Civic Intelligence

Crosstown Redevelopment Cooperative Association Inc.

990 • Fiscal year 2022 • EIN 47-2073263

Jan 01, 2022 to Dec 31, 2022 • Filed on Nov 15, 2023

Organization ProfileN/A
20 Huling AvenueMemphis, TN 38103

(901) 507-1179

Siviq Scores

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

Liabilities / Assets

24th percentile

0.05x

Higher debt load relative to assets than 24% of similar nonprofits.

2022 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2022

Liabilities / Revenue

16th percentile

0.06x

Higher debt load relative to revenue than 16% of similar nonprofits.

2022 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2022

Net Margin

99th percentile

97%

Higher net margin than 99% of similar nonprofits.

2022 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2022

Top Officer Pay

Score unavailable

No value available

This filing does not contain officer compensation rows.

Source year 2022

Asset Growth

99th percentile

303%

Faster asset growth than 99% of similar nonprofits.

2022 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2021 to 2022

Revenue Growth

100th percentile

9251%

Faster revenue growth than 100% of similar nonprofits.

2022 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets24th percentile

Assets

Up

$26,466,461

Up $19,904,523 (+303%) from 2021

Net Assets

Up

$25,254,458

Up $19,896,787 (+371%) from 2021

Liabilities

Up

$1,212,003

Up $7,736 (+0.6%) from 2021

Revenue And Expenses
Liabilities / Revenue16th percentileNet Margin99th percentile

Revenue

Up

$20,419,420

Up $20,201,063 (+9251%) from 2021

Expenses

Up

$522,633

Up $122,484 (+31%) from 2021

Net Income

Up

$19,896,787

Up $20,078,579 (+11045%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth99th 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

2022

Assets$26,466,461
Liabilities$1,212,003
Net Assets$25,254,458
Open 2022 Filing

Operations Trend

Revenue Growth100th 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

2022

Revenue$20,419,420
Expenses$522,633
Net Income$19,896,787
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Nov 15, 2023
Return Version
2022v5.0
Gross Receipts
$20,419,420
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.

To assist in the revitalization and eceonomic 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$6,025,900$25,991,688▲ $19,965,788
Land, Buildings, and Equipment, Net$0$231,891▲ $231,891
Other Notes and Loans Receivable, Net$0$180,000▲ $180,000
Cash and Non-Interest-Bearing Accounts$320,395$62,882▼ $257,513
Total Assets$6,561,938$26,466,461▲ $19,904,523
Other Assets Total$215,643$0▼ $215,643
Liabilities
Unsecured Notes Loans Payable$1,195,000$1,195,000→ $0
Accounts Payable and Accrued Expenses$9,267$17,003▲ $7,736
Total Liabilities$1,204,267$1,212,003▲ $7,736
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$5,357,671$25,254,458▲ $19,896,787
Total Net Assets Fund Balance$5,357,671$25,254,458▲ $19,896,787
Total Liabilities and Net Assets / Fund Balance$6,561,938$26,466,461▲ $19,904,523

Asset Categories

AssetBook ValueDepreciationBasis
Land$231,891-$231,891
Other Securities$8,590,787--
Compensation and Service Providers
Top Officer PayScore unavailable

Employees

NameTitleFull / Part TimeBaseOtherTotal
Todd RichardsonPresidentFT$250,598$14,000$264,598

Board Members and Trustees

NameTitle
Mcclean WilsonChairman
Ann LangstonDirector
Chris TerrillDirector
Elliot PerryDirector
Martin HandDirector
Staley CatesDirector
Milton LovellSecretary
Dallas GeerTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$20,073,288
Program Service Revenue
$346,132
Investment Income
$0
Other Revenue
$0
All Other Contributions
$107,500
Change in Net Assets
$19,896,787

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
No
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Closely Held Stock2$19,965,788Fair Market Value (FMV)
Total Noncash Contributions2$19,965,788-
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$349,736
Other Expenses$172,897
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$125,299$125,299-$250,598
Payments to Affiliates$115,000--$115,000
Other Salaries and Wages$35,077$35,077-$70,154
Fees for Services Accounting-$32,500-$32,500
Payroll Taxes$8,623$8,624-$17,247
Pension Plan Contributions$3,750$3,750-$7,500
Fees for Services Legal$5,222--$5,222
Other Employee Benefits$2,119$2,118-$4,237
Fees for Services Other-$3,612-$3,612
Other Expenses-$499-$499
Travel-$442-$442
Office Expenses-$365-$365
Information Technology-$200-$200
Advertising-$184-$184
Total Functional Expenses$295,090$227,543$0$522,633
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

“A copy of the form 990 is provided to the full board. The form 990 is reviewed by the president and secretary, as well as two additional 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 18

“Crca makes its documents available for public inspection upon request.”

Form 990, Part VI, Section C, Line 19

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

Filing and Contact Details

Filer

Filer Name
Crosstown Redevelopment
EIN
47-2073263
Phone
9015071179
Address
20 HULING AVENUE, MEMPHIS, TN 38103

Signing Officer

Name
Todd Richardson
Title
President
Phone
9015071179
Signed
2023-11-15
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
2
Volunteers
0

Preparer

Firm
Forvis Llp
Address
500 RIDGEFIELD COURT, ASHEVILLE, NC 28806
Preparer
Amy Bibby
Phone
8282542254
Supplemental Narrative

Additional Explanations

Form 990, Part XII, Line 2C

“This process has not changed from the prior year.”

Financial Statement Notes

PART X, LINE 2:

“Crca is exempt from federal income taxes under section 501(c)(3) of the internal revenue code. Management does not believe that there are any uncertain income tax positions that require recognition as of december 31, 2022 and 2021.”

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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0CRCA IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. MANAGEMENT DOES NOT BELIEVE THAT THERE ARE ANY UNCERTAIN INCOME TAX POSITIONS THAT REQUIRE RECOGNITION AS OF DECEMBER 31, 2022 AND 2021.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
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IRS990ScheduleJ/AnyNonFixedPaymentsInd00
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt00
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0PRESIDENT
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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
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IRS990ScheduleM/AnyPropertyThatMustBeHeldInd00
IRS990ScheduleM/ReviewProcessUnusualNCGiftsInd00
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0A COPY OF THE FORM 990 IS PROVIDED TO THE FULL BOARD. THE FORM 990 IS REVIEWED BY THE PRESIDENT AND SECRETARY, AS WELL AS TWO ADDITIONAL 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/ExplanationTxt2CRCA MAKES ITS DOCUMENTS AVAILABLE FOR PUBLIC INSPECTION UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3CRCA MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.
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 18
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART XII, LINE 2C
IRS990ScheduleR/AssetExchangeInd00
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IRS990ScheduleR/AssetSaleToOtherOrgInd00
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IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingEntityName/BusinessNameLine1Txt1CROSSTOWN REDEVELOPMENT COOPERATIVE ASSOCIATION
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IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/PrimaryActivitiesTxt0RESTAURANT
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IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/ShareOfEOYAssetsAmt1395527389
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/ShareOfTotalIncomeAmt0704400
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/ShareOfTotalIncomeAmt128603817

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$26,466,461
Liabilities
$1,212,003
Net assets
$25,254,458
Revenue
$20,419,420
Expenses
$522,633
Net income
$19,896,787
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