Civic Intelligence

Downtown Belmont Development Association

990 • Fiscal year 2023 • EIN 47-4333734

Jul 01, 2022 to Jun 30, 2023 • Filed on May 08, 2024

Organization ProfileDOWNTOWNBELMONT.ORG
PO Box 431Belmont, NC 28012

(704) 901-2082

Siviq Scores

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

Liabilities / Assets

84th percentile

0.42x

Higher debt load relative to assets than 84% of similar nonprofits.

2023 filings • NTEE A99 • <$500k nonprofits • Source year 2023

Liabilities / Revenue

84th percentile

0.22x

Higher debt load relative to revenue than 84% of similar nonprofits.

2023 filings • NTEE A99 • <$500k nonprofits • Source year 2023

Net Margin

31st percentile

-1.1%

Higher net margin than 31% of similar nonprofits.

2023 filings • NTEE A99 • <$500k nonprofits • Source year 2023

Top Officer Pay

79th percentile

$0

Higher top officer pay than 79% of similar nonprofits.

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

2023 filings • NTEE A99 • <$500k nonprofits • Source year 2023

Asset Growth

82nd percentile

56%

Faster asset growth than 82% of similar nonprofits.

2023 filings • NTEE A99 • <$500k nonprofits • Annualized from 2022 to 2023

Revenue Growth

18th percentile

-36%

Faster revenue growth than 18% of similar nonprofits.

2023 filings • NTEE A99 • <$500k nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets84th percentile

Assets

Up

$83,566

Up $29,901 (+56%) from 2022

Net Assets

Down

$48,155

Down $1,742 (-3.5%) from 2022

Liabilities

Up

$35,411

Up $31,643 (+840%) from 2022

Revenue And Expenses
Liabilities / Revenue84th percentileNet Margin31st percentile

Revenue

Down

$164,176

Down $93,073 (-36%) from 2022

Expenses

Down

$165,918

Down $56,758 (-25%) from 2022

Net Income

Down

-$1,742

Down $36,315 (-105%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth82nd percentile

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

$100K$50K$0Assets 2017: $13,851Liabilities 2017: $0Net Assets 2017: $13,8512017Assets 2019: $35,156Liabilities 2019: $0Net Assets 2019: $35,1562019Assets 2021: $40,734Liabilities 2021: $0Net Assets 2021: $40,7342021Assets 2022: $53,665Liabilities 2022: $3,768Net Assets 2022: $49,8972022Assets 2023: $83,566Liabilities 2023: $35,411Net Assets 2023: $48,1552023Assets 2024: $47,130Liabilities 2024: $3,003Net Assets 2024: $44,1272024

Highlighted filing

2023

Assets$83,566
Liabilities$35,411
Net Assets$48,155
Open 2023 Filing

Operations Trend

Revenue Growth18th percentile

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

$300K$200K$100K$0-$100KRevenue 2017: $80,012Expenses 2017: $74,040Net Income 2017: $5,9722017Revenue 2019: $116,433Expenses 2019: $112,568Net Income 2019: $3,8652019Revenue 2021: $46,428Expenses 2021: $31,850Net Income 2021: $14,5782021Revenue 2022: $257,249Expenses 2022: $222,676Net Income 2022: $34,5732022Revenue 2023: $164,176Expenses 2023: $165,918Net Income 2023: -$1,7422023Revenue 2024: $261,997Expenses 2024: $266,025Net Income 2024: -$4,0282024

Highlighted filing

2023

Revenue$164,176
Expenses$165,918
Net Income-$1,742
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
May 8, 2024
Return Version
2022v5.0
Gross Receipts
$164,176
Mission and Program Overview

Mission

To further advance the economic, aesthetic and cultural environment of historic downtown belmont, nc.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$51,621$52,614▲ $993
Prepaid Expenses and Deferred Charges$2,044$30,952▲ $28,908
Total Assets$53,665$83,566▲ $29,901
Liabilities
Unsecured Notes Loans Payable-$32,500-
Accounts Payable and Accrued Expenses$3,768$2,911▼ $857
Total Liabilities$3,768$35,411▲ $31,643
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$49,897$48,155▼ $1,742
Total Net Assets Fund Balance$49,897$48,155▼ $1,742
Total Liabilities and Net Assets / Fund Balance$53,665$83,566▲ $29,901
Compensation and Service Providers
Top Officer Pay79th percentile

Board Members and Trustees

NameTitle
Jennifer ChurchChair
Emilie RudisillVice Chair
Joe JordanVice Chair
Susan MartelloBoard Member
Phil BogganDowntown Director
Jim HefferanAppt. Counci
Marc SeelingerAppt. Counci
Amy BossardDesign Commi
Al WallEvc Co- Chai
Kelly GlantzOrganization
Seth SherrinOrganization
Kevin KrouseSecretary
Elizabeth SimcoxTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$76,000
Program Service Revenue
$88,176
Investment Income
$0
Other Revenue
$0
All Other Contributions
$28,500
Change in Net Assets
$-1,742

Audited Revenue Reconciliation

Revenue per Audited Statements
$164,176
Total Revenue per Audited Statements
$164,176
Total Revenue per Form 990
$164,176
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$128,769
Grants and Similar Amounts Paid$37,149
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$37,149--$37,149
Fees for Services Accounting-$8,058-$8,058
Other Expenses$2,778--$2,778
Insurance$2,757--$2,757
Travel$2,670--$2,670
All Other Expenses$2,261$87-$2,348
Advertising$217--$217
Total Functional Expenses$157,773$8,145$0$165,918

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$165,918
Total Expenses per Audited Statements$165,918
Total Expenses per Form 990$165,918
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Dance SpecialtiesBelmont, NC-Beautification$7,500
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
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
No
Other officer compensation reviewed
No
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

“Reviewed by the executive board members, before being fully submitted to irs.”

Form 990, Page 6, Part VI, Line 19

“990 kept in the downtowns directors office which is a city employee and therfore open to the public.”

Filing and Contact Details

Filer

Filer Name
Downtown Belmont Development Assoc
EIN
47-4333734
Phone
7049012082
Address
PO BOX 431, BELMONT, NC 28012

Signing Officer

Name
Elizabeth Simcox
Title
Treasurer
Phone
7049012082
Signed
2024-05-08
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Jennifer Church
Formed
2015
Legal Domicile
Nc
Voting Board Members
11
Independent Board Members
11
Employees
0
Volunteers
80

Preparer

Firm
Mccannon Rogers Driscoll & Assoc Llp
Address
PO BOX 339, GASTONIA, NC 28053-0339
Preparer
Karen M Walker
Phone
7048670264
Supplemental Narrative

Additional Explanations

Form 990, Page 2, Part III, Line 4D

“ALL OTHER EVENTS”

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Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$83,566
Liabilities
$35,411
Net assets
$48,155
Revenue
$164,176
Expenses
$165,918
Net income
-$1,742
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$0.47$0.03$0.44$2.62$2.66$0.04
2023Detailed filing. Detailed filing data is available for this year.$0.84$0.35$0.48$1.64$1.66$0.02
2022Detailed filing. Detailed filing data is available for this year.$0.54$0.04$0.50$2.57$2.23$0.35
2021Detailed filing. Detailed filing data is available for this year.$0.41$0.00$0.41$0.46$0.32$0.15
2019Summary only. Only limited summary data is available for this year.$0.35$0.00$0.35$1.16$1.13$0.04
2017Summary only. Only limited summary data is available for this year.$0.14$0.00$0.14$0.80$0.74$0.06