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Kentucky Cobras INC

Tax-deductible

Florence, KY501(c)(3)Recreation & SportsEIN 30-1032352Revenue $587K in FY2023

On file with the IRSkentuckycobras.leagueapps.com1680 Trace Dr, 41042-8617 · Florence, KYTax-exempt since Mar 2019Publicly supported charity — 170(b)(1)(A)(vi)

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The organization raises funds to support community impact programs that further its mission to educate, inspire and encourage children and young adults throughout the commonwealth of Kentucky primarily through training and team competition in the sport of basketball.

501(c)(3) charity; gifts are tax-deductible.
90¢ of each $1 spent went to programs.
$43K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · Pay: Part VII

Before you give

FY2023 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2023
latest Form 990
Fine: the latest return is for FY2023, 3 tax years back; within 3 tax years.
IRS e-file · Filing history
Surplus or deficit
2 of 3
filings with a surplus
Average surplus $41 a year · under 1% of revenue · last 3 filings
Fine: a surplus in 2 of the last 3 filings.
Pt I · Ln 19 · 3 filings
Spent on programs
90%
of spending
Looks good: 90% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$43K
to officers and key staff · 7% of spending
Top officer’s pay higher than 94% of similar orgs
Looks good: pay to officers and key staff is 7% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
<1 mo
of spending, in cash
Worth a look: 0.7 months of spending in cash; under 1.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$25K
68% of total assets
Worth a look: liabilities are 68% of assets; over 65%.
Pt X · Ln 26
Independent board members
3
of 3 voting members
Looks good: 3 of 3 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$587K
+24% vs prior year
Spent
$600K
To programs
90%
Net assets
$12K
By yearFY2020–FY2023
Revenue
$587K
FY2023▲ +24%
Tap a bar for its year
Revenue by fiscal year
FY2020$172K
FY2021$451K
FY2022$474K
FY2023$587K
Expenses
$600K
FY2023▲ +30%
Tap a bar for its year
Expenses by fiscal year
FY2020Not on file
FY2021$449K
FY2022$463K
FY2023$600K
Net assets
$12K
FY2023▼ -51%
Tap a bar for its year
Net assets by fiscal year
FY2020$41K
FY2021$15K
FY2022$24K
FY2023$12K

From the FY2023 Form 990 · see the original

Give Claim

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2023. IRS ruling in Mar 2019.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

90 cents of each dollar spent went to programs.

Program services 90% · $537K Management & general 9% · $52K Fundraising 2% · $11K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

3 people listed on the 990; $43K paid to officers and key staff.

Part VII, Section A · reportable compensation
Ty Simpson
President
$42,925Pt VII · Sec A
Chris Clemons
Board Member
$0Pt VII · Sec A
Chuck Kinney
Board Member
$0Pt VII · Sec A

Ty Simpson’s $43K as President is at the 94th percentile of top reported officer pay among 98 <$100K recreation & sports nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

See Kentucky Cobras INC executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Funds community programs educating and inspiring Kentucky youth through basketball training and competition.

Questions for Kentucky Cobras INC

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Provided by the organization

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1 program · $537K · in their own filed words · FY2023
01

Hustle basketball features programs of all levels from developmental leagues, to individual trainings, to aau. The hustle basketball experience includes a staff of professional trainers and coaches who are passionate about seeing kids grow as players and people.

$537Kprogram expense

By the numbers

The FY2023 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$587K
Ln 12
Fees for servicesLn 2g$584K
Other incomeLn 4–11$3K
Money outPt IX
$600K
Ln 25
Programscol B$537K
Managementcol C$52K
Fundraisingcol D$11K
Owns and owesPt X
$12K
net assets · Ln 32
Cash and savingsLn 1–2$37K
Total assetsLn 16$37K
LiabilitiesLn 26$25K
PeoplePt VI, VII
3
listed · VII A
PaidVII A1
Voting boardVI 1a3
IndependentVI 1b3
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$584K
Other incomeLn 4–11$3K
Total revenueLn 12$587K
Assets in detailPt X, end of year
CashLn 1$37K
Cash and savings togetherLn 1–2$37K
Total assetsLn 16$37K
LiabilitiesLn 26$25K
Net assetsLn 32$12K
OperationsPt I, VI
EmployeesI 50
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY23End FY23
Cash and savingsLn 1–2$28K$37K
Total assetsLn 16$34K$37K
LiabilitiesLn 26$10K$25K
Net assetsLn 32$24K$12K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$43K$21K$11K$11K
Accounting feesLn 11c$5K$4K$1K
Other fees for servicesLn 11g$131K$98K$33K
Advertising and promotionLn 12$4K$3K$1K
Office expensesLn 13$2K$2K
TravelLn 17$5K$4K$1K
Other expenses (24a–d)Ln 24$382K$379K$3K
All other expensesLn 24e$26K$24K$2K
Total functional expensesLn 25$600K$537K$52K$11K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2023 Latest Viewing $587K$600K−$12K$12K 990 PDF
FY2022 $474K$463K$11K$24K 990 PDF
FY2021 $451K$449K$1K$15K 990 PDF
FY2020 $172K$41K 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2023 990 (6 parts)
Part I · Summary $587,272 revenue, 12 lines filed
I-8 Contributions and grants$0
I-9 Program service revenuePrior year $471,678$583,926
I-10 Investment income$0
I-11 Other revenuePrior year $2,245$3,346
I-12 Total revenuePrior year $473,923$587,272
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefits$42,925
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $462,847$556,682
I-18 Total expensesPrior year $462,847$599,607
I-19 Revenue less expensesPrior year $11,076−$12,335
Part VI · Governance 3 of 3 board members independent, 3 to look at
VI-1a Voting members of the governing body3
VI-1b Independent voting members3
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
Part VIII · Statement of revenue $587,272 across 3 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $583,926$583,926
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $3,346$3,346
VIII-12 Total revenueRelated to mission $587,272$587,272
Part IX · Statement of functional expenses $599,607 across 8 lines filed
IX-7 Other salaries and wagesPrograms $21,463 · Management $10,731 · Fundraising $10,731$42,925
IX-11c Accounting feesPrograms $4,121 · Management $1,374$5,495
IX-11g Other fees for servicesPrograms $98,016 · Management $32,672$130,688
IX-12 Advertising and promotionPrograms $3,296 · Management $1,099$4,395
IX-13 Office expensesPrograms $2,331$2,331
IX-17 TravelPrograms $4,016 · Management $1,339$5,355
IX-24 Other expenses (24a–d)Programs $379,198 · Management $3,080$382,278
IX-24e All other expensesPrograms $24,407 · Management $1,733$26,140
IX-25 Total functional expensesPrograms $536,848 · Management $52,028 · Fundraising $10,731$599,607
Part X · Balance sheet $36,715 assets, 8 lines filed
X-1 Cash, non-interest-bearingStart of year $28,456$36,715
X-16 Total assetsStart of year $34,467$36,715
X-17 Accounts payable and accrued expensesStart of year $10,463$15,280
X-25 Other liabilities$9,766
X-26 Total liabilitiesStart of year $10,463$25,046
X-27 Net assets without donor restrictionsStart of year $24,004$11,669
X-32 Total net assets or fund balancesStart of year $24,004$11,669
X-33 Total liabilities and net assetsStart of year $34,467$36,715
Part XI · Reconciliation of net assets $11,669 net assets at year end
XI-1 Total revenue$587,272
XI-2 Total expenses$599,607
XI-3 Revenue less expenses−$12,335
XI-4 Net assets at start of year$24,004
XI-10 Net assets at end of year$11,669

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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