Civic Intelligence

Cool Spring Downtown District Inc.

990 • Fiscal year 2018 • EIN 82-0832831

Jul 01, 2017 to Jun 30, 2018 • Filed on Sep 24, 2018

Organization ProfileWWW.VISITDOWNTOWNFAYETTEVILLE.COM
222 Hay StreetFayetteville, NC 28301

(910) 723-3753

Siviq Scores

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

Liabilities / Assets

70th percentile

0.08x

Higher debt load relative to assets than 70% of similar nonprofits.

2018 filings • NTEE A • <$500k nonprofits • Source year 2018

Liabilities / Revenue

69th percentile

0.04x

Higher debt load relative to revenue than 69% of similar nonprofits.

2018 filings • NTEE A • <$500k nonprofits • Source year 2018

Net Margin

87th percentile

44%

Higher net margin than 87% of similar nonprofits.

2018 filings • NTEE A99 • <$500k nonprofits • Source year 2018

Top Officer Pay

71st percentile

$0

Higher top officer pay than 71% of similar nonprofits.

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

2018 filings • NTEE A • <$500k nonprofits • Source year 2018

Asset Growth

100th percentile

19410200%

Faster asset growth than 100% of similar nonprofits.

2018 filings • NTEE A • <$500k nonprofits • Annualized from 2017 to 2018

Revenue Growth

Score unavailable

No value available

A valid growth rate could not be computed from the available filing history.

Annualized from 2017 to 2018

Balance Sheet
Liabilities / Assets70th percentile

Assets

Up

$194,103

Up $194,102 (+19410200%) from 2017

Net Assets

$178,845

No earlier filing loaded for comparison.

Liabilities

Up

$15,258

Up $15,258 from 2017

Revenue And Expenses
Liabilities / Revenue69th percentileNet Margin87th percentile

Revenue

Up

$401,945

Up $401,945 from 2017

Expenses

Up

$223,100

Up $223,100 from 2017

Net Income

Up

$178,845

Up $178,845 from 2017

Historical Trend

Balance Sheet Trend

Asset Growth100th percentile

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

$600K$400K$200K$0Assets 2017: $1Liabilities 2017: $02017Assets 2018: $194,103Liabilities 2018: $15,258Net Assets 2018: $178,8452018Assets 2019: $206,645Liabilities 2019: $18,310Net Assets 2019: $188,3352019Assets 2020: $293,395Liabilities 2020: $29,103Net Assets 2020: $264,2922020Assets 2021: $440,521Liabilities 2021: $5,033Net Assets 2021: $435,4882021Assets 2022: $404,618Liabilities 2022: $42,027Net Assets 2022: $362,5912022Assets 2023: $340,186Liabilities 2023: $10,918Net Assets 2023: $329,2682023Assets 2024: $286,400Liabilities 2024: $1,895Net Assets 2024: $284,5052024Assets 2025: $253,034Liabilities 2025: $16,426Net Assets 2025: $236,6082025

Highlighted filing

2018

Assets$194,103
Liabilities$15,258
Net Assets$178,845
Open 2018 Filing

Operations Trend

Revenue GrowthScore unavailable

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

$1.5M$1.0M$500K$0-$500KRevenue 2017: $0Expenses 2017: $0Net Income 2017: $02017Revenue 2018: $401,945Expenses 2018: $223,100Net Income 2018: $178,8452018Revenue 2019: $301,024Expenses 2019: $291,534Net Income 2019: $9,4902019Revenue 2020: $438,426Expenses 2020: $362,470Net Income 2020: $75,9562020Revenue 2021: $640,058Expenses 2021: $468,860Net Income 2021: $171,1982021Revenue 2022: $773,790Expenses 2022: $846,686Net Income 2022: -$72,8962022Revenue 2023: $917,731Expenses 2023: $951,054Net Income 2023: -$33,3232023Revenue 2024: $896,622Expenses 2024: $941,385Net Income 2024: -$44,7632024Revenue 2025: $1,096,228Expenses 2025: $1,144,124Net Income 2025: -$47,8962025

Highlighted filing

2018

Revenue$401,945
Expenses$223,100
Net Income$178,845
Open 2018 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2017 to Jun 30, 2018
Signed
Sep 24, 2018
Return Version
2017v2.3
Gross Receipts
$427,710
Mission and Program Overview

Mission

The mission of the cool spring downtown district is to create and sustain an arts and entertainment district emanating from the central core of the city. The district is to be a vibrant center of artistic, cultural, civic and commercial activity; a place where people live, work, frequently visit and loyally patronize; a robust generator of economic prosperity for all cumberland county residents.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts-$95,836-
Accounts Receivable-$77,817-
Prepaid Expenses and Deferred Charges-$10,962-
Land, Buildings, and Equipment, Net-$9,488-
Total Assets$0$194,103▲ $194,103
Liabilities
Accounts Payable and Accrued Expenses-$15,258-
Total Liabilities$0$15,258▲ $15,258
Net Assets / Fund Balance
Unrestricted Net Assets-$178,845-
Total Net Assets Fund Balance$0$178,845▲ $178,845
Total Liabilities and Net Assets / Fund Balance$0$194,103▲ $194,103

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$9,488$731$10,219
Compensation and Service Providers
Top Officer Pay71st percentile

Board Members and Trustees

NameTitle
Eric LindstromChair
Mark RegensbergerPresident
Patrick CallahanVice Chair
Jerome ScottExec Committ
Anna SmithMember
Ashley ThompsonMember
David BlackmanMember
David LaneMember
Eloise SahistromMember
Isabella EffronMember
Jean MooreMember
Kaela NommayMember
Linda HuffMember
Tim EdwardsMember
Molly ArnoldSecretary
Brent SumnerTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$390,985
Program Service Revenue
$2,653
Investment Income
$0
Other Revenue
$8,307
All Other Contributions
$191,402
Change in Net Assets
$178,845

Audited Revenue Reconciliation

Revenue per Audited Statements
$401,945
Total Revenue per Audited Statements
$401,945
Total Revenue per Form 990
$401,945
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$137,254
Other Expenses$85,846
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$117,274$9,522-$126,796
Advertising$58,265--$58,265
Payroll Taxes$9,673$785-$10,458
Occupancy$2,382$126-$2,508
All Other Expenses$2,021$127-$2,148
Other Expenses$1,651$87-$1,738
Insurance$1,450$200-$1,650
Office Expenses$1,014$53-$1,067
Information Technology$894--$894
Depreciation Depletion$731--$731
Total Functional Expenses$212,102$10,998$0$223,100

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$223,100
Total Expenses per Audited Statements$223,100
Total Expenses per Form 990$223,100
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$34,072
Fundraising Direct Expenses$25,765
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Fundraising Act$34,072$34,072$25,765$8,307
Total Events$34,072$34,072$25,765$8,307
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
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
Yes
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

“A copy of the form 990 is provided to the treasurer and reviewed by the treasurer prior to its filing.”

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

“The conflict of interest policy is reviwed annually to ensure there are no potential conflicts.”

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

“See form 990, part vi, line 15b information.”

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

“The organization follows the process described in treasury regulation 4958 (6)(c) for establishing the rebuttable presumption of reasonableness in the review, approval, and documentation of officer, key management, and director compensation. The executive committee reviews and approves the entire compensation package of each person based on comparability factors including but not limited to the size of the organization, the geographical location of the organization, and the employee's length of service. This process is conducted on an annual basis for all positions.”

Form 990, Page 6, Part VI, Line 19

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

Filing and Contact Details

Filer

Filer Name
Cool Spring Downtown District Inc
EIN
82-0832831
Phone
9107233753
Address
222 HAY STREET, FAYETTEVILLE, NC 28301

Signing Officer

Name
Brent Sumner
Title
Treasurer
Phone
9107233753
Signed
2018-09-24
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Patrick Callahan
Formed
2017
Legal Domicile
Nc
Voting Board Members
15
Independent Board Members
15
Employees
2
Volunteers
25

Preparer

Firm
Mcfadyen & Sumner Cpas Pa
Address
572 EXECUTIVE PLACE, FAYETTEVILLE, NC 28305
Preparer
Lester B Sumner
Phone
9103233100
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

“The mission of the cool spring downtown district is to create and sustain an arts and entertainment district emanating from the central core of the city. The district is to be a vibrant center of artistic, cultural, civic and commercial activity; a place where people live, work, frequently visit and loyally patronize; a robust generator of economic prosperity for all cumberland county residents.”

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IRS990/OtherExpensesGrp/ProgramServicesAmt21857
IRS990/OtherExpensesGrp/ProgramServicesAmt31651
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IRS990ScheduleA/GrossReceiptsRltdActivitiesAmt02653
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IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt0731
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt010219
IRS990ScheduleD/RevenueSubtotalAmt0401945
IRS990ScheduleD/TotalBookValueLandBuildingsAmt09488
IRS990ScheduleD/TotalExpensesPerForm990Amt0223100
IRS990ScheduleD/TotalRevenuePerForm990Amt0401945
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IRS990ScheduleG/FundraisingEventInformationGrp/OtherDirectExpensesEvent1Amt025765
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE MISSION OF THE COOL SPRING DOWNTOWN DISTRICT IS TO CREATE AND SUSTAIN AN ARTS AND ENTERTAINMENT DISTRICT EMANATING FROM THE CENTRAL CORE OF THE CITY. THE DISTRICT IS TO BE A VIBRANT CENTER OF ARTISTIC, CULTURAL, CIVIC AND COMMERCIAL ACTIVITY; A PLACE WHERE PEOPLE LIVE, WORK, FREQUENTLY VISIT AND LOYALLY PATRONIZE; A ROBUST GENERATOR OF ECONOMIC PROSPERITY FOR ALL CUMBERLAND COUNTY RESIDENTS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1A COPY OF THE FORM 990 IS PROVIDED TO THE TREASURER AND REVIEWED BY THE TREASURER PRIOR TO ITS FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE CONFLICT OF INTEREST POLICY IS REVIWED ANNUALLY TO ENSURE THERE ARE NO POTENTIAL CONFLICTS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3SEE FORM 990, PART VI, LINE 15B INFORMATION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE ORGANIZATION FOLLOWS THE PROCESS DESCRIBED IN TREASURY REGULATION 4958 (6)(C) FOR ESTABLISHING THE REBUTTABLE PRESUMPTION OF REASONABLENESS IN THE REVIEW, APPROVAL, AND DOCUMENTATION OF OFFICER, KEY MANAGEMENT, AND DIRECTOR COMPENSATION. THE EXECUTIVE COMMITTEE REVIEWS AND APPROVES THE ENTIRE COMPENSATION PACKAGE OF EACH PERSON BASED ON COMPARABILITY FACTORS INCLUDING BUT NOT LIMITED TO THE SIZE OF THE ORGANIZATION, THE GEOGRAPHICAL LOCATION OF THE ORGANIZATION, AND THE EMPLOYEE'S LENGTH OF SERVICE. THIS PROCESS IS CONDUCTED ON AN ANNUAL BASIS FOR ALL POSITIONS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990 - ORGANIZATION'S MISSION
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 15B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PAGE 6, PART VI, LINE 19
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IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0212102
IRS990/TotalFunctionalExpensesGrp/TotalAmt0223100
IRS990/TotalGrossUBIAmt00
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IRS990/TypeOfOrganizationCorpInd0X
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IRS990/UnrestrictedNetAssetsGrp/EOYAmt0178845
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0222 HAY STREET
IRS990/USAddress/CityNm0FAYETTEVILLE
IRS990/USAddress/StateAbbreviationCd0NC
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IRS990/WebsiteAddressTxt0WWW.VISITDOWNTOWNFAYETTEVILLE.COM
IRS990/WhistleblowerPolicyInd0true
ReturnHeader/BuildTS02018-06-14 16:35:46Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0BRENT SUMNER
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0TREASURER
ReturnHeader/BusinessOfficerGrp/PhoneNum09107233753
ReturnHeader/BusinessOfficerGrp/SignatureDt02018-09-24
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0COOL SPRING DOWNTOWN DISTRICT INC
ReturnHeader/Filer/BusinessNameControlTxt0COOL
ReturnHeader/Filer/EIN0820832831
ReturnHeader/Filer/PhoneNum09107233753
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ReturnHeader/FilingSecurityInformation/AtSubmissionFilingDeviceId0DDE233634772D10E504DC8FE768467BD9E5983F9
ReturnHeader/FilingSecurityInformation/FilingLicenseTypeCd0P
ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt0167.68.16.49
ReturnHeader/FilingSecurityInformation/IPDt02018-10-04
ReturnHeader/FilingSecurityInformation/IPTimezoneCd0CD
ReturnHeader/FilingSecurityInformation/IPTm009:25:49
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0561334523
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0MCFADYEN & SUMNER CPAS PA

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2018 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$194,103
Liabilities
$15,258
Net assets
$178,845
Revenue
$401,945
Expenses
$223,100
Net income
$178,845
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$0.25$0.02$0.24$1.10$1.14$0.05
2024Detailed filing. Detailed filing data is available for this year.$0.29$0.00$0.28$0.90$0.94$0.04
2023Detailed filing. Detailed filing data is available for this year.$0.34$0.01$0.33$0.92$0.95$0.03
2022Detailed filing. Detailed filing data is available for this year.$0.40$0.04$0.36$0.77$0.85$0.07
2021Detailed filing. Detailed filing data is available for this year.$0.44$0.01$0.44$0.64$0.47$0.17
2020Detailed filing. Detailed filing data is available for this year.$0.29$0.03$0.26$0.44$0.36$0.08
2019Detailed filing. Detailed filing data is available for this year.$0.21$0.02$0.19$0.30$0.29$0.01
2018Detailed filing. Detailed filing data is available for this year.$0.19$0.02$0.18$0.40$0.22$0.18
2017Summary only. Only limited summary data is available for this year.$0.00$0.00$0.00$0.00$0.00