Commonwealth Center For Commercialization Inc

Organization Overview

Commonwealth Center For Commercialization Inc is located in Frankfort, KY. The organization was established in 2019. According to its NTEE Classification (U02) the organization is classified as: Management & Technical Assistance, under the broad grouping of Science & Technology and related organizations. As of 06/2020, Commonwealth Center For Commercialization Inc employed 3 individuals. Commonwealth Center For Commercialization 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 06/2020, Commonwealth Center For Commercialization Inc generated $43.4k in total revenue. All expenses for the organization totaled $14.8m during the year ending 06/2020.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2020

Describe the Organization's Mission:

Part 3 - Line 1

THE ORGANIZATION'S MISSION IS TO SERVE AS A STRATEGIC PARTNER WITH KENTUCKY PUBLIC UNIVERSITIES AND COLLEGES IN AN EFFORT TO TRANSITION IDEAS AND INTELLECTUAL PROPERTY INTO PRODUCTS AND BUSINESSES THROUGH INVESTMENT. THE ORGANIZATION'S ROLES INCLUDE A COMMERCIALIZATION CORE TEAM, DEVELOPMENT OF ROBUST LEGAL RESOURCES FOR BUSINESSES, AN ACCELERATOR AND FEDERAL AND STATE INNOVATION FUND ASSISTANCE. THE MISSION AND OPERATIONS OF THE ORGANIZATION REPRESENT A NATIONAL-MODEL OF STATEWIDE COLLABORATION AND SATISFY THE KENTUCKY INNOVATION ACT STATUTE REGULATIONS.

Describe the Organization's Program Activity:

Part 3 - Line 4a

THE ORGANIZATION WILL REVIEW APPLICATIONS, QUALIFY COMPANIES, AND CERTIFY QUALIFIED COMPANIES WHO WISH TO BENEFIT FROM THE KENTUCKY ENTERPRISE FUND, THE KENTUCKY RURAL INNOVATION FUND, OR THE KENTUCKY COMMERCIALIZATION FUND. THE ORGANIZATION HAS AN APPLICATION PROCESS TO DETERMINE WHICH COMPANIES ARE UNDERGOING PROJECTS THAT ARE LIKELY TO PRODUCE MEASUREABLE RESULTS AND BE TECHNICALLY SOUND, LEAD TO INNOVATIVE TECHNOLOGY OR NEW KNOWLEDGE, LEAD TO COMMERCIALLY SUCCESSFUL PRODUCTS, PROCESSES, OR SERVICES WITHIN A REASONABLE PERIOD OF TIME, OR SHOW SIGNIFICANT POTENTIAL FOR STIMULATING ECONOMIC GROWTH AND A REASONABLE PROBABILITY TO ENCHANCE EMPLOYMENT OPPORTUNITIES WITHIN THE COMMONWEALTH OF KENTUCKY.


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Board, Officers & Key Employees

Name (title)Compensation
Jackson Andrews
Director & Treasurer
$0
Brian Mefford
Director & President
$0
Wendy Lea
Director
$0
Aaron Thompson
Director
$0
Ian Mcclure
Director
$0
Terry Gill
Director
$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 $43,428
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 $43,428

Grants Awarded

Over the last fiscal year, Commonwealth Center For Commercialization Inc has awarded $300,000 in support to 2 organizations.

Grant RecipientAmount

CUDDLE CLONES HOLDINGS LLC

PURPOSE: START-UP EXPENSES

$150,000

SMART FARM SYSTEMS INC

PURPOSE: START-UP EXPENSES

$150,000
View Grant Profile

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