Sync Space Entrepreneur Center
- Assets
- $108.8k
- Revenue
- $347.8k
- Investments
- $0.0
- Employees
- 3
- Location
- Kingsport, TN
- Founding
- Data as of
- 06/2022
- EIN
- 84-4153185
Organization Overview
Sync Space Entrepreneur Center is located in Kingsport, TN. 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 06/2022, Sync Space Entrepreneur Center employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Sync Space Entrepreneur Center 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 06/2022, Sync Space Entrepreneur Center generated $347.8k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 2 years, the organization has seen revenues fall by an average of (20.6%) each year. All expenses for the organization totaled $481.4k during the year ending 06/2022. 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
SYNC SPACE IS AN ENTREPRENEUR CENTER WITH ACCELERATOR PROGRAMS THAT UNIQUELY FOCUSES ON THE SUPPORT OF LOCAL AND RECRUITED STARTUPS THAT ARE CONSIDERING NORTHEAST TENNESSEE AS A PLACE TO GROW OR EXPAND THEIR BUSINESS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
N/A
SYNC SPACE ENTREPRENEUR CENTER PROVIDED AN OPPURTUNITY FOR A SUMMER 2021 INTERNSHIP TROUGH LAUNCH TN NETWORK AND DEPLOYED MORE THAN 220,000 THROUGHOUT THE REGION TO SUPPORT MORE THAN 80 STARTUP SMALL BUSINESSES INCLUDING MORE THAN 20 COMPANIES THAT REPRESENT MINORITY AND SOCIO- ECONOMICALLY DISADVANTAGED OWNERS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Heath Guinn President, E | OfficerTrustee | 40 | $106,600 |
Richard Vendable Director | Trustee | 2 | $0 |
Pat Shull Director, Ch | Trustee | 2 | $0 |
John Campbell Director | Trustee | 2 | $0 |
Morris Baker Director | Trustee | 2 | $0 |
Dr Todd Fowler Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $337,750 |
| All other contributions, gifts, grants, and similar amounts not included above | $10,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $347,750 |
| 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 | $347,750 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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 | $17,982 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $1,376 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $28,131 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $217,958 |
| Advertising and promotion | $48,554 |
| Office expenses | $9,305 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $6,562 |
| Travel | $36,224 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,355 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $481,444 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $71,254 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $37,550 |
| 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 | $108,804 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $6,881 |
| 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 | $75 |
| Total liabilities | $6,956 |
| Net assets without donor restrictions | $101,848 |
| 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 | $108,804 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Sync Space Entrepreneur Center has recieved totaling $220,000.
| Awarding Organization | Amount |
|---|---|
Tennessee Technology Development Corporation Nashville, TN PURPOSE: PROGRAM EXPENSES FOR ENTREPRENEUR CENTER | $220,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Norfolk State University Research And Innovation Foundation Norfolk, VA | $25,278,732 | $5,808,933 |
Black Girl Ventures Foundation Fort Belvoir, VA | $2,941,094 | $3,288,394 |
Innovation Depot Inc Birmingham, AL | $15,832,125 | $3,165,143 |
Brightbridge Inc Chattanooga, TN | $120,622,501 | $3,473,186 |
Mississippi Life And Health Insurance Guaranty Association Jackson, MS | $33,007,367 | $1,692,715 |
Technology Entrepreneur Center Inc St Louis, MO | $14,793,185 | $1,740,629 |
National Institute Of Minority Economic Development Durham, NC | $8,985,701 | $1,722,745 |
The Southern Development Council Inc Mountain Brook, AL | $5,076,770 | $1,106,394 |
Winston Starts Winstonsalem, NC | $2,039,563 | $1,547,404 |
South Central Ozark Council Of Governments Pomona, MO | $2,561,241 | $1,014,983 |
The Catalyst Center For Business & Entrepreneurship Huntsville, AL | $634,732 | $1,362,873 |
Wilmington Business Development Wilmington, NC | $1,640,676 | $1,342,071 |