Downtown Amarillo Inc

“No review was or will be conducted.”

“No documents available to the public”

“Downtown amarillo inc. (dai) has since fye 9/30/2016 had gross receipts of less than 50,000. In fye 9/30/2016 dai's executive director resigned, funding from the city of amarillo was suspended and the organization had little financial activity. Accordingly, since fye 9/30/2017 the organization has filed form 990-n. During the fiscal year ended 9/30/2020 the organization received grants in the amount of 180,000 from the amarillo area foundation. This grant was immediately used to repay a portion of a loan that dai owed. The grant and the repayment of the loan escaped the attention of the cpa who has for many years prepared the organization's form 990-n and the treasurer of dai. This amended return is being filed to correct that oversight report the revenues and other pertinent information as required on form 990.”

“Downtown amarillo inc. Borrowed 350,000 from amarillo national bank in august 2019. The funds were used to purchase lots at 500 s. Parker and 1601-1628 sw 5th in amarillo which were shortly thereafter contributed to the city of amarillo. The city plans to build an intermodal transportation facility on the property. Grants and other funding are currently being sought to do so. This center will allow for bus operations and traffic which are currently housed in and originating from a building to be moved to the new facility. This will further the mission of downtown amarillo inc. By making this historic building available for more beneficial uses. During fye 9/30/20 the amarillo area foundation made grants in the amount of 180,000 to help retire the debt.”