Civic Intelligence

Skypac Tenant Inc

990 • Fiscal year 2014 • EIN 45-3815443

Jan 01, 2014 to Dec 31, 2014 • Filed on Jun 25, 2015

Organization ProfileN/A
PO Box 748Bowling Green, KY 42102

(270) 904-5025

Siviq Scores

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

Liabilities / Assets

95th percentile

1.06x

Higher debt load relative to assets than 95% of similar nonprofits.

2014 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2014

Liabilities / Revenue

100th percentile

93.84x

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

2014 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2014

Net Margin

1st percentile

-196%

Higher net margin than 1% of similar nonprofits.

2014 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2014

Top Officer Pay

6th percentile

$0

Higher top officer pay than 6% of similar nonprofits.

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

2014 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2014

Asset Growth

20th percentile

-2.2%

Faster asset growth than 20% of similar nonprofits.

2014 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2013 to 2014

Revenue Growth

34th percentile

0.0%

Faster revenue growth than 34% of similar nonprofits.

2014 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2013 to 2014

Balance Sheet
Liabilities / Assets95th percentile

Assets

Down

$27,839,420

Down $618,659 (-2.2%) from 2013

Net Assets

Down

-$1,723,100

Down $618,659 (-56%) from 2013

Liabilities

Flat

$29,562,520

Flat from 2013

Revenue And Expenses
Liabilities / Revenue100th percentileNet Margin1st percentile

Revenue

Up

$315,020

Up $1 (+0.0%) from 2013

Expenses

Up

$933,679

Up $25,511 (+2.8%) from 2013

Net Income

Down

-$618,659

Down $25,510 (-4.3%) from 2013

Historical Trend

Balance Sheet Trend

Asset Growth20th percentile

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

$30M$20M$10M$0-$10MAssets 2011: $29,533,137Liabilities 2011: $29,544,273Net Assets 2011: -$11,1362011Assets 2012: $29,051,228Liabilities 2012: $29,562,520Net Assets 2012: -$511,2922012Assets 2013: $28,458,079Liabilities 2013: $29,562,520Net Assets 2013: -$1,104,4412013Assets 2014: $27,839,420Liabilities 2014: $29,562,520Net Assets 2014: -$1,723,1002014Assets 2015: $27,252,945Liabilities 2015: $29,562,520Net Assets 2015: -$2,309,5752015Assets 2016: $26,659,671Liabilities 2016: $29,571,930Net Assets 2016: -$2,912,2592016Assets 2017: $26,057,181Liabilities 2017: $29,571,930Net Assets 2017: -$3,514,7492017Assets 2018: $0Liabilities 2018: $0Net Assets 2018: $02018

Highlighted filing

2014

Assets$27,839,420
Liabilities$29,562,520
Net Assets-$1,723,100
Open 2014 Filing

Operations Trend

Revenue Growth34th percentile

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

$6.0M$4.0M$2.0M$0-$2.0MRevenue 2011: $0Expenses 2011: $11,136Net Income 2011: -$11,1362011Revenue 2012: $317,020Expenses 2012: $817,176Net Income 2012: -$500,1562012Revenue 2013: $315,019Expenses 2013: $908,168Net Income 2013: -$593,1492013Revenue 2014: $315,020Expenses 2014: $933,679Net Income 2014: -$618,6592014Revenue 2015: $341,267Expenses 2015: $927,742Net Income 2015: -$586,4752015Revenue 2016: $315,110Expenses 2016: $917,794Net Income 2016: -$602,6842016Revenue 2017: $315,020Expenses 2017: $917,510Net Income 2017: -$602,4902017Revenue 2018: $4,485,689Expenses 2018: $970,940Net Income 2018: $3,514,7492018

Highlighted filing

2014

Revenue$315,020
Expenses$933,679
Net Income-$618,659
Open 2014 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2014 to Dec 31, 2014
Signed
Jun 25, 2015
Return Version
2014v5.0
Gross Receipts
$315,020
Mission and Program Overview

Mission

To acquire real estate and construct a performing arts and entertainment facility in bowling green kentucky, which will serve the charitable and educational needs of the people of south central kentucky.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$26,678,284$26,134,501▼ $543,783
Cash and Non-Interest-Bearing Accounts$271,695$236,593▼ $35,102
Total Assets$28,458,079$27,839,420▼ $618,659
Other Assets Total$1,508,100$1,468,326▼ $39,774
Liabilities
Mortgage Notes Payable Secured by Investment Property$29,536,452$29,536,452→ $0
Accounts Payable and Accrued Expenses$26,068$26,068→ $0
Total Liabilities$29,562,520$29,562,520→ $0
Net Assets / Fund Balance
Temporarily Rstr Net Assets$198,863$171,471▼ $27,392
Unrestricted Net Assets$-1,303,304$-1,894,571▼ $591,267
Total Net Assets Fund Balance$-1,104,441$-1,723,100▼ $618,659
Total Liabilities and Net Assets / Fund Balance$28,458,079$27,839,420▼ $618,659

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$22,929,524$1,540,719$24,470,243
Land$3,204,977-$3,204,977
Other Assets Org$-122,637--
Compensation and Service Providers
Top Officer Pay6th percentile

Board Members and Trustees

NameTitle
James KaelinPresident
Mary CohronBoard Director
Jan Allan ZarrDirector
Douglas GormanSecretary/treasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$20
Other Revenue
$315,000
Change in Net Assets
$-618,659

Audited Revenue Reconciliation

Revenue per Audited Statements
$315,020
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$315,020
Total Revenue per Form 990
$315,020
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$933,679
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
Depreciation Depletion$583,557--$583,557
Interest$312,894--$312,894
Fees for Services Accounting$35,374--$35,374
Other Expenses$1,854--$1,854
Total Functional Expenses$933,679$0$0$933,679

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$933,679
Total Expenses per Audited Statements$933,679
Total Expenses per Form 990$933,679
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
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
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
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
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

“Draft copy of 990 provided to board for review prior to filing.”

Form 990, Part VI, Section C, Line 19

“Organizational documents will be made available upon request.”

Filing and Contact Details

Filer

Filer Name
Skypac Tenant Inc
EIN
45-3815443
Phone
2709045025
Address
PO BOX 748, BOWLING GREEN, KY 42102

Signing Officer

Name
James Doc Kaelin
Title
President
Phone
2709045025
Signed
2015-06-25
Discuss with paid preparer
Yes

Organization Details

Principal Officer
James Doc Kaelin
Formed
2011
Legal Domicile
Ky
Voting Board Members
4
Independent Board Members
4
Employees
0
Volunteers
0

Preparer

Firm
Carr Riggs & Ingram LLC
Address
927 COLLEGE STREET, BOWLING GREEN, KY 42102-0104
Preparer
Mills L White Jr
Phone
2707820700
Supplemental Narrative

Additional Explanations

FORM 990, PART XII, LINE 2C:

“The skypac tenant board reviews the financial statements. The same board oversees the audit and the selection process.”

Financial Statement Notes

PART X, LINE 2:

“The organization follows accounting requirements associated with uncertainty in income taxes using the provisions of financial accounting standards board (fasb) asc 740, income taxes. The guidance prescribed a minimum recognition threshold and measurement methodology that a tax position taken or expected to be taken in a tax return is required before being recognized in the financial statements. It also provides guidance for derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. As of december 31, 2014, the organization has no uncertain tax positions that qualify for recognition. The organization is subject to tax reporting examinations by the u.s. Federal authorities for the years ended december 31, 2013, 2012, and 2011, respectively.”

Raw XML Appendix332 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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IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0SKYPAC TENANT, INC. (THE "ORGANIZATION") IS A NONPROFIT CORPORATION FORMED ON NOVEMBER 16, 2011, TO OPERATE EXCLUSIVELY FOR CHARITABLE AND PUBLIC PURPOSES. THE ORGANIZATION'S PRIMARY OPERATIONS ARE TO CONSTRUCT AND LEASE A PERFORMING ARTS CENTER ("THE PROJECT") IN THE AREA OF BOWLING GREEN, KENTUCKY WHICH HAS BEEN IDENTIFIED AS A LOW-INCOME COMMUNITY. THE ORGANIZATION RECEIVED LOANS AS QUALIFIED LOW-INCOME COMMUNITY INVESTMENTS ("QLICI") FROM COMMUNITY DEVELOPMENT ENTITIES ("CDES), AS PROVIDED FOR IN SECTION 45D OF THE INTERNAL REVENUE CODE ("IRC") TO CONSTRUCT THE PROJECT AND LEASES THE PROJECT TO THE SOUTHERN KENTUCKY PERFORMING ARTS CENTER, INC., THE FACILITY OPERATOR.
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION FOLLOWS ACCOUNTING REQUIREMENTS ASSOCIATED WITH UNCERTAINTY IN INCOME TAXES USING THE PROVISIONS OF FINANCIAL ACCOUNTING STANDARDS BOARD (FASB) ASC 740, INCOME TAXES. THE GUIDANCE PRESCRIBED A MINIMUM RECOGNITION THRESHOLD AND MEASUREMENT METHODOLOGY THAT A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN IS REQUIRED BEFORE BEING RECOGNIZED IN THE FINANCIAL STATEMENTS. IT ALSO PROVIDES GUIDANCE FOR DERECOGNITION, CLASSIFICATION, INTEREST AND PENALTIES, ACCOUNTING IN INTERIM PERIODS, DISCLOSURE AND TRANSITION. AS OF DECEMBER 31, 2014, THE ORGANIZATION HAS NO UNCERTAIN TAX POSITIONS THAT QUALIFY FOR RECOGNITION. THE ORGANIZATION IS SUBJECT TO TAX REPORTING EXAMINATIONS BY THE U.S. FEDERAL AUTHORITIES FOR THE YEARS ENDED DECEMBER 31, 2013, 2012, AND 2011, RESPECTIVELY.
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0DRAFT COPY OF 990 PROVIDED TO BOARD FOR REVIEW PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1ORGANIZATIONAL DOCUMENTS WILL BE MADE AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE SKYPAC TENANT BOARD REVIEWS THE FINANCIAL STATEMENTS. THE SAME BOARD OVERSEES THE AUDIT AND THE SELECTION PROCESS.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION B, LINE 11
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART XII, LINE 2C:
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToProxyTaxInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TemporarilyRstrNetAssetsGrp/BOYAmt0198863
IRS990/TemporarilyRstrNetAssetsGrp/EOYAmt0171471
IRS990/TempOrPermanentEndowmentsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt028458079
IRS990/TotalAssetsEOYAmt027839420
IRS990/TotalAssetsGrp/BOYAmt028458079
IRS990/TotalAssetsGrp/EOYAmt027839420
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0933679
IRS990/TotalFunctionalExpensesGrp/TotalAmt0933679
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt029562520
IRS990/TotalLiabilitiesEOYAmt029562520
IRS990/TotalLiabilitiesGrp/BOYAmt029562520
IRS990/TotalLiabilitiesGrp/EOYAmt029562520
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0-1104441
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0-1723100
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt0933679
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0315020
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0315020
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt028458079
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt027839420
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UnrestrictedNetAssetsGrp/BOYAmt0-1303304
IRS990/UnrestrictedNetAssetsGrp/EOYAmt0-1894571
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0PO BOX 748
IRS990/USAddress/CityNm0BOWLING GREEN
IRS990/USAddress/StateAbbreviationCd0KY
IRS990/USAddress/ZIPCd042102
IRS990/VotingMembersGoverningBodyCnt04
IRS990/VotingMembersIndependentCnt04
IRS990/WebsiteAddressTxt0N/A
IRS990/WhistleblowerPolicyInd00
ReturnHeader/BuildTS02016-02-25 16:41:14Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0JAMES DOC KAELIN
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum02709045025
ReturnHeader/BusinessOfficerGrp/SignatureDt02015-06-25
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0SKYPAC TENANT INC
ReturnHeader/Filer/BusinessNameControlTxt0SKYP
ReturnHeader/Filer/EIN0453815443
ReturnHeader/Filer/PhoneNum02709045025
ReturnHeader/Filer/USAddress/AddressLine1Txt0PO BOX 748
ReturnHeader/Filer/USAddress/CityNm0BOWLING GREEN
ReturnHeader/Filer/USAddress/StateAbbreviationCd0KY
ReturnHeader/Filer/USAddress/ZIPCd042102
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0721396621
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0CARR RIGGS & INGRAM LLC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0927 COLLEGE STREET
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0BOWLING GREEN
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0KY
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0421020104
ReturnHeader/PreparerPersonGrp/PhoneNum02707820700
ReturnHeader/PreparerPersonGrp/PreparationDt02015-06-25
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0MILLS L WHITE JR
ReturnHeader/ReturnTs02015-07-15T09:24:07-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02014-01-01
ReturnHeader/TaxPeriodEndDt02014-12-31
ReturnHeader/TaxYr02014

Document Assets

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Filings

Displayed year

2014 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$27,839,420
Liabilities
$29,562,520
Net assets
-$1,723,100
Revenue
$315,020
Expenses
$933,679
Net income
-$618,659
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2018Detailed filing. Detailed filing data is available for this year.$0.00$0.00$0.00$4.49$0.97$3.51
2017Detailed filing. Detailed filing data is available for this year.$26.1$29.6$3.51$0.32$0.92$0.60
2016Detailed filing. Detailed filing data is available for this year.$26.7$29.6$2.91$0.32$0.92$0.60
2015Detailed filing. Detailed filing data is available for this year.$27.3$29.6$2.31$0.34$0.93$0.59
2014Detailed filing. Detailed filing data is available for this year.$27.8$29.6$1.72$0.32$0.93$0.62
2013Detailed filing. Detailed filing data is available for this year.$28.5$29.6$1.10$0.32$0.91$0.59
2012Summary only. Only limited summary data is available for this year.$29.1$29.6$0.51$0.32$0.82$0.50
2011Summary only. Only limited summary data is available for this year.$29.5$29.5$0.01$0.00$0.01$0.01