Civic Intelligence

Commonwealth Center For

EIN 83-2425275 • 501(c)3 • Frankfort, KY

Profile

The organization's mission is to support and accelerate science and technology invention and entrepreneurship across the state of kentucky by providing capital investments to small and medium-sized kentucky based companies while administering the initiatives and programs of the kentucky innovation act, including administering the objectives of the kentucky enterprise fund, the kentucky rural innovation fund, and the kentucky commercialization fund

300 West Broadway StFrankfort, KY 40601

c3.kyinnovation.com

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

Score unavailable

No value available

Liabilities-to-assets requires both liabilities and assets on the latest valid filing.

Source year 2020

Liabilities / Revenue

61st percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

501(c)3 • <$500k nonprofits • Source year 2020

Net Margin

1st percentile

-34011%

Higher net margin than 1% of similar nonprofits.

501(c)3 • <$500k nonprofits • Source year 2020

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

9th percentile

-100%

Faster asset growth than 9% of similar nonprofits.

501(c)3 • <$500k nonprofits • Annualized from 2019 to 2020

Revenue Growth

3rd percentile

-100%

Faster revenue growth than 3% of similar nonprofits.

501(c)3 • <$500k nonprofits • Annualized from 2019 to 2020

Assets

Down

$0

Down $14,770,259 (-100%) from 2019

Liabilities

Flat

$0

Flat from 2019

Net Assets

Down

$0

Down $14,770,259 (-100%) from 2019

Revenue

Down

$43,428

Down $14,726,846 (-100%) from 2019

Expenses

Up

$14,813,687

Up $14,813,672 (+98757813%) from 2019

Net Income

Down

-$14,770,259

Down $29,540,518 (-200%) from 2019

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$15M$10M$5.0M$0Assets 2019: $14,770,259Liabilities 2019: $0Net Assets 2019: $14,770,2592019Assets 2020: $0Liabilities 2020: $0Net Assets 2020: $02020

Highlighted filing

2020

Assets$0
Liabilities$0
Net Assets$0

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$20M$10M$0-$10M-$20MRevenue 2019: $14,770,274Expenses 2019: $15Net Income 2019: $14,770,2592019Revenue 2020: $43,428Expenses 2020: $14,813,687Net Income 2020: -$14,770,2592020

Highlighted filing

2020

Revenue$43,428
Expenses$14,813,687
Net Income-$14,770,259

Filings

Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2019 to Jun 30, 2020
Signed
Nov 13, 2020
Return Version
2019v5.1
Gross Receipts
$43,428
Mission and Program Overview

Mission

The organization's mission is to support and accelerate science and technology invention and entrepreneurship across the state of kentucky by providing capital investments to small and medium-sized kentucky based companies while administering the initiatives and programs of the kentucky innovation act, including administering the objectives of the kentucky enterprise fund, the kentucky rural innovation fund, and the kentucky commercialization fund

The organization's mission is to serve as a strategic partner with kentucky public universities and colleges in an effort to transition ideas and intellectual property into products and businesses through investment. The organization's roles include a commercialization core team, development of robust legal resources for businesses, an accelerator and federal and state innovation fund assistance. The mission and operations of the organization represent a national-model of statewide collaboration and satisfy the kentucky innovation act statute regulations.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$14,770,259$0▼ $14,770,259
Rtn Earn Endowment Incm Other Fnds$14,770,259$0▼ $14,770,259
Savings and Temporary Cash Investments-$0-
Accounts Receivable-$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-
Land, Buildings, and Equipment, Net-$0-
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Prepaid Expenses and Deferred Charges-$0-
Total Assets$14,770,259$0▼ $14,770,259
Other Assets Total-$0-
Liabilities
Total Liabilities$0$0→ $0
Net Assets / Fund Balance
Total Net Assets Fund Balance$14,770,259$0▼ $14,770,259
Total Liabilities and Net Assets / Fund Balance$14,770,259$0▼ $14,770,259
Compensation and Service Providers

Board Members and Trustees

NameTitle
Brian MeffordDirector & President
Aaron ThompsonDirector
Ian McclureDirector
Terry GillDirector
Vivek SarinDirector
Wendy LeaDirector
Jackson AndrewsDirector & Treasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$43,428
Other Revenue
$0
Change in Net Assets
$-14,770,259
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$14,482,819
Grants and Similar Amounts Paid$300,000
Salaries, Compensation, and Employee Benefits$30,868
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$300,000--$300,000
Fees for Services Other$276,954--$276,954
Advertising$37,786--$37,786
Other Salaries and Wages$30,868--$30,868
Fees for Services Accounting$29,569--$29,569
Occupancy-$18,930-$18,930
Travel$17,829--$17,829
Fees for Services Legal$9,518--$9,518
Information Technology-$1,672-$1,672
All Other Expenses$839$811-$1,650
Office Expenses-$1,390-$1,390
Other Expenses$1,185--$1,185
Total Functional Expenses$14,790,884$22,803$0$14,813,687
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Cuddle Clones Holdings LLCLouisville, KY-Start-up Expenses$150,000
Smart Farm Systems IncNicholasville, KY-Start-up Expenses$150,000
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
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
Yes
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, Part VI, Section B, Line 11B

A copy of the form 990 will be sent to the organization's governing board for review prior to filing.

Form 990, Part VI, Section B, Line 12C

The organization requires board members to sign written conflict of interest policies on an annual basis.

Form 990, Part VI, Section B, Line 15

The organization utilizes on-track management group, llc to provide comparable and competitive salary information for all officers, key employees, and the ceo.

Form 990, Part VI, Section C, Line 19

The organization makes the form 990 available for public inspection through guidestar and available upon request. The financial statements and conflict of interest policy are available upon request. The by-laws are available on the kentucky secretary of state's website.

Filing and Contact Details

Filer

Filer Name
Commonwealth Center for
EIN
83-2425275
Phone
5025647670
Address
300 WEST BROADWAY ST, FRANKFORT, KY 40601

Signing Officer

Name
Brian Mefford
Title
Director
Phone
5025647670
Signed
2020-11-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Brian Mefford
Formed
2018
Legal Domicile
Ky
Voting Board Members
7
Independent Board Members
7
Employees
3
Volunteers
0

Preparer

Firm
Blue & Co LLC
Address
250 WEST MAIN STREET SUITE 2900, LEXINGTON, KY 40507
Preparer
R Allen Norvell
Phone
8592531100
Supplemental Narrative

Additional Explanations

FORM 990, PART IV, LINE 31:

In december 2019 the kentucky cabinet for economic development elected to terminate the memorandum of agreement between the cabinet and the commonwealth center for commercialization, inc. In accordance with the terms of the agreement all unspent and uninvested funds were returned to the cabinet and all operations ceased.

Raw XML Appendix388 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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IRS990ScheduleN/AssetsDistributedInd01
IRS990ScheduleN/AttorneyGeneralNotifiedInd01
IRS990ScheduleN/BondsOutstandingInd00
IRS990ScheduleN/DirectorOfSuccessorInd00
IRS990ScheduleN/EmployeeOfSuccessorInd00
IRS990ScheduleN/LiabilitiesPaidInd01
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/AssetsDistriOrExpnssPaidDesc0REMAINING GRANT FUNDS RETURNED TO THE STATE
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/BusinessName/BusinessNameLine1Txt0KENTUCKY CABINET FOR ECONOMIC DEVELOPMENT
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/DistributionDt02020-06-30
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/FairMarketValueOfAssetAmt013399572
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/MethodOfFMVDeterminationTxt0COST
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/AddressLine1Txt0300 W BROADWAY STREET
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/CityNm0FRANKFORT
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/StateAbbreviationCd0KY
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/ZIPCd040601
IRS990ScheduleN/OwnerOfSuccessorInd00
IRS990ScheduleN/ReceiveCompensationInd00
IRS990ScheduleN/RequiredToNotifyAGInd01
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0IN DECEMBER 2019 THE KENTUCKY CABINET FOR ECONOMIC DEVELOPMENT ELECTED TO TERMINATE THE MEMORANDUM OF AGREEMENT BETWEEN THE CABINET AND THE COMMONWEALTH CENTER FOR COMMERCIALIZATION, INC. IN ACCORDANCE WITH THE TERMS OF THE AGREEMENT ALL UNSPENT AND UNINVESTED FUNDS WERE RETURNED TO THE CABINET AND ALL OPERATIONS CEASED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1A COPY OF THE FORM 990 WILL BE SENT TO THE ORGANIZATION'S GOVERNING BOARD FOR REVIEW PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE ORGANIZATION REQUIRES BOARD MEMBERS TO SIGN WRITTEN CONFLICT OF INTEREST POLICIES ON AN ANNUAL BASIS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE ORGANIZATION UTILIZES ON-TRACK MANAGEMENT GROUP, LLC TO PROVIDE COMPARABLE AND COMPETITIVE SALARY INFORMATION FOR ALL OFFICERS, KEY EMPLOYEES, AND THE CEO.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE ORGANIZATION MAKES THE FORM 990 AVAILABLE FOR PUBLIC INSPECTION THROUGH GUIDESTAR AND AVAILABLE UPON REQUEST. THE FINANCIAL STATEMENTS AND CONFLICT OF INTEREST POLICY ARE AVAILABLE UPON REQUEST. THE BY-LAWS ARE AVAILABLE ON THE KENTUCKY SECRETARY OF STATE'S WEBSITE.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART IV, LINE 31:
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION B, LINE 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION C, LINE 19
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0KY
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd01
IRS990/TotalAssetsBOYAmt014770259
IRS990/TotalAssetsEOYAmt00
IRS990/TotalAssetsGrp/BOYAmt014770259
IRS990/TotalAssetsGrp/EOYAmt00
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalEmployeeCnt03
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt022803
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt014790884
IRS990/TotalFunctionalExpensesGrp/TotalAmt014813687
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt00
IRS990/TotalLiabilitiesEOYAmt00
IRS990/TotalLiabilitiesGrp/BOYAmt00
IRS990/TotalLiabilitiesGrp/EOYAmt00
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt014770259
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt00
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt014790884
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt043428
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt043428
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt014770259
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt00
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TravelGrp/ProgramServicesAmt017829
IRS990/TravelGrp/TotalAmt017829
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/USAddress/AddressLine1Txt0300 WEST BROADWAY ST
IRS990/USAddress/CityNm0FRANKFORT
IRS990/USAddress/StateAbbreviationCd0KY
IRS990/USAddress/ZIPCd040601
IRS990/VotingMembersGoverningBodyCnt07
IRS990/VotingMembersIndependentCnt07
IRS990/WebsiteAddressTxt0C3.KYINNOVATION.COM
IRS990/WhistleblowerPolicyInd00
ReturnHeader/BuildTS02021-01-29 14:40:06Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0BRIAN MEFFORD
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0DIRECTOR
ReturnHeader/BusinessOfficerGrp/PhoneNum05025647670
ReturnHeader/BusinessOfficerGrp/SignatureDt02020-11-13
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0COMMONWEALTH CENTER FOR
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0COMMERCIALIZATION INC
ReturnHeader/Filer/BusinessNameControlTxt0COMM
ReturnHeader/Filer/EIN0832425275
ReturnHeader/Filer/PhoneNum05025647670
ReturnHeader/Filer/USAddress/AddressLine1Txt0300 WEST BROADWAY ST
ReturnHeader/Filer/USAddress/CityNm0FRANKFORT
ReturnHeader/Filer/USAddress/StateAbbreviationCd0KY
ReturnHeader/Filer/USAddress/ZIPCd040601
ReturnHeader/FilingSecurityInformation/AtSubmissionCreationDeviceId0DA39A3EE5E6B4B0D3255BFEF95601890AFD80709
ReturnHeader/FilingSecurityInformation/AtSubmissionFilingDeviceId0DFA8749A5561355957E09ACFDA723993B0E9D26D
ReturnHeader/FilingSecurityInformation/FilingLicenseTypeCd0P
ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt074.136.38.210
ReturnHeader/FilingSecurityInformation/IPDt02020-11-13
ReturnHeader/FilingSecurityInformation/IPTimezoneCd0ES
ReturnHeader/FilingSecurityInformation/IPTm018:46:45
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0351178661
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0BLUE & CO LLC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0250 WEST MAIN STREET SUITE 2900
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0LEXINGTON
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0KY
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd040507
ReturnHeader/PreparerPersonGrp/PhoneNum08592531100
ReturnHeader/PreparerPersonGrp/PreparationDt02020-11-13
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0R ALLEN NORVELL
ReturnHeader/ReturnTs02020-11-16T07:57:08-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02019-07-01
ReturnHeader/TaxPeriodEndDt02020-06-30
ReturnHeader/TaxYr02019

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