CENTRAL REGION INNOVATION AND COMM… - Form 990 Financial Data

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

2002

Legal Domicile

Principal Officer

WILLIAM J HOOK

Phone

2709013490

Tax Period

2022-07-01 to 2023-06-30

CENTRAL REGION INNOVATION AND COMMERCIALIZATION CENTER INC, founded in 2002, is a small nonprofit in the Community Improvement sector that reported $451K in total revenue in fiscal year 2022. Revenue surged 23% from the prior year, signaling strong growth momentum. Expenses of $398K left a modest 12% surplus.

Mission

ECONOMIC DEVELOPMENT, SUPPORT ENTREPRENEURIAL ECOSYSTEM BUILDING AND BUSINESS DEVELOPMENT WITHIN THE CENTRAL REGION OF KENTUCKY.

Program Service Accomplishments

Program 1

Expenses: $397,662 Revenue: $450,611

THE CRICC ASSISTED ENTREPRENEURS, STARTUP COMPANIES, AND EXISTING BUSINESSES AND COMMUNITIES BY PROVIDING THE FOLLOWING SERVICES AT NO CHARGE: BUSINESS DEVELOPMENT CONSULTING, MENTORING, TRAINING...

THE CRICC ASSISTED ENTREPRENEURS, STARTUP COMPANIES, AND EXISTING BUSINESSES AND COMMUNITIES BY PROVIDING THE FOLLOWING SERVICES AT NO CHARGE: BUSINESS DEVELOPMENT CONSULTING, MENTORING, TRAINING, NETWORKING OPPORTUNITIES, FUNDING GUIDANCE AND ENTREPRENEURIAL ECOSYSTEM BUILDING. SEE SCHEDULE O FOR CONTINUATION.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2022)

Revenue Breakdown

Contributions & Grants $449,270

Program Service Revenue $1,341

Investment Income $0

Other Revenue $0

TOTAL REVENUE $450,611

Expense Breakdown

Grants Paid $0

Salaries & Benefits $179,482

Fundraising Expenses $0

Program Expenses $397,662

Other Expenses $218,180

TOTAL EXPENSES $397,662

Year-over-Year Comparison

	2022	2021	Change
Revenue	$450,611	$367,467	+0.2%
Expenses	$397,662	$383,631	+0.0%
Net Income	$52,949	$-16,164	-4.3%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

Governance Policies

✗ Conflict of Interest Policy

✗ Whistleblower Policy

✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$49,252

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
BUDDY STEEN	EXECUTIVE IN RESIDENCE	40.0	Highest	$97,927	$29,222	$127,149
WILLIAM J HOOK	EXECUTIVE DIRECTOR	40.0	Officer	$36,917	$11,165	$48,082
LOIS HALL	ACCOUNTANT	10.0	Officer	$1,170	$0	$1,170
BLAINE FERRELL	PRESIDENT	1.0	Officer Director	$0	$0	$0
D GAINES PENN	SECRETARY	1.0	Officer Director	$0	$0	$0
RICHARD CALLAHAN	TREASURER	1.0	Officer Director	$0	$0	$0
JEREMY JACOBS	BOARD MEMBER	1.0	Director	$0	$0	$0
JOHN HIGGINS	BOARD MEMBER	1.0	Director	$0	$0	$0
ANN MEAD	BOARD MEMBER	1.0	Director	$0	$0	$0

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2025	No data	No data	No data	No data
2024	No data	No data	No data	No data
2023	$450,611	$397,662	$166,679	$52,949
2022	$367,467	$383,631	$97,349	$-16,164
2021	$190,768	$259,255	$113,555	$-68,487
2020	$40,750	$85,058	$180,452	$-44,308
2019	$97,221	$100,148	$225,496	$-2,927

CENTRAL REGION INNOVATION AND COMMERCIALIZATION CENTER INC