Civic Intelligence

Seed Capital Kentucky Inc.

990 • Fiscal year 2015 • EIN 45-1068408

Jan 01, 2015 to Dec 31, 2015 • Filed on Jun 01, 2016

Organization ProfileWWW.SEEDCAPITALKY.ORG
200 York StreetLouisville, KY 40203

(502) 272-2423

Siviq Scores

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

Liabilities / Assets

53rd percentile

0.12x

Higher debt load relative to assets than 53% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2015

Liabilities / Revenue

55th percentile

0.14x

Higher debt load relative to revenue than 55% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2015

Net Margin

98th percentile

89%

Higher net margin than 98% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2015

Top Officer Pay

84th percentile

$150,000

Higher top officer pay than 84% of similar nonprofits.

Top officer pay equals 4.1% of source-year revenue.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2015

Asset Growth

100th percentile

4417%

Faster asset growth than 100% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2014 to 2015

Revenue Growth

99th percentile

1217%

Faster revenue growth than 99% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2014 to 2015

Balance Sheet
Liabilities / Assets53rd percentile

Assets

Up

$4,064,794

Up $3,974,799 (+4417%) from 2014

Net Assets

Up

$3,566,048

Up $3,476,187 (+3868%) from 2014

Liabilities

Up

$498,746

Up $498,612 (+372099%) from 2014

Revenue And Expenses
Liabilities / Revenue55th percentileNet Margin98th percentile

Revenue

Up

$3,651,034

Up $3,373,868 (+1217%) from 2014

Expenses

Up

$415,535

Up $129,056 (+45%) from 2014

Net Income

Up

$3,235,499

Up $3,244,812 (+34842%) from 2014

Historical Trend

Balance Sheet Trend

Asset Growth100th percentile

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

$6.0M$4.0M$2.0M$0Assets 2012: $47,484Liabilities 2012: $0Net Assets 2012: $47,4842012Assets 2013: $146,899Liabilities 2013: $47,725Net Assets 2013: $99,1742013Assets 2014: $89,995Liabilities 2014: $134Net Assets 2014: $89,8612014Assets 2015: $4,064,794Liabilities 2015: $498,746Net Assets 2015: $3,566,0482015Assets 2016: $3,826Liabilities 2016: $0Net Assets 2016: $3,8262016Assets 2017: $1,511Liabilities 2017: $02017

Highlighted filing

2015

Assets$4,064,794
Liabilities$498,746
Net Assets$3,566,048
Open 2015 Filing

Operations Trend

Revenue Growth99th percentile

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

$5.0M$0-$5.0MRevenue 2012: $271,186Expenses 2012: $223,904Net Income 2012: $47,2822012Revenue 2013: $290,741Expenses 2013: $239,051Net Income 2013: $51,6902013Revenue 2014: $277,166Expenses 2014: $286,479Net Income 2014: -$9,3132014Revenue 2015: $3,651,034Expenses 2015: $415,535Net Income 2015: $3,235,4992015Revenue 2016: $1,372,883Expenses 2016: $4,935,105Net Income 2016: -$3,562,2222016Revenue 2017: $5,000Expenses 2017: $7,315Net Income 2017: -$2,3152017

Highlighted filing

2015

Revenue$3,651,034
Expenses$415,535
Net Income$3,235,499
Open 2015 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2015 to Dec 31, 2015
Signed
Jun 1, 2016
Return Version
2015v2.1
Gross Receipts
$3,651,034
Mission and Program Overview

Mission

To catalyze the success and resilience of kentuckys regional agriculture and regional food economy.

Balance Sheet Detail
LineBeginningEndChange
Assets
Pledges and Grants Receivable-$1,744,593-
Cash and Non-Interest-Bearing Accounts$89,995$326,893▲ $236,898
Prepaid Expenses and Deferred Charges-$5,577-
Accounts Receivable-$1,247-
Total Assets$89,995$4,064,794▲ $3,974,799
Other Assets Total-$1,986,484-
Liabilities
Accounts Payable and Accrued Expenses$134$492,019▲ $491,885
Other Liabilities-$6,727-
Total Liabilities$134$498,746▲ $498,612
Net Assets / Fund Balance
Unrestricted Net Assets$77,160$1,821,455▲ $1,744,295
Temporarily Rstr Net Assets$12,701$1,744,593▲ $1,731,892
Total Net Assets Fund Balance$89,861$3,566,048▲ $3,476,187
Total Liabilities and Net Assets / Fund Balance$89,995$4,064,794▲ $3,974,799

Asset Categories

AssetBook ValueDepreciationBasis
Other Assets Org$6,727--
Compensation and Service Providers
Top Officer Pay84th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Caroline HeineProject DireFT$150,000$150,000

Board Members and Trustees

NameTitle
Stephen ReillyPresident
Augusta Brown HollandBoard Member
John-mark HackBoard Member
Revenue and Support

Revenue Composition

Contributions and Grants
$3,651,034
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$0
All Other Contributions
$3,639,034
Change in Net Assets
$3,235,499

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,651,034
Total Revenue per Audited Statements
$3,651,034
Total Revenue per Form 990
$3,651,034
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$360,602
Total Fundraising Expense$76,805
Salaries, Compensation, and Employee Benefits$54,933
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Management$8,542$25,500$49,417$83,459
Other Salaries and Wages$14,848$17,838$18,343$51,029
Advertising$37,050$1,229-$38,279
Other Expenses$24,798-$635$24,798
Occupancy$7,412$3,981$5,758$17,151
Office Expenses$2,122$5,429$1,151$8,702
Payroll Taxes$1,136$1,365$1,403$3,904
Fees for Services Accounting-$3,555-$3,555
Insurance$146$2,634$94$2,874
Conferences and Meetings$4$225$4$233
Total Functional Expenses$276,974$61,756$76,805$415,535

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$415,535
Total Expenses per Audited Statements$415,535
Total Expenses per Form 990$415,535
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Fiscal Sponsorship Payable$6,727
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
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
Yes
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

“The return is reviewed by the director of finance and the project director before authorizing the filing. A copy is distributed to the entire board of directors before its filing, but responsibility for its review/approval rests primarily with management.”

Form 990, Page 6, Part VI, Line 15A

“The compensation of the project director is reviewed annually by the board, which includes a review of known/published salaries at comparable peer institutions.”

Form 990, Page 6, Part VI, Line 19

“Governing documents, policies, and financial statements are available to the general public upon request.”

Filing and Contact Details

Filer

Filer Name
Seed Capital Kentucky Inc
EIN
45-1068408
Phone
5022722423
Address
200 YORK STREET, LOUISVILLE, KY 40203

Signing Officer

Name
Caroline Heine
Title
Project Director
Phone
5025685555
Signed
2016-06-01

Organization Details

Principal Officer
Caroline Heine
Formed
2011
Legal Domicile
Ky
Voting Board Members
4
Independent Board Members
4
Employees
5
Volunteers
200

Preparer

Firm
Baldwin Cpas Pllc
Address
943 S 1ST STREET, LOUISVILLE, KY 40203
Preparer
Barbara Lasky
Phone
5025849793
Supplemental Narrative

Additional Explanations

Form 990, Page 2, Part III, Line 4A

“Businesses and infrastructure, including local food aggregation and distribution systems. Seed capital ky's latest project is the west louisville foodport. The west louisville foodport is poised to become one of the most transformative urban reinvestment projects of the decade. On a 24-acre campus at 30th and west market streets in west louisville, the foodport will locate food- related businesses in one place where they can buy food from local farmers and hire neighbors for jobs. Designed by world-renowned architecture firm oma, the foodport will unite louisville with a state-of-the-art landmark that spurs economic activity in a historic, but under-invested section of our city. The entire project invests over 25 million into the community. The west louisville foodport project operates on core values articulated by the project team and the west louisville foodport community council: transparency, honesty, inclusiveness, collaboration and sustainability.”

Form 990, Page 12, Part XII, Line 1

“As a result of the first year's audit of the financial statements, it was determined that the accrual basis of accounting was more appropriate for the organization's financial reporting.”

Financial Statement Notes

Schedule D, Page 3, Part X

“Management has concluded that any tax positions that would not meet the more-likely-than-not criterion of fasb asc 740-10 would be immaterial to the financial statements taken as a whole. Accordingly, the accompanying financial statements do not include any provision for uncertain tax positions, and no related interest or penalties have been recorded in the statements of activities or accrued in the statements of financial position.”

Raw XML Appendix340 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990ScheduleD/OtherAssetsOrgGrp/Desc0CONSTRUCTION IN PROGRESS
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1FISCAL SPONSORSHIP CASH HELD
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt06727
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0FISCAL SPONSORSHIP PAYABLE
IRS990ScheduleD/RevenueSubtotalAmt03651034
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0MANAGEMENT HAS CONCLUDED THAT ANY TAX POSITIONS THAT WOULD NOT MEET THE MORE-LIKELY-THAN-NOT CRITERION OF FASB ASC 740-10 WOULD BE IMMATERIAL TO THE FINANCIAL STATEMENTS TAKEN AS A WHOLE. ACCORDINGLY, THE ACCOMPANYING FINANCIAL STATEMENTS DO NOT INCLUDE ANY PROVISION FOR UNCERTAIN TAX POSITIONS, AND NO RELATED INTEREST OR PENALTIES HAVE BEEN RECORDED IN THE STATEMENTS OF ACTIVITIES OR ACCRUED IN THE STATEMENTS OF FINANCIAL POSITION.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
IRS990ScheduleD/TotalBookValueOtherAssetsAmt01986484
IRS990ScheduleD/TotalExpensesPerForm990Amt0415535
IRS990ScheduleD/TotalLiabilityAmt06727
IRS990ScheduleD/TotalRevenuePerForm990Amt03651034
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt03651034
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0415535
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0BUSINESSES AND INFRASTRUCTURE, INCLUDING LOCAL FOOD AGGREGATION AND DISTRIBUTION SYSTEMS. SEED CAPITAL KY'S LATEST PROJECT IS THE WEST LOUISVILLE FOODPORT. THE WEST LOUISVILLE FOODPORT IS POISED TO BECOME ONE OF THE MOST TRANSFORMATIVE URBAN REINVESTMENT PROJECTS OF THE DECADE. ON A 24-ACRE CAMPUS AT 30TH AND WEST MARKET STREETS IN WEST LOUISVILLE, THE FOODPORT WILL LOCATE FOOD- RELATED BUSINESSES IN ONE PLACE WHERE THEY CAN BUY FOOD FROM LOCAL FARMERS AND HIRE NEIGHBORS FOR JOBS. DESIGNED BY WORLD-RENOWNED ARCHITECTURE FIRM OMA, THE FOODPORT WILL UNITE LOUISVILLE WITH A STATE-OF-THE-ART LANDMARK THAT SPURS ECONOMIC ACTIVITY IN A HISTORIC, BUT UNDER-INVESTED SECTION OF OUR CITY. THE ENTIRE PROJECT INVESTS OVER 25 MILLION INTO THE COMMUNITY. THE WEST LOUISVILLE FOODPORT PROJECT OPERATES ON CORE VALUES ARTICULATED BY THE PROJECT TEAM AND THE WEST LOUISVILLE FOODPORT COMMUNITY COUNCIL: TRANSPARENCY, HONESTY, INCLUSIVENESS, COLLABORATION AND SUSTAINABILITY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE RETURN IS REVIEWED BY THE DIRECTOR OF FINANCE AND THE PROJECT DIRECTOR BEFORE AUTHORIZING THE FILING. A COPY IS DISTRIBUTED TO THE ENTIRE BOARD OF DIRECTORS BEFORE ITS FILING, BUT RESPONSIBILITY FOR ITS REVIEW/APPROVAL RESTS PRIMARILY WITH MANAGEMENT.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE COMPENSATION OF THE PROJECT DIRECTOR IS REVIEWED ANNUALLY BY THE BOARD, WHICH INCLUDES A REVIEW OF KNOWN/PUBLISHED SALARIES AT COMPARABLE PEER INSTITUTIONS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3GOVERNING DOCUMENTS, POLICIES, AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE GENERAL PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4AS A RESULT OF THE FIRST YEAR'S AUDIT OF THE FINANCIAL STATEMENTS, IT WAS DETERMINED THAT THE ACCRUAL BASIS OF ACCOUNTING WAS MORE APPROPRIATE FOR THE ORGANIZATION'S FINANCIAL REPORTING.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 2, PART III, LINE 4A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 12, PART XII, LINE 1
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IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/StatesWhereCopyOfReturnIsFldCd0KY
IRS990/SubjectToProxyTaxInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TemporarilyRstrNetAssetsGrp/BOYAmt012701
IRS990/TemporarilyRstrNetAssetsGrp/EOYAmt01744593
IRS990/TempOrPermanentEndowmentsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt089995
IRS990/TotalAssetsEOYAmt04064794
IRS990/TotalAssetsGrp/BOYAmt089995
IRS990/TotalAssetsGrp/EOYAmt04064794
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt03651034
IRS990/TotalEmployeeCnt05
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt076805
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt061756
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0276974
IRS990/TotalFunctionalExpensesGrp/TotalAmt0415535
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0134
IRS990/TotalLiabilitiesEOYAmt0498746
IRS990/TotalLiabilitiesGrp/BOYAmt0134
IRS990/TotalLiabilitiesGrp/EOYAmt0498746
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt089861
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt03566048
IRS990/TotalProgramServiceExpensesAmt0276974
IRS990/TotalReportableCompFromOrgAmt0150000
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt03651034
IRS990/TotalVolunteersCnt0200
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt089995
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt04064794
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UnrestrictedNetAssetsGrp/BOYAmt077160
IRS990/UnrestrictedNetAssetsGrp/EOYAmt01821455
IRS990/UponRequestInd0X
IRS990/VotingMembersGoverningBodyCnt04
IRS990/VotingMembersIndependentCnt04
IRS990/WebsiteAddressTxt0WWW.SEEDCAPITALKY.ORG
IRS990/WhistleblowerPolicyInd0true
ReturnHeader/BuildTS02016-09-27 15:27:22Z
ReturnHeader/BusinessOfficerGrp/PersonNm0CAROLINE HEINE
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PROJECT DIRECTOR
ReturnHeader/BusinessOfficerGrp/PhoneNum05025685555
ReturnHeader/BusinessOfficerGrp/SignatureDt02016-06-01
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0SEED CAPITAL KENTUCKY INC
ReturnHeader/Filer/BusinessNameControlTxt0SEED
ReturnHeader/Filer/EIN0451068408
ReturnHeader/Filer/PhoneNum05022722423
ReturnHeader/Filer/USAddress/AddressLine1Txt0200 YORK STREET
ReturnHeader/Filer/USAddress/CityNm0LOUISVILLE
ReturnHeader/Filer/USAddress/StateAbbreviationCd0KY
ReturnHeader/Filer/USAddress/ZIPCd040203
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0201416603
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0BALDWIN CPAS PLLC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0943 S 1ST STREET
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0LOUISVILLE
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0KY
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd040203
ReturnHeader/PreparerPersonGrp/PhoneNum05025849793
ReturnHeader/PreparerPersonGrp/PreparationDt02016-06-01
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0BARBARA LASKY
ReturnHeader/ReturnTs02016-06-01T12:48:06-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02015-01-01
ReturnHeader/TaxPeriodEndDt02015-12-31
ReturnHeader/TaxYr02015

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2015 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$4,064,794
Liabilities
$498,746
Net assets
$3,566,048
Revenue
$3,651,034
Expenses
$415,535
Net income
$3,235,499
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2017Summary only. Only limited summary data is available for this year.$0.00$0.00$0.01$0.01$0.00
2016Detailed filing. Detailed filing data is available for this year.$0.00$0.00$0.00$1.37$4.94$3.56
2015Detailed filing. Detailed filing data is available for this year.$4.06$0.50$3.57$3.65$0.42$3.24
2014Detailed filing. Detailed filing data is available for this year.$0.09$0.00$0.09$0.28$0.29$0.01
2013Detailed filing. Detailed filing data is available for this year.$0.15$0.05$0.10$0.29$0.24$0.05
2012Summary only. Only limited summary data is available for this year.$0.05$0.00$0.05$0.27$0.22$0.05