Civic Intelligence

Skypac Tenant Inc

990 • Fiscal year 2016 • EIN 45-3815443

Jan 01, 2016 to Dec 31, 2016 • Filed on May 03, 2017

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

96th percentile

1.11x

Higher debt load relative to assets than 96% of similar nonprofits.

2016 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2016

Liabilities / Revenue

99th percentile

93.85x

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

2016 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2016

Net Margin

2nd percentile

-191%

Higher net margin than 2% of similar nonprofits.

2016 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2016

Top Officer Pay

7th percentile

$0

Higher top officer pay than 7% of similar nonprofits.

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

2016 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2016

Asset Growth

28th percentile

-2.2%

Faster asset growth than 28% of similar nonprofits.

2016 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2015 to 2016

Revenue Growth

24th percentile

-7.7%

Faster revenue growth than 24% of similar nonprofits.

2016 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2015 to 2016

Balance Sheet
Liabilities / Assets96th percentile

Assets

Down

$26,659,671

Down $593,274 (-2.2%) from 2015

Net Assets

Down

-$2,912,259

Down $602,684 (-26%) from 2015

Liabilities

Up

$29,571,930

Up $9,410 (+0.0%) from 2015

Revenue And Expenses
Liabilities / Revenue99th percentileNet Margin2nd percentile

Revenue

Down

$315,110

Down $26,157 (-7.7%) from 2015

Expenses

Down

$917,794

Down $9,948 (-1.1%) from 2015

Net Income

Down

-$602,684

Down $16,209 (-2.8%) from 2015

Historical Trend

Balance Sheet Trend

Asset Growth28th 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

2016

Assets$26,659,671
Liabilities$29,571,930
Net Assets-$2,912,259
Open 2016 Filing

Operations Trend

Revenue Growth24th 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

2016

Revenue$315,110
Expenses$917,794
Net Income-$602,684
Open 2016 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2016 to Dec 31, 2016
Signed
May 3, 2017
Return Version
2016v3.0
Gross Receipts
$315,110
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$25,590,718$25,046,935▼ $543,783
Cash and Non-Interest-Bearing Accounts$233,675$223,958▼ $9,717
Total Assets$27,252,945$26,659,671▼ $593,274
Other Assets Total$1,428,552$1,388,778▼ $39,774
Liabilities
Mortgage Notes Payable Secured by Investment Property$29,536,452$29,536,452→ $0
Accounts Payable and Accrued Expenses$26,068$35,478▲ $9,410
Total Liabilities$29,562,520$29,571,930▲ $9,410
Net Assets / Fund Balance
Temporarily Rstr Net Assets$124,016$86,604▼ $37,412
Unrestricted Net Assets$-2,433,591$-2,998,863▼ $565,272
Total Net Assets Fund Balance$-2,309,575$-2,912,259▼ $602,684
Total Liabilities and Net Assets / Fund Balance$27,252,945$26,659,671▼ $593,274

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$21,841,958$2,628,285$24,470,243
Land$3,204,977-$3,204,977
Other Assets Org$-202,185--
Compensation and Service Providers
Top Officer Pay7th percentile

Board Members and Trustees

NameTitle
James KaelinChair
Rick MccueDirector From May to December
Jan Allan ZarrDirector Thru May
Douglas GormanSecretary/treasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$110
Other Revenue
$315,000
Change in Net Assets
$-602,684

Audited Revenue Reconciliation

Revenue per Audited Statements
$315,110
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$315,110
Total Revenue per Form 990
$315,110
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$917,794
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$543,783--$543,783
Interest$352,685--$352,685
Fees for Services Accounting-$9,410-$9,410
Other Expenses-$1,916-$1,916
Total Functional Expenses$896,468$21,326$0$917,794

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$917,794
Total Expenses per Audited Statements$917,794
Total Expenses per Form 990$917,794
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
Backup withholding compliance
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 11B

“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
2017-05-03
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
922 STATE STREET SUITE 100, 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, 2016, the organization has no uncertain tax positions that qualify for recognition.”

Raw XML Appendix344 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, 2016, THE ORGANIZATION HAS NO UNCERTAIN TAX POSITIONS THAT QUALIFY FOR RECOGNITION.
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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 11B
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/BOYAmt0124016
IRS990/TemporarilyRstrNetAssetsGrp/EOYAmt086604
IRS990/TempOrPermanentEndowmentsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt027252945
IRS990/TotalAssetsEOYAmt026659671
IRS990/TotalAssetsGrp/BOYAmt027252945
IRS990/TotalAssetsGrp/EOYAmt026659671
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt021326
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0896468
IRS990/TotalFunctionalExpensesGrp/TotalAmt0917794
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt029562520
IRS990/TotalLiabilitiesEOYAmt029571930
IRS990/TotalLiabilitiesGrp/BOYAmt029562520
IRS990/TotalLiabilitiesGrp/EOYAmt029571930
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0-2309575
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0-2912259
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt0896468
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0315110
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0315110
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt027252945
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt026659671
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UnrestrictedNetAssetsGrp/BOYAmt0-2433591
IRS990/UnrestrictedNetAssetsGrp/EOYAmt0-2998863
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/BuildTS02017-02-10 21:41:12Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0JAMES DOC KAELIN
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum02709045025
ReturnHeader/BusinessOfficerGrp/SignatureDt02017-05-03
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/FilingSecurityInformation/AtSubmissionCreationDeviceId08439FF011F3BD7B3E8AC4C2D6BB64EC62D45F482
ReturnHeader/FilingSecurityInformation/AtSubmissionFilingDeviceId0EAEB170CAB57C1DA947F5EC3204181236A290944
ReturnHeader/FilingSecurityInformation/FilingLicenseTypeCd0P
ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt012.191.170.219
ReturnHeader/FilingSecurityInformation/IPDt02017-05-03
ReturnHeader/FilingSecurityInformation/IPTimezoneCd0CD
ReturnHeader/FilingSecurityInformation/IPTm009:23:43
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0721396621
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0CARR RIGGS & INGRAM LLC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0922 STATE STREET SUITE 100
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0BOWLING GREEN
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0KY
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0421020104
ReturnHeader/PreparerPersonGrp/PhoneNum02707820700
ReturnHeader/PreparerPersonGrp/PreparationDt02017-05-03
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0MILLS L WHITE JR
ReturnHeader/ReturnTs02017-05-09T12:56:10-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02016-01-01
ReturnHeader/TaxPeriodEndDt02016-12-31
ReturnHeader/TaxYr02016

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2016 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$26,659,671
Liabilities
$29,571,930
Net assets
-$2,912,259
Revenue
$315,110
Expenses
$917,794
Net income
-$602,684
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