Central Region Innovation And Commercialization Center Inc
- Assets
- $97.3k
- Revenue
- $367.5k
- Investments
- $0.0
- Employees
- 2
- Location
- Bowling Green, KY
- Founding
- 12/2003
- Data as of
- 06/2022
- EIN
- 37-1441604
Organization Overview
Central Region Innovation And Commercialization Center Inc is located in Bowling Green, KY. The organization was established in 2003. 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 06/2022, Central Region Innovation And Commercialization Center Inc employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Central Region Innovation And Commercialization Center Inc 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 06/2022, Central Region Innovation And Commercialization Center Inc generated $367.5k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 0.5% each year. All expenses for the organization totaled $383.6k during the year ending 06/2022. While expenses have increased by 2.6% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO FACILITATE THE CREATION, GROWTH, RECRUITMENT AND RETENTION OF SCIENCE AND TECHNOLOGY/SCALABLE COMPANIES WITHIN THE CENTRAL REGION OF KENTUCKY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CRICC ASSISTED ENTREPRENEURS, STARTUP COMPANIES, AND EXISTING BUSINESSES AND COMMUNITIES BY PROVIDING THE FOLLOWING SERVICES AT NO CHARGE: BUSINESS DEVELOPMENT CONSULTING, MENTORING, TRAINING, NETWORKING OPPORTUNITIES, FUNDING GUIDANCE AND ENTREPRENEURIAL ECOSYSTEM BUILDING. SEE SCHEDULE O FOR CONTINUATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Buddy Steen Executive In Residence | 40 | $120,960 | |
William J Hook Executive Director | Officer | 40 | $36,915 |
Lois Hall Accountant | Officer | 10 | $1,012 |
Blaine Ferrell President | OfficerTrustee | 1 | $0 |
D Gaines Penn Secretary | OfficerTrustee | 1 | $0 |
Richard Callahan Treasurer | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $325,033 |
| Investment income | $0 |
| 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 | $367,467 |
| Statement of Expenses | |
|---|---|
| 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. | $49,567 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $171,436 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $1,401 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $60 |
| 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 | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $4,640 |
| All other expenses | $0 |
| Total functional expenses | $383,631 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $97,349 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $97,349 |
| Accounts payable and accrued expenses | $7,522 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $7,522 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $89,827 |
Grants Awarded
Over the last fiscal year, Central Region Innovation And Commercialization Center Inc has awarded $34,841 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
MAYFIELD-GRAVES COUNTY TORNADO RELIEF FUNDS PURPOSE: TORNADO RELIEF | $7,500 |
UNITED WAY OF SOUTHERN KENTUCKY PURPOSE: TORNADO RELIEF | $12,341 |
MUHLENBERG COUNTY LONG-TERM DISASTER RECOVERY COMM PURPOSE: TORNADO RELIEF | $7,500 |
HOPKINS COUNTY LONG TERM RECOVERY GROUP - CFWKY PURPOSE: TORNADO RELIEF | $7,500 |