Downtown Franklin Assoc Inc
- Assets
- $178.6k
- Revenue
- $122.4k
- Investments
- $0.0
- Employees
- 1
- Location
- Franklin, VA
- Founding
- 09/2002
- Data as of
- 06/2021
- EIN
- 26-0011687
Organization Overview
Downtown Franklin Assoc Inc is located in Franklin, VA. The organization was established in 2002. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Downtown Franklin Assoc Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2021, Downtown Franklin Assoc Inc generated $122.4k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (6.8%) each year. All expenses for the organization totaled $144.8k during the year ending 06/2021. As we would expect to see with falling revenues, expenses have declined by (4.2%) per year over the past 6 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROMOTE THE HISTORIC DISTRICT OF FRANKLIN, VA FROM AN ECONOMIC AND AESTHETIC STANDPOINT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ENHANCE THE UNIQUE VISUAL QUALITY OF DOWNTOWN FRANKLIN, VA BY ADDRESSING ALL DESIGN ELEMENTS TO CREATE AN APPEALING ENVIRONMENT.
CREATE AND MARKET A POSITIVE IMAGE BASED ON THE UNIQUE ATTRIBUTES OF THE DOWNTOWN DISTRICT.
STRENGTHEN DOWNTOWN'S EXISTING ECONOMIC ASSETS AND FULFILLING ITS BROADEST MARKET POTENTIAL.
ESTABLISH CONSENSUS AND COOPERATION BY BUILDING EFFECTIVE PARTNERSHIPS AMONG ALL DOWNTOWN STAKEHOLDERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Beneta Cofield Treasurer | Officer | 1 | $0 |
Victor Story President | Officer | 5 | $0 |
Jim Wright Secretary | Officer | 1 | $0 |
Jackie Newsome Vice-Preside | Officer | 5 | $0 |
Kelly Bowers Director | Trustee | 1 | $0 |
Witt Harper Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $83,041 |
| All other contributions, gifts, grants, and similar amounts not included above | $24,079 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $107,120 |
| Total Program Service Revenue | $12,175 |
| Investment income | $145 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $2,550 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $425 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $122,415 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $21,614 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $18,191 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $1,392 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,465 |
| Fees for services: Accounting | $110 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $3,255 |
| Office expenses | $2,483 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $3,047 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,145 |
| Insurance | $3,154 |
| All other expenses | $5,377 |
| Total functional expenses | $144,813 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $101 |
| Savings and temporary cash investments | $36,172 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $142,336 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $178,609 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $3,000 |
| Other liabilities | $1,336 |
| Total liabilities | $4,336 |
| Net assets without donor restrictions | $174,273 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $178,609 |
Grants Awarded
Over the last fiscal year, Downtown Franklin Assoc Inc has awarded $17,754 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
CHILDREN'S THERAPY CONCEPTS PURPOSE: BUSINESS DEVELPOMENT | $9,220 |
TIERS TO YOU PURPOSE: BUSINESS DEVELOPMENT | $8,534 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
4mycity Inc Taneytown, MD | $269,763 | $70,588,044 |
Columbia Association Inc Columbia, MD | $168,635,825 | $73,239,829 |
Latino Economic Development Corporation Of Washington Dc Washington, DC | $21,296,549 | $55,386,095 |
Kennedy Krieger Education And Community Services Inc Baltimore, MD | $14,340,565 | $48,121,720 |
Mosaic Community Services Inc Timonium, MD | $34,184,592 | $47,201,258 |
Community Of Hope Inc Washington, DC | $67,233,523 | $40,561,982 |
Christian Community Development Corporation Inc Memphis, TN | $275,024,548 | $28,566,509 |
Upper East Tennessee Human Development Agency Kingsport, TN | $7,143,102 | $23,146,809 |
Pennyrile Allied Community Services Inc Hopkinsville, KY | $9,618,726 | $22,758,893 |
Hampton Roads Community Action Program Inc Newport News, VA | $4,977,691 | $24,100,051 |
Northwest Tennessee Economic Development Council Dresden, TN | $2,980,191 | $21,895,121 |
Lexington Center Corporation Lexington, KY | $378,439,328 | $16,156,810 |