Downtown Toledo Development Corporation
- Assets
- $2.2m
- Revenue
- $1.5m
- Investments
- $0.0
- Employees
- 3
- Location
- Toledo, OH
- Founding
- 05/2005
- Data as of
- 12/2022
- EIN
- 06-0529307
Organization Overview
Downtown Toledo Development Corporation is located in Toledo, OH. The organization was established in 2005. According to its NTEE Classification (A40) the organization is classified as: Visual Arts, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 12/2022, Downtown Toledo Development Corporation employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Downtown Toledo Development Corporation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2022, Downtown Toledo Development Corporation generated $1.5m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (10.2%) each year. All expenses for the organization totaled $1.1m during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (4.7%) per year over the past 8 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
DOWNTOWN TOLEDO DEVELOPMENT CORPORATION (DTDC) IS A NON-PROFIT ORGANIZATION FORMED FOR THE PURPOSE OF FURTHERING DEVELOPMENT AND COMMERCIAL ACTIVITY IN DOWNTOWN TOLEDO. ACTIVITIES PERFORMED BY DTDC INCLUDE DEVELOPMENT THROUGH BEAUTIFICATION AND DESIGN WORK.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION WORKED TO FURTHER DEVELOPMENT AND COMMERCIAL ACTIVITY IN DOWNTOWN TOLEDO THROUGH BEAUTIFICATION AND DESIGN WORK.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Sharon Speyer Chair | OfficerTrustee | 1 | $0 |
Tom Manahan Vice Chair | OfficerTrustee | 1 | $0 |
Jason Kucsma Treasurer | OfficerTrustee | 1 | $0 |
Gene Abercrombie Secretary | OfficerTrustee | 1 | $0 |
Randy Oostra Past-Chairman | Trustee | 1 | $0 |
Bob Laclair Trustee | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $440,000 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $16,679 |
| All other contributions, gifts, grants, and similar amounts not included above | $200,691 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $657,370 |
| Total Program Service Revenue | $799,555 |
| Investment income | $2,018 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $7,565 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,466,508 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $127,958 |
| Compensation of current officers, directors, key employees. | $9,597 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $141,825 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $4,686 |
| Payroll taxes | $11,822 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $13,911 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $69,337 |
| Advertising and promotion | $52,689 |
| Office expenses | $17,275 |
| Information technology | $13,719 |
| Royalties | $0 |
| Occupancy | $35,154 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $12,028 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $190 |
| All other expenses | $0 |
| Total functional expenses | $1,147,506 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $548,252 |
| Savings and temporary cash investments | $402,018 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $30,301 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $1,214,091 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,194,662 |
| Accounts payable and accrued expenses | $48,003 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $950,746 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $998,749 |
| Net assets without donor restrictions | $1,195,913 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $2,194,662 |
Grants Awarded
Over the last fiscal year, Downtown Toledo Development Corporation has awarded $2,227,548 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
TOLEDO-LUCAS COUNTY PORT AUTHORITY PURPOSE: AS STATED IN SECTION 7.03 OF THE PARKING MANAGEMENT AGREEMENT "PARKING SYSTEM REVENUES IN EXCESS OF PARKING SYSTEM EXPENSES, AMOUNTS DEPOSITED IN THE FINANCING ACCOUNT ESTABLISHED BY ARTICLE 8 OF THIS AGREEMENT, AND AMOUNTS DEPOSITED IN THE CAPITAL IMPROVEMENTS RESERVE FUND AS THE END OF EACH CALENDAR YEAR SHALL BE REMITTED TO THE AUTHORITY FOR APPLICATION IN ACCORDANCE WITH THE FRANCHISE AGREEMENT." | $1,009,634 |
TOLEDO-LUCAS COUNTY PORT AUTHORITY PURPOSE: MANAGEMENT FEES RELATED TO PART AUTHORITY DEBT SERVICE PAYMENTS | $1,217,914 |