Commonwealth Center For Commercialization Inc
- Assets
- $0.0
- Revenue
- $43.4k
- Investments
- $0.0
- Employees
- 3
- Location
- Frankfort, KY
- Founding
- 03/2019
- Data as of
- 06/2020
- EIN
- 83-2425275
Organization Overview
Commonwealth Center For Commercialization Inc is located in Frankfort, KY. The organization was established in 2019. According to its NTEE Classification (U02) the organization is classified as: Management & Technical Assistance, under the broad grouping of Science & Technology and related organizations. As of 06/2020, Commonwealth Center For Commercialization Inc employed 3 individuals. Commonwealth Center For Commercialization Inc 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 06/2020, Commonwealth Center For Commercialization Inc generated $43.4k in total revenue. All expenses for the organization totaled $14.8m during the year ending 06/2020.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2020
Describe the Organization's Mission:
Part 3 - Line 1
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.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION WILL REVIEW APPLICATIONS, QUALIFY COMPANIES, AND CERTIFY QUALIFIED COMPANIES WHO WISH TO BENEFIT FROM THE KENTUCKY ENTERPRISE FUND, THE KENTUCKY RURAL INNOVATION FUND, OR THE KENTUCKY COMMERCIALIZATION FUND. THE ORGANIZATION HAS AN APPLICATION PROCESS TO DETERMINE WHICH COMPANIES ARE UNDERGOING PROJECTS THAT ARE LIKELY TO PRODUCE MEASUREABLE RESULTS AND BE TECHNICALLY SOUND, LEAD TO INNOVATIVE TECHNOLOGY OR NEW KNOWLEDGE, LEAD TO COMMERCIALLY SUCCESSFUL PRODUCTS, PROCESSES, OR SERVICES WITHIN A REASONABLE PERIOD OF TIME, OR SHOW SIGNIFICANT POTENTIAL FOR STIMULATING ECONOMIC GROWTH AND A REASONABLE PROBABILITY TO ENCHANCE EMPLOYMENT OPPORTUNITIES WITHIN THE COMMONWEALTH OF KENTUCKY.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Brian Mefford Director & President | OfficerTrustee | 5 | $0 |
Jackson Andrews Director & Treasurer | OfficerTrustee | 5 | $0 |
Aaron Thompson Director | Trustee | 5 | $0 |
Ian Mcclure Director | Trustee | 5 | $0 |
Terry Gill Director | Trustee | 5 | $0 |
Wendy Lea Director | Trustee | 5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $0 |
| Investment income | $43,428 |
| 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 | $43,428 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $300,000 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $30,868 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $9,518 |
| Fees for services: Accounting | $29,569 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $276,954 |
| Advertising and promotion | $37,786 |
| Office expenses | $1,390 |
| Information technology | $1,672 |
| Royalties | $0 |
| Occupancy | $18,930 |
| Travel | $17,829 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $1,650 |
| Total functional expenses | $14,813,687 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| 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 | $0 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Net assets without donor restrictions | $0 |
| 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 | $0 |
Grants Awarded
Over the last fiscal year, Commonwealth Center For Commercialization Inc has awarded $300,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
CUDDLE CLONES HOLDINGS LLC PURPOSE: START-UP EXPENSES | $150,000 |
SMART FARM SYSTEMS INC PURPOSE: START-UP EXPENSES | $150,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Ninetwelve Institute Inc Zionsville, IN | $22,814,631 | $14,294,145 |
American Registry For Internet Numbers Ltd Centreville, VA | $43,598,573 | $28,772,051 |
Commonwealth Center For Commercialization Inc Frankfort, KY | $0 | $43,428 |
Afcea Educational Foundation Fairfax, VA | $1,614,986 | $337,961 |
Greater Memphis It Council Memphis, TN | $26,804 | $121,948 |
Association Of State Energy Researc H And Technology Transfer Alexandria, VA | $101,292 | $0 |
National Association Of State Aviation Officials Center McLean, VA | $146,137 | $2,080 |