2025-03-13T07:03:38-04:00 2024-06-30 BDO USA 421 Fayetteville Street Suite 300 Raleigh NC 27601 990 2023-07-01 204692622 SC LAUNCH INC % LAURA TERRY SCLA 8037339069 1000 CATAWBA STREET COLUMBIA SC 29201 LAURA TERRY TREASURER 8037339069 2025-03-07 true true SANDRA L FEINSMITH P01064157 9192781936 2025-03-07 2023 2025-03-06 01:10:19Z MATTHEW BELL 1000 CATAWBA STREET COLUMBIA SC 29201 1503918 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 10 186439 0 500000 250000 0 0 2705150 1038656 0 0 3205150 1288656 2000000 0 0 0 0 0 0 0 0 112235 2083705 2112235 2083705 1092915 -795049 13860401 37113760 0 0 13860401 37113760 FUEL SOUTH CAROLINAS INNOVATION ECONOMY BY ACCELERATING TECHNOLOGY-ENABLED GROWTH IN RESEARCH, ACADEMIA, ENTREPRENEURSHIP AND INDUSTRY. false false 2009411 0 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. 2009411 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 false 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 8036833458 1000 CATAWBA STREET Columbia SC 29201 MATTHEW BELL EXECUTIVE DIRECTOR 40.0 0.0 X 0 204426 31763 LAURA TERRY TREASURER 5.0 35.0 X 0 113522 19881 TERESA HINSON SECRETARY 5.0 35.0 X 0 82013 7011 ANDREA MARSHALL CHAIRMAN 1.5 1.5 X 0 0 0 PATTI LEAHY DIRECTOR 1.5 0.0 X 0 0 0 PATRICK SPRINGHART MD DIRECTOR (ENDED 5/15/24) 1.5 0.0 X 0 0 0 STEPHEN K WIGGINS DIRECTOR 1.5 0.0 X 0 0 0 JULIANA IAROSSI DIRECTOR 1.5 0.0 X 0 0 0 CLIFFORD HOLEKAMP DIRECTOR 1.5 0.0 X 0 0 0 ROBERT CRUTCHFIELD DIRECTOR 1.5 0.0 X 0 0 0 KAREN R JENKINS DIRECTOR 1.5 0.0 X 0 0 0 JON-MICHIAL CARTER DIRECTOR 1.5 0.0 X 0 0 0 DEREK PEDERSON DIRECTOR (Began 5/15/24) 1.5 0.0 X 0 0 0 0 399961 58655 0 false true false 0 250000 250000 0 342912 342912 0 0 0 0 0 199125 711881 215262 -16137 711881 695744 186439 509305 0 0 0 0 0 0 0 0 0 0 1288656 186439 852217 0 0 0 0 0 0 0 0 0 0 6604 6604 36353 36353 26090 26090 0 0 0 2210 2210 0 5626 5626 5000 5000 0 0 12735 12735 0 4044 4044 0 0 0 19195 19195 PROVISIONS AND WRITE-OFFS 1965848 1965848 2083705 2009411 74294 0 179716 79958 1365017 2426679 0 0 35868 316702 0 0 0 0 316446 7381015 0 0 0 16000 0 0 0 0 7062673 5080033 0 0 4900681 21813373 0 0 0 0 13860401 37113760 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X 13860401 37113760 0 0 0 0 13860401 37113760 13860401 37113760 X -795049 163612 23884796 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 6321994 C INTEGRATED BIOMETRICS LLC 1091695 C VARIOUS 13899587 C 21813373 1452268 163612 163612 1288656 1288656 2083705 2083705 2083705 false false false false false false false false false MATTHEW BELL EXECUTIVE DIRECTOR 0 188549 0 11344 0 4533 0 13490 0 18273 0 236189 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 X, LINE 9, OTHER CHANGES IN NET ASSETS: CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLES $23,884,796 Effective July 1, 2023, the SC Launch adopted a change in accounting principle to account for mission-based equity and debt interests using the cost method and amortized cost method, respectively. The change in accounting principle recognizes SC Launch's mission-based equity and debt interests and increases the understandability of the financial statements in the context of SC Launch's mission as well as its primary objective of entering into agreements with qualifying companies to comply with SCRA's enabling legislation to provide funds in furtherance of economic development in the State of South Carolina. An important objective of these mission-based interests is to increase opportunities for employment of the citizens of South Carolina and to promote and encourage expansion of research and technology transfer to industry. Accordingly, SC Launch is not entering into such transactions solely based on its own economic self-interest, but rather for the general public interest in the State of South Carolina as provided for by SCRA's enabling legislation. In fiscal year 2024, SC Launch provided $2,200,000 of funding to mission-based interests. 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 7913786 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 false true true false false false false