LLC PURPOSE: ECONOMIC DEVELOPMENT | $21,688 |
CORK & CHAR LLC PURPOSE: ECONOMIC DEVELOPMENT | $25,000 |