Downtown Development Committee Nonprofit Corporation
- Assets
- $3.7m
- Revenue
- $1.5m
- Investments
- $0.0
- Employees
- 0
- Location
- Spartanburg, SC
- Founding
- Data as of
- 06/2021
- EIN
- 85-2032503
Organization Overview
Downtown Development Committee Nonprofit Corporation is located in Spartanburg, SC. According to its NTEE Classification (W20) the organization is classified as: Government & Public Administration, under the broad grouping of Public & Societal Benefit and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Downtown Development Committee Nonprofit Corporation 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 Development Committee Nonprofit Corporation generated $1.5m in total revenue. This represents relatively stable growth, over the past 2 years the organization has increased revenue by an average of 0.7% each year.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO FURTHER ECONOMIC DEVELOPMENT IN THE CITY OF SPARTANBURG THROUGH PROMOTING AND ASSISTING THE GROWTH OF BUSINESS CONCERNS, INCLUDING SMALL BUSINESS CONCERNS, AND THEREBY TO BENEFIT THE COMMUNITY BY RELIEVING UNEMPLOYMENT, COMBATING COMMUNITY DETERIORATION, INCREASING EMPLOYMENT OPPORTUNITIES AND EXPANDING BUSINESS FOR THE CITIZENS OF THE CITY OF SPARTANBURG.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PURCHASE OF 187 W. BROAD STREET, SPARTANBURG, SC, PARKING FACILITIES, FROM SPARTANBURG COUNTY FOR THE USE AND BENEFIT OF THE CITY AND IT'S CITIZENS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mitch Kennedy Secretary/tr | Officer | 0.1 | $0 |
Chris Story President | Officer | 0.1 | $0 |
Dennis Locke Director Of | Officer | 0.1 | $0 |
David Britt Board | Trustee | 0.1 | $0 |
Erica Brown Board | Trustee | 0.1 | $0 |
Jerome Rice Board | Trustee | 0.1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,438,564 |
| All other contributions, gifts, grants, and similar amounts not included above | $42,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,480,564 |
| Total Program Service Revenue | $0 |
| 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 | $1,480,564 |
| 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 | $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 | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| 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 | $32,448 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $28,426 |
| Total functional expenses | $60,874 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $825,806 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $463,374 |
| 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 | $2,437,168 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $3,726,348 |
| Accounts payable and accrued expenses | $13,835 |
| Grants payable | $0 |
| Deferred revenue | $14,643 |
| 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 | $819,262 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $847,740 |
| Net assets without donor restrictions | $1,617,906 |
| Net assets with donor restrictions | $1,260,702 |
| 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 | $3,726,348 |
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|---|---|---|
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