Civic Intelligence

Skypac Tenant Inc

990 • Fiscal year 2018 • EIN 45-3815443

Jan 01, 2018 to Dec 31, 2018 • Filed on Mar 23, 2019

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

(270) 904-5025

Siviq Scores

Scores are not available for this record yet.

Balance Sheet

Assets

Flat

$0

Flat from 2018

Net Assets

Flat

$0

Flat from 2018

Liabilities

Flat

$0

Flat from 2018

Revenue And Expenses

Revenue

Flat

$4,485,689

Flat from 2018

Expenses

Flat

$970,940

Flat from 2018

Net Income

Flat

$3,514,749

Flat from 2018

Historical Trend

Balance Sheet Trend

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: $02018Assets 2018: $0Liabilities 2018: $0Net Assets 2018: $02018

Highlighted filing

2018

Assets$0
Liabilities$0
Net Assets$0
Open 2018 Filing

Operations Trend

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: $3,514,7492018Revenue 2018: $4,485,689Expenses 2018: $970,940Net Income 2018: $3,514,7492018

Highlighted filing

2018

Revenue$4,485,689
Expenses$970,940
Net Income$3,514,749
Open 2018 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2018 to Dec 31, 2018
Signed
Mar 23, 2019
Return Version
2018v3.1
Gross Receipts
$4,485,689
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$24,503,152$0▼ $24,503,152
Cash and Non-Interest-Bearing Accounts$155,873$0▼ $155,873
Accounts Receivable$49,152$0▼ $49,152
Savings and Temporary Cash Investments-$0-
Other Notes and Loans Receivable, Net-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Prepaid Expenses and Deferred Charges-$0-
Total Assets$26,057,181$0▼ $26,057,181
Other Assets Total$1,349,004$0▼ $1,349,004
Liabilities
Mortgage Notes Payable Secured by Investment Property$29,536,452--
Accounts Payable and Accrued Expenses$35,478--
Total Liabilities$29,571,930$0▼ $29,571,930
Net Assets / Fund Balance
Temporarily Rstr Net Assets$49,152$0▼ $49,152
Unrestricted Net Assets$-3,563,901$0▲ $3,563,901
Total Net Assets Fund Balance$-3,514,749$0▲ $3,514,749
Total Liabilities and Net Assets / Fund Balance$26,057,181$0▼ $26,057,181
Compensation and Service Providers

Board Members and Trustees

NameTitle
James KaelinChair
Rick MccueDirector
Douglas GormanSecretary/treasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$42
Other Revenue
$4,485,647
Change in Net Assets
$3,514,749
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$970,940
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$580,248--$580,248
Interest$316,539--$316,539
Fees for Services Accounting-$9,825-$9,825
Other Expenses-$1,681-$1,681
Total Functional Expenses$896,787$74,153$0$970,940
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
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
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 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
2019-03-23
Discuss with paid preparer
Yes

Organization Details

Principal Officer
James Doc Kaelin
Formed
2011
Legal Domicile
Ky
Voting Board Members
3
Independent Board Members
3
Employees
0
Volunteers
0

Preparer

Firm
Carr Riggs & Ingram LLC
Address
922 STATE ST SUITE100, BOWLING GREEN, KY 42102
Preparer
Mills L White Jr
Phone
2707820700
Supplemental Narrative

Additional Explanations

Form 990, Part III, Line 3

“The organization supported skypac, inc. And was created for a specific purpose related to the new market credit program and it's related debt. The program ended in 2018, so this entity is not necessary to continue past 2018 in its operations. Debt was offset against the related capital lease, then forgiven as applicable.”

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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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IRS990/ProgSrvcAccomActy2Grp/Desc0THIS ENTITY, WHICH WAS DESIGNED TO SUPPORT SKYPAC INC (EIN 61-1381629) ALONGSIDE SKYPAC LENDER (EIN 45-3814566) HELD A CAPITALIZED LEASE FOR ASSETS AND THE RELATED DEBT. THESE NOTES WERE FORGIVEN AND THE OFFSETTING DIFFERENCE FOR THE NOTES AND THE BOOK VALUE OF THE ASSETS RESULTED IN BOOK INCOME OF $4,264,540. THERE WAS NOT ANY CASH RECEIVED BUT THIS ENTITY AND PREVIOUSLY MENTIONED SKYPAC LENDER WERE MERGED INTO THEIR SUPPORTING ORGANIZATION, SKYPAC INC. SKYPAC INC IS A GOVERNMENTAL AGENCY AND THE BUILDING ASSETS HAD ALWAYS BEEN TITLED IN THAT AGENCY'S NAME. THIS ENTITY WAS USED TO HOLD THE DEBT WHICH WAS FORGIVEN.
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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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IRS990ScheduleN/SupplementalInformationDetail/ExplanationTxt0THIS ENTITY, WHICH WAS DESIGNED TO SUPPORT SKYPAC INC (EIN 61-1381629) ALONGSIDE SKYPAC LENDER (EIN 45-3814566) HELD LIABILITES THAT WERE FORGIVEN UNDER THE NEW MARKET CREDIT PROGRAM. IT WAS NOT NECESSARY TO CONTINUE THIS ENTITY AND EVERYTHING WAS LIQUIDATED INTO THE GOVERNMENTAL AGENCY. THERE WAS NOT A CASH TRANSFER AS THE LIABILITIES WERE FORGIVEN.
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION SUPPORTED SKYPAC, INC. AND WAS CREATED FOR A SPECIFIC PURPOSE RELATED TO THE NEW MARKET CREDIT PROGRAM AND IT'S RELATED DEBT. THE PROGRAM ENDED IN 2018, SO THIS ENTITY IS NOT NECESSARY TO CONTINUE PAST 2018 IN ITS OPERATIONS. DEBT WAS OFFSET AGAINST THE RELATED CAPITAL LEASE, THEN FORGIVEN AS APPLICABLE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1DRAFT COPY OF 990 PROVIDED TO BOARD FOR REVIEW PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2ORGANIZATIONAL DOCUMENTS WILL BE MADE AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART III, LINE 3
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IRS990/TaxExemptBondsInd00
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IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt074153
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0896787
IRS990/TotalFunctionalExpensesGrp/TotalAmt0970940
IRS990/TotalGrossUBIAmt00
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IRS990/TotalProgramServiceExpensesAmt0896787
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IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
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IRS990/TotReportableCompRltdOrgAmt00
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IRS990/UnrelatedBusIncmOverLimitInd00
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IRS990/VotingMembersGoverningBodyCnt03
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IRS990/WebsiteAddressTxt0N/A
IRS990/WhistleblowerPolicyInd00
ReturnHeader/BuildTS02019-02-21 02:37:17Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0JAMES DOC KAELIN
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum02709045025
ReturnHeader/BusinessOfficerGrp/SignatureDt02019-03-23
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
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ReturnHeader/FilingSecurityInformation/AtSubmissionCreationDeviceId0DA39A3EE5E6B4B0D3255BFEF95601890AFD80709
ReturnHeader/FilingSecurityInformation/AtSubmissionFilingDeviceId0EAEB170CAB57C1DA947F5EC3204181236A290944
ReturnHeader/FilingSecurityInformation/FilingLicenseTypeCd0P
ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt076.190.101.106
ReturnHeader/FilingSecurityInformation/IPDt02019-03-23
ReturnHeader/FilingSecurityInformation/IPTimezoneCd0CD
ReturnHeader/FilingSecurityInformation/IPTm011:51:50
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0721396621
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0CARR RIGGS & INGRAM LLC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0922 STATE ST SUITE100
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0BOWLING GREEN
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0KY
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd042102
ReturnHeader/PreparerPersonGrp/PhoneNum02707820700
ReturnHeader/PreparerPersonGrp/PreparationDt02019-03-23
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0MILLS L WHITE JR
ReturnHeader/ReturnTs02019-04-02T13:23:50-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02018-01-01
ReturnHeader/TaxPeriodEndDt02018-12-31
ReturnHeader/TaxYr02018

Document Assets

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Filings

Displayed year

2018 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$0
Liabilities
$0
Net assets
$0
Revenue
$4,485,689
Expenses
$970,940
Net income
$3,514,749
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
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