Riverfront Development Corporation
- Assets
- $39.6m
- Revenue
- $20.2m
- Investments
- $0.0
- Employees
- 31
- Location
- Memphis, TN
- Founding
- 07/2000
- Data as of
- 06/2021
- EIN
- 62-1811726
Organization Overview
Riverfront Development Corporation, operating under the name Memphis River Parks Partnership, is located in Memphis, TN. The organization was established in 2000. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2022, Memphis River Parks Partnership employed 31 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Memphis River Parks Partnership 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, Memphis River Parks Partnership generated $20.2m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 17.4% each year . All expenses for the organization totaled $10.2m during the year ending 06/2021. While expenses have increased by 6.1% per year over the past 7 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
MEMPHIS RIVER PARKS PARTNERSHIP WORKS WITH AND FOR THE PEOPLE OF MEMPHIS TO TRIGGER THE TRANSFORMATIVE POWER OF OUR RIVER. THE PARTNERSHIP MANAGES, MAINTAINS, OPERATES, AND ACTIVATES FIVE CONNECTED RIVERFRONT PARK DISTRICTS OF 250 ACRES OF PARKLAND. BUILDING FROM THE MEMPHIS RIVERFRONT CONCEPT, THE PARTNERSHIP WORKS TO CREATE A CONNECTED, CATALYTIC, AND FUN RIVERFRONT FOR EVERYONE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MANAGED CITY OF MEMPHIS RIVERFRONT PARKS UNDER CONTRACT FROM CITY OF MEMPHIS
MUD ISLAND WAS OPEN TO ALL FOR FREE ENTRY AS A PUBLIC PARK. VISITORS EXPLORED THE MISSISSIPPI RIVER MUSEUM, THE RIVER WALK AND THE NEW MEMPHIS SIGN. REGULAR PROGRAMS INCLUDED FREE CONCERTS AND FULL MOON KAYAKING.
MAINTENANCE, UTILITIES, LANDSCAPING AND GENERAL OPERATIONS OF BEALE STREET LANDING
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Carol Coletta President | Officer | 40 | $231,385 |
Arthur Davis Chief Operating Officer | Officer | 40 | $139,388 |
George Abbot Director Of External Affairs | 40 | $131,881 | |
Robert Clark Vice Chair | OfficerTrustee | 1 | $0 |
Tammy Locascio Secretary | OfficerTrustee | 1 | $0 |
Sam Cantor Treasurer | OfficerTrustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Montgomery Martin Construction | 6/29/22 | $16,589,484 |
Structural Waterproofing And Restoration Maintenance | 6/29/22 | $984,250 |
First Horizon Bank Construction Retainer | 6/29/22 | $860,367 |
Schindler Elevator Corp Maintenance | 6/29/22 | $784,165 |
Studio Gang Architectsltd Architecture | 6/29/22 | $1,102,042 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $14,993,266 |
| Investment income | $533 |
| 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 | $10 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $20,233,137 |
| 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. | $253,851 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,089,559 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $109,119 |
| Payroll taxes | $105,952 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $476,155 |
| Advertising and promotion | $85,199 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $110,979 |
| Travel | $3,251 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,308 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $15,546 |
| Insurance | $339,035 |
| All other expenses | $0 |
| Total functional expenses | $10,208,946 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $23,194,187 |
| Savings and temporary cash investments | $145,180 |
| Pledges and grants receivable | $5,683,000 |
| Accounts receivable, net | $10,328,320 |
| 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 | $129,453 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $937 |
| Total assets | $39,591,502 |
| Accounts payable and accrued expenses | $1,458,742 |
| Grants payable | $0 |
| Deferred revenue | $230,096 |
| 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 | $391,350 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $2,080,188 |
| 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 | $37,511,314 |
Grants Recieved
Over the last fiscal year, we have identified 4 grants that Riverfront Development Corporation has recieved totaling $1,795,100.
| Awarding Organization | Amount |
|---|---|
Andrew W Mellon Foundation New York, NY PURPOSE: TO SUPPORT THE CREATION OF A MONUMENT TO LISTENING, A NEW COMMEMORATIVE PUBLIC ARTWORK AND LANDSCAPE IN TOM LEE PARK, AND RELATED PUBLIC PROGRAMMING | $1,400,000 |
Community Foundation Of Greater Memphis Inc Memphis, TN PURPOSE: GENERAL OPERATIONAL SUPPORT | $335,000 |
Christian Community Foundation Of Memphis And The Mid-South Inc Memphis, TN PURPOSE: PROGRAM SUPPORT | $50,100 |
The Urban Child Institute Memphis, TN PURPOSE: PROGRAM SUPPORT | $10,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Southern Mississippi Planning And Development District Inc Gulfport, MS | $44,385,657 | $33,837,059 |
Metro Atlanta Host Committee Inc Atlanta, GA | $222,399 | $14,582,853 |
Economic Development Partnership Of North Carolina Inc Raleigh, NC | $8,246,221 | $25,900,688 |
Mississippi County Arkansas Economic Opportunity Commission In Blytheville, AR | $4,387,153 | $19,452,667 |
South Alabama Regional Planning Commission Mobile, AL | $10,162,715 | $18,722,811 |
Atlanta Convention & Vistors Bureau Inc Atlanta, GA | $20,280,984 | $17,066,911 |
Memphis Convention And Visitors Bureau Memphis, TN | $38,589,779 | $17,172,027 |
St Louis Economic Development Partnership Saint Louis, MO | $27,235,860 | $13,883,018 |
Purchase Area Development District Inc Mayfield, KY | $0 | $14,269,202 |
Tennessee Technology Development Corporation Nashville, TN | $18,062,853 | $12,109,273 |
Riverfront Development Corporation Memphis, TN | $39,591,502 | $20,233,137 |
Chattanooga Area Convention And Visitors Bureau Inc Chattanooga, TN | $6,892,228 | $12,124,566 |