Renaissance Covington INC FY2021 filing

IRS exemption revoked

Covington, KYUnknown exempt organizationEIN 90-0126762Revenue $310K in FY2021

On file with the IRSrcov.org2 West Pike Street · Covington, KY

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The organization promotes economic development in the city of Covington, kentucky.

90¢ of each $1 spent went to programs.
$50K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Programs: Part IX · Pay: Part VII

Before you give

FY2021 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
Revoked
IRS exemption revoked
Concern: the IRS revoked its tax exemption.
IRS Auto-Revocation List
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
1 of 3
filings with a surplus
Average deficit $20K a year · 7% of revenue · last 3 filings
Concern: a surplus in 1 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
$50K
to officers and key staff · 19% of spending
Fine: pay to officers and key staff is 19% of spending; 15% to 20%.
Pt VII · Sec A
Cash reserves
6 mo
of spending, in cash
Looks good: 5.6 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $21
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$17K
13% of total assets
Looks good: liabilities are 13% of assets; 50% or less.
Pt X · Ln 26
Independent board members
12
of 13 voting members
Looks good: 12 of 13 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$310K
Spent
$265K
To programs
90%
Net assets
$107K
By yearFY2021–FY2023
Revenue
$310K
FY2021
Tap a bar for its year
Revenue by fiscal year
FY2021$310K
FY2022$348K
FY2023$178K
Expenses
$265K
FY2021
Tap a bar for its year
Expenses by fiscal year
FY2021$265K
FY2022$416K
FY2023$217K
Net assets
$107K
FY2021
Tap a bar for its year
Net assets by fiscal year
FY2021$107K
FY2022$39K
FY2023$0

From the FY2021 Form 990 (year ending June 2021) · see the original

Form 990 (PDF) Claim
IRS revoked this organization's tax-exempt status on November 15, 2012
You’re viewing the FY2021 filing — not the latest on file. See the latest (FY2023) →

Is it real?

No. The IRS revoked its tax exemption. Latest filing on record: FY2023.

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% · $238K Management & general 10% · $26K

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

13 people listed on the 990; $50K paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2020); the FY2021 filing did not itemize Part VII
Executive Director
$50,000Pt VII · Sec A
Board Member
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A

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

NameFY2022FY2021
Nick Wade$50,000$50,000

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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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 15aYes

Programs and updates

Promotes economic development in Covington, Kentucky.

Questions for Renaissance Covington INC

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Provided by the organization

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3 programs · $238K · in their own filed words · FY2020
01

Economic Development & Innovation

Develop neighborhood wifi; retain and attract businesses; improve the business district; facilitate mortar entrepreneur program.

$162Kprogram expense
02

Community Events, Arts & Culture

Create and operate seasonal farmers market; host the covington night bazaar.

$41Kprogram expense
03

Transform Public Spaces

Develop vibrant and integrative gathering spaces to serve and enhance the community.

$35Kprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · received and paid
Grants received · FY2023
Total grants receivedfrom 1 funder$21
Grants paid · 1 grant · $72K · 2022–2022

By the numbers

The FY2021 990, line by line.

1The main four
Money inPt VIII
$310K
Ln 12
Gifts and grantsLn 1h$276K
Fees for servicesLn 2g$25K
Other incomeLn 4–11$9K
Money outPt IX
$265K
Ln 25
Programscol B$238K
Managementcol C$26K
Owns and owesPt X
$107K
net assets · Ln 32
Cash and savingsLn 1–2$124K
Total assetsLn 16$124K
LiabilitiesLn 26$17K
PeoplePt VI, VII
13
listed · VII A
PaidVII A1
Voting boardVI 1a13
IndependentVI 1b12
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$276K
Fees for servicesLn 2g$25K
Other incomeLn 4–11$9K
Total revenueLn 12$310K
Assets in detailPt X, end of year
CashLn 1$124K
Cash and savings togetherLn 1–2$124K
Total assetsLn 16$124K
LiabilitiesLn 26$17K
Net assetsLn 32$107K
OperationsPt I, VI
EmployeesI 54
VolunteersI 624
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY21End FY21
Cash and savingsLn 1–2$70K$124K
Total assetsLn 16$70K$124K
LiabilitiesLn 26$9K$17K
Net assetsLn 32$61K$107K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$50K$35K$15K
Other salaries and wagesLn 7$78K$78K
Other employee benefitsLn 9$9K$8K$1K
Payroll taxesLn 10$10K$8K$1K
Accounting feesLn 11c$4K$2K$2K
Other fees for servicesLn 11g$3K$2K$401
Advertising and promotionLn 12$2K$2K
Office expensesLn 13$3K$3K$302
OccupancyLn 16$14K$12K$2K
TravelLn 17$3K$971$2K
InsuranceLn 23$3K$2K$2K
Other expenses (24a–d)Ln 24$83K$83K
All other expensesLn 24e$2K$2K
Total functional expensesLn 25$265K$238K$26K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2023 Latest $178K$217K−$39K$0 990 PDF
FY2022 $348K$416K−$68K$39K 990 PDF
FY2021 Viewing $310K$265K$46K$107K 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 FY2021 990 (6 parts)
Part I · Summary $310,226 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $233,144$275,543
I-9 Program service revenuePrior year $28,678$25,384
I-10 Investment incomePrior year $0$0
I-11 Other revenuePrior year $506$9,299
I-12 Total revenuePrior year $262,328$310,226
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $86,459$147,290
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $136,559$117,245
I-18 Total expensesPrior year $223,018$264,535
I-19 Revenue less expensesPrior year $39,310$45,691
Part VI · Governance 12 of 13 board members independent, 3 to look at
VI-1a Voting members of the governing body13
VI-1b Independent voting members12
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-2 Family or business relationship among officers or directorsNo
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $310,226 across 5 lines filed
VIII-1f All other contributions, gifts and grants$275,543
VIII-1h Total contributions, gifts and grants$275,543
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $25,384$25,384
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $9,299$9,299
VIII-12 Total revenueRelated to mission $34,683 · Unrelated business $0 · Excluded from tax $0$310,226
Part IX · Statement of functional expenses $264,535 across 13 lines filed
IX-5 Pay of current officers, directors and key staffPrograms $35,000 · Management $15,000$50,000
IX-7 Other salaries and wagesPrograms $78,265$78,265
IX-9 Other employee benefitsPrograms $7,815 · Management $1,398$9,213
IX-10 Payroll taxesPrograms $8,338 · Management $1,474$9,812
IX-11c Accounting feesPrograms $2,145 · Management $2,145$4,290
IX-11g Other fees for servicesPrograms $2,270 · Management $401$2,671
IX-12 Advertising and promotionPrograms $2,264$2,264
IX-13 Office expensesPrograms $2,714 · Management $302$3,016
IX-16 OccupancyPrograms $11,802 · Management $2,083$13,885
IX-17 TravelPrograms $971 · Management $1,804$2,775
IX-23 InsurancePrograms $1,535 · Management $1,535$3,070
IX-24 Other expenses (24a–d)Programs $83,389$83,389
IX-24e All other expensesPrograms $1,885$1,885
IX-25 Total functional expensesPrograms $238,393 · Management $26,142 · Fundraising $0$264,535
Part X · Balance sheet $123,887 assets, 7 lines filed
X-1 Cash, non-interest-bearingStart of year $70,196$123,887
X-16 Total assetsStart of year $70,196$123,887
X-24 Unsecured notes and loans payableStart of year $8,700$16,700
X-26 Total liabilitiesStart of year $8,700$16,700
X-27 Net assets without donor restrictionsStart of year $61,496$107,187
X-32 Total net assets or fund balancesStart of year $61,496$107,187
X-33 Total liabilities and net assetsStart of year $70,196$123,887
Part XI · Reconciliation of net assets $107,187 net assets at year end
XI-1 Total revenue$310,226
XI-2 Total expenses$264,535
XI-3 Revenue less expenses$45,691
XI-4 Net assets at start of year$61,496
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$107,187

Form 990 e-file (XML) FY2021 from the IRS · Classification, formation year and address from the IRS Business Master File

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