Central Region Innovation and Commercialization Center Inc

Nonprofit profile at a glance

EIN
371441604
IRS 990 coverage
2011–2024
Forms available
Form 990 2024
Location
Bowling Green, KY, USA
Phone
2709013490
Rating
75
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Urban, Community Economic Development

Official website

Reported finances

Revenue
$457,941
Expenses
$412,434
Assets
$154,281
Liabilities
$42,825

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

8 people listed

Executive titles in this filing

  • BLAINE FERRELL (PRESIDENT)
  • WILLIAM J HOOK (EXECUTIVE DIRECTOR)

Highest reported compensation

  • HENRY B STEEN (PROGRAM MANAGER): $68,897 total reported compensation
  • WILLIAM J HOOK (EXECUTIVE DIRECTOR): $50,140 total reported compensation
  • LOIS HALL (ACCOUNTANT): $955 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Economic development, support entrepreneurial ecosystem building and business development within the central region of Kentucky.

What it reported doing in 2024

The CRICC assisted entrepreneurs, startup companies, existing businesses and communities by providing the following services at no charge: 1. Supporting entrepreneurs and startups through direct assistance, founder coaching/mentoring, referrals, strategic introductions, and business development programming. 2. Building the regional innovation ecosystem through partnerships, events, peer groups, and public-facing programs that connect entrepreneurs, business leaders, universities, investors, technical talent, and community organizations. 3. Expanding capital access and investor visibility by helping companies prepare for funding conversations, strengthening investor relationships, and increasing the visibility of investable startups in Bowling Green and the surrounding region. In Fiscal Year 24/25, The CRICC conducted 613 meetings with startups, 200+ meetings with strategic partners, hosted 68 events, and welcomed 2,870 event attendees. Client companies reported 11 new businesses created and 67 new jobs created. CRICC clients also attracted $2.01 million in private startup capital investment during the fiscal year. The CRICC's direct support for entrepreneurs included founder coaching, business referrals, strategic introductions, program development, and ecosystem navigation. The CRICC also connected 211 entrepreneurs to subject-matter experts, peer groups, business development resources, public-private partners, and other support organizations.

Operating model

Revenue model
Grant-funded. 94% of the money available for current operations came from government grants.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and total assets are small relative to annual expenses; liquid coverage is unknown.

Rating breakdown

  • Financial Efficiency: 83
  • Transparency & Controls: 74
  • Accountability: 68
  • Sustainability: 37
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 90.1%; rating input score 90
  • Program expense ratio: 100%; rating input score 100
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
  • Pay-setting controls: 1 of 6 controls in place; rating input score 17
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 2 of 9 controls in place; rating input score 22
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Fail
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 9.9%; rating input score 60; 60th percentile among comparable filings
  • Total-asset coverage ratio: 0.37; rating input score 19; 19th percentile among comparable filings
  • Liabilities to assets ratio: 0.28; rating input score 17; 17th percentile among comparable filings
  • Officer compensation ratio: 29.1%; rating input score 12; 12th percentile among comparable filings

Growth

  • Program expense growth: 3.4% per year; rating input score 100; 46th percentile among comparable filings
  • Revenue growth: 0.7% per year; rating input score 100; 27th percentile among comparable filings
  • Asset growth: -0.6% per year; rating input score 0; 22nd percentile among comparable filings

Details

  • Where the money goes: 90.1% of revenue deployed · 100% of spending went to programs
  • Governance: 5 of 5 board members independent · 2 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $412K in reported program spending
  • Leadership: top reported pay $69K · 8 people listed · 1 of 6 pay-setting controls reported
  • Consistency: 18 of 18 current checks pass
  • Schedules: 5 filed schedules · includes major donors and executive pay
  • Filing history: 13 filing years from 2011 to 2024
  • Contacts: How to reach this organization
  • Money network: 3 filed money-flow records
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Accountability: Governance controls: 6 of 8 not reported.
  • High — Sustainability: Total-asset coverage ratio scored 19/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Officer compensation ratio scored 12/100.
  • High — Sustainability: Liabilities to assets ratio scored 17/100.