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Covington Life Sciences Partners INC FY2023 filing

Tax-deductible

Covington, KY501(c)(3)Science & Technology EIN 93-4263574Revenue $14.1M in FY2023

On file with the IRS109 E 4th St, 41011-1613 · Covington, KYTax-exempt since Jul 2025Publicly supported charity — 170(b)(1)(A)(vi)

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Covington Life Sciences Partners, INC. INC. ("clsp") is an independent nonprofit lab incubator based in Covington, kentucky, dedicated to empowering entrepreneurs and scientists to bring lifesaving innovations to market while driving economic growth and job creation in the region. Clsp will offer a cutting-edge wet lab facility with fully equipped, affordable lab space, collaborative work environments, and a wide variety of development and training programs. By fostering mentorship, collaboration, and access to state-of-the-art resources, clsp aims to accelerate groundbreaking research in the Life Sciences sector. The platform provides Life Sciences, medtech, and related industries with access to unique research capabilities and a comprehensive network of technical, business, and talent resources. Through community-driven educational initiatives, clsp is committed to making Life Sciences and stem opportunities accessible to all, offering hands-on education and creating clear pathways.

501(c)(3) charity; gifts are tax-deductible.
100¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

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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
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
2 of 2
filings with a surplus
Average surplus $7.5M a year · 99% of revenue · last 2 filings
Looks good: a surplus in 2 of the last 2 filings.
Pt I · Ln 19 · 2 filings
Spent on programs
100%
of spending
Looks good: 100% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
23 mo
of spending, in cash
Looks good: 23.3 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $225K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$0
0% of total assets
Looks good: liabilities are 0% of assets; 50% or less.
Pt X · Ln 26
Independent board members
9
of 9 voting members
Looks good: 9 of 9 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$14.1M
Spent
$34
To programs
100%
Net assets
$14.1M
By yearFY2023–FY2024
Revenue
$14.1M
FY2023
Tap a bar for its year
Revenue by fiscal year
FY2023$14.1M
FY2024$1.1M
Expenses
$34
FY2023
Tap a bar for its year
Expenses by fiscal year
FY2023$34
FY2024$197K
Net assets
$14.1M
FY2023
Tap a bar for its year
Net assets by fiscal year
FY2023$14.1M
FY2024$15.0M

From the FY2023 Form 990 · see the original

990 PDF Claim
You’re viewing the FY2023 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Jul 2025.

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

Where the money goes

100 cents of each dollar spent went to programs.

Program services 100% · $34

Form 990 Part IX, line 25. Every line is in By the numbers.

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Who runs it and what they're paid

9 people listed on the 990.

Part VII, Section A · reportable compensation
Chuck Scheper
Board Member
$0Pt VII · Sec A
Garren Colvin
Board Member
$0Pt VII · Sec A
Savannah Doliboa
Board Member
$0Pt VII · Sec A
Tim Schroeder
Board Member
$0Pt VII · Sec A
Tony Remington
Board Member
$0Pt VII · Sec A
Valerie Hardcastle
Board Member
$0Pt VII · Sec A
Lee Crume
Board Member
$0Pt VII · Sec A
Duane Clark
Board Member
$0Pt VII · Sec A
See Covington Life Sciences Partners 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

Supports scientists and entrepreneurs by providing lab space and resources to develop life-saving innovations.

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Provided by the organization

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2 programs · $34 · in their own filed words · FY2023
01

Low-Cost Wet Lab Facilities

CLSP will offer affordable laboratory facilities equipped with state-of-the-art equipment to meet industry standards. The lab spaces are designed to support a wide range of experimental needs, featuring lab benches, private lab suites, fume hoods, liquid nitrogen freezers, -20c and -80c freezers, refrigerators, an autoclave, and…

$34program expense
02

Education and Development Programs

CLSP'S education and development initiatives are crafted to support and inspire a diverse range of participants, from high school students to early-stage scientists, fostering growth and innovation in the life sciences field across the commonwealth of kentucky.

Pt IX · col B

Funders

Who pays for it.

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

Grants

Schedule I · funders on record
Grants received · FY2024
Horizon Community Funds of Northern Kentucky INCFY2024$225K
Total grants receivedfrom 1 funder$225K

By the numbers

The FY2023 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$14.1M
Ln 12
Gifts and grantsLn 1h$14.1M
Money outPt IX
$34
Ln 25
Programscol B$34
Owns and owesPt X
$14.1M
net assets · Ln 32
Cash and savingsLn 1–2$66
Total assetsLn 16$14.1M
LiabilitiesLn 26$0
PeoplePt VI, VII
9
listed · VII A
PaidVII A0
Voting boardVI 1a9
IndependentVI 1b9
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$14.1M
Government grantsLn 1e$14.1M
Total revenueLn 12$14.1M
Assets in detailPt X, end of year
CashLn 1$66
Cash and savings togetherLn 1–2$66
Total assetsLn 16$14.1M
LiabilitiesLn 26$0
Net assetsLn 32$14.1M
OperationsPt I, VI
EmployeesI 50
VolunteersI 618
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$66
Total assetsLn 16$0$14.1M
LiabilitiesLn 26$0$0
Net assetsLn 32$0$14.1M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Office expensesLn 13$34$34
Total functional expensesLn 25$34$34$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $1.1M$197K$911K$15.0M 990 PDF
FY2023 Viewing $14.1M$34$14.1M$14.1M 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2023 990 (6 parts)
Part I · Summary $14,117,666 revenue, 12 lines filed
I-8 Contributions and grants$14,117,666
I-9 Program service revenue$0
I-10 Investment income$0
I-11 Other revenue$0
I-12 Total revenue$14,117,666
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefits$0
I-16a Professional fundraising fees$0
I-17 Other expenses$34
I-18 Total expenses$34
I-19 Revenue less expenses$14,117,632
Part VI · Governance 9 of 9 board members independent, 3 to look at
VI-1a Voting members of the governing body9
VI-1b Independent voting members9
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 $14,117,666 across 4 lines filed
VIII-1e Government grants$14,117,566
VIII-1f All other contributions, gifts and grants$100
VIII-1h Total contributions, gifts and grants$14,117,666
VIII-12 Total revenueRelated to mission $0 · Unrelated business $0 · Excluded from tax $0$14,117,666
Part IX · Statement of functional expenses $34 across 1 line filed
IX-13 Office expensesPrograms $34$34
IX-25 Total functional expensesPrograms $34 · Management $0 · Fundraising $0$34
Part X · Balance sheet $14,117,632 assets, 7 lines filed
X-1 Cash, non-interest-bearing$66
X-4 Accounts receivable$12,581,566
X-9 Prepaid expenses and deferred charges$1,536,000
X-16 Total assetsStart of year $0$14,117,632
X-26 Total liabilitiesStart of year $0$0
X-32 Total net assets or fund balancesStart of year $0$14,117,632
X-33 Total liabilities and net assetsStart of year $0$14,117,632
Part XI · Reconciliation of net assets $14,117,632 net assets at year end
XI-1 Total revenue$14,117,666
XI-2 Total expenses$34
XI-3 Revenue less expenses$14,117,632
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$14,117,632

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

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