Kentucky Soybean Promotion Board
- Assets
- $8.2m
- Revenue
- $3.6m
- Investments
- $0.0
- Employees
- 5
- Location
- Princeton, KY
- Founding
- 12/2007
- Data as of
- 06/2023
- EIN
- 61-1400681
Organization Overview
Kentucky Soybean Promotion Board is located in Princeton, KY. The organization was established in 2007. According to its NTEE Classification (K20) the organization is classified as: Agricultural Programs, under the broad grouping of Food, Agriculture & Nutrition and related organizations. As of 06/2023, Kentucky Soybean Promotion Board employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Kentucky Soybean Promotion Board is a 501(c)(5) and as such, is described as a "Labor, Agricultural, and Horticultural Organization" by the IRS.
For the year ending 06/2023, Kentucky Soybean Promotion Board generated $3.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 6.5% each year. All expenses for the organization totaled $2.2m during the year ending 06/2023. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PROMOTE AND STIMULATE THE INCREASED USE AND SALE OF SOYBEANS AND SOYBEAN PRODUCTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SOYBEAN PROMOTION
THE SOYBEAN PROMOTION RESEARCH AND CONSUMER INFORMATION ACT APPROVED NOVEMBER 28, 1990 AUTHORIZED THE ESTABLISHMENT OF NATIONAL INDUSTRY FUNDED SOYBEAN PROMOTION AND RESEARCH. EACH FIRST PURCHASER OF SOYBEANS IN KENTUCKY SHALL COLLECT AND REMIT TO THE KENTUCKY SOYBEAN PROMOTION BOARD AT THE RATE OF .50% OF THE NET MARKET PRICE OF THE SOYBEANS PURCHASED. THE ASSESSMENTS ARE THEN USED TO PROMOTE AND STIMULATE RESEARCH, MARKET DEVELOPMENT AND EDUCATION, AND THE INCREASED SALES AND USE OF SOYBEAN AND SOY PRODUCTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Barry Alexander Director | Trustee | $0 | |
Ryan Bivens Director | Trustee | $0 | |
Brent Gatton Director | Trustee | $0 | |
Gerry Hayden Director | Trustee | $0 | |
Adam Hendricks Director | Trustee | $0 | |
Glenn Howell Director | Trustee | $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 | $3,458,678 |
| Investment income | $93,236 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $3,500 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,598,908 |
| 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 | $8,084 |
| Payroll taxes | $13,592 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $6,920 |
| 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 | $26,284 |
| 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 | $9,797 |
| All other expenses | $729,199 |
| Total functional expenses | $2,237,497 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,772,018 |
| Savings and temporary cash investments | $954,877 |
| 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 | $2,501,785 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $8,228,680 |
| 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 |
| Net assets without donor restrictions | $8,228,680 |
| 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 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $8,228,680 |