Downtown Moorhead Inc
- Assets
- $138.7k
- Revenue
- $203.0k
- Investments
- $0.0
- Employees
- 1
- Location
- Moorhead, MN
- Founding
- 04/2019
- Data as of
- 12/2021
- EIN
- 81-3097290
Organization Overview
Downtown Moorhead Inc is located in Moorhead, MN. The organization was established in 2019. According to its NTEE Classification (S41) the organization is classified as: Chambers of Commerce & Business Leagues, 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 Moorhead Inc is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 12/2021, Downtown Moorhead Inc generated $203.0k in total revenue. This organization has experienced exceptional growth, as over the past 4 years, it has increased revenue by an average of 44.3% each year . All expenses for the organization totaled $197.1k during the year ending 12/2021. While expenses have increased by 43.5% per year over the past 4 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
DOWNTOWN MOORHEAD INCORPORATED IS A PRIVATE, NON-PROFIT ORGANIZATION DEDICATED TO THE BENEFICIAL ECONOMIC GROWTH AND BUSINESS DEVELOPMENT OF DOWNTOWN MOORHEAD. WE ACCOMPLISH THIS THROUGH POLICY DEVELOPMENT, ADVOCACY, AND PROGRAM MANAGEMENT FUNCTIONS CONDUCTED ON BEHALF OF DOWNTOWN STAKEHOLDERS/INVESTORS, AND IN COOPERATION WITH PUBLIC AND OTHER PRIVATE-SECTOR PARTNERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ANOTHER YEAR IN THE BOOKS AND DMI HAS A LOT TO BE PROUD OF. COVID BROUGHT A NUMBER OF COMMUNITY CHALLENGES. THIS YEAR HAS BEEN HIGHLIGHTED BY A NUMBER OF MEETINGS AND CONVERSATIONS REGARDING WORKFORCE, CHILDCARE, AFFORDABLE HOUSING, AND OTHER COMMUNITY ISSUES. DMI WORKED WITH A NUMBER OF COMMUNITY PARTNERS TO COLLECT DATA AND HELP MAKE INFORMED IMPLEMENTATION STRATEGIES TO MANAGE THESE REGIONAL (AND NATIONAL) ISSUES. I AM EXTREMELY PROUD OF OUR CONTINUAL GROWTH IN DEVELOPMENT ACTIVITIES. MOORHEAD RECORDED IT'S HIGHEST YEARLY VALUE IN PERMITS WITH APPROXIMATELY $195 MILLION IN NEW HOUSING AND COMMERCIAL PROJECTS. OTHER PROJECTS THAT ARE IN THE WORKS INCLUDE THE MOORHEAD CENTER MALL REDEVELOPMENT AND THE FORMER DAY'S INN HOTEL SITE REDEVELOPMENT. THE MOORHEAD CENTER MALL PROJECT HAS SELECTED JLG, STANTEC, AND FOLKWAYS FOR THE RFP FOR ARCHITECTURAL SERVICES AS IT RELATES TO THE MOORHEAD CENTER MALL. WE EXPECT REDEVELOPMENT PLANS TO COME OUT SOON AND DEVELOPMENT TO START IN EARLY 2023. IN ADDITION TO SUPPORTING DEVELOPMENT ACTIVITIES, DMI FOCUSED ON BUSINESS DEVELOPMENT ACTIVITIES INCLUDING BUSINESS VISITS, DATA COLLECTION, AND LEADERSHIP IN LOCAL/REGIONAL PLANS AND STUDIES. ONE OF THE BIGGEST PLANS WAS THE CITY OF MOORHEAD'S COMPREHENSIVE PLAN. DMI REPRESENTED THE BUSINESS COMMUNITY AND WAS ABLE TO ASSIST THE CITY IN LAYING OUT THE FUTURE ECONOMIC STRATEGIES FOR YEARS TO COME. WE ARE EXCITED FOR THE FUTURE OF OUR ORGANIZATION AND THE VALUE THAT WE ARE PROVIDED TO THE REGIONAL COMMUNITY!
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Derrick Lapoint President/ceo | Officer | 40 | $144,692 |
Joe Watzke Treasurer | OfficerTrustee | 3 | $0 |
Ted Horan Vice Chair & Secretary | OfficerTrustee | 3 | $0 |
Lisa Borgen Board Chair | OfficerTrustee | 3 | $0 |
Sheri Larson Director | Trustee | 3 | $0 |
Carrie Brimhall Director | Trustee | 3 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $41,664 |
| All other contributions, gifts, grants, and similar amounts not included above | $61,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $102,664 |
| Total Program Service Revenue | $100,000 |
| 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 | $203,039 |
| 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. | $155,662 |
| 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 | $11,105 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $5,068 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $300 |
| Office expenses | $1,206 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $7,150 |
| Travel | $1,500 |
| 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 | $0 |
| Insurance | $1,464 |
| All other expenses | $0 |
| Total functional expenses | $197,076 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $138,711 |
| 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 | $138,711 |
| Accounts payable and accrued expenses | $9,602 |
| 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 | $9,602 |
| Net assets without donor restrictions | $129,109 |
| 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 | $138,711 |
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