Overview
What is Sprocket Inc?
Sprocket Inc, located at 3121 Broadway St STE 106, Paducah, KY 42001, is a modest nonprofit organization with a team of four individuals. Their primary focus lies in promoting entrepreneurship and community learning through the development and hosting of educational programs. Acting as a pioneer, Sprocket Inc plays a crucial role in supporting the Paducah Innovations Hub and fostering entrepreneurial innovations in the surrounding region. Their mission is geared towards driving the growth and development of these educational initiatives, contributing positively to the local community.
Official website here: www.sprocketpaducah
What are the reviews and ratings of this charity?
Charity Navigator Rating: 1 Star (52%)
Sprocket Inc has received a low rating of 52%, translating to a One-Star out of Four Star rating, which indicates significant concerns regarding its accountability and financial practices. The organization lacks independent board members, achieving 0% in that area, which raises questions about governance and oversight. Although it has a strong audit committee and shows no material diversion of assets, the absence of key policies such as conflict of interest, whistleblower, and document retention policies highlights serious gaps in governance.
On the financial front, Sprocket Inc has a high program expense ratio of 81.39%, suggesting that a substantial portion of its expenditures goes toward its programs, which is a positive aspect of its financial management. However, the liabilities to assets ratio stands at 74.83%, indicating that the organization may have substantial financial obligations relative to its assets. This raises concerns about its long-term financial stability and sustainability.
Overall, while Sprocket Inc demonstrates commitment to its programs, the significant shortcomings in its governance structure and financial management practices warrant caution for potential donors and stakeholders. Improvements in board independence and the establishment of essential policies could enhance its accountability and trustworthiness in the nonprofit sector.
This AI summary has been generated from information found on Charity Navigator.
Is Sprocket Inc legitimate?
Sprocket Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Sprocket Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $159,617
For more financial information, click here
Official website here: www.sprocketpaducah
What is the mission statement of Sprocket Inc?
Sprocket Inc serves a crucial role in driving educational advancements. Their mission is to aid in the development of educational programs focused on entrepreneurship and community learning, primarily for the Paducah Innovations Hub and EntreprenuerialInnovations in the region. Through these initiatives, Sprocket Inc aims to foster a learning environment that encourages innovation and growth. They host and develop these educational programs, contributing to the wider community's knowledge and skills in entrepreneurship.
Official website here: www.sprocketpaducah
Who is the CEO of Sprocket Inc?
Monica Bilak is the Executive Director of Sprocket Inc.
Official website here: www.sprocketpaducah
What is the revenue of Sprocket Inc?
Sprocket Inc's revenue in 2023 was $1,029,539.
Official website here: www.sprocketpaducah
Who are the executives of Sprocket Inc and what are their salaries?
The average compensation at Sprocket Inc during 2023 was $39,904. There are 4 employees at Sprocket Inc.
Here are 7 key members and their salaries:
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Official website here: www.sprocketpaducah
Where can I find the form 990 for Sprocket Inc?
Sprocket Inc's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.sprocketpaducah
Learn more at the official website: www.sprocketpaducah
Mission Statement of Sprocket Inc
Sprocket Inc, a pioneering organization, plays a significant role in spearheading the development of educational programs aimed at fostering entrepreneurship and community learning within the realms of Paducah Innovations Hub and EntreprenuerialInnovations. The mission of Sprocket Inc is to serve as a catalyst, designing and implementing educational programs that empower individuals and stimulate innovation within the respective communities. By doing so, Sprocket Inc contributes to the promotion of an environment that encourages creativity, learning, and the nurturing of entrepreneurial spirit.
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Impact
July, 2024
Sprocket Inc's impact lies in its role as a pilot organization dedicated to developing educational programs for the Paducah Innovations Hub and fostering entrepreneurial innovations in the region. Through its educational programs, Sprocket promotes entrepreneurship and community learning, thereby contributing to the growth and development of individuals and businesses in Paducah, KY.
This information is meant to be a general summary of Sprocket Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2023.
- Program Service Revenue: $119,266
- Gross Receipts: $1,029,539
Assets and Liabilities:
- Total Assets: $2,740,633
- Total Liabilities: $2,050,838
- Net Assets: $689,795
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Program Fees
Revenue
$119,266
Organization Details
Founding Year
2018
Phone
(270) 556-8240Principal Officer
Monica Bilak
Main Address
3121 Broadway St STE 106, Paducah, KY, 42001
Website
www.sprocketpaducahNTEE Category
Code: B01 - Education
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