Civic Intelligence

Salem Main Street Initiative- Downtown Program

990 • Fiscal year 2018 • EIN 04-3568130

Jul 01, 2017 to Jun 30, 2018 • Filed on Oct 25, 2018

265 Essex StreetSalem, MA 01970

(978) 744-0004

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

98th percentile

2.64x

Higher debt load relative to assets than 98% of similar nonprofits.

2018 filings • 501(c)3 • <$500k nonprofits • Source year 2018

Liabilities / Revenue

88th percentile

0.24x

Higher debt load relative to revenue than 88% of similar nonprofits.

2018 filings • 501(c)3 • <$500k nonprofits • Source year 2018

Net Margin

30th percentile

-5.0%

Higher net margin than 30% of similar nonprofits.

2018 filings • 501(c)3 • <$500k nonprofits • Source year 2018

Top Officer Pay

76th percentile

$0

Higher top officer pay than 76% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2018 filings • 501(c)3 • <$500k nonprofits • Source year 2018

Asset Growth

92nd percentile

109%

Faster asset growth than 92% of similar nonprofits.

2018 filings • 501(c)3 • <$500k nonprofits • Annualized from 2017 to 2018

Revenue Growth

51st percentile

1.8%

Faster revenue growth than 51% of similar nonprofits.

2018 filings • 501(c)3 • <$500k nonprofits • Annualized from 2017 to 2018

Assets

Up

$10,080

Up $5,260 (+109%) from 2017

Net Assets

Down

-$16,548

Down $5,557 (-51%) from 2017

Liabilities

Up

$26,628

Up $10,817 (+68%) from 2017

Revenue

Up

$111,638

Up $2,003 (+1.8%) from 2017

Expenses

Down

$117,195

Down $6,018 (-4.9%) from 2017

Net Income

Up

-$5,557

Up $8,021 (+59%) from 2017

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$100K$50K$0-$50KAssets 2010: $15,288Liabilities 2010: $10,492Net Assets 2010: $4,7962010Assets 2016: $9,697Liabilities 2016: $7,110Net Assets 2016: $2,5872016Assets 2017: $4,820Liabilities 2017: $15,811Net Assets 2017: -$10,9912017Assets 2018: $10,080Liabilities 2018: $26,628Net Assets 2018: -$16,5482018Assets 2019: $18,960Liabilities 2019: $28,364Net Assets 2019: -$9,4042019Assets 2020: $24,624Liabilities 2020: $45,584Net Assets 2020: -$20,9602020Assets 2021: $57,322Liabilities 2021: $78,478Net Assets 2021: -$21,1562021Assets 2022: $22,581Liabilities 2022: $19,315Net Assets 2022: $3,2662022Assets 2023: $38,964Liabilities 2023: $6,216Net Assets 2023: $32,7482023Assets 2024: $41,778Liabilities 2024: $4,000Net Assets 2024: $37,7782024Assets 2025: $50,232Liabilities 2025: $3,508Net Assets 2025: $46,7242025

Highlighted filing

2018

Assets$10,080
Liabilities$26,628
Net Assets-$16,548

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$300K$200K$100K$0-$100KExpenses 2010: $46,3792010Revenue 2016: $112,784Expenses 2016: $105,299Net Income 2016: $7,4852016Revenue 2017: $109,635Expenses 2017: $123,213Net Income 2017: -$13,5782017Revenue 2018: $111,638Expenses 2018: $117,195Net Income 2018: -$5,5572018Revenue 2019: $139,171Expenses 2019: $132,027Net Income 2019: $7,1442019Revenue 2020: $107,662Expenses 2020: $119,218Net Income 2020: -$11,5562020Revenue 2021: $174,110Expenses 2021: $174,306Net Income 2021: -$1962021Revenue 2022: $239,926Expenses 2022: $223,965Net Income 2022: $15,9612022Revenue 2023: $292,783Expenses 2023: $263,301Net Income 2023: $29,4822023Revenue 2024: $220,590Expenses 2024: $215,560Net Income 2024: $5,0302024Revenue 2025: $238,895Expenses 2025: $234,447Net Income 2025: $4,4482025

Highlighted filing

2018

Revenue$111,638
Expenses$117,195
Net Income-$5,557
Jump To
Filing Snapshot
Filing Period
Jul 1, 2017 to Jun 30, 2018
Signed
Oct 25, 2018
Return Version
2017v2.3
Gross Receipts
$111,638
Mission and Program Overview

Mission

The continued revitalization of downtown salem as a vibrant, year-round, retail, dining and cultural destination through business retention, recruitment, and the promotion of the downtown district.

The continued revitalization of downtown salem as a vibrant, year-round, retail, dining and cultural destination through business retention, recruitment, and the promotion of downtown district.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$4,070$9,330▲ $5,260
Cap Stk Tr Prin Current Funds$2,310$2,310→ $0
Land, Buildings, and Equipment, Net$750$750→ $0
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Rtn Earn Endowment Incm Other Fnds$-13,301$-18,858▼ $5,557
Total Assets$4,820$10,080▲ $5,260
Liabilities
Other Liabilities$15,811$26,628▲ $10,817
Total Liabilities$15,811$26,628▲ $10,817
Net Assets / Fund Balance
Total Net Assets Fund Balance$-10,991$-16,548▼ $5,557
Total Liabilities and Net Assets / Fund Balance$4,820$10,080▲ $5,260

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$750--
Compensation and Service Providers

Board Members and Trustees

NameTitle
Jason ConsalvoPast President
Mark LeavittPresident
Adria LeachDirector
Patrick CornelissenDirector
Paul Van NessDirector
Rob LianiDirector
Tina JordanDirector
Sandy HeaphySecretary
Patrick DeiulisTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$47,035
Program Service Revenue
$64,603
Investment Income
$0
Other Revenue
$0
All Other Contributions
$12,035
Change in Net Assets
$-5,557
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$64,336
Salaries, Compensation, and Employee Benefits$52,859
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages-$47,500-$47,500
Insurance-$13,676-$13,676
Payroll Taxes-$3,935-$3,935
Other Expenses$1,800--$1,800
All Other Expenses$1,440--$1,440
Pension Plan Contributions-$1,424-$1,424
Advertising-$1,326-$1,326
Travel-$1,177-$1,177
Office Expenses-$844-$844
Total Functional Expenses$47,313$69,882$0$117,195
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Due to Salem Chamber of Commerce$26,628
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, line 6

Salem Chamber of Commerce & Civic, Inc. shall be the sole member who's purpose is to further and support the purposes of the Organization and to elect the Board of Directors.

Form 990, Part VI, Section A, line 7A

Salem Chamber of Commerce & Civic, Inc. shall be the sole member who's purpose is to further and support the purposes of the Organization and to elect the Board of Directors.

Form 990, Part VI, Section B, line 11B

The 990 will be reviewed by the treasurer and executive director and a report issued to the board of directors prior to filing the return

Form 990, Part VI, Section B, line 12C

From time to time it may occur, in the course of carrying out Board responsibilities, that a particular member may be perceived to benefit from an action or decision of the Board. A situation of this kind presents a potential conflict between the Board members' own financial or personal interests and his/her duty as a Board member of absolute loyalty to Salem Main Streets Iniative - Downtown Program, Inc. This potential conflict may also look questionable to the public. Because of these problems (investments strategies, repair and maintenance contracts, etc.) a Board member shall be cautious about entering into a business relationship with the Salem Main Streets Iniative - Downtown Program, Inc. The Board itself shall be no less cautious about allowing Salem Main Streets Iniative - Downtown Program, Inc. to enter into such a relationship. Such a transaction shall not occur unless the Board determines beforehand that it is clearly in the best interests of Salem Main Streets Iniative - Downtown Program, Inc. Prior to Board votes, Board members shall fully disclose any financial or personal interest to the entire Board. Further, Board members shall not vote on any aspect of the arrangement or be present when matters are being discussed and voted upon which Board members have personal or financial interest.

Form 990, Part VI, Section C, line 19

The organization has available at its office the articles of organization, board of director minutes and tax returns available to the public.

Filing and Contact Details

Filer

Filer Name
Salem Main Street Initiative
EIN
04-3568130
Phone
9787440004
Address
265 Essex Street, SALEM, MA 01970

Signing Officer

Name
Rinus Oosthoek
Title
Executive Director
Phone
9787440004
Signed
2018-10-25
Discuss with paid preparer
No

Organization Details

Principal Officer
Rinus Oosthoek
Formed
2002
Legal Domicile
Ma
Voting Board Members
9
Independent Board Members
9
Employees
0
Volunteers
9

Preparer

Firm
Ryan & Coscia Pc
Address
256 ESSEX STREET, SALEM, MA 01970
Phone
9787441760
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IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt048697
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt058300
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt048193
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt053961
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt0256236
IRS990ScheduleA/TotalSupportAmt0256236
IRS990/ScheduleBRequiredInd01
IRS990ScheduleD/EquipmentGrp/BookValueAmt0750
IRS990ScheduleD/EquipmentGrp/InvestmentCostOrOtherBasisAmt0750
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt026628
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0DUE TO SALEM CHAMBER OF COMMERCE
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0750
IRS990ScheduleD/TotalLiabilityAmt026628
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Salem Chamber of Commerce & Civic, Inc. shall be the sole member who's purpose is to further and support the purposes of the Organization and to elect the Board of Directors.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1Salem Chamber of Commerce & Civic, Inc. shall be the sole member who's purpose is to further and support the purposes of the Organization and to elect the Board of Directors.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE 990 WILL BE REVIEWED BY THE TREASURER AND EXECUTIVE DIRECTOR AND A REPORT ISSUED TO THE BOARD OF DIRECTORS PRIOR TO FILING THE RETURN
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3From time to time it may occur, in the course of carrying out Board responsibilities, that a particular member may be perceived to benefit from an action or decision of the Board. A situation of this kind presents a potential conflict between the Board members' own financial or personal interests and his/her duty as a Board member of absolute loyalty to Salem Main Streets Iniative - Downtown Program, Inc. This potential conflict may also look questionable to the public. Because of these problems (investments strategies, repair and maintenance contracts, etc.) a Board member shall be cautious about entering into a business relationship with the Salem Main Streets Iniative - Downtown Program, Inc. The Board itself shall be no less cautious about allowing Salem Main Streets Iniative - Downtown Program, Inc. to enter into such a relationship. Such a transaction shall not occur unless the Board determines beforehand that it is clearly in the best interests of Salem Main Streets Iniative - Downtown Program, Inc. Prior to Board votes, Board members shall fully disclose any financial or personal interest to the entire Board. Further, Board members shall not vote on any aspect of the arrangement or be present when matters are being discussed and voted upon which Board members have personal or financial interest.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE ORGANIZATION HAS AVAILABLE AT ITS OFFICE THE ARTICLES OF ORGANIZATION, BOARD OF DIRECTOR MINUTES AND TAX RETURNS AVAILABLE TO THE PUBLIC.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section A, line 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section A, line 7a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section B, line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Section B, line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part VI, Section C, line 19
IRS990ScheduleR/AssetExchangeInd00
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd00
IRS990ScheduleR/AssetSaleToOtherOrgInd00
IRS990ScheduleR/DivRelatedOrganizationInd00
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd00
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingEntityName/BusinessNameLine1Txt0SALEM CHAMBER OF COMMERCE
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0SALEM CHAMBER OF COMMERCE & CIVICS
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN0041802680
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt0501(c)(6)
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd0MA
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0ORGANIZE EVENTS INVOLVING THE COMMUNITY
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt0Line 10
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt0265 ESSEX STREET
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm0SALEM
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd0MA
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/ZIPCd001970
IRS990ScheduleR/LoansOrGuaranteesFromOthOrgInd00
IRS990ScheduleR/LoansOrGuaranteesToOtherOrgInd00
IRS990ScheduleR/PaidEmployeesSharingInd00
IRS990ScheduleR/PerformOfServicesByOtherOrgInd00
IRS990ScheduleR/PerformOfServicesForOthOrgInd00
IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd00
IRS990ScheduleR/ReimbursementPaidByOtherOrgInd00
IRS990ScheduleR/ReimbursementPaidToOtherOrgInd00
IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd00
IRS990ScheduleR/RentalOfFcltsFromOthOrgInd00
IRS990ScheduleR/SharingOfFacilitiesInd00
IRS990ScheduleR/TransferFromOtherOrgInd00
IRS990ScheduleR/TransferToOtherOrgInd00
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0MA
IRS990/SubjectToProxyTaxInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TempOrPermanentEndowmentsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt04820
IRS990/TotalAssetsEOYAmt010080
IRS990/TotalAssetsGrp/BOYAmt04820
IRS990/TotalAssetsGrp/EOYAmt010080
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt047035
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt069882
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt047313
IRS990/TotalFunctionalExpensesGrp/TotalAmt0117195
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt015811
IRS990/TotalLiabilitiesEOYAmt026628
IRS990/TotalLiabilitiesGrp/BOYAmt015811
IRS990/TotalLiabilitiesGrp/EOYAmt026628
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0-10991
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0-16548
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt047313
IRS990/TotalProgramServiceRevenueAmt064603
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt064603
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0111638
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt09
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt04820
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt010080
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TravelGrp/ManagementAndGeneralAmt01177
IRS990/TravelGrp/TotalAmt01177
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0265 Essex Street
IRS990/USAddress/CityNm0Salem
IRS990/USAddress/StateAbbreviationCd0MA
IRS990/USAddress/ZIPCd001970
IRS990/VotingMembersGoverningBodyCnt09
IRS990/VotingMembersIndependentCnt09
IRS990/WebsiteAddressTxt0www.salemmainstreets.org
IRS990/WhistleblowerPolicyInd00
ReturnHeader/BuildTS02019-02-21 02:37:17Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd00
ReturnHeader/BusinessOfficerGrp/PersonNm0Rinus Oosthoek
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0Executive Director
ReturnHeader/BusinessOfficerGrp/PhoneNum09787440004
ReturnHeader/BusinessOfficerGrp/SignatureDt02018-10-25
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0SALEM MAIN STREET INITIATIVE
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0DOWNTOWN PROGRAM
ReturnHeader/Filer/BusinessNameControlTxt0SALE
ReturnHeader/Filer/EIN0043568130
ReturnHeader/Filer/PhoneNum09787440004
ReturnHeader/Filer/USAddress/AddressLine1Txt0265 Essex Street
ReturnHeader/Filer/USAddress/CityNm0SALEM
ReturnHeader/Filer/USAddress/StateAbbreviationCd0MA
ReturnHeader/Filer/USAddress/ZIPCd001970
ReturnHeader/FilingSecurityInformation/AtSubmissionCreationDeviceId065FBCE2491AB1F08E7FDCE4661FEEBFE8E100305
ReturnHeader/FilingSecurityInformation/AtSubmissionFilingDeviceId06F757F992A9DE901C0C988EC5BA8572778E5DD09
ReturnHeader/FilingSecurityInformation/FilingLicenseTypeCd0P

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