Downtown Belmont Development Association
- Assets
- $40.7k
- Revenue
- $46.4k
- Investments
- $0.0
- Employees
- 0
- Location
- Belmont, NC
- Founding
- 06/2015
- Data as of
- 06/2021
- EIN
- 47-4333734
Organization Overview
Downtown Belmont Development Association is located in Belmont, NC. The organization was established in 2015. According to its NTEE Classification (A99) the organization is classified as: Arts, Culture & Humanities N.E.C., under the broad grouping of Arts, Culture & Humanities and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Downtown Belmont Development Association 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 Belmont Development Association generated $46.4k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 4 years, the organization has seen revenues fall by an average of (12.7%) each year. All expenses for the organization totaled $31.9k during the year ending 06/2021. As we would expect to see with falling revenues, expenses have declined by (19.0%) per year over the past 4 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 FURTHER ADVANCE THE ECONOMIC, AESTHETIC AND CULTURAL ENVIRONMENT OF HISTORIC DOWNTOWN BELMONT, NC.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SUCCESSFULLY CONDUCTED MULTIPLE EVENTS AT DOWNTOWN BELMONT NC VENUE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Nancy Nance Vice Chair | OfficerTrustee | 2 | $0 |
Angela Street Chair | OfficerTrustee | 2 | $0 |
Elizabeth Simcox Treasurer | OfficerTrustee | 2 | $0 |
Phil Boggan Downtown Dir | Trustee | 20 | $0 |
Amy Bossard Director | Trustee | 1 | $0 |
Jim Hefferan Appt. Counci | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $46,428 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $46,428 |
| Statement of Expenses | |
|---|---|
| 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 to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $1,250 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $320 |
| Office expenses | $591 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $1,871 |
| All other expenses | $0 |
| Total functional expenses | $31,850 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $40,734 |
| Savings and temporary cash investments | $0 |
| 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 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $40,734 |
| 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 | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $0 |
| 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 |
| Total liabilities and net assets/fund balances | $40,734 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Downtown Belmont Development Association has recieved totaling $2,500.
| Awarding Organization | Amount |
|---|---|
The Stowe Foundation Inc Belmont, NC PURPOSE: CHARITABLE | $2,500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
South Arts Inc Atlanta, GA | $7,711,292 | $5,611,811 |
Acorn Center For Restoration And Freedom Inc Covington, GA | $134,681 | $1,087,049 |
South Fulton Institute Inc Atlanta, GA | $1,909,108 | $891,815 |
Destination Cleveland County Inc Shelby, NC | $7,052,846 | $848,896 |
Jeniam Ii Foundation Memphis, TN | $1,092,809 | $484,239 |
Friends Of The Hunley Inc North Charleston, SC | $1,463,625 | $893,536 |
Tenants And Workers United Inquilinos Y Trabajadores Unidos Alexandria, VA | $1,287,907 | $1,136,060 |
Cool Spring Downtown District Inc Fayetteville, NC | $404,618 | $773,790 |
Creativets Nashville, TN | $484,880 | $860,430 |
The Arts Council Of Moore County Inc Southern Pines, NC | $756,104 | $891,925 |
American Mental Health Counselors Assoc Alexandria, VA | $515,954 | $884,107 |
International Entertainment Buyers Association Nashvile, TN | $1,235,911 | $821,103 |