Civic Intelligence

Catapult Lakeland Inc.

990 • Fiscal year 2015 • EIN 80-0945525

Jan 01, 2015 to Dec 31, 2015 • Filed on Nov 08, 2016

226 North Kentucky AvenueLakeland, FL 33801

(863) 687-3788

Siviq Scores

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

Liabilities / Assets

17th percentile

0.00x

Higher debt load relative to assets than 17% of similar nonprofits.

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

Liabilities / Revenue

15th percentile

0.00x

Higher debt load relative to revenue than 15% 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

35th percentile

$0

Higher top officer pay than 35% of similar nonprofits.

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

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

Asset Growth

99th percentile

610%

Faster asset growth than 99% of similar nonprofits.

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

Revenue Growth

99th percentile

591%

Faster revenue growth than 99% of similar nonprofits.

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

Assets

Up

$2,507,878

Up $2,154,519 (+610%) from 2014

Net Assets

Up

$2,504,049

Up $2,154,519 (+616%) from 2014

Liabilities

Flat

$3,829

Flat from 2014

Revenue

Up

$2,418,190

Up $2,068,153 (+591%) from 2014

Expenses

Up

$264,038

Up $64,347 (+32%) from 2014

Net Income

Up

$2,154,152

Up $2,003,806 (+1333%) from 2014

Historical Trend

Balance Sheet Trend

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

$15M$10M$5.0M$0-$5.0MAssets 2013: $323,805Liabilities 2013: $14,871Net Assets 2013: $308,9342013Assets 2014: $353,359Liabilities 2014: $3,829Net Assets 2014: $349,5302014Assets 2015: $2,507,878Liabilities 2015: $3,829Net Assets 2015: $2,504,0492015Assets 2016: $3,527,030Liabilities 2016: $7,895Net Assets 2016: $3,519,1352016Assets 2017: $6,910,041Liabilities 2017: $9,342Net Assets 2017: $6,900,6992017Assets 2018: $10,048,988Liabilities 2018: $2,676Net Assets 2018: $10,046,3122018Assets 2019: $11,138,199Liabilities 2019: $4,272Net Assets 2019: $11,133,9272019Assets 2020: $12,740,349Liabilities 2020: -$1,034Net Assets 2020: $12,741,3832020Assets 2021: $12,484,632Liabilities 2021: $3,251Net Assets 2021: $12,481,3812021Assets 2022: $12,299,274Liabilities 2022: $17,439Net Assets 2022: $12,281,8352022Assets 2023: $12,207,944Liabilities 2023: $0Net Assets 2023: $12,207,9442023Assets 2024: $12,097,602Liabilities 2024: $3,868Net Assets 2024: $12,093,7342024

Highlighted filing

2015

Assets$2,507,878
Liabilities$3,829
Net Assets$2,504,049

Operations Trend

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

$6.0M$4.0M$2.0M$0-$2.0MRevenue 2013: $239,054Expenses 2013: $113,607Net Income 2013: $125,4472013Revenue 2014: $350,037Expenses 2014: $199,691Net Income 2014: $150,3462014Revenue 2015: $2,418,190Expenses 2015: $264,038Net Income 2015: $2,154,1522015Revenue 2016: $1,853,655Expenses 2016: $838,569Net Income 2016: $1,015,0862016Revenue 2017: $4,989,216Expenses 2017: $1,607,652Net Income 2017: $3,381,5642017Revenue 2018: $4,350,076Expenses 2018: $1,204,463Net Income 2018: $3,145,6132018Revenue 2019: $2,168,258Expenses 2019: $1,080,643Net Income 2019: $1,087,6152019Revenue 2020: $2,793,681Expenses 2020: $1,186,225Net Income 2020: $1,607,4562020Revenue 2021: $908,790Expenses 2021: $1,168,792Net Income 2021: -$260,0022021Revenue 2022: $1,506,846Expenses 2022: $1,706,392Net Income 2022: -$199,5462022Revenue 2023: $1,549,205Expenses 2023: $1,623,096Net Income 2023: -$73,8912023Revenue 2024: $1,656,711Expenses 2024: $1,770,921Net Income 2024: -$114,2102024

Highlighted filing

2015

Revenue$2,418,190
Expenses$264,038
Net Income$2,154,152
Jump To
Filing Snapshot
Filing Period
Jan 1, 2015 to Dec 31, 2015
Signed
Nov 8, 2016
Return Version
2015v2.1
Gross Receipts
$2,418,190
Mission and Program Overview

Mission

Catapult puts creative capital to work through educational and mentoring programs that: support the professional growth of entrepreneurs, artisans and emerging leaders; help entrepreneurs build and develop sustainable and viable ventures; enables the development of visionary ideas for the lakeland, fl community, as well as central florida; showcase entrepreneurial successes and ideas, as well as establish a platform for social interaction.

Catapult Lakeland, Inc. was established in august 2013 to help fuel the formation and developement of start-up companies and innovative ideas in the lakeland, florida area

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$113,482$1,350,345▲ $1,236,863
Land, Buildings, and Equipment, Net$220,051$1,089,098▲ $869,047
Accounts Receivable$0$45,000▲ $45,000
Savings and Temporary Cash Investments$0$0→ $0
Other Notes and Loans Receivable, Net$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Investments in Publicly Traded Securities$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Prepaid Expenses and Deferred Charges$0$0→ $0
Total Assets$353,359$2,507,878▲ $2,154,519
Other Assets Total$19,826$23,435▲ $3,609
Liabilities
Other Liabilities$3,829$3,829→ $0
Accounts Payable and Accrued Expenses$0$0→ $0
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$3,829$3,829→ $0
Net Assets / Fund Balance
Unrestricted Net Assets$349,530$2,504,049▲ $2,154,519
Permanently Rstr Net Assets$0$0→ $0
Temporarily Rstr Net Assets$0$0→ $0
Total Net Assets Fund Balance$349,530$2,504,049▲ $2,154,519
Total Liabilities and Net Assets / Fund Balance$353,359$2,507,878▲ $2,154,519

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$882,894$943$883,837
Leasehold Improvements$152,883$12,194$165,077
Equipment$53,321$20,454$73,775
Compensation and Service Providers

Board Members and Trustees

NameTitle
Brian PhilpotChairman
L Ira AndersonPast Chairman
Jeff ChamberlainDirector
Wesley BeckDirector
David D HallockSecretary
Todd BaylisTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$2,343,047
Program Service Revenue
$71,625
Investment Income
$302
Other Revenue
$3,216
All Other Contributions
$2,298,047
Change in Net Assets
$2,154,152
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$132,522
Salaries, Compensation, and Employee Benefits$131,516
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$105,213$26,303-$131,516
Office Expenses$21,451$5,363-$26,814
Occupancy$20,811$5,203-$26,014
Depreciation Depletion$13,688$3,422-$17,110
Fees for Services Other-$13,920-$13,920
Advertising$10,397--$10,397
Other Expenses$5,994$1,499-$7,493
Travel$2,668$667-$3,335
Insurance-$2,544-$2,544
Total Functional Expenses$188,982$75,056$0$264,038
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
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Due to Ledc$3,829
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
Annual disclosure for covered persons
Yes
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
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, part VI, section B, line 11:

the board of directors reviews the form 990 before it is filed and designates one of its members to discuss any questions with the cpa who prepared the return.

form 990, part VI, section B, line 12C:

we monitor any interests with our board of directors and volunteer legal counsel.

form 990, part VI, section C, line 19:

the organization makes its governing documents, conflict of interest policy, and financial statements available to the public by having them available in the corporate office and by mail upon request.

Filing and Contact Details

Filer

Filer Name
Catapult Lakeland Inc
EIN
80-0945525
In Care Of
% LAURA L TAYLOR
Phone
8636873788
Address
226 North Kentucky Avenue, Lakeland, FL 33801

Signing Officer

Name
Brian Philpot
Title
Chairman
Phone
8636873788
Signed
2016-11-08
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Brian Philpot
Formed
2013
Legal Domicile
Fl
Voting Board Members
6
Independent Board Members
6
Employees
0
Volunteers
75

Preparer

Firm
Bdo USA Llp
Address
525 Pope Ave NW, Winter Haven, FL 33881
Preparer
Anne McHugh CPA
Phone
8632995638
Supplemental Narrative

Additional Explanations

Form 990 Part I, Line 1:

Through educational and mentoring programs. Catapult provides an atmosphere for education, mentoring, training and accelerating innovative ideas to help entrepreneurs learn how to build stronger businesses. Catapult provides educational opportunities and resources that allow entrepreneurs to pitch and flush out ideas to catapult their businesses to the next level, as well as identify technologies or business gaps and provide value-added solutions. Catapult is a place where ideas can be shared and problems can be solved in an entrepreneurial culture that encourages and fosters innovation for the betterment of the lakeland community.

Form 990 Part III, Line 1:

Catapult puts creative capital to work through educational and mentoring programs that: Support the professional growth of entrepreneurs, artisans and emerging leaders; Help entrepreneurs build and develop sustainable and viable ventures; Enable the development of visionary ideas for the Lakeland community; Showcase entrepreneurial successes and ideas, as well as establish a platform for social interaction.

form 990 Part III, Line 4A: Program Service One

CO.STARTERS is a business-planning course, designed to position startups for greater sustainability in their business ventures. CO.STARTERS is a nine-week course, convening one evening a week for three hours and is facilitated by MBA's and serial entrepreneurs. Guest speakers are invited from leading marketing, design, web development, content-sourcing, accounting and law firms in Lakeland. Throughout the course, participants identify and test business assumptions through customer interactions, develop a functioning business model, learn valuable management and marketing skills, and receive constructive feedback from advisors, peers, and former grads. The relationships and connections formed within this class are also very valuable to the entrepreneurs. This program launched in January 2014 when Catapult Lakeland, Inc opened its doors and has graduated 3 classes of more than 45 entrepreneurs in 2015.

Form 990 Part III, Line 4B: Program Service Two

Students from each of these educational institutions would form teams of 5-7, with 5 to 7 teams participating in the course. Teams would be selected on the basis of functional/industry interest. The Innovation and Design Course during the first 9 weeks, students use Co.Starters to learn the ins and outs of a robust business model. During the 2nd 9 weeks, students work with mentors from the community to make their ideas come to life. The course culminates in a pitch night where students pitch their ideas to a panel who has invested in several ideas to see them come to fruition in our community.

Form 990 Part III, Line 4C: Program Service Three

The relationship between mentor and mentee will last 3-months. We call this a mentor cycle. During these three months you should expect to meet once per month, perhaps for lunch or coffee. Each meeting will probably be 60-90 minutes. While each mentor will have his or her own style, remember the primary goal of these meetings is to attack a specific challenge facing your business and make forward progress. Our program is open to all Catapult entrepreneurs/mentees, but the best candidates are usually actively working on a startup and have a specific topic or problem where they could use help from an experienced mentor. Catapult Lakeland also offers the following programming: Lunch & Learns Workshops - 1 hour training on a specific topic; Seminars - 2-3 Hour in-depth training on a specific topic; Office Hours - Questions answered by a professional. More than 200 people have particpated in free or low-cost educational workshops and training in 2015.

form 990, part IX, statement of functional expenses lines 5-10:

payroll expense represents amounts paid to lakeland economic developement council (ledc) for use of ledc employees for catapult purposes.

Financial Statement Notes

PART X, LINE 2:

The company identifies and evaluates uncertain tax positions, if any, and recognizes the impact of uncertain tax positions for which there is a less than more-likely-than-not probability of the position being upheld when reviewed by the relevant taxing authority. Such positions are deemed to be unrecognized tax benefits and a corresponding liability is established on the statement of financial position. The company has not recognized a liability for uncertain tax positions. If there were an unrecognized tax benefit, the company would recognize interest accrued related to unrecognized tax benefits in interest expense and penalties in management and general expenses. The company's open tax years subject to examinination by the internal revenue service generally remain open for three years from the date of filing.

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IRS990/ProgSrvcAccomActy2Grp/Desc0Innovation & Design Course our education partners Polk State College, Florida Southern College, Southeastern University, Florida Polytechnic University and Keiser University have created an intercollegiate interdisciplinary innovation, Four Credit Hour course to be taught at Catapult during a semester The course will be offered at both the undergraduate and graduate levels.
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IRS990/ProgSrvcAccomActy3Grp/Desc0Catapults mentor program facilitates one-on-one relationships that are mutually beneficial to both mentor and mentee. These individual relationships result in personal and professional accomplishments for both parties. All other aspects of the program inherently support the relationship and well-rounded development of the mentee.
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE COMPANY IDENTIFIES AND EVALUATES UNCERTAIN TAX POSITIONS, IF ANY, AND RECOGNIZES THE IMPACT OF UNCERTAIN TAX POSITIONS FOR WHICH THERE IS A LESS THAN MORE-LIKELY-THAN-NOT PROBABILITY OF THE POSITION BEING UPHELD WHEN REVIEWED BY THE RELEVANT TAXING AUTHORITY. SUCH POSITIONS ARE DEEMED TO BE UNRECOGNIZED TAX BENEFITS AND A CORRESPONDING LIABILITY IS ESTABLISHED ON THE STATEMENT OF FINANCIAL POSITION. THE COMPANY HAS NOT RECOGNIZED A LIABILITY FOR UNCERTAIN TAX POSITIONS. IF THERE WERE AN UNRECOGNIZED TAX BENEFIT, THE COMPANY WOULD RECOGNIZE INTEREST ACCRUED RELATED TO UNRECOGNIZED TAX BENEFITS IN INTEREST EXPENSE AND PENALTIES IN MANAGEMENT AND GENERAL EXPENSES. THE COMPANY'S OPEN TAX YEARS SUBJECT TO EXAMININATION BY THE INTERNAL REVENUE SERVICE GENERALLY REMAIN OPEN FOR THREE YEARS FROM THE DATE OF FILING.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THROUGH EDUCATIONAL AND MENTORING PROGRAMS. CATAPULT PROVIDES AN ATMOSPHERE FOR EDUCATION, MENTORING, TRAINING AND ACCELERATING INNOVATIVE IDEAS TO HELP ENTREPRENEURS LEARN HOW TO BUILD STRONGER BUSINESSES. CATAPULT PROVIDES EDUCATIONAL OPPORTUNITIES AND RESOURCES THAT ALLOW ENTREPRENEURS TO PITCH AND FLUSH OUT IDEAS TO CATAPULT THEIR BUSINESSES TO THE NEXT LEVEL, AS WELL AS IDENTIFY TECHNOLOGIES OR BUSINESS GAPS AND PROVIDE VALUE-ADDED SOLUTIONS. CATAPULT IS A PLACE WHERE IDEAS CAN BE SHARED AND PROBLEMS CAN BE SOLVED IN AN ENTREPRENEURIAL CULTURE THAT ENCOURAGES AND FOSTERS INNOVATION FOR THE BETTERMENT OF THE LAKELAND COMMUNITY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1Catapult puts creative capital to work through educational and mentoring programs that: Support the professional growth of entrepreneurs, artisans and emerging leaders; Help entrepreneurs build and develop sustainable and viable ventures; Enable the development of visionary ideas for the Lakeland community; Showcase entrepreneurial successes and ideas, as well as establish a platform for social interaction.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2CO.STARTERS is a business-planning course, designed to position startups for greater sustainability in their business ventures. CO.STARTERS is a nine-week course, convening one evening a week for three hours and is facilitated by MBA's and serial entrepreneurs. Guest speakers are invited from leading marketing, design, web development, content-sourcing, accounting and law firms in Lakeland. Throughout the course, participants identify and test business assumptions through customer interactions, develop a functioning business model, learn valuable management and marketing skills, and receive constructive feedback from advisors, peers, and former grads. The relationships and connections formed within this class are also very valuable to the entrepreneurs. This program launched in January 2014 when Catapult Lakeland, Inc opened its doors and has graduated 3 classes of more than 45 entrepreneurs in 2015.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3Students from each of these educational institutions would form teams of 5-7, with 5 to 7 teams participating in the course. Teams would be selected on the basis of functional/industry interest. The Innovation and Design Course during the first 9 weeks, students use Co.Starters to learn the ins and outs of a robust business model. During the 2nd 9 weeks, students work with mentors from the community to make their ideas come to life. The course culminates in a pitch night where students pitch their ideas to a panel who has invested in several ideas to see them come to fruition in our community.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4The relationship between mentor and mentee will last 3-months. We call this a mentor cycle. During these three months you should expect to meet once per month, perhaps for lunch or coffee. Each meeting will probably be 60-90 minutes. While each mentor will have his or her own style, remember the primary goal of these meetings is to attack a specific challenge facing your business and make forward progress. Our program is open to all Catapult entrepreneurs/mentees, but the best candidates are usually actively working on a startup and have a specific topic or problem where they could use help from an experienced mentor. Catapult Lakeland also offers the following programming: Lunch & Learns Workshops - 1 hour training on a specific topic; Seminars - 2-3 Hour in-depth training on a specific topic; Office Hours - Questions answered by a professional. More than 200 people have particpated in free or low-cost educational workshops and training in 2015.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5the board of directors reviews the form 990 before it is filed and designates one of its members to discuss any questions with the cpa who prepared the return.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6we monitor any interests with our board of directors and volunteer legal counsel.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7the organization makes its governing documents, conflict of interest policy, and financial statements available to the public by having them available in the corporate office and by mail upon request.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt8payroll expense represents amounts paid to lakeland economic developement council (ledc) for use of ledc employees for catapult purposes.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990 Part I, Line 1:
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990 Part III, Line 1:
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2form 990 Part III, Line 4a: Program Service One
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990 Part III, Line 4b: Program Service Two
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990 Part III, Line 4c: Program Service Three
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Form 990, part vi, section b, line 11:
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6form 990, part vi, section b, line 12c:
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7form 990, part vi, section c, line 19:
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc8form 990, part ix, statement of functional expenses lines 5-10:
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