Sprocket Inc
- Assets
- $2.7m
- Revenue
- $1.0m
- Investments
- $0.0
- Employees
- 4
- Location
- Paducah, KY
- Founding
- 10/2017
- Data as of
- 06/2023
- 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 06/2023, 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 06/2023, Sprocket Inc generated $1.0m in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 40.5% each year . All expenses for the organization totaled $889.5k during the year ending 06/2023. You can explore the organizations financials more deeply in the financial statements section below.
Since 2022, Sprocket Inc has awarded 12 individual grants totaling $474,229. 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
2023
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 | $0 |
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 | $0 |
| Related organizations | $0 |
| Government grants | $753,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $157,273 |
| Noncash contributions included in lines 1a–1f | $148,200 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $910,273 |
| Total Program Service Revenue | $119,266 |
| 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 | $1,029,539 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $260,239 |
| 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 | $159,617 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $13,661 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $31,955 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $28,972 |
| Office expenses | $0 |
| Information technology | $2,335 |
| Royalties | $0 |
| Occupancy | $131,506 |
| Travel | $6,770 |
| 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 | $88,478 |
| Insurance | $9,830 |
| All other expenses | $5,852 |
| Total functional expenses | $889,450 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $344,958 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $66,808 |
| 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 | $1,107,102 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,221,765 |
| Total assets | $2,740,633 |
| Accounts payable and accrued expenses | $8,520 |
| 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 | $2,042,318 |
| Total liabilities | $2,050,838 |
| Net assets without donor restrictions | $689,795 |
| 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 | $2,740,633 |
Grants Awarded
Over the last fiscal year, Sprocket Inc has awarded $249,708 in support to 8 organizations.
| Grant Recipient | Amount |
|---|---|
MADISON - HOPKINSVILLE ECONOMIC DEVELOPMENT CORP | | | $70,165 |
MUHLENBERG ALLIANCE FOR PROGRESS | | | $33,333 |
SEAMLY SYSTEMS INC | | | $8,333 |
BERNARD VICTOR MILLER | | | $8,333 |
QBRICS | | | $8,333 |
E-VENTURES LLC | | | $45,833 |