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Nonprofiteer
← KENTUCKY SOYBEAN PROMOTION BOARD

Form 990 for tax year 2022

Filed by KENTUCKY SOYBEAN PROMOTION BOARD.

Totals

Total revenue
$3,598,908
Total expenses
$2,237,497
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$3,458,678
Investment income
$96,736
Other revenue
$43,494
Total assets, end of year
$8,228,680
Total liabilities, end of year
$0
Net assets or fund balances, end of year
$8,228,680
Program services expenses (Part IX)
$2,114,079
Management and general expenses
$123,418
Fundraising expenses
$0
Program service expenses (Part III)
$2,114,079

Program services were 94.5% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: ASSESSMENTS-IN STATE

    total $5,289,422 · related or exempt $5,289,422

  • 2b · Program service revenue: ASSESSMENTS-OUT-OF-STATE

    total $2,632,246 · related or exempt $2,632,246

  • 2c · Program service revenue: OUT OF STATE REMITTANCES

    total -$962,686 · related or exempt -$962,686

  • 2d · Program service revenue: UNITED SOYBEAN BOARD

    total -$3,500,304 · related or exempt -$3,500,304

  • 3 · Investment income

    total $93,236 · related or exempt $93,236

  • 7a · Gross sales of assets other than inventory

    other assets $3,500

  • 7c · Gain or loss

    other assets $3,500

  • 7d · Net gain or loss

    total $3,500 · related or exempt $3,500

  • 11a · Other revenue: MISCELLANEOUS INCOME

    total $43,494 · related or exempt $43,494

  • 11e · Other revenue, total

    $43,494

Functional expenses

Part IX, the statement of functional expenses.

  • 9 · Other employee benefits

    total $8,084 · management and general $8,084

  • 10 · Payroll taxes

    total $13,592 · management and general $13,592

  • 11c · Fees: accounting

    total $6,920 · management and general $6,920

  • 16 · Occupancy

    total $26,284 · management and general $26,284

  • 23 · Insurance

    total $9,797 · management and general $9,797

  • 24a · Other expenses: RESEARCH

    total $499,299 · program services $499,299

  • 24b · Other expenses: INDUSTRY INFORMATION

    total $430,490 · program services $430,490

  • 24c · Other expenses: DOMESTIC OPPORTUNITIES

    total $259,392 · program services $259,392

  • 24d · Other expenses: PRODUCER COMMUNICATIONS

    total $254,440 · program services $254,440

  • 24e · All other expenses

    total $729,199 · program services $670,458 · management and general $58,741

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $3,810,185 · end of year $4,772,018

  • 2 · Savings and temporary cash investments

    beginning of year $600,000 · end of year $954,877

  • 10a · Land, buildings and equipment: cost or other basis

    $3,001,117

  • 10b · Land, buildings and equipment: accumulated depreciation

    $499,332

  • 10c · Land, buildings and equipment, net

    beginning of year $2,570,597 · end of year $2,501,785

  • 27 · Net assets without donor restrictions

    beginning of year $6,980,782 · end of year $8,228,680

Mission and programs · 2022

Mission

TO PROMOTE AND STIMULATE THE INCREASED USE AND SALE OF SOYBEANS AND SOYBEAN PRODUCTS.

  • SOYBEAN PROMOTION

    Expenses $2,114,079

  • THE SOYBEAN PROMOTION RESEARCH AND CONSUMER INFORMATION ACT APPROVED NOVEMBER 28, 1990 AUTHORIZED THE ESTABLISHMENT OF NATIONAL INDUSTRY FUNDED SOYBEAN PROMOTION AND RESEARCH. EACH FIRST PURCHASER OF SOYBEANS IN KENTUCKY SHALL COLLECT AND REMIT TO THE KENTUCKY SOYBEAN PROMOTION BOARD AT THE RATE OF .50% OF THE NET MARKET PRICE OF THE SOYBEANS PURCHASED. THE ASSESSMENTS ARE THEN USED TO PROMOTE AND STIMULATE RESEARCH, MARKET DEVELOPMENT AND EDUCATION, AND THE INCREASED SALES AND USE OF SOYBEAN AND SOY PRODUCTS.

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Barry Alexander

    DIRECTOR

    Total calculated
    $0

  • Ryan Bivens

    DIRECTOR

    Total calculated
    $0

  • Brent Gatton

    DIRECTOR

    Total calculated
    $0

  • Gerry Hayden

    DIRECTOR

    Total calculated
    $0

  • Adam Hendricks

    DIRECTOR

    Total calculated
    $0

  • Glenn Howell

    DIRECTOR

    Total calculated
    $0

  • Jeff King

    DIRECTOR

    Total calculated
    $0

  • Allen Pace

    DIRECTOR

    Total calculated
    $0

  • Caleb Ragland

    DIRECTOR

    Total calculated
    $0

  • Jonathan Reynolds

    DIRECTOR

    Total calculated
    $0

  • Fred Sipes

    SECRETARY/TR

    Total calculated
    $0

  • Larry Thomas

    CHAIRMAN

    Total calculated
    $0

  • Debbie Ellis

    EXECUTIVE DI

    Total calculated
    $0

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2022
Filed
12 November 2023
IRS schema version
2022v5.0
Source object
202303179349305285

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