Civic Intelligence

Cool Spring Downtown District Inc.

990 • Fiscal year 2019 • EIN 82-0832831

Jul 01, 2018 to Jun 30, 2019 • Filed on Sep 23, 2019

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

74th percentile

0.09x

Higher debt load relative to assets than 74% of similar nonprofits.

2019 filings • NTEE A99 • <$500k nonprofits • Source year 2019

Liabilities / Revenue

74th percentile

0.06x

Higher debt load relative to revenue than 74% of similar nonprofits.

2019 filings • NTEE A • <$500k nonprofits • Source year 2019

Net Margin

43rd percentile

3.2%

Higher net margin than 43% of similar nonprofits.

2019 filings • NTEE A99 • <$500k nonprofits • Source year 2019

Top Officer Pay

72nd percentile

$0

Higher top officer pay than 72% of similar nonprofits.

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

2019 filings • NTEE A • <$500k nonprofits • Source year 2019

Asset Growth

56th percentile

6.5%

Faster asset growth than 56% of similar nonprofits.

2019 filings • NTEE A • <$500k nonprofits • Annualized from 2018 to 2019

Revenue Growth

21st percentile

-25%

Faster revenue growth than 21% of similar nonprofits.

2019 filings • NTEE A • <$500k nonprofits • Annualized from 2018 to 2019

Assets

Up

$206,645

Up $12,542 (+6.5%) from 2018

Net Assets

Up

$188,335

Up $9,490 (+5.3%) from 2018

Liabilities

Up

$18,310

Up $3,052 (+20%) from 2018

Revenue

Down

$301,024

Down $100,921 (-25%) from 2018

Expenses

Up

$291,534

Up $68,434 (+31%) from 2018

Net Income

Down

$9,490

Down $169,355 (-95%) from 2018

Historical Trend

Balance Sheet Trend

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

2019

Assets$206,645
Liabilities$18,310
Net Assets$188,335

Operations Trend

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

2019

Revenue$301,024
Expenses$291,534
Net Income$9,490
Jump To
Filing Snapshot
Filing Period
Jul 1, 2018 to Jun 30, 2019
Signed
Sep 23, 2019
Return Version
2018v3.1
Gross Receipts
$331,258
Mission and Program Overview

Mission

SEE SCHEDULE O

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$95,836$92,924▼ $2,912
Accounts Receivable$77,817$74,651▼ $3,166
Land, Buildings, and Equipment, Net$9,488$25,848▲ $16,360
Prepaid Expenses and Deferred Charges$10,962$13,222▲ $2,260
Total Assets$194,103$206,645▲ $12,542
Liabilities
Accounts Payable and Accrued Expenses$15,258$18,310▲ $3,052
Total Liabilities$15,258$18,310▲ $3,052
Net Assets / Fund Balance
Unrestricted Net Assets$178,845$188,335▲ $9,490
Total Net Assets Fund Balance$178,845$188,335▲ $9,490
Total Liabilities and Net Assets / Fund Balance$194,103$206,645▲ $12,542

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$25,848$4,104$29,952
Compensation and Service Providers

Board Members and Trustees

Revenue and Support

Revenue Composition

Contributions and Grants
$270,000
Program Service Revenue
$24,126
Investment Income
$0
Other Revenue
$6,898
All Other Contributions
$50,500
Change in Net Assets
$9,490

Audited Revenue Reconciliation

Revenue per Audited Statements
$301,025
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$30,234
Total Revenue per Audited Statements
$331,259
Total Revenue per Form 990
$301,025
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$186,797
Salaries, Compensation, and Employee Benefits$104,737
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$82,677$14,542-$97,219
Advertising$89,523--$89,523
Fees for Services Accounting$7,719$406-$8,125
Payroll Taxes$6,616$902-$7,518
Occupancy$6,209$327-$6,536
All Other Expenses$4,066$2,000-$6,066
Depreciation Depletion$3,372--$3,372
Information Technology$3,197--$3,197
Office Expenses$2,784$146-$2,930
Other Expenses$2,332$123-$2,455
Insurance$1,487$200-$1,687
Total Functional Expenses$272,535$18,999$0$291,534

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$321,768
Expenses per Audited Statements$291,534
Total Expenses per Form 990$291,534
Expenses Not Reported on Form 990$30,234
Expenses Not Reported on Financial Statements$0
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$37,132
Fundraising Direct Expenses$30,234
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Fundraising Activity$37,132$37,132$30,234$6,898
Total Events$37,132$37,132$30,234$6,898
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, Part VI, Section B, Line 11B

Organization's process to review form 990 a copy of the form 990 is provided to the treasurer and reviewed by the treasurer prior to its filing

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

Enforcement of conflicts policy the conflict of interest policy is to review annually to ensure are no potential conflicts.

Form 990, Part VI, Section B, Line 15

Compensation process for top official see form 990, part vi, line 15b compensation process for officers 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 committe reviews and approves the entire compensation package of each person based on comparability factors including but not limited to the size of the organization, and the employee's lengenth of service. This process is conducted on an annual basis for all positions.

Form 990, Part VI, Section C, Line 19

Governing documents disclosure explanation 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 Springs 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
2019-09-23
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
3
Volunteers
25

Preparer

Firm
Haigh Byrd & Lambert Llp
Address
PO BOX 53349, FAYETTEVILLE, NC 28305-3349
Preparer
Stephen G Terry
Phone
9104831437
Supplemental Narrative

Additional Explanations

Form 990, Part 1, Line 1

The mission of the cool springs 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 of cumberland county.

Financial Statement Notes

PART XI, LINE 2D - OTHER ADJUSTMENTS:

Fundraising costs 30,234.

PART XII, LINE 2D - OTHER ADJUSTMENTS:

Fundraising costs 30,234.

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IRS990/PayrollTaxesGrp/TotalAmt07518
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt010962
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt013222
IRS990/PrincipalOfficerNm0PATRICK CALLAHAN
IRS990/ProfessionalFundraisingInd00
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt0390985
IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt00
IRS990/PYOtherExpensesAmt085846
IRS990/PYOtherRevenueAmt08307
IRS990/PYProgramServiceRevenueAmt02653
IRS990/PYRevenuesLessExpensesAmt0178845
IRS990/PYSalariesCompEmpBnftPaidAmt0137254
IRS990/PYTotalExpensesAmt0223100
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt0401945
IRS990/QuidProQuoContributionsInd00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd00
IRS990/ReconcilationRevenueExpnssAmt09490
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd00
IRS990/ReportProgramRelatedInvstInd00
IRS990/RevenueAmt024126
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearAmt0307133
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt0425058
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt0732191
IRS990ScheduleA/PublicOrganization170Ind0X
IRS990ScheduleA/PublicSupportCY170Pct01.00000
IRS990ScheduleA/PublicSupportPY170Pct01.00000
IRS990ScheduleA/PublicSupportTotal170Amt0732191
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY170Ind0X
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt0307133
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt0425058
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt0732191
IRS990ScheduleA/TotalSupportAmt0732191
IRS990/ScheduleBRequiredInd00
IRS990ScheduleD/EquipmentGrp/BookValueAmt025848
IRS990ScheduleD/EquipmentGrp/DepreciationAmt04104
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt029952
IRS990ScheduleD/ExpensesNotReportedAmt030234
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt0291534
IRS990ScheduleD/OtherExpensesIncludedAmt030234
IRS990ScheduleD/OtherRevenueAmt030234
IRS990ScheduleD/RevenueNotReportedAmt030234
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt0301025
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0FUNDRAISING COSTS 30,234.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1FUNDRAISING COSTS 30,234.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART XI, LINE 2D - OTHER ADJUSTMENTS:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1PART XII, LINE 2D - OTHER ADJUSTMENTS:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt025848
IRS990ScheduleD/TotalExpensesPerForm990Amt0291534
IRS990ScheduleD/TotalRevenuePerForm990Amt0301025
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0331259
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0321768
IRS990ScheduleG/FundraisingEventInformationGrp/DirectExpenseSummaryEventsAmt030234
IRS990ScheduleG/FundraisingEventInformationGrp/Event1Nm0FUNDRAISING ACTIVITY
IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsEvent1Amt037132
IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsTotalAmt037132
IRS990ScheduleG/FundraisingEventInformationGrp/GrossRevenueEvent1Amt037132
IRS990ScheduleG/FundraisingEventInformationGrp/GrossRevenueTotalEventsAmt037132
IRS990ScheduleG/FundraisingEventInformationGrp/NetIncomeSummaryAmt06898
IRS990ScheduleG/FundraisingEventInformationGrp/OthDirectExpnssTotalEventsAmt030234
IRS990ScheduleG/FundraisingEventInformationGrp/OtherDirectExpensesEvent1Amt030234
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE MISSION OF THE COOL SPRINGS 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 OF CUMBERLAND COUNTY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1ORGANIZATION'S PROCESS TO REVIEW FORM 990 A COPY OF THE FORM 990 IS PROVIDED TO THE TREASURER AND REVIEWED BY THE TREASURER PRIOR TO ITS FILING
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2ENFORCEMENT OF CONFLICTS POLICY THE CONFLICT OF INTEREST POLICY IS TO REVIEW ANNUALLY TO ENSURE ARE NO POTENTIAL CONFLICTS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3COMPENSATION PROCESS FOR TOP OFFICIAL SEE FORM 990, PART VI, LINE 15B COMPENSATION PROCESS FOR OFFICERS 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 COMMITTE REVIEWS AND APPROVES THE ENTIRE COMPENSATION PACKAGE OF EACH PERSON BASED ON COMPARABILITY FACTORS INCLUDING BUT NOT LIMITED TO THE SIZE OF THE ORGANIZATION, AND THE EMPLOYEE'S LENGENTH OF SERVICE. THIS PROCESS IS CONDUCTED ON AN ANNUAL BASIS FOR ALL POSITIONS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4GOVERNING DOCUMENTS DISCLOSURE EXPLANATION THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART 1, LINE 1
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 B, LINE 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION C, LINE 19
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0NC
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TempOrPermanentEndowmentsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt0194103
IRS990/TotalAssetsEOYAmt0206645
IRS990/TotalAssetsGrp/BOYAmt0194103
IRS990/TotalAssetsGrp/EOYAmt0206645
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt0270000
IRS990/TotalEmployeeCnt03
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt018999
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0272535
IRS990/TotalFunctionalExpensesGrp/TotalAmt0291534
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt015258
IRS990/TotalLiabilitiesEOYAmt018310
IRS990/TotalLiabilitiesGrp/BOYAmt015258
IRS990/TotalLiabilitiesGrp/EOYAmt018310
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0178845
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0188335
IRS990/TotalOtherCompensationAmt00
IRS990/TotalOthProgramServiceRevGrp/RelatedOrExemptFuncIncomeAmt024126
IRS990/TotalOthProgramServiceRevGrp/TotalRevenueColumnAmt024126
IRS990/TotalProgramServiceExpensesAmt0272535
IRS990/TotalProgramServiceRevenueAmt024126
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt06898
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt024126
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0301024
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt025
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0194103
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0206645
IRS990/TotReportableCompRltdOrgAmt00

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