Downtown Amarillo Inc
- Assets
- $11.0k
- Revenue
- $50.0k
- Investments
- $0.0
- Employees
- 0
- Location
- Amarillo, TX
- Founding
- 08/2011
- Data as of
- 09/2023
- EIN
- 26-3590676
Organization Overview
Downtown Amarillo Inc is located in Amarillo, TX. The organization was established in 2011. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Downtown Amarillo Inc is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 09/2023, Downtown Amarillo Inc generated $50.0k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 4 years, the organization has seen revenues fall by an average of (27.4%) each year. All expenses for the organization totaled $6.4k during the year ending 09/2023. 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
DOWNTOWN AMARILLO, INC. IS COMMITTED TO MAKING DOWNTOWN AMARILLO A VIBRANT AND ATTRACTIVE PLACE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DOWNTOWN AMARILLO INC. BORROWED 350,000 FROM AMARILLO NATIONAL BANK IN AUGUST 2019. THE FUNDS WERE USED TO PURCHASE LOTS AT 500 S. PARKER AND 1601-1628 SW 5TH IN AMARILLO WHICH WERE SHORTLY THEREAFTER CONTRIBUTED TO THE CITY OF AMARILLO. THE CITY PLANS TO BUILD AN INTERMODAL TRANSPORTATION FACILITY ON THE PROPERTY. GRANTS AND OTHER FUNDING ARE CURRENTLY BEING SOUGHT TO DO SO. THIS CENTER WILL ALLOW FOR BUS OPERATIONS AND TRAFFIC WHICH ARE CURRENTLY HOUSED IN AND ORIGINATING FROM A BUILDING TO BE MOVED TO THE NEW FACILITY. THIS WILL FURTHER THE MISSION OF DOWNTOWN AMARILLO INC. BY MAKING THIS HISTORIC BUILDING AVAILABLE FOR MORE BENEFICIAL USES. DURING FYE 9/30/23 THE AMARILLO AREA FOUNDATION MADE GRANTS IN THE AMOUNT OF 50,000 TO HELP RETIRE THE DEBT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jim J Brewer Chairman | Officer | $0 | |
Samuel B Lovelady Treasurer | Officer | $0 | |
Richard Ware Member | Trustee | $0 | |
Andrew Hall Vice Chairma | Trustee | $0 | |
Bill Gilliland Member | Trustee | $0 | |
David Hudson Member | Trustee | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $50,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $50,000 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| 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 | $50,000 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $6,444 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $6,444 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $11,045 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $11,045 |
| Accounts payable and accrued expenses | $0 |
| 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 | $43,790 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $43,790 |
| Net assets without donor restrictions | $0 |
| 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 | -$32,745 |
| Total liabilities and net assets/fund balances | $11,045 |