Civic Intelligence

Hershey Center for Applied Research Inc

990 • Fiscal year 2023 • EIN 20-4169577

Jan 01, 2023 to Dec 31, 2023 • Filed on Jul 31, 2024

500 N Hurstbourne Pkwy Suite 200Louisville, KY 40222

(502) 357-9000

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

100th percentile

65.78x

Higher debt load relative to assets than 100% of similar nonprofits.

2023 filings • 501(c)4 • <$500k nonprofits • Source year 2023

Liabilities / Revenue

99th percentile

6.11x

Higher debt load relative to revenue than 99% of similar nonprofits.

2023 filings • 501(c)4 • <$500k nonprofits • Source year 2023

Net Margin

6th percentile

-85%

Higher net margin than 6% of similar nonprofits.

2023 filings • 501(c)4 • <$500k nonprofits • Source year 2023

Top Officer Pay

87th percentile

$0

Higher top officer pay than 87% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2023 filings • 501(c)4 • <$500k nonprofits • Source year 2023

Asset Growth

54th percentile

2.3%

Faster asset growth than 54% of similar nonprofits.

2023 filings • 501(c)4 • <$500k nonprofits • Annualized from 2022 to 2023

Revenue Growth

70th percentile

19%

Faster revenue growth than 70% of similar nonprofits.

2023 filings • 501(c)4 • <$500k nonprofits • Annualized from 2022 to 2023

Assets

Up

$22,843

Up $509 (+2.3%) from 2022

Net Assets

Down

-$1,479,676

Down $208,437 (-16%) from 2022

Liabilities

Up

$1,502,519

Up $208,946 (+16%) from 2022

Revenue

Up

$245,885

Up $38,890 (+19%) from 2022

Expenses

Down

$454,322

Down $10,251 (-2.2%) from 2022

Net Income

Up

-$208,437

Up $49,141 (+19%) from 2022

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$2.0M$1.0M$0-$1.0M-$2.0MAssets 2013: $48,768Liabilities 2013: $24,858Net Assets 2013: $23,9102013Assets 2014: $195,493Liabilities 2014: $245,406Net Assets 2014: -$49,9132014Assets 2015: $495,213Liabilities 2015: $542,703Net Assets 2015: -$47,4902015Assets 2020: $31,066Liabilities 2020: $714,500Net Assets 2020: -$683,4342020Assets 2021: $83,370Liabilities 2021: $1,097,031Net Assets 2021: -$1,013,6612021Assets 2022: $22,334Liabilities 2022: $1,293,573Net Assets 2022: -$1,271,2392022Assets 2023: $22,843Liabilities 2023: $1,502,519Net Assets 2023: -$1,479,6762023Assets 2024: $29,095Liabilities 2024: $1,728,743Net Assets 2024: -$1,699,6482024

Highlighted filing

2023

Assets$22,843
Liabilities$1,502,519
Net Assets-$1,479,676

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$500K$0-$500KRevenue 2013: $158,150Expenses 2013: $209,510Net Income 2013: -$51,3602013Revenue 2014: $202,031Expenses 2014: $230,894Net Income 2014: -$28,8632014Revenue 2015: $319,475Expenses 2015: $317,052Net Income 2015: $2,4232015Revenue 2020: $278,164Expenses 2020: $450,512Net Income 2020: -$172,3482020Revenue 2021: $116,592Expenses 2021: $446,819Net Income 2021: -$330,2272021Revenue 2022: $206,995Expenses 2022: $464,573Net Income 2022: -$257,5782022Revenue 2023: $245,885Expenses 2023: $454,322Net Income 2023: -$208,4372023Revenue 2024: $270,324Expenses 2024: $490,296Net Income 2024: -$219,9722024

Highlighted filing

2023

Revenue$245,885
Expenses$454,322
Net Income-$208,437
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Jul 31, 2024
Return Version
2023v5.1
Gross Receipts
$245,885
Mission and Program Overview

Mission

See Schedule O

Balance Sheet Detail
LineBeginningEndChange
Assets
Accounts Receivable$9,967$10,476▲ $509
Land, Buildings, and Equipment, Net$7,367$7,367→ $0
Cash and Non-Interest-Bearing Accounts$5,000$5,000→ $0
Savings and Temporary Cash Investments$0$0→ $0
Other Notes and Loans Receivable, Net$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Investments in Publicly Traded Securities$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Prepaid Expenses and Deferred Charges$0$0→ $0
Total Assets$22,334$22,843▲ $509
Other Assets Total$0$0→ $0
Liabilities
Unsecured Notes Loans Payable$1,251,490$1,460,436▲ $208,946
Other Liabilities$42,083$42,083→ $0
Accounts Payable and Accrued Expenses$0$0→ $0
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$1,293,573$1,502,519▲ $208,946
Net Assets / Fund Balance
Net Assets With Donor Restrictions$0$0→ $0
Net Assets Without Donor Restrictions$-1,271,239$-1,479,676▼ $208,437
Total Net Assets Fund Balance$-1,271,239$-1,479,676▼ $208,437
Total Liabilities and Net Assets / Fund Balance$22,334$22,843▲ $509

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$7,367$6,905,744$6,913,111
Equipment-$11,994$11,994
Compensation and Service Providers

Board Members and Trustees

NameTitle
Brian K WoodDirector
Christian N CummingsDirector
James BerensDirector & Treasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$245,885
Investment Income
$0
Other Revenue
$0
Change in Net Assets
$-208,437
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$454,322
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Occupancy$359,872--$359,872
Other Expenses$26,103$8,007-$26,103
All Other Expenses$4,492--$4,492
Insurance$2,310--$2,310
Total Functional Expenses$446,315$8,007$0$454,322
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$0
Fundraising Gross Income$0
Gaming Direct Expenses$0
Gaming Gross Income$0
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Security Deposits$42,083
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 11

Review of form 990 a draft of form 990 is reviewed & authorized by a member of the board of directors prior to filing with the irs. Additionally, a copy of the form 990 is provided to the board prior to filing.

Form 990, Part VI, Section C, Line 19

Governing documents and policies the organization's form 990, governing documents and policies are available for public inspection at the organization's office during regular business hours upon request.

Filing and Contact Details

Filer

Filer Name
Hershey Center for Applied Research Inc
EIN
20-4169577
In Care Of
% BRIAN K WOOD
Phone
5023579000
Address
500 N Hurstbourne Pkwy Suite 200, Louisville, KY 40222

Signing Officer

Name
Brian K Wood
Title
Director
Phone
5023579000
Signed
2024-07-31

Organization Details

Principal Officer
Brian K Wood
Formed
2006
Legal Domicile
Pa
Voting Board Members
3
Independent Board Members
3
Employees
0
Supplemental Narrative

Additional Explanations

Form 990, Part I, Line 1, & Part III, Line 1

Organization's mission statement: hershey center for applied research, inc's mission is: 1. Position hershey center for applied research as an integral part of the community, dedicated to the purpose of bringing vital new life sciences and technology-based businesses to the south central pennsylvania region in order to promote economic development, employment, and retention of a skilled and educated labor force. 2. Facilitate the creation of new business through the transfer of technology and business skills among university, industry, government, and non-profit institutions. 3. Further stimulate economic development by supporting community events throughout the year to promote local businesses, local artists and musicians through the farmers market & summer concert series held weekly from may through october. 4. Provide opportunities for space to house life sciences & technology start ups and spin outs from the university and the community.

Form 990, Part III - Program Service, Line 4A

We continue to support the growth of the local life science and start up communities by providing flexible space for companies to grow. We also work with the local community to provide access to the farmer's market and summer concert series which takes place in the park.

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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0ORGANIZATION'S MISSION STATEMENT: HERSHEY CENTER FOR APPLIED RESEARCH, INC'S MISSION IS: 1. POSITION HERSHEY CENTER FOR APPLIED RESEARCH AS AN INTEGRAL PART OF THE COMMUNITY, DEDICATED TO THE PURPOSE OF BRINGING VITAL NEW LIFE SCIENCES AND TECHNOLOGY-BASED BUSINESSES TO THE SOUTH CENTRAL PENNSYLVANIA REGION IN ORDER TO PROMOTE ECONOMIC DEVELOPMENT, EMPLOYMENT, AND RETENTION OF A SKILLED AND EDUCATED LABOR FORCE. 2. FACILITATE THE CREATION OF NEW BUSINESS THROUGH THE TRANSFER OF TECHNOLOGY AND BUSINESS SKILLS AMONG UNIVERSITY, INDUSTRY, GOVERNMENT, AND NON-PROFIT INSTITUTIONS. 3. FURTHER STIMULATE ECONOMIC DEVELOPMENT BY SUPPORTING COMMUNITY EVENTS THROUGHOUT THE YEAR TO PROMOTE LOCAL BUSINESSES, LOCAL ARTISTS AND MUSICIANS THROUGH THE FARMERS MARKET & SUMMER CONCERT SERIES HELD WEEKLY FROM MAY THROUGH OCTOBER. 4. PROVIDE OPPORTUNITIES FOR SPACE TO HOUSE LIFE SCIENCES & TECHNOLOGY START UPS AND SPIN OUTS FROM THE UNIVERSITY AND THE COMMUNITY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1WE CONTINUE TO SUPPORT THE GROWTH OF THE LOCAL LIFE SCIENCE AND START UP COMMUNITIES BY PROVIDING FLEXIBLE SPACE FOR COMPANIES TO GROW. WE ALSO WORK WITH THE LOCAL COMMUNITY TO PROVIDE ACCESS TO THE FARMER'S MARKET AND SUMMER CONCERT SERIES WHICH TAKES PLACE IN THE PARK.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2REVIEW OF FORM 990 A DRAFT OF FORM 990 IS REVIEWED & AUTHORIZED BY A MEMBER OF THE BOARD OF DIRECTORS PRIOR TO FILING WITH THE IRS. ADDITIONALLY, A COPY OF THE FORM 990 IS PROVIDED TO THE BOARD PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3GOVERNING DOCUMENTS AND POLICIES THE ORGANIZATION'S FORM 990, GOVERNING DOCUMENTS AND POLICIES ARE AVAILABLE FOR PUBLIC INSPECTION AT THE ORGANIZATION'S OFFICE DURING REGULAR BUSINESS HOURS UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part I, Line 1, & Part III, Line 1
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part III - Program Service, Line 4a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section B, Line 11
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Section C, Line 19
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IRS990/USAddress/AddressLine1Txt0500 N Hurstbourne Pkwy 200
IRS990/USAddress/CityNm0Louisville
IRS990/USAddress/StateAbbreviationCd0KY
IRS990/USAddress/ZIPCd040222
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ReturnHeader/BuildTS02024-08-08 14:25:15Z
ReturnHeader/BusinessOfficerGrp/PersonNm0Brian K Wood
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0Director
ReturnHeader/BusinessOfficerGrp/PhoneNum05023579000
ReturnHeader/BusinessOfficerGrp/SignatureDt02024-07-31
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0Hershey Center for Applied Research Inc
ReturnHeader/Filer/BusinessNameControlTxt0HERS
ReturnHeader/Filer/EIN0204169577
ReturnHeader/Filer/InCareOfNm0% BRIAN K WOOD
ReturnHeader/Filer/PhoneNum05023579000
ReturnHeader/Filer/USAddress/AddressLine1Txt0500 N Hurstbourne Pkwy Suite 200
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ReturnHeader/Filer/USAddress/StateAbbreviationCd0KY
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ReturnHeader/ReturnTs02024-09-11T09:24:51-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02023-01-01
ReturnHeader/TaxPeriodEndDt02023-12-31
ReturnHeader/TaxYr02023

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