Civic Intelligence

Crosstown Redevelopment Cooperative Association Inc.

990 • Fiscal year 2021 • EIN 47-2073263

Jan 01, 2021 to Dec 31, 2021 • Filed on Nov 15, 2022

Organization ProfileN/A
1350 Concourse Avenue 280Memphis, TN 38104

(901) 543-5943

Siviq Scores

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

Liabilities / Assets

58th percentile

0.18x

Higher debt load relative to assets than 58% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2021

Liabilities / Revenue

95th percentile

5.52x

Higher debt load relative to revenue than 95% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2021

Net Margin

3rd percentile

-83%

Higher net margin than 3% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2021

Top Officer Pay

78th percentile

$206,000

Higher top officer pay than 78% of similar nonprofits.

Top officer pay equals 94.3% of source-year revenue.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2021

Asset Growth

37th percentile

4.6%

Faster asset growth than 37% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2020 to 2021

Revenue Growth

1st percentile

-90%

Faster revenue growth than 1% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets58th percentile

Assets

Up

$6,561,938

Up $291,325 (+4.6%) from 2020

Net Assets

Down

$5,357,671

Down $381,792 (-6.7%) from 2020

Liabilities

Up

$1,204,267

Up $673,117 (+127%) from 2020

Revenue And Expenses
Liabilities / Revenue95th percentileNet Margin3rd percentile

Revenue

Down

$218,357

Down $1,886,916 (-90%) from 2020

Expenses

Down

$400,149

Down $402,438 (-50%) from 2020

Net Income

Down

-$181,792

Down $1,484,478 (-114%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth37th percentile

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

$30M$20M$10M$0-$10MAssets 2019: $4,559,650Liabilities 2019: $122,873Net Assets 2019: $4,436,7772019Assets 2020: $6,270,613Liabilities 2020: $531,150Net Assets 2020: $5,739,4632020Assets 2021: $6,561,938Liabilities 2021: $1,204,267Net Assets 2021: $5,357,6712021Assets 2022: $26,466,461Liabilities 2022: $1,212,003Net Assets 2022: $25,254,4582022Assets 2023: $9,146,793Liabilities 2023: $14,813,858Net Assets 2023: -$5,667,0652023Assets 2024: $12,051,221Liabilities 2024: $17,754,188Net Assets 2024: -$5,702,9672024

Highlighted filing

2021

Assets$6,561,938
Liabilities$1,204,267
Net Assets$5,357,671
Open 2021 Filing

Operations Trend

Revenue Growth1st percentile

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

$30M$20M$10M$0-$10MRevenue 2019: $4,595,344Expenses 2019: $161,382Net Income 2019: $4,433,9622019Revenue 2020: $2,105,273Expenses 2020: $802,587Net Income 2020: $1,302,6862020Revenue 2021: $218,357Expenses 2021: $400,149Net Income 2021: -$181,7922021Revenue 2022: $20,419,420Expenses 2022: $522,633Net Income 2022: $19,896,7872022Revenue 2023: $2,459,177Expenses 2023: $937,112Net Income 2023: $1,522,0652023Revenue 2024: $1,498,905Expenses 2024: $1,539,534Net Income 2024: -$40,6292024

Highlighted filing

2021

Revenue$218,357
Expenses$400,149
Net Income-$181,792
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Nov 15, 2022
Return Version
2021v4.2
Gross Receipts
$218,357
Mission and Program Overview

Mission

To assist in the revitalization and economic development of the crosstown neighborhood in memphis, tennessee, by assisting in and facilitating the management, preservation and redevelopment of the crosstown project, now known as crosstown concourse. The foregoing shall include, without limitation, acting as a manager and/or member of building owner.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Other Securities$6,250,900$6,025,900▼ $225,000
Cash and Non-Interest-Bearing Accounts$18,713$320,395▲ $301,682
Total Assets$6,270,613$6,561,938▲ $291,325
Other Assets Total$1,000$215,643▲ $214,643
Liabilities
Unsecured Notes Loans Payable$720,000$1,195,000▲ $475,000
Accounts Payable and Accrued Expenses$11,150$9,267▼ $1,883
Total Liabilities$731,150$1,204,267▲ $473,117
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$5,539,463$5,357,671▼ $181,792
Total Net Assets Fund Balance$5,539,463$5,357,671▼ $181,792
Total Liabilities and Net Assets / Fund Balance$6,270,613$6,561,938▲ $291,325

Asset Categories

AssetBook ValueDepreciationBasis
Other Securities$6,008,815--
Compensation and Service Providers
Top Officer Pay78th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Todd RichardsonPresidentFT$200,000$6,000$206,000

Board Members and Trustees

NameTitle
Mclean WilsonPresident
Ann LangstonDirector
Chris TerrillDirector
Dallas GeerDirector
Elliot PerryDirector
Kirk BoboDirector
Martin HandDirector
Milton LovellDirector
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$218,357
Investment Income
$0
Other Revenue
$0
Change in Net Assets
$-181,792
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$217,754
Other Expenses$182,395
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees$100,000$100,000-$200,000
Payments to Affiliates$140,000--$140,000
Fees for Services Accounting-$28,020-$28,020
Payroll Taxes$5,877$5,877-$11,754
Pension Plan Contributions$3,000$3,000-$6,000
Fees for Services Legal$3,870--$3,870
Insurance-$2,881-$2,881
All Other Expenses-$1,001-$1,001
Other Expenses-$651-$651
Total Functional Expenses$252,747$147,402$0$400,149
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
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
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
Yes
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

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

“The form 990 is reviewed by the president and secretary, as well as two addtional board members, prior to filing.”

Form 990, Part VI, Section B, Line 15A

“The deliberations regarding the president's compensation is documented. The compensation is then approved by the board members and compensation committee. Contemporaneous documentation and records are kept relating to the deliberations.”

Form 990, Part VI, Section C, Line 19

“UPON REQUEST”

Filing and Contact Details

Filer

Filer Name
Crosstown Redevelopment Cooperative
EIN
47-2073263
Phone
9015435943
Address
1350 CONCOURSE AVENUE 280, MEMPHIS, TN 38104

Signing Officer

Name
Todd Richardson
Title
President
Phone
9015435943
Signed
2022-11-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Todd Richardson
Formed
2014
Legal Domicile
Tn
Voting Board Members
9
Independent Board Members
8
Employees
1
Volunteers
0

Preparer

Firm
Cbiz Mhm LLC
Address
500 BOYLSTON STREET, BOSTON, MA 02116
Preparer
Charles N Ciccone
Phone
6177610600
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IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearAmt0218357
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus1YearAmt0215254
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus2YearsAmt0279364
IRS990ScheduleA/TotalSupportCalendarYearGrp/TotalAmt0712975
IRS990/ScheduleBRequiredInd00
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt017085
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt16008815
IRS990ScheduleD/OtherSecuritiesGrp/Desc0INVESTMENT - CCM
IRS990ScheduleD/OtherSecuritiesGrp/Desc1INVESTMENT - CBO
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd0F
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd1F
IRS990ScheduleD/TotalBookValueLandBuildingsAmt00
IRS990ScheduleD/TotalBookValueSecuritiesAmt06025900
IRS990ScheduleJ/AnyNonFixedPaymentsInd00
IRS990ScheduleJ/BoardOrCommitteeApprovalInd0X
IRS990ScheduleJ/CompBasedOnRevenueOfFlngOrgInd00
IRS990ScheduleJ/CompBsdNetEarnsFlngOrgInd00
IRS990ScheduleJ/CompBsdNetEarnsRltdOrgsInd00
IRS990ScheduleJ/CompBsdOnRevRelatedOrgsInd00
IRS990ScheduleJ/EquityBasedCompArrngmInd00
IRS990ScheduleJ/InitialContractExceptionInd00
IRS990/ScheduleJRequiredInd01
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt0200000
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusRelatedOrganizationsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990FilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990RltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt06000
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0TODD RICHARDSON
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0PRESIDENT
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt0206000
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt00
IRS990ScheduleJ/SeverancePaymentInd00
IRS990ScheduleJ/SupplementalInformationDetail/ExplanationTxt0THE DELIBERATIONS REGARDING THE PRESIDENT'S COMPENSATION IS DOCUMENTED. THE COMPENSATION IS THEN APPROVED BY THE BOARD MEMBERS AND COMPENSATION COMMITTEE. CONTEMPORANEOUS DOCUMENTATION AND RECORDS ARE KEPT RELATING TO THE DELIBERATIONS.
IRS990ScheduleJ/SupplementalInformationDetail/FormAndLineReferenceDesc0PART I, LINE 3
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE FORM 990 IS REVIEWED BY THE PRESIDENT AND SECRETARY, AS WELL AS TWO ADDTIONAL BOARD MEMBERS, PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE DELIBERATIONS REGARDING THE PRESIDENT'S COMPENSATION IS DOCUMENTED. THE COMPENSATION IS THEN APPROVED BY THE BOARD MEMBERS AND COMPENSATION COMMITTEE. CONTEMPORANEOUS DOCUMENTATION AND RECORDS ARE KEPT RELATING TO THE DELIBERATIONS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2UPON REQUEST
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleR/AssetExchangeInd00
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd00
IRS990ScheduleR/AssetSaleToOtherOrgInd00
IRS990ScheduleR/DivRelatedOrganizationInd00
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd00
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd00
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/ControlledOrganizationInd01
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingEntityName/BusinessNameLine1Txt0CROSSTOWN REDEVELOPMENT COOPERATIVE ASSOCIATION
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EIN0842223248
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EntityTypeTxt0C
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/LegalDomicileStateCd0TN
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/OwnershipPct01.00000
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/PrimaryActivitiesTxt0RESTAURANT
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/RelatedOrganizationName/BusinessNameLine1Txt0CROSSTOWN CURB MARKET INC
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/ShareOfEOYAssetsAmt0159335
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/ShareOfTotalIncomeAmt0-43589
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/USAddress/AddressLine1Txt0100 PEABODY PLACE STE 1300
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/USAddress/CityNm0MEMPHIS
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/USAddress/StateAbbreviationCd0TN
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/USAddress/ZIPCd038103
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/StatesWhereCopyOfReturnIsFldCd0TN
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt06270613
IRS990/TotalAssetsEOYAmt06561938
IRS990/TotalAssetsGrp/BOYAmt06270613
IRS990/TotalAssetsGrp/EOYAmt06561938
IRS990/TotalCompGreaterThan150KInd01
IRS990/TotalEmployeeCnt01
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0147402
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0252747
IRS990/TotalFunctionalExpensesGrp/TotalAmt0400149
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0731150
IRS990/TotalLiabilitiesEOYAmt01204267
IRS990/TotalLiabilitiesGrp/BOYAmt0731150
IRS990/TotalLiabilitiesGrp/EOYAmt01204267
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt05539463
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt05357671
IRS990/TotalOtherCompensationAmt06000
IRS990/TotalProgramServiceExpensesAmt0252747
IRS990/TotalProgramServiceRevenueAmt0218357
IRS990/TotalReportableCompFromOrgAmt0200000
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0218357
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0218357
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt06270613
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt06561938
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TransactionWithControlEntInd00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UnsecuredNotesLoansPayableGrp/BOYAmt0720000

Document Assets

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$6,561,938
Liabilities
$1,204,267
Net assets
$5,357,671
Revenue
$218,357
Expenses
$400,149
Net income
-$181,792
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$12.1$17.8$5.70$1.50$1.54$0.04
2023Detailed filing. Detailed filing data is available for this year.$9.15$14.8$5.67$2.46$0.94$1.52
2022Detailed filing. Detailed filing data is available for this year.$26.5$1.21$25.3$20.4$0.52$19.9
2021Detailed filing. Detailed filing data is available for this year.$6.56$1.20$5.36$0.22$0.40$0.18
2020Detailed filing. Detailed filing data is available for this year.$6.27$0.53$5.74$2.11$0.80$1.30
2019Detailed filing. Detailed filing data is available for this year.$4.56$0.12$4.44$4.60$0.16$4.43