Civic Intelligence

Downtown Sanford Inc.

990 • Fiscal year 2022 • EIN 56-1472402

Jul 01, 2021 to Jun 30, 2022 • Filed on Aug 31, 2022

Organization ProfileWWW.DOWNTOWNSANFORD.COM
115 Chatham St Suite 1Sanford, NC 27330

(919) 718-4659

Siviq Scores

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

Liabilities / Assets

62nd percentile

0.00x

Higher debt load relative to assets than 62% of similar nonprofits.

2022 filings • 501(c)3 • <$500k nonprofits • Source year 2022

Liabilities / Revenue

60th percentile

0.00x

Higher debt load relative to revenue than 60% of similar nonprofits.

2022 filings • 501(c)3 • <$500k nonprofits • Source year 2022

Net Margin

51st percentile

5.2%

Higher net margin than 51% of similar nonprofits.

2022 filings • 501(c)3 • <$500k nonprofits • Source year 2022

Top Officer Pay

92nd percentile

$49,973

Higher top officer pay than 92% of similar nonprofits.

Top officer pay equals 15.5% of source-year revenue.

2022 filings • 501(c)3 • <$500k nonprofits • Source year 2022

Asset Growth

71st percentile

19%

Faster asset growth than 71% of similar nonprofits.

2022 filings • 501(c)3 • <$500k nonprofits • Annualized from 2021 to 2022

Revenue Growth

61st percentile

25%

Faster revenue growth than 61% of similar nonprofits.

2022 filings • 501(c)3 • <$500k nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets62nd percentile

Assets

Up

$105,901

Up $17,009 (+19%) from 2021

Net Assets

Up

$105,523

Up $16,819 (+19%) from 2021

Liabilities

Up

$378

Up $190 (+101%) from 2021

Revenue And Expenses
Liabilities / Revenue60th percentileNet Margin51st percentile

Revenue

Up

$323,124

Up $63,850 (+25%) from 2021

Expenses

Up

$306,305

Up $61,631 (+25%) from 2021

Net Income

Up

$16,819

Up $2,219 (+15%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth71st percentile

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

$150K$100K$50K$0Assets 2017: $29,985Liabilities 2017: $0Net Assets 2017: $29,9852017Assets 2018: $30,835Liabilities 2018: $0Net Assets 2018: $30,8352018Assets 2019: $54,142Liabilities 2019: $0Net Assets 2019: $54,1422019Assets 2020: $96,845Liabilities 2020: $22,741Net Assets 2020: $74,1042020Assets 2021: $88,892Liabilities 2021: $188Net Assets 2021: $88,7042021Assets 2022: $105,901Liabilities 2022: $378Net Assets 2022: $105,5232022Assets 2023: $87,713Liabilities 2023: $597Net Assets 2023: $87,1162023Assets 2024: $98,930Liabilities 2024: $479Net Assets 2024: $98,4512024Assets 2025: $106,079Liabilities 2025: $1,011Net Assets 2025: $105,0682025

Highlighted filing

2022

Assets$105,901
Liabilities$378
Net Assets$105,523
Open 2022 Filing

Operations Trend

Revenue Growth61st percentile

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

$400K$200K$0-$200KRevenue 2017: $107,310Expenses 2017: $93,730Net Income 2017: $13,5802017Revenue 2018: $91,925Expenses 2018: $91,075Net Income 2018: $8502018Revenue 2019: $155,306Expenses 2019: $131,999Net Income 2019: $23,3072019Revenue 2020: $223,467Expenses 2020: $186,737Net Income 2020: $36,7302020Revenue 2021: $259,274Expenses 2021: $244,674Net Income 2021: $14,6002021Revenue 2022: $323,124Expenses 2022: $306,305Net Income 2022: $16,8192022Revenue 2023: $371,048Expenses 2023: $389,455Net Income 2023: -$18,4072023Revenue 2024: $390,112Expenses 2024: $378,777Net Income 2024: $11,3352024Revenue 2025: $364,024Expenses 2025: $357,407Net Income 2025: $6,6172025

Highlighted filing

2022

Revenue$323,124
Expenses$306,305
Net Income$16,819
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
Aug 31, 2022
Return Version
2021v4.0
Gross Receipts
$323,124
Mission and Program Overview

Mission

ECONOMIC GROWTH

The mission of dsi is to promote and market downtown sanford as the primary economic, cultural, and social center of the community; to educate the community on the unique assets and historical significance of the downtown area; and to manage the development and improvement of these assets.

Balance Sheet Detail
LineBeginningEndChange
Assets
Rtn Earn Endowment Incm Other Fnds$88,704$105,523▲ $16,819
Cash and Non-Interest-Bearing Accounts$77,435$99,914▲ $22,479
Prepaid Expenses and Deferred Charges$5,520$5,987▲ $467
Total Assets$88,892$105,901▲ $17,009
Other Assets Total$5,937--
Liabilities
Accounts Payable and Accrued Expenses$188$378▲ $190
Total Liabilities$188$378▲ $190
Net Assets / Fund Balance
Total Net Assets Fund Balance$88,704$105,523▲ $16,819
Total Liabilities and Net Assets / Fund Balance$88,892$105,901▲ $17,009
Compensation and Service Providers
Top Officer Pay92nd percentile

Employees

NameTitleFull / Part TimeBaseTotal
Kelli LaudateExecutive DiFT$49,973$49,973

Board Members and Trustees

NameTitle
Sharon SpenceChair
Buck HarrisBoard Member
David NestorBoard Member
Gus GomezBoard Member
Jeff TowsonBoard Member
Joni MartinBoard Member
Ophelia LivingstonBoard Member
Pam GordonBoard Member
Peggy TaphornBoard Member
Tim ChildressBoard Member
Todd ChildersBoard Member
Carol CarlsonSecretary
Ashley WhitakerTreasurer
Bob JoyceVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$230,570
Program Service Revenue
$92,554
Investment Income
$0
Other Revenue
$0
Change in Net Assets
$16,819
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$160,689
Salaries, Compensation, and Employee Benefits$145,616
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$92,563$23,141-$115,704
Advertising$35,868--$35,868
Payroll Taxes$23,930$5,982-$29,912
Insurance$16,976$5,098-$22,074
Other Expenses$11,964--$11,964
Office Expenses-$11,550-$11,550
Fees for Services Other$6,186$5,190-$11,376
All Other Expenses$7,196$2,407-$9,603
Conferences and Meetings$2,243--$2,243
Total Functional Expenses$252,937$53,368$0$306,305
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
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
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

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

“Reviewed by a meeting of the executive committee of the board of directors and accepted as accurate and complete by unanimous consent of the governing body before filing.”

Form 990, Page 6, Part VI, Line 12C

“Conflict of interest policy is monitored and enforced by formal communication of the policy to all personnel and periodic reviews and meetings of all officer and directors to ensure no violation of the conflict of interest policy requirements.”

Form 990, Page 6, Part VI, Line 15A

“Reviewed by a meeting of the executive committee of the board of directors and accepted as accurate and complete by unanimous consent of the governing body before filing.”

Form 990, Page 6, Part VI, Line 19

“Organization's bylaws, conflict of interest policy and financial statements are available upon request. Financial statements are provided as requested to governmental units and others from whom the organization is seeking financial assistance.”

Filing and Contact Details

Filer

Filer Name
Downtown Sanford Inc
EIN
56-1472402
Phone
9197184659
Address
115 CHATHAM ST SUITE 1, SANFORD, NC 27330

Signing Officer

Name
Kelli Laudate
Title
Executive Director
Phone
9197184659
Signed
2022-08-31
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Kelli Laudate
Formed
1984
Legal Domicile
Nc
Voting Board Members
13
Independent Board Members
13
Employees
15
Volunteers
30

Preparer

Firm
Benton Whitaker
Address
PO BOX 39, SANFORD, NC 27331
Preparer
Shay P Benton
Phone
9194913458
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

“To manage the development of downtown sanford as the primary economic, cultural, and social center of the community; to educate the community on the unique assets and historical significance of the downtown area; and to promote and stimulate the improvement of these assets.”

Form 990, Page 1, Part I, Line 6

“Dsi has various volunteers who help with downtown events such as the concert series and the annual streetfest.”

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This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt0157859
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt0155306
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt091925
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0TO MANAGE THE DEVELOPMENT OF DOWNTOWN SANFORD AS THE PRIMARY ECONOMIC, CULTURAL, AND SOCIAL CENTER OF THE COMMUNITY; TO EDUCATE THE COMMUNITY ON THE UNIQUE ASSETS AND HISTORICAL SIGNIFICANCE OF THE DOWNTOWN AREA; AND TO PROMOTE AND STIMULATE THE IMPROVEMENT OF THESE ASSETS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1DSI HAS VARIOUS VOLUNTEERS WHO HELP WITH DOWNTOWN EVENTS SUCH AS THE CONCERT SERIES AND THE ANNUAL STREETFEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2REVIEWED BY A MEETING OF THE EXECUTIVE COMMITTEE OF THE BOARD OF DIRECTORS AND ACCEPTED AS ACCURATE AND COMPLETE BY UNANIMOUS CONSENT OF THE GOVERNING BODY BEFORE FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3CONFLICT OF INTEREST POLICY IS MONITORED AND ENFORCED BY FORMAL COMMUNICATION OF THE POLICY TO ALL PERSONNEL AND PERIODIC REVIEWS AND MEETINGS OF ALL OFFICER AND DIRECTORS TO ENSURE NO VIOLATION OF THE CONFLICT OF INTEREST POLICY REQUIREMENTS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4REVIEWED BY A MEETING OF THE EXECUTIVE COMMITTEE OF THE BOARD OF DIRECTORS AND ACCEPTED AS ACCURATE AND COMPLETE BY UNANIMOUS CONSENT OF THE GOVERNING BODY BEFORE FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5ORGANIZATION'S BYLAWS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. FINANCIAL STATEMENTS ARE PROVIDED AS REQUESTED TO GOVERNMENTAL UNITS AND OTHERS FROM WHOM THE ORGANIZATION IS SEEKING FINANCIAL ASSISTANCE.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990 - ORGANIZATION'S MISSION
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 1, PART I, LINE 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PAGE 6, PART VI, LINE 19
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IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
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IRS990/TotalProgramServiceExpensesAmt0252937
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IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt092554
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0323124
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IRS990/USAddress/AddressLine1Txt0115 CHATHAM ST SUITE 1
IRS990/USAddress/CityNm0SANFORD
IRS990/USAddress/StateAbbreviationCd0NC
IRS990/USAddress/ZIPCd027330
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IRS990/VotingMembersIndependentCnt013
IRS990/WebsiteAddressTxt0WWW.DOWNTOWNSANFORD.COM
IRS990/WhistleblowerPolicyInd0true
ReturnHeader/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0KELLI LAUDATE
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0EXECUTIVE DIRECTOR
ReturnHeader/BusinessOfficerGrp/PhoneNum09197184659
ReturnHeader/BusinessOfficerGrp/SignatureDt02022-08-31
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0DOWNTOWN SANFORD INC
ReturnHeader/Filer/BusinessNameControlTxt0DOWN
ReturnHeader/Filer/EIN0561472402
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ReturnHeader/Filer/USAddress/AddressLine1Txt0115 CHATHAM ST SUITE 1
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ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0853073393
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0BENTON WHITAKER
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0PO BOX 39
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0SANFORD
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0NC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd027331
ReturnHeader/PreparerPersonGrp/PhoneNum09194913458
ReturnHeader/PreparerPersonGrp/PreparationDt02022-09-13
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0SHAY P BENTON
ReturnHeader/ReturnTs02022-09-13T09:57:52-04:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0KELLI
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0LAUDATE
ReturnHeader/TaxPeriodBeginDt02021-07-01
ReturnHeader/TaxPeriodEndDt02022-06-30
ReturnHeader/TaxYr02021

Document Assets

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Filings

Displayed year

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

Open filing
Assets
$105,901
Liabilities
$378
Net assets
$105,523
Revenue
$323,124
Expenses
$306,305
Net income
$16,819
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$1.06$0.01$1.05$3.64$3.57$0.07
2024Detailed filing. Detailed filing data is available for this year.$0.99$0.00$0.98$3.90$3.79$0.11
2023Detailed filing. Detailed filing data is available for this year.$0.88$0.01$0.87$3.71$3.89$0.18
2022Detailed filing. Detailed filing data is available for this year.$1.06$0.00$1.06$3.23$3.06$0.17
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.89$0.00$0.89$2.59$2.45$0.15
2020Detailed filing. Detailed filing data is available for this year.$0.97$0.23$0.74$2.23$1.87$0.37
2019Detailed filing. Detailed filing data is available for this year.$0.54$0.00$0.54$1.55$1.32$0.23
2018Detailed filing. Detailed filing data is available for this year.$0.31$0.00$0.31$0.92$0.91$0.01
2017Detailed filing. Detailed filing data is available for this year.$0.30$0.00$0.30$1.07$0.94$0.14