Civic Intelligence

Downtown Riverfront Trust

990 • Fiscal year 2023 • EIN 81-4619812

Jan 01, 2023 to Dec 31, 2023 • Filed on May 13, 2024

Organization ProfileN/A
10050 Regency Circle 101Omaha, NE 68114

(402) 391-3190

Siviq Scores

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

Liabilities / Assets

93rd percentile

0.98x

Higher debt load relative to assets than 93% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Liabilities / Revenue

98th percentile

22.91x

Higher debt load relative to revenue than 98% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Net Margin

18th percentile

-12%

Higher net margin than 18% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Top Officer Pay

80th percentile

$310,300

Higher top officer pay than 80% of similar nonprofits.

Top officer pay equals 34.7% of source-year revenue.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Asset Growth

1st percentile

-73%

Faster asset growth than 1% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2022 to 2023

Revenue Growth

2nd percentile

-76%

Faster revenue growth than 2% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets93rd percentile

Assets

Down

$20,920,786

Down $57,226,718 (-73%) from 2022

Net Assets

Down

$431,390

Down $109,475 (-20%) from 2022

Liabilities

Down

$20,489,396

Down $57,117,243 (-74%) from 2022

Revenue And Expenses
Liabilities / Revenue98th percentileNet Margin18th percentile

Revenue

Down

$894,297

Down $2,848,039 (-76%) from 2022

Expenses

Down

$1,003,772

Down $2,975,531 (-75%) from 2022

Net Income

Up

-$109,475

Up $127,492 (+54%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth1st percentile

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

$200M$150M$100M$50M$0Assets 2017: $922,374Liabilities 2017: $191,066Net Assets 2017: $731,3082017Assets 2018: $58,293,994Liabilities 2018: $57,963,344Net Assets 2018: $330,6502018Assets 2019: $151,998,722Liabilities 2019: $150,768,253Net Assets 2019: $1,230,4692019Assets 2020: $158,328,884Liabilities 2020: $157,429,891Net Assets 2020: $898,9932020Assets 2021: $158,815,743Liabilities 2021: $158,037,911Net Assets 2021: $777,8322021Assets 2022: $78,147,504Liabilities 2022: $77,606,639Net Assets 2022: $540,8652022Assets 2023: $20,920,786Liabilities 2023: $20,489,396Net Assets 2023: $431,3902023Assets 2024: $13,622,822Liabilities 2024: $13,309,116Net Assets 2024: $313,7062024

Highlighted filing

2023

Assets$20,920,786
Liabilities$20,489,396
Net Assets$431,390
Open 2023 Filing

Operations Trend

Revenue Growth2nd percentile

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

$200M$150M$100M$50M$0-$50MRevenue 2017: $1,508,071Expenses 2017: $776,763Net Income 2017: $731,3082017Revenue 2018: $60,661,607Expenses 2018: $61,062,265Net Income 2018: -$400,6582018Revenue 2019: $169,454,287Expenses 2019: $168,554,468Net Income 2019: $899,8192019Revenue 2020: $36,994,406Expenses 2020: $37,325,882Net Income 2020: -$331,4762020Revenue 2021: $28,894,950Expenses 2021: $29,016,111Net Income 2021: -$121,1612021Revenue 2022: $3,742,336Expenses 2022: $3,979,303Net Income 2022: -$236,9672022Revenue 2023: $894,297Expenses 2023: $1,003,772Net Income 2023: -$109,4752023Revenue 2024: $398,352Expenses 2024: $516,036Net Income 2024: -$117,6842024

Highlighted filing

2023

Revenue$894,297
Expenses$1,003,772
Net Income-$109,475
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
May 13, 2024
Return Version
2023v5.0
Gross Receipts
$894,297
Mission and Program Overview

Mission

Downtown riverfront trust, in collaboration with the city of omaha, the metropolitan entertainment & convention authority (meca) and a riverfront revitalization committee have assumed responsibility for the planning, design and construction of the new tri-park complex on three city of omaha owned properties currently referred to as lewis and clark landing, heartland of america park and gene leahy mall. Drt is responsible for securing private donations from the community to fund a portion of the development. Meca is responsible for paying project expenses as well as activating, operating and maintaining the development. Due to this relationship, almost all funds raised by drt relating to this project are shown as a grants expense and contributions payable to meca.

The purpose of the organization is to work in conjunction with governmental agencies of the cities of omaha and council bluffs, as well as private sector entities, to develop the missouri river waterfront in the metropolitan area for the benefit and use of the general public.

Balance Sheet Detail
LineBeginningEndChange
Assets
Pledges and Grants Receivable$76,711,198$19,845,361▼ $56,865,837
Cash and Non-Interest-Bearing Accounts$1,436,306$1,075,425▼ $360,881
Total Assets$78,147,504$20,920,786▼ $57,226,718
Liabilities
Other Liabilities$77,498,560$20,380,935▼ $57,117,625
Accounts Payable and Accrued Expenses$108,079$108,461▲ $382
Total Liabilities$77,606,639$20,489,396▼ $57,117,243
Net Assets / Fund Balance
Net Assets With Donor Restrictions$540,865$431,390▼ $109,475
Total Net Assets Fund Balance$540,865$431,390▼ $109,475
Total Liabilities and Net Assets / Fund Balance$78,147,504$20,920,786▼ $57,226,718
Compensation and Service Providers
Top Officer Pay80th percentile

Employees

NameTitleOtherTotal
Tammy RozaDirector of Operations$129,920$129,920
Jennifer CallahanTreasurer$61,027$61,027

Board Members and Trustees

NameTitle
Kenneth StinsonChairman
Rachel JacobsonPresident
Ranae KeckeisenVice President of Projects
Jack KoraleskiDirector
Mogens C BayDirector
W Gary GatesDirector
Dan WatersSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$714,946
Program Service Revenue
$0
Investment Income
$179,351
Other Revenue
$0
All Other Contributions
$714,946
Change in Net Assets
$-109,475
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$877,552
Other Expenses$126,220
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$877,552--$877,552
Fees for Services Other-$100,000-$100,000
Fees for Services Accounting-$12,615-$12,615
Other Expenses-$1,485-$1,485
Total Functional Expenses$877,552$126,220$0$1,003,772
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Riverfront ProjectOmaha, NE-To Help Fund Riverfront Project.$877,552
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Contributions Payable$20,380,935
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
Annual disclosure for covered persons
Yes
Audit committee
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
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 2

“Certain board members have business relationships with other board members. These members work together at another non-profit organization.”

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

“A copy of the 990 is distributed to all board members prior to the filing of the 990.”

Form 990, Part VI, Section B, Line 12C

“Members of the board of directors complete a questionnaire on an annual basis to identify business relationships amoung directors. These questionnaires are then reviewed by the treasurer to determine any potential conflicts of interest and business relationships which would need to be disclosed. Board members also sign an annual acknowledgement that they read and understand the conflict of interest policy.”

Form 990, Part VI, Section C, Line 19

“The organization would provide its governing documents, financial statements and tax returns upon request.”

Filing and Contact Details

Filer

Filer Name
Downtown Riverfront Trust
EIN
81-4619812
Phone
4023913190
Address
10050 REGENCY CIRCLE 101, OMAHA, NE 68114

Signing Officer

Name
Jennifer Callahan
Title
Treasurer
Phone
4023913190
Signed
2024-05-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Rachel Jacobson
Formed
2016
Legal Domicile
Ne
Voting Board Members
4
Independent Board Members
4
Employees
0
Volunteers
0

Preparer

Firm
Lutz and Company Pc
Address
13616 CALIFORNIA ST STE 300, OMAHA, NE 68154-5336
Preparer
Hannah Goscha
Phone
4024968800
Supplemental Narrative

Financial Statement Notes

PART X, LINE 2:

“The organization is exempt from federal income taxes as a non-profit corporation under section 501(c)(3) of the internal revenue code. The organization is not considered a private organization. The financial statements will not reflect a provision for income taxes, except for the tax on unrelated business income. For the years ended december 31, 2023 and 2022, the organization had no tax liability for unrelated business income. The organization follows the provisions of fasb codification topic 740-10 related to uncertain income tax positions. Management believes that it has appropriate support for any tax positions taken, and as such, does not have any uncertain positions that are material to the financial statements. The organization's federal return of organization exempt from income tax (form 990) for december 31, 2022, 2021 and 2020 are subject to examination by the irs, generally for three years after they are filed.”

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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0CONTRIBUTIONS PAYABLE
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION IS EXEMPT FROM FEDERAL INCOME TAXES AS A NON-PROFIT CORPORATION UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. THE ORGANIZATION IS NOT CONSIDERED A PRIVATE ORGANIZATION. THE FINANCIAL STATEMENTS WILL NOT REFLECT A PROVISION FOR INCOME TAXES, EXCEPT FOR THE TAX ON UNRELATED BUSINESS INCOME. FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022, THE ORGANIZATION HAD NO TAX LIABILITY FOR UNRELATED BUSINESS INCOME. THE ORGANIZATION FOLLOWS THE PROVISIONS OF FASB CODIFICATION TOPIC 740-10 RELATED TO UNCERTAIN INCOME TAX POSITIONS. MANAGEMENT BELIEVES THAT IT HAS APPROPRIATE SUPPORT FOR ANY TAX POSITIONS TAKEN, AND AS SUCH, DOES NOT HAVE ANY UNCERTAIN POSITIONS THAT ARE MATERIAL TO THE FINANCIAL STATEMENTS. THE ORGANIZATION'S FEDERAL RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX (FORM 990) FOR DECEMBER 31, 2022, 2021 AND 2020 ARE SUBJECT TO EXAMINATION BY THE IRS, GENERALLY FOR THREE YEARS AFTER THEY ARE FILED.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0PRESIDENT
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt1VICE PRESIDENT OF PROJECTS
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0CERTAIN BOARD MEMBERS HAVE BUSINESS RELATIONSHIPS WITH OTHER BOARD MEMBERS. THESE MEMBERS WORK TOGETHER AT ANOTHER NON-PROFIT ORGANIZATION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1A COPY OF THE 990 IS DISTRIBUTED TO ALL BOARD MEMBERS PRIOR TO THE FILING OF THE 990.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2MEMBERS OF THE BOARD OF DIRECTORS COMPLETE A QUESTIONNAIRE ON AN ANNUAL BASIS TO IDENTIFY BUSINESS RELATIONSHIPS AMOUNG DIRECTORS. THESE QUESTIONNAIRES ARE THEN REVIEWED BY THE TREASURER TO DETERMINE ANY POTENTIAL CONFLICTS OF INTEREST AND BUSINESS RELATIONSHIPS WHICH WOULD NEED TO BE DISCLOSED. BOARD MEMBERS ALSO SIGN AN ANNUAL ACKNOWLEDGEMENT THAT THEY READ AND UNDERSTAND THE CONFLICT OF INTEREST POLICY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE ORGANIZATION WOULD PROVIDE ITS GOVERNING DOCUMENTS, FINANCIAL STATEMENTS AND TAX RETURNS UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 2
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION C, LINE 19
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Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

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

Open filing
Assets
$20,920,786
Liabilities
$20,489,396
Net assets
$431,390
Revenue
$894,297
Expenses
$1,003,772
Net income
-$109,475
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$13.6$13.3$0.31$0.40$0.52$0.12
2023Detailed filing. Detailed filing data is available for this year.$20.9$20.5$0.43$0.89$1.00$0.11
2022Detailed filing. Detailed filing data is available for this year.$78.1$77.6$0.54$3.74$3.98$0.24
2021Detailed filing. Detailed filing data is available for this year.$159$158$0.78$28.9$29.0$0.12
2020Detailed filing. Detailed filing data is available for this year.$158$157$0.90$37.0$37.3$0.33
2019Detailed filing. Detailed filing data is available for this year.$152$151$1.23$169$169$0.90
2018Detailed filing. Detailed filing data is available for this year.$58.3$58.0$0.33$60.7$61.1$0.40
2017Summary only. Only limited summary data is available for this year.$0.92$0.19$0.73$1.51$0.78$0.73