Sprocket Inc

Nonprofit profile at a glance

EIN
822967525
IRS 990 coverage
2020–2024
Forms available
Form 990 2024, Form 990-EZ 2019, Form 990-N 2017
Location
Paducah, KY, USA
Phone
2705568240
Rating
61
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Alliance/Advocacy Organizations

Reported finances

Revenue
$969,651
Expenses
$789,420
Assets
$2,873,721
Liabilities
$1,721,583

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

Leadership & pay

5 people listed

Executive titles in this filing

  • Monica Bilak (Executive Director)

Highest reported compensation

  • Monica Bilak (Executive Director): $111,300 total reported compensation

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

Overview

Mission

We serve as a pilot to help develop educational programs for the Paducah Innovations Hub as well as Entreprenuerial Innovations in the region.

What it reported doing in 2024

Educational Programs that promote entrprenuership and community learning developed and hosted by Sprocket

Operating model

Revenue model
Grant-funded. 87% of the money available for current operations came from government grants.
Distribution model
Direct operator. The filing allocates 88% 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.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

SUPPORTED - Most voting board members are independent and program spending has grown recently. A relatively small share of available resources goes toward mission work and the filing does not identify recipients for some grant dollars.

Rating breakdown

  • Financial Efficiency: 57
  • Transparency & Controls: 55
  • Accountability: 69
  • Sustainability: 63
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 59.3%; rating input score 59
  • Program expense ratio: 72.5%; rating input score 73
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 85.7%; rating input score 86; 2nd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 0%; rating input score 0; 13th percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 2 of 8 controls in place; rating input score 25
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Fail
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Fail
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 18.6%; rating input score 75; 75th percentile among comparable filings
  • Total-asset coverage ratio: 3.64; rating input score 79; 79th percentile among comparable filings
  • Liabilities to assets ratio: 0.6; rating input score 13; 13th percentile among comparable filings
  • Officer compensation ratio: 14.1%; rating input score 25; 25th percentile among comparable filings

Growth

  • Program expense growth: 1.1% per year; rating input score 100; 22nd percentile among comparable filings
  • Revenue growth: 21% per year; rating input score 100; 86th percentile among comparable filings
  • Asset growth: 36.8% per year; rating input score 100; 94th percentile among comparable filings

Details

  • Where the money goes: 59.3% of revenue deployed · 72.5% of spending went to programs
  • Governance: 7 of 7 board members independent · 2 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $573K in reported program spending
  • Leadership: top reported pay $111K · 5 people listed
  • Consistency: 27 of 29 current checks pass · 2 findings to review
  • Schedules: 5 filed schedules · includes grants
  • Filing history: 5 filing years from 2020 to 2024
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • Related organizations: Filed and resolved organization relationships.
  • 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.

  • Review — Financial Efficiency: Mission deployment rate scored 59/100.
  • High — Transparency & Controls: Grant itemization coverage scored 0/100.
  • High — Accountability: Governance controls: 6 of 8 not reported.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • High — Sustainability: Liabilities to assets ratio scored 13/100.
  • High — Sustainability: Officer compensation ratio scored 25/100.