Hillman Accelerator
- Assets
- $859.7k
- Revenue
- $2.3m
- Investments
- $0.0
- Employees
- 12
- Location
- Cincinnati, OH
- Founding
- 02/2019
- Data as of
- 12/2022
- EIN
- 82-0863876
Organization Overview
Hillman Accelerator, operating under the name Lightship Foundation, is located in Cincinnati, OH. The organization was established in 2019. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2022, Lightship Foundation employed 12 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lightship Foundation 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 12/2022, Lightship Foundation generated $2.3m in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 29.5% each year . All expenses for the organization totaled $2.6m during the year ending 12/2022. While expenses have increased by 36.0% per year over the past 5 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
LIGHTSHIP FOUNDATION PROVIDES SUPPORT FOR EARLY STAGE COMPANIES LED BY UNDERREPRESENTED INDIVIDUALS TO OBTAIN SEED FUNDING FOR THEIR DEVELOPING COMPANIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LAUNCHED JULY 10, 2017 WITH THREE TECH-ENABLED COMPANIES, LIGHTSHIP BROUGHT TOGETHER SEVERAL LEADERS AND BUSINESS ADVISORS WITHIN THE TECH ECOSYSTEM THROUGHOUT THE STATE TO PROVIDE SUPPORT FOR BUSINESS MODELING, MARKETING, FUNDRAISING AND CAPITAL RESOURCES TO HELP SUPPORT BUSINESS GROWTH PER ITS MANDATE. THROUGHOUT THE YEAR, LIGHTSHIP HAS MADE TREMENDOUS EFFORTS AND ENJOYED INITIAL SUCCESS IN PARTNERING WITH LOCAL, REGIONAL AND NATIONAL COMPANIES IN INCREASING ENGAGEMENT AND VISIBILITY FOR LIGHTSHIP COHORT COMPANIES, ASSISTING THEM WITH POTENTIAL SALES CHANNELS AND BUSINESS GROWTH OPPORTUNITIES FOR SCALE. LIGHTSHIP'S COMPANIES ARE ON TRACK TO BE CONTRIBUTORS TO THE OHIO THIRD FRONTIER DIVERSE BUSINESS DEVELOPMENT PROGRAM IN RAISING CAPITAL, PROVIDING EMPLOYMENT OPPORTUNITIES AND AFFECTING CHANGE TO UNDERREPRESENTED COMMUNITIES IN TECH CAREERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Maurice Coffey Board Member | Trustee | 1 | $0 |
Nnena Ukuku Board Member (until 10/1/22) | Trustee | 1 | $0 |
Candice Matthews Executive Director | Officer | 40 | $279,100 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $344,578 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,514,695 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,859,273 |
| Total Program Service Revenue | $389,455 |
| Investment income | $603 |
| 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 | $2,251,630 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $50,000 |
| 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. | $287,222 |
| Compensation of current officers, directors, key employees. | $57,444 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $718,307 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $38,621 |
| Payroll taxes | $66,541 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $12,608 |
| Fees for services: Accounting | $40,793 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $582,288 |
| Advertising and promotion | $55,685 |
| Office expenses | $28,096 |
| Information technology | $28,334 |
| Royalties | $0 |
| Occupancy | $104,569 |
| Travel | $266,749 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $23,756 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $9,040 |
| Insurance | $857 |
| All other expenses | $0 |
| Total functional expenses | $2,605,578 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $456,995 |
| Savings and temporary cash investments | $10,041 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $25,000 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $25,500 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $45,661 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $75,000 |
| Intangible assets | $0 |
| Other assets | $221,482 |
| Total assets | $859,679 |
| Accounts payable and accrued expenses | $21,423 |
| Grants payable | $470,753 |
| 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 | $4,265 |
| Total liabilities | $496,441 |
| Net assets without donor restrictions | $363,238 |
| 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 | $859,679 |
Grants Awarded
Over the last fiscal year, Hillman Accelerator has awarded $45,000 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
XIAO CHI JE CORP PURPOSE: TWITCH PITCH COMPETITION PRIZE | $10,000 |
SUGARDOH LLC PURPOSE: TWITCH PITCH COMPETITION PRIZE | $25,000 |
BLACK OWNED OUTERWEAR PURPOSE: SPONSORSHIP | $10,000 |