Rochester Downtown Development Corporation
- Assets
- $2.6m
- Revenue
- $1.9m
- Investments
- $0.0
- Employees
- 4
- Location
- Rochester, NY
- Founding
- 12/2016
- Data as of
- 12/2023
- EIN
- 16-1081958
Organization Overview
Rochester Downtown Development Corporation is located in Rochester, NY. The organization was established in 2016. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2023, Rochester Downtown Development Corporation employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Rochester Downtown 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 12/2023, Rochester Downtown Development Corporation generated $1.9m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 19.7% each year . All expenses for the organization totaled $1.7m during the year ending 12/2023. While expenses have increased by 18.4% per year over the past 9 years. They've been increasing with an increasing level of total revenue. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
DRIVE ECONOMIC VITALITY IN DOWNTOWN ROCHESTER THROUGH INNOVATION AND COLLABORATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
IN 2023, THE COMMISSARY HIRED ITS FIRST FULL-TIME PRESIDENT AND WAS FULLY OPERATIONAL, OPERATING MORE INDEPENDENTLY FROM A DAY-TO-DAY MANAGEMENT AND OPERATIONS PERSPECTIVE. THIS PROGRAM IS PRIMARILY SUPPORTED BY GRANTS AND CONTRIBUTIONS.
TELLING THE STORY OF DOWNTOWN:- CRAFTED CONSISTENT REPORTING, DATA AND MARKET ANALYSIS, MARKETING, AND PROMOTION.- MAINTAINED THE @DOWNTOWNROCHESTERNY SOCIAL MEDIA CHANNELS, SEEING A 18% INCREASE IN FOLLOWERS IN 2023, ADDING ROUGHLY 3,300 NEW FOLLOWERS. - FEATURED IN OVER THREE DOZEN EARNED MEDIA PLACEMENTS AND PRESS HITS.(CONTINUED ON SCHEDULE O) DOWNTOWN ACTIVATION:- BUILT PARTNERSHIPS WITH LOCAL EVENT PRODUCERS AND THE CITY OF ROCHESTER TO BRING FUN-FILLED, POSITIVE EXPERIENCES TO DOWNTOWN, THROUGH THE PRODUCTION OF THE SECOND ANNUAL DOWNTOWN DEFINITELY EVENTS SERIES. THE 14-EVENT SERIES BROUGHT 16,000+ PEOPLE DOWNTOWN FROM JUNE TO OCTOBER 2023.- LAUNCHED A PROMOTIONAL PARTNERSHIP TO HIGHLIGHT 20 SMALL AND LOCAL BUSINESSES AS PART OF THE DOWNTOWN DEFINITELY EVENTS PROGRAM.- RAN SECOND ANNUAL SEASONAL DECOR GRANT PROGRAM TO ASSIST BUSINESSES WITH PUBLIC-FACING SEASONAL DECOR AND ENLIVEN EXTERIOR STOREFRONT SPACES. STRATEGIC CONVENING, COLLABORATING, AND PLANNING:- THROUGH PUBLIC PRIVATE COLLABORATION, SUCH AS THE PARTNERSHIP FOR DOWNTOWN ROCHESTER, STRATEGICALLY PLANNED FOR SUSTAINABLE PROGRAMS AND SERVICES TO SUPPORT THE UNIQUE NEEDS OF DOWNTOWN. - CONDUCTED EXTENSIVE OUTREACH AND COMMUNITY ENGAGEMENT PROCESS TO CREATE A COMMUNITY-INFORMED VISION FOR DOWNTOWN ROCHESTER AND THE DEVELOPMENT OF A DRAFT DISTRICT PLAN FOR A POTENTIAL BID TO SUPPORT THE ACHIEVEMENT OF THIS MISSION. - HELD THREE PROPERTY MANAGER AND OWNER'S MEETINGS TO CONVENE IN A COLLECTIVE FASHION TO DISCUSS CURRENT INITIATIVES, RECEIVE DOWNTOWN UPDATES, AND SHARE GROUP FEEDBACK.- REINVIGORATED MEMBER MIXERS AND HOSTED THREE EVENTS TO GATHER RDDC MEMBERS TOGETHER AROUND KEY CELEBRATORY MOMENTS IN DOWNTOWN ROCHESTER.THIS PROGRAM IS PRIMARILY SUPPORTED BY GRANTS AND CONTRIBUTIONS.
RDDC HOSTED THE REVIVED ECONOMIC GROWTH SERIES LUNCHEONS, HIGHLIGHTING DOWNTOWN'S RESURGENCE AND DYNAMIC MARKET, RAISING OVER $46,000 AND WELCOMING OVER 800+ ATTENDEES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David Beinetti Board Member | Trustee | 0.2 | $0 |
Jim Brown Vice Chair | OfficerTrustee | 0.3 | $0 |
Craig Burton Board Member | Trustee | 0.2 | $0 |
Alex Castro Board Member | Trustee | 0.2 | $0 |
Keith Cleary Board Member | Trustee | 0.2 | $0 |
Tim Corcoran Vice Chair | OfficerTrustee | 0.3 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $165,563 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $296,200 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,190,462 |
| Noncash contributions included in lines 1a–1f | $9,750 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,652,225 |
| Total Program Service Revenue | $236,783 |
| Investment income | $1,318 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| 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 | $1,890,890 |
| 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. | $203,628 |
| Compensation of current officers, directors, key employees. | $40,726 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $273,528 |
| Pension plan accruals and contributions | $3,956 |
| Other employee benefits | $45,237 |
| Payroll taxes | $33,799 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $3,276 |
| Fees for services: Accounting | $15,618 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $225,913 |
| Advertising and promotion | $86,985 |
| Office expenses | $36,805 |
| Information technology | $11,232 |
| Royalties | $0 |
| Occupancy | $232,217 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $9,349 |
| Interest | $6,619 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $127,323 |
| Insurance | $20,758 |
| All other expenses | $24,612 |
| Total functional expenses | $1,676,541 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $469,004 |
| Savings and temporary cash investments | $13,973 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $196,720 |
| 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 | $1,242 |
| Net Land, buildings, and equipment | $1,448,008 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $480,635 |
| Total assets | $2,609,582 |
| Accounts payable and accrued expenses | $89,110 |
| 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 | $201,901 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $485,421 |
| Total liabilities | $776,432 |
| Net assets without donor restrictions | $1,746,450 |
| Net assets with donor restrictions | $86,700 |
| 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 | $2,609,582 |