Sprocket INC EIN 82-2967525 Form 990 (PDF) Claim this org

Sprocket INC

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Develops educational programs for innovation hubs and regional entrepreneurs. For fiscal year 2025 it reported $970K in revenue, $789K in expenses, and $1.2M in net assets.Pt I

Type
Public charity (501(c)(3)) · Education
Location
Paducah, KY
Website
sprocketpaducah.com
Filings
5 on file (2021–2025)
Revenue
$970KFY2025
Expenses
$789K
Net assets
$1.2M
People
5
Filings
5
Updates
0
More identity details & actions ⌄
EIN  82-2967525 Public charity (501(c)(3)) Paducah, KY
Form 990 (PDF)
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Size
$100K–1M
What they do
Develops educational programs for innovation hubs and regional entrepreneurs.
Leadership
Monica Bilak · Executive Director · $111K
Money in and out
$970K revenue, $789K expenses
Bottom line
73% program efficiency
Where the money goes · FY2025
Total revenue
$970K
Pt VIII · Ln 12
Total expenses
$789K
Pt IX · Ln 25
Net assets
$1.2M
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): $180K
Where spending went · Part IX cols B–D
Program services $0.73 Management & general $0.27
Program efficiency
73%
of spending reaches programs▼ -3% vs prior filing year
Operating runway
12.8mo
months of highly liquid reserves at operating expense rate▲ +10% vs prior filing year
Surplus margin
+19%
revenue over expenses, this year▼ -31% vs prior filing year

Summary of the Filing

Part I · fiscal year 2025 · Form 990
Revenue
$970K
FY2025▼ -7%
Expenses
$789K
FY2025▲ +4%
Total assets
$2.9M
FY2025▼ -0.6%
Total liabilities
$1.7M
FY2025▼ -10%
Total revenue
$970K
Pt VIII · Ln 12
Total expenses
$789K
Pt IX · Ln 25
Net assets
$1.2M
Pt X · Ln 32
Revenue less expensesPt I · Ln 19$180K
Total assetsPt X · Ln 16$2.9M
Program-expense ratioPt IX · col B73%
Voting members of governing bodyPt I · Ln 37
Independent voting membersPt I · Ln 47

Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item CSprocket INC
EINHdr · item D82-2967525
Principal addressHdr · item CPaducah, KY
WebsiteHdr · item Jsprocketpaducah.com
Year of formationHdr · item Lpending
State of legal domicileHdr · item MKY
Exempt statusHdr · item I501(c)(3) · active
NTEE classificationIRS BMFEducation (B01)
Ruling yearIRS BMFOct 2017

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a7
Independent voting membersPt VI · Ln 1b7
Conflict-of-interest policyPt VI · Ln 12aNo
Whistleblower policyPt VI · Ln 13No
Document retention policyPt VI · Ln 14No
CEO/top-official compensation independently reviewedPt VI · Ln 15aNo
Family or business relationships among officers/directorsPt VI · Ln 2No

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation · most recent filed roster (FY2024); the FY2025 filing did not itemize Part VII
Executive Director
$111,300Pt VII · Sec A
Board Chair
$0Pt VII · Sec A
Vice Chair
$0Pt VII · Sec A
Treasurer
$0Pt VII · Sec A
$0Pt VII · Sec A

Monica Bilak’s $111K as Executive Director is at the 88th percentile of top reported officer pay among 1616 $100K–1M education 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.

Compensation history total reportable pay by year · 1 named individual · Part VII

NameFY2025FY2024FY2022FY2021
Monica Bilak$111,300$115,779$94,655$85,000

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Mission & Programs · Part III

Where the work happens

1 program service account for $573K of program spending, described in the organization's own filed words · FY2024.
01

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

$573Kprogram expense

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Statement of Revenue

Part VIII
Contributions & grants$847K · 87%
Program service revenue$117K · 12%
Investment income$6K · 1%
Contributions & grants87%$847K
Program service revenue12%$117K
Investment income1%$6K
— government grantsLn 1e$842K
Total revenueLn 12$970K

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.73 Management & general $0.27
Program services73%$573K
Management & general27%$217K
Total functional expensesLn 25$789K

Balance Sheet

Part X · end of year
CashLn 1$700K
Total assetsLn 16$2.9M
Total liabilitiesLn 26$1.7M
Total net assetsLn 32$1.2M
Months of cash on handcomputed10.6

Financial Metrics

Form 990 · FY2025 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $700K · Operating expenses (Pt IX) $789K · Less non-cash grants $135K · Cash operating expenses/yr $654K
12.8 months
Where the money goes
Program services
Program services $573K · Total expenses $789K
73%
Management & General
Management & general $217K · Total expenses $789K
27%
Fundraising
Fundraising $0 · Total expenses $789K
0%
Cost to raise $1
Fundraising expense (3-yr avg) $0 · Solicited contributions (3-yr avg) $117K
Solicited contributions below reporting floor
Where the money comes from
Contribution dependence
Contributions & grants $847K · Total revenue $970K
87%
Government reliance
Government grants $842K · Total revenue $970K
87%
Earned-income share
Program service revenue $117K · Total revenue $970K
12%
Investment reliance
Investment income $6K · Total revenue $970K
+0.6%
Program self-sufficiency
Program service revenue $117K · Total expenses $789K
15%
Growth & trend
Revenue growth (YoY)
This year $970K · Prior year $1.0M
-7%
Revenue CAGR
FY2020 $857K · FY2024 $970K
+3%
Net-asset trend (YoY)
End of year $1.2M · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $970K · Expenses $789K
+19%
Liabilities-to-Assets
Total liabilities — · Total assets $2.9M
Net-asset ratio
Net assets $1.2M · Total assets $2.9M
40%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) — · Other securities (Pt X, ln 12) — · Total assets (Pt X, ln 16) $2.9M
Excludes program-related investments (Pt X, ln 13)
People & payroll
Highest Reported Total Compensation
Individual Monica Bilak · Reported title Executive Director · Highest reported compensation $111K · Total expenses $789K
14%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $319K · Total expenses $789K
40%
Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

MetricThis orgPeer medianPercentile
Program ratio 73%
Overhead ratio 27%
Fundraising cost ratio 0%
Revenue growth -7%
Accounting fee ratio 2%

Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.

Grants

Schedule I · received and paid
Grants received · FY2024
Total grants receivedfrom 2 funders$42K
Grants paid · 17 grants · $1.1M · 2021–2023
Unitemized GrantFY2022$146,210
Unitemized GrantFY2022$133,043
Madison - Hopkinsville Economic Development CorpFY2022$70,165
Feedcoyote INCFY2022$45,833
E-Ventures LLCFY2022$45,833
Codefi Kentucky LLCFY2022$29,545
QbricsFY2022$8,333
Bernard Victor MillerFY2022$8,333
Seamly Systems INCFY2022$8,333
Unitemized GrantFY2021$150,000
Madisonville - Hopkinsville Economic Development CorpFY2021$103,687
Unitemized GrantFY2021$100,000
Seamly Systems INCFY2021$41,667
Benard Victor MillerFY2021$41,667
QbricsFY2021$37,500

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Filings & Schedule Manifest

Part IV
III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
FY2025 (Latest)$970K revenue · viewing · ⤓ 990 PDF
FY2024$1.0M revenue · ⤓ 990 PDF
FY2023$1.0M revenue · ⤓ 990 PDF
FY2022$979K revenue · ⤓ 990 PDF
FY2021$857K revenue · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2025IRS
Classification, formation year, addressIRS Business Master File
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