2024-03-12T10:04:12-05:00 2023-06-30 BDO USA 421 Fayetteville Street Suite 300 Raleigh NC 27601 990 2022-07-01 204692622 SC LAUNCH INC % LAURA TERRY SCLA 8037339069 1000 CATAWBA STREET COLUMBIA SC 29201 LAURA TERRY TREASURER 8037339069 2024-03-11 true LAURA TERRY 999009999 SANDRA L FEINSMITH P01064157 9192781936 2024-03-07 3 2022 2023-04-26 12:10:37Z MATTHEW BELL 1000 CATAWBA STREET COLUMBIA SC 29201 3511992 false X WWW.SCRA.ORG X 2006 SC FUEL SOUTH CAROLINA'S INNOVATION ECONOMY BY ACCELERATING TECHNOLOGY-ENABLED GROWTH IN RESEARCH, ACADEMIA, ENTREPRENEURSHIP AND INDUSTRY. 9 9 0 9 29361 0 0 500000 0 0 2975171 2705150 0 0 2975171 3205150 1650000 2000000 0 0 0 0 0 0 0 91077 112235 1741077 2112235 1234094 1092915 12983051 13860401 0 0 12983051 13860401 FUEL SOUTH CAROLINAS INNOVATION ECONOMY BY ACCELERATING TECHNOLOGY-ENABLED GROWTH IN RESEARCH, ACADEMIA, ENTREPRENEURSHIP AND INDUSTRY. false false 2076583 2000000 0 PROVIDING EQUITY INVESTMENTS AND CONVERTIBLE DEBENTURE FUNDING TO TECHNOLOGY-RELATED EARLY-STAGE BUSINESSES TO FOSTER ECONOMIC GROWTH AND JOB CREATION AS A SUPPORTING ORGANIZATION OF THE SOUTH CAROLINA RESEARCH AUTHORITY. 2076583 true true false false false false false false false false false false true false false false true true false false false false false false false false false true false true false false false false false false false false false false false false true true false false false true 2 0 true 0 true true false false false false false false false false false false false X 9 9 false true false false false true false true true false false true true true true false false false false false SC X LAURA TERRY 8037340820 1000 CATAWBA STREET Columbia SC 29201 JOHN E SIRCY TREASURER 5.0 35.0 X 0 191757 30997 MATTHEW BELL EXECUTIVE DIRECTOR 20.0 20.0 X 0 196411 25261 TERESA HINSON SECRETARY 5.0 35.0 X 0 77924 6306 PETER G DUNPHY CHAIRMAN 1.5 1.5 X 0 0 0 ANDREA MARSHALL VICE CHAIR / Chairman 1.5 1.5 X 0 0 0 TIMOTHY E DAVIS DIRECTOR 1.5 0.0 X 0 0 0 CLIFFORD HOLEKAMP DIRECTOR 1.5 0.0 X 0 0 0 JULIANA IAROSSI DIRECTOR 1.5 0.0 X 0 0 0 PATTI LEAHY DIRECTOR 1.5 0.0 X 0 0 0 W PATRICK SPRINGHART DIRECTOR 1.5 0.0 X 0 0 0 T STEPHEN THOMPSON DIRECTOR 1.5 0.0 X 0 0 0 STEPHEN K WIGGINS DIRECTOR 1.5 0.0 X 0 0 0 John-Michial Carter director 1.5 0.0 X 0 0 0 Bob Crutchfield Director 1.5 0.0 X 0 0 0 LAURA TERRY TREASURER 5.0 35.0 X 0 0 0 0 466092 62564 0 false true false 0 500000 500000 0 287514 287514 0 0 0 0 0 284025 2440453 306842 -22817 2440453 2417636 29361 2388275 0 0 0 0 0 0 0 0 0 0 3205150 29361 2675789 2000000 2000000 0 0 0 0 0 0 0 0 0 0 6481 6481 39624 39624 29171 29171 0 0 0 0 0 268 268 0 0 0 13032 13032 0 3080 3080 0 0 0 18855 18855 RECRUITMENT 1724 1724 2112235 2076583 35652 0 1417814 179716 95962 1365017 0 0 28956 35868 0 0 0 0 293649 316446 0 0 0 0 0 0 0 0 6259182 7062673 0 0 4887488 4900681 0 0 0 0 12983051 13860401 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X 12983051 13860401 0 0 0 0 12983051 13860401 12983051 13860401 1092915 -215565 X X false true X true false X X 1 SCRA 570736144 10 true 0 0 1 0 0 true false false false false true false false false false false false false false false true true false X true true SCHEDULE A, PART IV, SECTION A, LINE 6 SC LAUNCH PROVIDED RETURN-BASED FUNDING TO SOUTH CAROLINA BASED TECHNOLOGY-RELATED EARLY-STAGE BUSINESSES TO FOSTER ECONOMIC GROWTH AND JOB CREATION AS A SUPPORTING ORGANIZATION OF SOUTH CAROLINA RESEARCH AUTHORITY. SCHEDULE A, PART IV, SECTION E, LINES 2A & 2B THE ORGANIZATION'S PURPOSES ARE TO PROMOTE AND SUPPORT ACTIVITIES WHICH ARE SOLELY FOR THE BENEFIT OF, TO PERFORM THE FUNCTIONS OF, AND TO CARRY OUT THE PURPOSES OF THE SCRA. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED KIYATEC, INC 500097 C CARBON CONVERSIONS, INC 4086492 F INTEGRATED BIOMETRICS LLC 308192 F VARIOUS 5900 F 4900681 2989585 -215565 -215565 3205150 3205150 2112235 2112235 2112235 true TESTED HQ LLC 201 B W BUTLER RD 271 MAULDIN SC 29662 850521251 300000 Investment CARBON CENTS INC 104 BROWNS SQUARE DRIVE WALHALLA SC 29691 880632358 250000 Investment HERON FARMS INC 1783 HARMON STREET CHARLESTON SC 29405 825299132 250000 Investment NEW FORGE LLC 54 MARINA RD STE 205 LAKE WYLIE SC 29710 273152040 250000 Investment RUFFIAN SOFTWARE 201 B W BUTLER RD 1109 MAULDIN SC 29662 833160141 250000 Investment SCOPESTACK CORP 305 BRIDGEWATER DRIVE GREENVILLE SC 29607 823210128 250000 Investment VIRTUE TECHNOLOGIES 301 CHAPIN ROAD CHAPIN SC 29036 830578280 250000 Investment MITOCHEM THERAPEUTICS INC 645 MEETING STREET CHARLESTON SC 29403 453845208 200000 Investment 0 8 SCHEDULE I, PART I, LINE 2: SC LAUNCH, INC. INVESTS IN SOUTH CAROLINA BASED EARLY-STAGE COMPANIES THAT HAVE APPLIED FOR AND MET PROGRAM QUALIFICATIONS, HAVE REACHED CERTAIN MILESTONES AND DUE DILIGENCE REQUIREMENTS AND HAVE BEEN APPROVED FOR FUNDING BY THE BOARD OF DIRECTORS. AS PART OF ITS PROCESS OF INVESTING IN TO SUCH COMPANIES SC LAUNCH, INC. ENTERS INTO FINANCING AGREEMENTS ("INVESTMENTS") WITH THE COMPANIES. WHILE AN IMPORTANT OBJECTIVE OF THE INVESTMENTS IS TO INCREASE OPPORTUNITIES FOR EMPLOYMENT OF CITIZENS OF SOUTH CAROLINA AND TO PROMOTE AND ENCOURAGE EXPANSION OF THE RESEARCH AND DEVELOPMENT INDUSTRY SECTOR, ANOTHER IMPORTANT OBJECTIVE IS THE POTENTIAL FOR RETURNS ON INVESTMENT BASED ON THE COMPANIES' FUTURE FINANCIAL SUCCESS. EACH RECIPIENT OF AN INVESTMENT IS REQUIRED TO SUBMIT QUARTERLY AND ANNUAL FINANCIAL STATEMENTS. IN ADDITION, AS PART OF THE PROGRAM ACTIVITIES RECIPIENT COMPANIES RECEIVE ONGOING MENTORING AND ACCESS TO RESOURCES AND EXPERTISE RELEVANT TO THEIR BUSINESSES. STAFF MEMBERS OF SC LAUNCH'S RELATED ORGANIZATION, THE SOUTH CAROLINA RESEARCH AUTHORITY, ARE IN CONTACT WITH PRINCIPALS OF THESE EARLY-STAGE COMPANIES TO INSURE PROPER USE OF INVESTED FUNDS AND TO PROVIDE SUPPORT. false false false false false false false false false JOHN E SIRCY TREASURER 0 170636 0 12845 0 8276 0 14986 0 16011 0 222754 0 0 MATTHEW BELL EXECUTIVE DIRECTOR 0 178626 0 13271 0 4514 0 12772 0 12489 0 221672 0 0 SCHEDULE J, PART I, LINE 3: COMPENSATION FOR SC LAUNCH OFFICERS IS DETERMINED BY THE SOUTH CAROLINA RESEARCH AUTHORITY (SCRA), A RELATED ORGANIZATION WHO PROVIDES SERVICES TO SC LAUNCH. COMPENSATION FOR SCRA'S EMPLOYEES, INCLUDING THAT OF OFFICERS AND KEY EMPLOYEES, IS SET BY THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES (THE GOVERNING BODY FOR SCRA) AS RECOMMENDED BY THE SCRA AUDIT & FINANCE COMMITTEE. FORM 990, PART VI, SECTION A, LINE 3: CONTROL OVER MANAGEMENT DUTIES: THROUGH A WRITTEN AGREEMENT BETWEEN SC LAUNCH ("SCL") AND THE RELATED ORGANIZATION, THE SOUTH CAROLINA RESEARCH AUTHORITY ("SCRA"), SCL HAS DELEGATED MANAGEMENT DUTIES TO THE EMPLOYEES OF SCRA. THE AGREEMENT IDENTIFIES THE ROLES AND RESPONSIBILITIES OF BOTH SCL AND SCRA. FORM 990, PART VI, SECTION A, LINE 7A: BOARD OF DIRECTORS: THE BOARD SHALL CONSIST OF AT LEAST SEVEN PERSONS, AS FOLLOWS: (I) THREE PERSONS APPOINTED BY THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES OF THE SOUTH CAROLINA RESEARCH AUTHORITY, OF WHICH ONE APPOINTEE MUST BE A MEMBER OF THE BOARD OF TRUSTEES OF THE SOUTH CAROLINA RESEARCH AUTHORITY WHO MEETS THE "EXPERIENCE CRITERIA" SET FORTH BELOW (COLLECTIVELY, THE "SCRA DIRECTORS"), (II) ONE PERSON APPOINTED BY THE BOARD OF DIRECTORS OF THE CLEMSON UNIVERSITY RESEARCH FOUNDATION, (III) ONE PERSON APPOINTED BY THE BOARD OF DIRECTORS OF THE MUSC FOUNDATION FOR RESEARCH DEVELOPMENT, (IV) ONE PERSON APPOINTED BY THE BOARD OF DIRECTORS OF THE UNIVERSITY OF SOUTH CAROLINA RESEARCH FOUNDATION, AND (V) ONE PERSON WHO MEETS THE "EXPERIENCE CRITERIA" SET FORTH BELOW ELECTED BY THE AFFIRMATIVE VOTE OF A MAJORITY OF THE BOARD MEMBERS IDENTIFIED IN CATEGORIES (II), (III) AND (IV) ABOVE THEN SERVING ON THE BOARD OF THE CORPORATION. FOR PURPOSES OF THIS PROVISION, A PERSON SHALL BE DEEMED TO MEET THE "EXPERIENCE CRITERIA" IF SUCH PERSON HAS SIGNIFICANT EXPERIENCE IN AT LEAST TWO OF THE FOLLOWING AREAS: ENTREPRENEURIAL ENDEAVORS, MANAGING A COMPANY IN THE TECHNOLOGY INDUSTRY, MANAGING RELATIONS WITH A RESEARCH UNIVERSITY OR INTERFACING WITH THE RESEARCH ACTIVITIES OF A RESEARCH UNIVERSITY, AND INVESTING IN OR SERVING ON THE BOARD OF AN EARLY STAGE OR TECHNOLOGY COMPANY. EACH DIRECTOR SHALL HOLD OFFICE UNTIL HIS SUCCESSOR SHALL HAVE BEEN DULY APPOINTED AND QUALIFIED, OR UNTIL HIS EARLIER RESIGNATION, REMOVAL FROM OFFICE, DEATH OR INCAPACITY. DIRECTORS MUST BE NATURAL PERSONS AND MUST RESIDE IN SOUTH CAROLINA. THE NUMBER OF DIRECTORS MAY BE INCREASED OR DECREASED, AS MAY BE DETERMINED FROM TIME TO TIME BY THE MAJORITY VOTE OF THE DIRECTORS IN OFFICE WHEN THE ACTION IS TAKEN; PROVIDED, HOWEVER, THAT IN NO EVENT SHALL THE BOARD CONSIST OF FEWER THAN SEVEN MEMBERS. IN THE EVENT THE NUMBER OF DIRECTORS IS CHANGED, THE NUMBER OF SCRA DIRECTORS SHALL BE ONE LESS THAN A MAJORITY OF THE MEMBERS OF THE BOARD IF THE NUMBER OF DIRECTORS IS AN ODD NUMBER, AND TWO LESS THAN A MAJORITY OF THE MEMBERS OF THE BOARD IF THE NUMBER OF DIRECTORS IS AN EVEN NUMBER. SECTION 3. CHAIRMAN. THE BOARD OF DIRECTORS SHALL ELECT A CHAIRMAN FROM AMONG THEIR MEMBERSHIP WHO SHALL SERVE AT THE PLEASURE OF THE BOARD. FORM 990, PART VI, SECTION B, LINE 11B: FORM 990 REVIEW PROCESS: PRIOR TO SUBMISSION TO THE IRS, THE SC LAUNCH TREASURER REVIEWS THE 990 IN DETAIL AND MAKES IT AVAILABLE TO THE FULL BOARD. FORM 990, PART VI, SECTION B, LINE 12C: CONFLICT OF INTEREST POLICY: SC LAUNCH BOARD OF DIRECTORS AND OFFICERS SUBMIT AN ANNUAL CONFLICT OF INTEREST STATEMENT ACKNOWLEDGING THAT THEY HAVE READ AND UNDERSTAND THE POLICY AND THAT A STATEMENT OF POTENTIAL CONFLICT OF INTEREST FORM WILL BE FILED AND DISCLOSED TO THE BOARD AT A REGULAR MEETING SHOULD A POTENTIAL CONFLICT OF INTEREST ARISE. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION DETERMINATION: COMPENSATION FOR THE SC LAUNCH EXECUTIVE DIRECTOR, THE CHIEF OFFICER OF SC LAUNCH, AS WELL AS THAT OF THE TREASURER AND SECRETARY IS SET BY THE AUDIT AND FINANCE COMMITTEE OF THE SOUTH CAROLINA RESEARCH AUTHORITY ("SCRA"), A RELATED ORGANIZATION THAT PROVIDES SERVICES TO SC LAUNCH, INCLUDING MANAGEMENT (SEE 990 PART VI, QUESTION 3). SCRA ENGAGES AN INDEPENDENT CONSULTANT WHO ADVISES THE SCRA AUDIT AND FINANCE COMMITTEE REGARDING COMPENSATION FOR THE EXECUTIVES WHO SERVE AS OFFICERS FOR SC LAUNCH. COMPENSATION IS REVIEWED ANNUALLY BY THE COMMITTEE. THIS PROCESS HAS BEEN IN PLACE SINCE 2004. FORM 990, PART VI, SECTION C, LINE 19: PUBLIC ACCESS TO DOCUMENTS: THE ORGANIZATION MAKES ITS FORM 990, GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XII, LINE 2C: FINANCIAL STATEMENTS AUDIT OVERSIGHT: THERE HAVE BEEN NO CHANGES DURING THE YEAR IN THE PROCESS FOR OVERSIGHT OF THE AUDIT OF THE FINANCIAL STATEMENTS. STAGE 2 CAPITAL ASSOCIATES LLC 1000 CATAWBA STREET COLUMBIA SC 29201 473475799 INVESTMENTS SC 0 4894781 SC LAUNCH SCRA 1000 CATAWBA ST COLUMBIA SC 29201 570736144 R&D INV. SC 501(C)(3) LINE 10 NA false false false true false false false false false false false false false true true true false false false false