Covington Life Sciences Partners Inc
- Assets
- $14.1m
- Revenue
- $14.1m
- Investments
- $0.0
- Employees
- 0
- Location
- Covington, KY
- Founding
- Data as of
- 12/2023
- EIN
- 93-4263574
Organization Overview
Covington Life Sciences Partners Inc is located in Covington, KY. Covington Life Sciences Partners Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
COVINGTON LIFE SCIENCES PARTNERS, INC. INC. ("CLSP") IS AN INDEPENDENT NONPROFIT LAB INCUBATOR BASED IN COVINGTON, KENTUCKY, DEDICATED TO EMPOWERING ENTREPRENEURS AND SCIENTISTS TO BRING LIFESAVING INNOVATIONS TO MARKET WHILE DRIVING ECONOMIC GROWTH AND JOB CREATION IN THE REGION. CLSP WILL OFFER A CUTTING-EDGE WET LAB FACILITY WITH FULLY EQUIPPED, AFFORDABLE LAB SPACE, COLLABORATIVE WORK ENVIRONMENTS, AND A WIDE VARIETY OF DEVELOPMENT AND TRAINING PROGRAMS. BY FOSTERING MENTORSHIP, COLLABORATION, AND ACCESS TO STATE-OF-THE-ART RESOURCES, CLSP AIMS TO ACCELERATE GROUNDBREAKING RESEARCH IN THE LIFE SCIENCES SECTOR. THE PLATFORM PROVIDES LIFE SCIENCES, MEDTECH, AND RELATED INDUSTRIES WITH ACCESS TO UNIQUE RESEARCH CAPABILITIES AND A COMPREHENSIVE NETWORK OF TECHNICAL, BUSINESS, AND TALENT RESOURCES. THROUGH COMMUNITY-DRIVEN EDUCATIONAL INITIATIVES, CLSP IS COMMITTED TO MAKING LIFE SCIENCES AND STEM OPPORTUNITIES ACCESSIBLE TO ALL, OFFERING HANDS-ON EDUCATION AND CREATING CLEAR PATHWAYS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LOW-COST WET LAB FACILITIES:CLSP WILL OFFER AFFORDABLE LABORATORY FACILITIES EQUIPPED WITH STATE-OF-THE-ART EQUIPMENT TO MEET INDUSTRY STANDARDS. THE LAB SPACES ARE DESIGNED TO SUPPORT A WIDE RANGE OF EXPERIMENTAL NEEDS, FEATURING LAB BENCHES, PRIVATE LAB SUITES, FUME HOODS, LIQUID NITROGEN FREEZERS, -20C AND -80C FREEZERS, REFRIGERATORS, AN AUTOCLAVE, AND BIOSAFETY CABINETS. CLSP ALSO PROVIDES ESSENTIAL SUPPORT SERVICES, INCLUDING WASTE REMOVAL, EQUIPMENT MAINTENANCE, TECHNICAL ASSISTANCE, AND SAFETY AND COMPLIANCE PROGRAMS.
EDUCATION AND DEVELOPMENT PROGRAMS: CLSP'S EDUCATION AND DEVELOPMENT INITIATIVES ARE CRAFTED TO SUPPORT AND INSPIRE A DIVERSE RANGE OF PARTICIPANTS, FROM HIGH SCHOOL STUDENTS TO EARLY-STAGE SCIENTISTS, FOSTERING GROWTH AND INNOVATION IN THE LIFE SCIENCES FIELD ACROSS THE COMMONWEALTH OF KENTUCKY. BY COMBINING HANDS-ON TRAINING WITH TARGETED OUTREACH, CLSP AIMS TO NURTURE FUTURE SCIENTISTS AND ADVANCE THE LIFE SCIENCES SECTOR THROUGH COMPREHENSIVE, PRACTICAL EDUCATION AND COLLABORATIVE OPPORTUNITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Chuck Scheper Board Member | Trustee | 1 | $0 |
Garren Colvin Board Member | Trustee | 1 | $0 |
Savannah Doliboa Board Member | Trustee | 1 | $0 |
Tim Schroeder Board Member | Trustee | 1 | $0 |
Tony Remington Board Member | Trustee | 1 | $0 |
Valerie Hardcastle Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $14,117,566 |
| All other contributions, gifts, grants, and similar amounts not included above | $100 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $14,117,666 |
| Total Program Service Revenue | $0 |
| 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 | $14,117,666 |
| 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 | $0 |
| 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 | $34 |
| 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 | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $34 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $66 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $12,581,566 |
| 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 | $1,536,000 |
| 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 | $14,117,632 |
| 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 | $0 |
| 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 | $14,117,632 |
| Total liabilities and net assets/fund balances | $14,117,632 |