Skypac Tenant Inc
- Assets
- $0.0
- Revenue
- $4.5m
- Investments
- $0.0
- Employees
- 0
- Location
- Bowling Green, KY
- Founding
- Data as of
- 12/2018
- EIN
- 45-3815443
Organization Overview
Skypac Tenant Inc is located in Bowling Green, KY. Skypac Tenant 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 12/2018, Skypac Tenant Inc generated $4.5m in total revenue. All expenses for the organization totaled $970.9k during the year ending 12/2018. While expenses have increased by 1.1% per year over the past 4 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
2018
Describe the Organization's Mission:
Part 3 - Line 1
TO ACQUIRE REAL ESTATE AND CONSTRUCT A PERFORMING ARTS AND ENTERTAINMENT FACILITY IN BOWLING GREEN KENTUCKY, WHICH WILL SERVE THE CHARITABLE AND EDUCATIONAL NEEDS OF THE PEOPLE OF SOUTH CENTRAL KENTUCKY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO ACQUIRE REAL ESTATE AND CONSTRUCT ARTS AND ENTERTAINMENT FACILITY IN BOWLING GREEN KENTUCKY, WHICH WILL SERVE THE CHARITABLE AND EDUCATIONAL NEEDS OF THE PEOPLE OF SOUTH CENTRAL KENTUCKY.
THIS ENTITY, WHICH WAS DESIGNED TO SUPPORT SKYPAC INC (EIN 61-1381629) ALONGSIDE SKYPAC LENDER (EIN 45-3814566) HELD A CAPITALIZED LEASE FOR ASSETS AND THE RELATED DEBT. THESE NOTES WERE FORGIVEN AND THE OFFSETTING DIFFERENCE FOR THE NOTES AND THE BOOK VALUE OF THE ASSETS RESULTED IN BOOK INCOME OF $4,264,540. THERE WAS NOT ANY CASH RECEIVED BUT THIS ENTITY AND PREVIOUSLY MENTIONED SKYPAC LENDER WERE MERGED INTO THEIR SUPPORTING ORGANIZATION, SKYPAC INC. SKYPAC INC IS A GOVERNMENTAL AGENCY AND THE BUILDING ASSETS HAD ALWAYS BEEN TITLED IN THAT AGENCY'S NAME. THIS ENTITY WAS USED TO HOLD THE DEBT WHICH WAS FORGIVEN.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Douglas Gorman Secretary/treasurer | OfficerTrustee | 1 | $0 |
James Kaelin Chair | OfficerTrustee | 1 | $0 |
Rick Mccue Director | Trustee | 5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $0 |
| Investment income | $42 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $221,107 |
| 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 | $4,485,689 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $9,825 |
| 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 | $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 | $316,539 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $580,248 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $970,940 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| 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 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $0 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Unrestricted restricted net Assets | $0 |
| Temporarily restricted net Assets | $0 |
| Permanently restricted net Assets or current funds | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total net assets or fund balances | $0 |
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