Liabilities / Assets
Score unavailable
Liabilities-to-assets requires both liabilities and assets on this filing.
Siviq Scores
Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.
No value available
Liabilities / Revenue
31st percentile
Tied with the lowest-debt nonprofits in its peer group.
Net Margin
3rd percentile
Higher net margin than 3% of similar nonprofits.
Top Officer Pay
53rd percentile
Higher top officer pay than 53% of similar nonprofits.
Top officer pay equals 0.0% of source-year revenue.
Asset Growth
1st percentile
Faster asset growth than 1% of similar nonprofits.
Revenue Growth
4th percentile
Faster revenue growth than 4% of similar nonprofits.
Balance Sheet
Assets
Down$0
Down $297,603 (-100%) from 2021
Net Assets
Up$0
Up $194,079 (+100%) from 2021
Liabilities
Down$0
Down $491,682 (-100%) from 2021
Revenue And Expenses
Revenue
Down$171,180
Down $363,477 (-68%) from 2021
Expenses
Down$393,513
Down $358,666 (-48%) from 2021
Net Income
Down-$222,333
Down $4,811 (-2.2%) from 2021
Historical Trend
Jump To
Filing Snapshot
- Filing Period
- Jul 1, 2021 to Jun 30, 2022
- Signed
- Sep 12, 2022
- Return Version
- 2021v4.2
- Gross Receipts
- $653,308
Mission and Program Overview
Mission
To provided educational and consulting services to improve laboratory medicine and patient care.
Balance Sheet Detail
| Line | Beginning | End | Change |
|---|---|---|---|
| Assets | |||
| Cash and Non-Interest-Bearing Accounts | $106,242 | - | - |
| Land, Buildings, and Equipment, Net | $57,851 | - | - |
| Accounts Receivable | $6,840 | - | - |
| Prepaid Expenses and Deferred Charges | $1,061 | - | - |
| Total Assets | $297,603 | $0 | ▼ $297,603 |
| Other Assets Total | $125,609 | - | - |
| Liabilities | |||
| Other Liabilities | $393,514 | - | - |
| Unsecured Notes Loans Payable | $74,977 | - | - |
| Accounts Payable and Accrued Expenses | $12,711 | - | - |
| Deferred Revenue | $10,480 | - | - |
| Total Liabilities | $491,682 | $0 | ▼ $491,682 |
| Net Assets / Fund Balance | |||
| Net Assets Without Donor Restrictions | $-194,079 | - | - |
| Total Net Assets Fund Balance | $-194,079 | $0 | ▲ $194,079 |
| Total Liabilities and Net Assets / Fund Balance | $297,603 | $0 | ▼ $297,603 |
Asset Categories
| Asset | Book Value | Depreciation | Basis |
|---|---|---|---|
| Other Land Buildings | $55,283 | $52,467 | - |
| Equipment | $2,568 | $1,190 | - |
| Other Assets Org | $125,000 | - | - |
Compensation and Service Providers
Board Members and Trustees
| Name | Title |
|---|---|
| James E Liggins | CEO and Chairman og the Board |
| Barry Craig | Director |
| Jeanne Mumford | Director Board Secretary |
Revenue and Support
Revenue Composition
- Contributions and Grants
- $0
- Program Service Revenue
- $311,904
- Investment Income
- $-59,114
- Other Revenue
- $-81,610
- Change in Net Assets
- $-222,333
Expenses and Functional Allocation
Major Expense Lines
| Line Item | Amount |
|---|---|
| Salaries, Compensation, and Employee Benefits | $317,831 |
| Other Expenses | $75,682 |
| Grants and Similar Amounts Paid | $0 |
| Professional Fundraising Fees | $0 |
| Total Fundraising Expense | $0 |
Functional Expense Allocation
| Line Item | Program | Management | Fundraising | Total |
|---|---|---|---|---|
| Other Salaries and Wages | $172,410 | - | - | $172,410 |
| Current Officers, Directors, Trustees, and Key Employees | $107,500 | - | - | $107,500 |
| Information Technology | $30,381 | - | - | $30,381 |
| Payroll Taxes | $22,413 | - | - | $22,413 |
| Fees for Services Legal | $16,851 | - | - | $16,851 |
| Other Employee Benefits | $15,508 | - | - | $15,508 |
| Depreciation Depletion | $3,968 | - | - | $3,968 |
| Fees for Services Accounting | $3,755 | - | - | $3,755 |
| Other Expenses | $2,563 | - | - | $2,563 |
| Occupancy | $1,131 | - | - | $1,131 |
| Royalties | $700 | - | - | $700 |
| Office Expenses | $200 | - | - | $200 |
| Total Functional Expenses | $393,513 | $0 | $0 | $393,513 |
Fundraising, Events, and Gaming
- Fundraising activities
- No
- Gaming activities
- No
- Professional fundraiser used
- No
Fundraising and Gaming Totals
| Line Item | Amount |
|---|---|
| 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
| Liability | Amount |
|---|---|
| Accrued Liabilities | $403,994 |
| Symposium Facility Guarantee | $125,000 |
Governance and Compliance
Governance Checklist
- Compiled or reviewed by an accountant
- No
- Annual disclosure for covered persons
- Yes
- Backup withholding compliance
- Yes
- 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
- 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 governing body review Part VI line 11
“This return has been provided to the Board of Directors for review and comment prior to filing.”
Conflict of interest policy compliance Part VI line 12C
“Each member of the Cola Resouces Inc.s (CRIs) Board of Directors has a legal and fiduciary responsibility, while acting in the capacity of a CRI Director, to make decisions exclusively based upon what the Director belives is in the best interest of CRI. No Director should vote or take a position on any issue before the Board based upon his or her personal interests or the interests of another organization. If a Director believes that there may be a conflict affecting his or her ability to act in the best interests of CRI, that issue should be disclosaed to the Board, and the Director should recuse him or her self pending review and resolution by the Board in accordance with CRIs Conflict of Interest protocol.”
CEO executive director top management comp Part VI line 15A
“A Compensation Committee Of Cola Resources Inc,s Board of Directors composed entirely of individuals with no Conflicts of Interest as defined under IRS rules deterimines the CEOs compensation.”
Governing documents etc available to public Part VI line 19
“Cola Resources Inc. makes its governing documents, Conflict of Interest Policy and financial Statements available to the public upon request.”
Filing and Contact Details
Filer
- Filer Name
- COLA Resources Inc
- EIN
- 80-0875539
- Address
- 1607 Elm Ridge Dr, Springdale, AR 72762
Signing Officer
- Name
- James E Liggins
- Title
- CEO
- Phone
- 8772348193
- Signed
- 2022-09-12
- Discuss with paid preparer
- No
Organization Details
- Principal Officer
- James E Liggins
- Formed
- 2012
- Legal Domicile
- Md
- Voting Board Members
- 3
- Independent Board Members
- 2
- Employees
- 4
Preparer
- Firm
- Alfred J Discepolo CPA PLLC
- Address
- 4401 Charles City Road, Henrico, VA 23231
- Preparer
- Alfred J Discepolo CPA
- Phone
- 4102077627
Supplemental Narrative
Additional Explanations
Explanation of other changes in net assets or fund balances Part XI line 9
“The company terminated operations and sold off selected assets and liabilities of the company that were were purchased on 12/31/2021.”
Part XII Response or note to any line in Part XII
“This negative amount on net assets at June 30, 2022 represents the accumulated net losses of the Copy that necessitated the termination of the Company. $416,412 is the accumulation of prior periods net assets losses offset by the forgivemess of the Companys PPP Loan and the forgiveness of unpaid executive compensation obligations.”
General explanation attachment
“Due to dire financial circumstances, COLA Resources, Inc. terminated operations on 12/31/2021, and sold certain assets to Health Acquisition LLC,in exchange for the transfer of a portion of it liabilites, employment of key employees and $29,500 in cash. The Healthcare Acquisition LLC/COLA Resources, Inc. Assets Purchase Agreement and Closing Statement and Funds Flow closing documents are attached to this Form 990.”
Raw XML Appendix367 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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|---|---|---|
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| IRS990/AnnualDisclosureCoveredPrsnInd | 0 | true |
| IRS990/BackupWthldComplianceInd | 0 | true |
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| IRS990/Desc | 0 | Cola Resources, Inc. provided educational and consultive services to healthcare professionals with the goal of instructing and training these individuals to improve their skills and perform higher quality services for the communities they serve.The Educational and Consulting Programs had one overriding goal: To improve laboratory medicine and the quality of patient care associated with the day-to-day operations of laboratory medicine.The Educational Platform, offered both pace and continuing medical education credits, was tailored to all levels of clinical laboratory professionals (physicians, medical technologists, etc.). The curriculum included a diversified e-learning platform and a live symposia for healthcare participants. |
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| IRS990/DistributionToDonorInd | 0 | false |
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| IRS990/ElectionOfBoardMembersInd | 0 | false |
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| IRS990/EngagedInExcessBenefitTransInd | 0 | false |
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| IRS990/FamilyOrBusinessRlnInd | 0 | false |
| IRS990/FederalGrantAuditRequiredInd | 0 | false |
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| IRS990/FeesForServicesAccountingGrp/TotalAmt | 0 | 3755 |
| IRS990/FeesForServicesLegalGrp/ProgramServicesAmt | 0 | 16851 |
| IRS990/FeesForServicesLegalGrp/TotalAmt | 0 | 16851 |
| IRS990/FinalReturnInd | 0 | X |
| IRS990/ForeignActivitiesInd | 0 | false |
| IRS990/ForeignFinancialAccountInd | 0 | false |
| IRS990/ForeignOfficeInd | 0 | false |
| IRS990/Form1098CFiledInd | 0 | false |
| IRS990/Form8282PropertyDisposedOfInd | 0 | false |
| IRS990/Form8899Filedind | 0 | false |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRltdOrgRt | 0 | 0.00 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRltdOrgRt | 1 | 0.00 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRltdOrgRt | 2 | 0.00 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt | 0 | 0.00 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt | 1 | 0.00 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt | 2 | 60.00 |
| IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd | 0 | X |
| IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd | 1 | X |
| IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd | 2 | X |
| IRS990/Form990PartVIISectionAGrp/KeyEmployeeInd | 0 | X |
| IRS990/Form990PartVIISectionAGrp/OfficerInd | 0 | X |
| IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt | 0 | 0 |
| IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt | 1 | 0 |
| IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt | 2 | 0 |
| IRS990/Form990PartVIISectionAGrp/PersonNm | 0 | Barry Craig |
| IRS990/Form990PartVIISectionAGrp/PersonNm | 1 | Jeanne Mumford |
| IRS990/Form990PartVIISectionAGrp/PersonNm | 2 | James E Liggins |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt | 0 | 0 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt | 1 | 0 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt | 2 | 0 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt | 0 | 0 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt | 1 | 0 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt | 2 | 0 |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 0 | Director |
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| IRS990/Form990PartVIISectionAGrp/TitleTxt | 2 | CEO and Chairman og the Board |
| IRS990/Form990ProvidedToGvrnBodyInd | 0 | true |
| IRS990/FormationYr | 0 | 2012 |
| IRS990/FormerOfcrEmployeesListedInd | 0 | false |
| IRS990/FSAuditedInd | 0 | false |
| IRS990/FundraisingActivitiesInd | 0 | false |
| IRS990/GainOrLossGrp/OtherAmt | 0 | -59114 |
| IRS990/GamingActivitiesInd | 0 | false |
| IRS990/GoverningBodyVotingMembersCnt | 0 | 3 |
| IRS990/GrantsToIndividualsInd | 0 | false |
| IRS990/GrantsToOrganizationsInd | 0 | false |
| IRS990/GrantToRelatedPersonInd | 0 | false |
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| IRS990/GrossSalesOfInventoryAmt | 0 | 311904 |
| IRS990/GroupReturnForAffiliatesInd | 0 | false |
| IRS990/IncludeFIN48FootnoteInd | 0 | false |
| IRS990/IndependentAuditFinclStmtInd | 0 | false |
| IRS990/IndependentVotingMemberCnt | 0 | 2 |
| IRS990/IndivRcvdGreaterThan100KCnt | 0 | 1 |
| IRS990/IndoorTanningServicesInd | 0 | false |
| IRS990/InfoInScheduleOPartVIInd | 0 | X |
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| IRS990/InfoInScheduleOPartXIInd | 0 | X |
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| IRS990/InformationTechnologyGrp/TotalAmt | 0 | 30381 |
| IRS990/InvestmentInJointVentureInd | 0 | false |
| IRS990/IRPDocumentCnt | 0 | 4 |
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| IRS990/MinutesOfGoverningBodyInd | 0 | true |
| IRS990/MissionDesc | 0 | To provided educational and consulting services to improve laboratory medicine and patient care. |
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| IRS990ScheduleA/GrossReceiptsNonUnrltBusGrp/TotalAmt | 0 | 3654690 |
| IRS990ScheduleA/InvestmentIncomeCYPct | 0 | 0.00000 |
| IRS990ScheduleA/InvestmentIncomePYPct | 0 | 0.00000 |
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| IRS990ScheduleA/TotalSupportCalendarYearGrp/TotalAmt | 0 | 3937170 |
| IRS990/ScheduleBRequiredInd | 0 | false |
| IRS990ScheduleD/EquipmentGrp/BookValueAmt | 0 | 2568 |
| IRS990ScheduleD/EquipmentGrp/DepreciationAmt | 0 | 1190 |
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| IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt | 1 | 125000 |
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| IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/DistributionDt | 0 | 2021-12-31 |
| IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/EIN | 0 | 873637341 |
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| IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/PersonNm | 0 | Health Acquisition LLC |
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| IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/CityNm | 0 | Cary |
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| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 0 | This return has been provided to the Board of Directors for review and comment prior to filing. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 1 | Each member of the Cola Resouces Inc.s (CRIs) Board of Directors has a legal and fiduciary responsibility, while acting in the capacity of a CRI Director, to make decisions exclusively based upon what the Director belives is in the best interest of CRI. No Director should vote or take a position on any issue before the Board based upon his or her personal interests or the interests of another organization. If a Director believes that there may be a conflict affecting his or her ability to act in the best interests of CRI, that issue should be disclosaed to the Board, and the Director should recuse him or her self pending review and resolution by the Board in accordance with CRIs Conflict of Interest protocol. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 2 | A Compensation Committee Of Cola Resources Inc,s Board of Directors composed entirely of individuals with no Conflicts of Interest as defined under IRS rules deterimines the CEOs compensation. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 3 | Cola Resources Inc. makes its governing documents, Conflict of Interest Policy and financial Statements available to the public upon request. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 4 | The company terminated operations and sold off selected assets and liabilities of the company that were were purchased on 12/31/2021. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 5 | This negative amount on net assets at June 30, 2022 represents the accumulated net losses of the Copy that necessitated the termination of the Company. $416,412 is the accumulation of prior periods net assets losses offset by the forgivemess of the Companys PPP Loan and the forgiveness of unpaid executive compensation obligations. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 6 | Due to dire financial circumstances, COLA Resources, Inc. terminated operations on 12/31/2021, and sold certain assets to Health Acquisition LLC,in exchange for the transfer of a portion of it liabilites, employment of key employees and $29,500 in cash. The Healthcare Acquisition LLC/COLA Resources, Inc. Assets Purchase Agreement and Closing Statement and Funds Flow closing documents are attached to this Form 990. |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 0 | Form 990 governing body review Part VI line 11 |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 1 | Conflict of interest policy compliance Part VI line 12c |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 2 | CEO executive director top management comp Part VI line 15a |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 3 | Governing documents etc available to public Part VI line 19 |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 4 | Explanation of other changes in net assets or fund balances Part XI line 9 |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 5 | Part XII Response or note to any line in Part XII |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 6 | General explanation attachment |
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| ReturnHeader/BuildTS | 0 | 2023-04-26 12:10:37Z |
| ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd | 0 | false |
| ReturnHeader/BusinessOfficerGrp/PersonNm | 0 | James E Liggins |
| ReturnHeader/BusinessOfficerGrp/PersonTitleTxt | 0 | CEO |
| ReturnHeader/BusinessOfficerGrp/PhoneNum | 0 | 8772348193 |
| ReturnHeader/BusinessOfficerGrp/SignatureDt | 0 | 2022-09-12 |
| ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt | 0 | COLA Resources Inc |
| ReturnHeader/Filer/BusinessNameControlTxt | 0 | COLA |
| ReturnHeader/Filer/EIN | 0 | 800875539 |
| ReturnHeader/Filer/USAddress/AddressLine1Txt | 0 | 1607 Elm Ridge Dr |
| ReturnHeader/Filer/USAddress/CityNm | 0 | Springdale |
| ReturnHeader/Filer/USAddress/StateAbbreviationCd | 0 | AR |
| ReturnHeader/Filer/USAddress/ZIPCd | 0 | 72762 |
| ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt | 0 | Alfred J Discepolo CPA PLLC |
| ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt | 0 | 4401 Charles City Road |
| ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm | 0 | Henrico |
| ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd | 0 | VA |
| ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd | 0 | 23231 |
| ReturnHeader/PreparerPersonGrp/PhoneNum | 0 | 4102077627 |
| ReturnHeader/PreparerPersonGrp/PreparationDt | 0 | 2022-09-13 |
| ReturnHeader/PreparerPersonGrp/PreparerPersonNm | 0 | Alfred J Discepolo CPA |
| ReturnHeader/PreparerPersonGrp/SelfEmployedInd | 0 | X |
| ReturnHeader/ReturnTs | 0 | 2022-09-13T17:01:12-04:00 |
| ReturnHeader/ReturnTypeCd | 0 | 990 |
| ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm | 0 | James |
| ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm | 0 | Liggins |
| ReturnHeader/TaxPeriodBeginDt | 0 | 2021-07-01 |
| ReturnHeader/TaxPeriodEndDt | 0 | 2022-06-30 |
| ReturnHeader/TaxYr | 0 | 2021 |
Document Assets
No mirrored PDF or thumbnail assets are attached yet.
Filings
Displayed year
2022 • Form 990Detailed filing. Detailed filing data is available for this year.
- Assets
- $0
- Liabilities
- $0
- Net assets
- $0
- Revenue
- $171,180
- Expenses
- $393,513
- Net income
- -$222,333