Cultivate
- Assets
- $13.9k
- Revenue
- $294.0k
- Investments
- $0.0
- Employees
- 5
- Location
- Grove City, OH
- Founding
- 06/2016
- Data as of
- 12/2021
- EIN
- 32-0488937
Organization Overview
Cultivate is located in Grove City, OH. The organization was established in 2016. According to its NTEE Classification (S43) the organization is classified as: Small Business Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2021, Cultivate employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cultivate is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, Cultivate generated $294.0k in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 40.7% each year . All expenses for the organization totaled $285.0k during the year ending 12/2021. While expenses have increased by 42.3% per year over the past 6 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO FOSTER ENTREPRENEURIAL GROWTH BY PROVIDING A WORK SPACE, TECHNOLOGY, AND PROFESSIONAL GUIDANCE FOR START-UP COMPANIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION ASSISTED 750 CLIENTS IN 2021. AS OF 12/31/21 THE INCUBATOR SPACES CONTAINED 30 CLIENTS WITH 130 EMPLOYEES/SOLE PROPRIETORS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Rick Hulse Chairman-Trustee | OfficerTrustee | 2 | $0 |
Matthew Yerkes Executive Director | OfficerTrustee | 25 | $0 |
Allen Houk Treasurer-Trustee | OfficerTrustee | 1 | $0 |
Theresa Byers Trustee | Trustee | 1 | $0 |
Gary Ross Trustee | Trustee | 1 | $0 |
Michael Lanese Trustee | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $79,566 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $185,926 |
| All other contributions, gifts, grants, and similar amounts not included above | $28,500 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $293,992 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $293,992 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $571 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $65,617 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $5,962 |
| Fees for services: Management | $50,171 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $7,245 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $26,013 |
| Office expenses | $32,223 |
| Information technology | $12,094 |
| Royalties | $0 |
| Occupancy | $76,249 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $205 |
| Interest | $252 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $1,905 |
| All other expenses | $1,346 |
| Total functional expenses | $285,044 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $13,871 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $13,871 |
| Accounts payable and accrued expenses | $11,104 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $11,104 |
| Net assets without donor restrictions | $2,767 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $13,871 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Cultivate has recieved totaling $5.
| Awarding Organization | Amount |
|---|---|
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $5 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Community Action Prgm Corp Of Washington-Morgan Counties Ohio Marietta, OH | $5,593,568 | $15,680,729 |
Ben Franklin Technology Center Of Southeastern Pennsylvania Philadelphia, PA | $114,107,980 | $9,362,495 |
Economic Progress Alliance Of Crawford County Meadville, PA | $32,588,545 | $5,037,136 |
Dayton-Miami Valley Entrepreneurs Center Dayton, OH | $1,732,141 | $5,542,266 |
Small Business Aid Inc Shipshewana, IN | $1,429,380 | $3,351,237 |
Manufacturers Resource Center Allentown, PA | $3,950,399 | $3,151,417 |
Spedd Inc Vandergrift, PA | $27,841,148 | $4,019,412 |
Detroit Development Fund Detroit, MI | $19,500,518 | $2,941,920 |
Allentown Economic Development Corporation Allentown, PA | $28,611,870 | $1,731,246 |
Premier Capital Corporation Indianapolis, IN | $2,695,127 | $1,528,792 |
Assets Lancaster Lancaster, PA | $1,401,857 | $1,513,730 |
Regional Development Funding Corporation Pittsburgh, PA | $15,281,796 | $3,181,210 |