Sprocket Inc
- Assets
- $1.4m
- Revenue
- $978.7k
- Investments
- $0.0
- Employees
- 4
- Location
- Paducah, KY
- Founding
- 10/2017
- Data as of
- 06/2022
- EIN
- 82-2967525
Organization Overview
Sprocket Inc is located in Paducah, KY. The organization was established in 2017. According to its NTEE Classification (B01) the organization is classified as: Alliances & Advocacy, under the broad grouping of Education and related organizations. As of 06/2022, Sprocket Inc employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Sprocket 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, Sprocket Inc generated $978.7k in total revenue. This organization has experienced exceptional growth, as over the past 4 years, it has increased revenue by an average of 51.0% each year . All expenses for the organization totaled $1.0m during the year ending 06/2022. 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
WE SERVE AS A PILOT TO HELP DEVELOP EDUCATIONAL PROGRAMS FOR THE PADUCAH INNOVATIONS HUB AS WELL AS ENTREPRENUERIALINNOVATIONS IN THE REGION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
EDUCATIONAL PROGRAMS THAT PROMOTE ENTRPRENUERSHIP AND COMMUNITY LEARNING DEVELOPED AND HOSTED BY SPROCKET
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Monica Bilak Executive Director | OfficerTrustee | 40 | $94,655 |
John Truitt President | OfficerTrustee | 1 | $0 |
Julie Tennyson Vice President | OfficerTrustee | 1 | $0 |
Patrick Brumley Secretary | OfficerTrustee | 1 | $0 |
Michale Ramage Treasurer | OfficerTrustee | 1 | $0 |
Inez Hutchins Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $6,500 |
| Related organizations | $0 |
| Government grants | $840,108 |
| All other contributions, gifts, grants, and similar amounts not included above | $44,200 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $890,808 |
| Total Program Service Revenue | $73,828 |
| 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 | $978,676 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $230,833 |
| 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. | $94,655 |
| Compensation of current officers, directors, key employees. | $47,328 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $38,244 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $10,366 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $47,535 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $2,472 |
| Office expenses | $7,275 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $30,899 |
| Travel | $1,939 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,187 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $65,250 |
| Insurance | $7,402 |
| All other expenses | $0 |
| Total functional expenses | $1,027,638 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $251,557 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,500 |
| 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 | $1,192,044 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,447,101 |
| Accounts payable and accrued expenses | $20,034 |
| 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 | $909,052 |
| Total liabilities | $929,086 |
| Net assets without donor restrictions | $518,015 |
| 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 | $1,447,101 |
Grants Awarded
Over the last fiscal year, Sprocket Inc has awarded $224,521 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
MADISONVILLE - HOPKINSVILLE ECONOMIC DEVELOPMENT CORP | | | $103,687 |
BENARD VICTOR MILLER | | | $41,667 |
SEAMLY SYSTEMS INC | | | $41,667 |
QBRICS | | | $37,500 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Sprocket Inc has recieved totaling $70,000.
| Awarding Organization | Amount |
|---|---|
Community Foundation Of West Kentucky Inc Paducah, KY | | $70,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Knox Co Ed Assn Frankfort, KY | $16,393,137 | $11,160,843 |
National Police Association Inc Indianapolis, IN | $924,792 | $9,569,984 |
Missouri State Teachers Association Columbia, MO | $7,515,464 | $6,786,815 |
Missouri School Boards Association Columbia, MO | $5,403,568 | $6,748,060 |
Council For Exceptional Children Arlington, VA | $4,293,509 | $5,157,244 |
Midsouth Grain Inspection Services Memphis, TN | $5,083,441 | $4,324,321 |
Illinois Association Of School Administrators Springfield, IL | $11,254,126 | $4,395,708 |
National Coalition For Public School Options Haymarket, VA | $398,047 | $3,479,643 |
Sfusa Willowbrook, IL | $1,091,110 | $3,636,809 |
Illinois Restaurant Association Chicago, IL | $4,128,802 | $3,480,810 |
Advance Illinois Nfp Chicago, IL | $4,175,192 | $3,046,236 |
Cities In Schools Aurora 2000 Inc Aurora, IL | $829,378 | $2,800,979 |