Downtown Morehead City Inc
- Assets
- $202.4k
- Revenue
- $159.5k
- Investments
- $0.0
- Employees
- 3
- Location
- Morehead City, NC
- Founding
- 04/1999
- Data as of
- 06/2022
- EIN
- 56-2041447
Organization Overview
Downtown Morehead City Inc is located in Morehead City, NC. The organization was established in 1999. 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. As of 06/2022, Downtown Morehead City Inc employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Downtown Morehead City 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 06/2022, Downtown Morehead City Inc generated $159.5k in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 8.6% each year. All expenses for the organization totaled $152.3k during the year ending 06/2022. While expenses have increased by 7.1% per year over the past 6 years. They've been increasing with an increasing level of total revenue. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
DOWNTOWN MOREHEAD CITY INC MISSION IS TO PROMOTE, FOSTER AND HELP RESTORE DOWNTOWN MOREHEAD CITY, NCAS A DESTINATION BY FOSTERING A COMPREHENSIVE AND SUSTAINABLE REVITALIZATION PROESS DESIGNED TO IMPROVE ALL ASPECTS OF THE DOWNTOWN.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATON FOSTERS A HEALTHY DOWNTOWN BY PROMOTING ASSETS AND MAZIMIZING ECONOMIC OPPORTIES WHILE PRESERVING OUR COASTAL LIFESTYLE. DURING 2020-2021 11 NEW BUSINESSES OPENED,16 FACADES WERE IMPROVED, AND DOLLARS WERE INVESTED IN DOWNTOWN AND DMC INC TO CONTINUE TO GROW AND PERSERVE DOWNTOWN. VOLUNTEERS LOGGED 527 VOLUNTEER HOURS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lisa Rueh Director | OfficerTrustee | 40 | $0 |
Mark Kelly Board Member | Trustee | 0.1 | $0 |
Lori Tulloch Co Treasurer | Trustee | 0.1 | $0 |
Chrissy Suralik Board Chair | Trustee | 0.1 | $0 |
Kayla Brown Board Member | Trustee | 0.1 | $0 |
Doug Brady Board Member | Trustee | 0.1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $104,917 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $104,917 |
| Total Program Service Revenue | $316 |
| 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 | $54,290 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $159,523 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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 | $99,646 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $7,967 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $2,600 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,690 |
| Advertising and promotion | $20,487 |
| Office expenses | $3,627 |
| Information technology | $750 |
| 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 | $1,088 |
| Interest | $13 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $3,656 |
| All other expenses | $3,542 |
| Total functional expenses | $152,293 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $202,431 |
| 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 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $202,431 |
| Accounts payable and accrued expenses | $4,920 |
| 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 | $3,149 |
| Total liabilities | $8,069 |
| 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 |
| Retained earnings, endowment, accumulated income, or other funds | $194,362 |
| Total liabilities and net assets/fund balances | $202,431 |