Downtown Development Corporation

“The organization has a management agreement with louisville downtown management district ("ldmd") to manage ldmd's operations and programs, including personnel, for which ldmd pays a services fee as defined in the agreement. The management agreement will expire in december 2027. The services fees were $459,240 for both years ended december 31, 2024 and 2023, and accounted for approximately 25% and 24% of total revenues, respectively. Effective september 1, 2023, the agreement was amended with the purpose of transferring the organization's employees to now be employees of ldmd. Under the amended agreement for 2024, the organization transferred to ldmd all payroll related expenses and benefit administration, these costs totaled $763,364 and $155,553 for the years ended december 31, 2024 and 2023, respectively, and are presented as contracted support services on the statement of functional expenses. As of the years ended december 31, 2024 and 2023, the organization had a net payable due to ldmd of $150,061 and $189,367, respectively. In addition, the organization subleases office space to ldmd. Total rental income from ldmd amounted to $44,694 and $32,400 for the years ended december 31, 2024 and 2023, respectively.”

“1. Initial draft return prepared by contracted cpa firm 2. Internal review by executive director 3. Internal review and approval by finance and audit committee. Executive director reviews draft 990 return with the finance and audit committee, answers all questions and requests formal approval from the committee 4. Review by executive committee. Upon approval of the finance and audit committee, the executive director reviews draft 990 return with the executive committee answers all questions and requests formal approval from the committee 5. The executive director or designeee shall work with the cpa firm to incorporate any valid changes from the finance and audit committee as well as the executive committee 6. Return is signed by executive director 7. The entire governing body is provided a copy of the full form 990 prior to filing with the internal revenue service and 8. Return is electronically submitted to the irs.”

“New board members receive the conflict of interest policy during orientation and all board members receive a copy annually at the december board meeting. The signed conflict of interest statements are reviewed by the executive committee and kept on file. In the event of a conflict board member is asked to excuse themselves from any discussion or vote on the issue.”

“The executive director's salary was determined by a use of benchmarks for the area and competive salary data from the search firm used to hire her. The salary was approved by the executive committee and the full board. The organization does not compensate other officers or key employees.”

“The organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon request.”

“Support services: program service expenses 572,523. Management and general expenses 175,574. Fundraising expenses 15,267. Total expenses 763,364. Professional fees: program service expenses 65,361. Management and general expenses 9,439. Fundraising expenses 296. Total expenses 75,096. Consulting fees: program service expenses 74,107. Management and general expenses 0. Fundraising expenses 0. Total expenses 74,107. Service contracts: program service expenses 109,420. Management and general expenses 0. Fundraising expenses 0. Total expenses 109,420.”