Downtown Racine Corp
- Assets
- $83.4k
- Revenue
- $186.7k
- Investments
- $0.0
- Employees
- 6
- Location
- Racine, WI
- Founding
- 06/1982
- Data as of
- 12/2020
- EIN
- 39-1402470
Organization Overview
Downtown Racine Corp is located in Racine, WI. The organization was established in 1982. According to its NTEE Classification (S31) the organization is classified as: Urban & Community Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2020, Downtown Racine Corp employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Downtown Racine Corp 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 12/2020, Downtown Racine Corp generated $186.7k in total revenue. The organization has seen a slow decline revenue. Over the past 6 years, revenues have fallen by an average of (2.5%) each year. All expenses for the organization totaled $179.9k during the year ending 12/2020. As we would expect to see with falling revenues, expenses have declined by (2.1%) per year over the past 6 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
TO PROMOTE CONTINUED ECONOMIC GROWTH AND AESTHETIC AND RECREATIONAL REVITALIZATION OF DOWNTOWN RACINE BY BEING PROACTIVE IN THE RETENTION OF EXISTING BUSINESSES AND RECRUITMENT OF NEW BUSINESS TO THE AREA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROMOTE CONTINUED ECONOMIC GROWTH AND AESTHETIC AND RECREATIONAL REVITALIZATION OF DOWNTOWN RACINE BY BEING PROACTIVE IN THE RETENTION OF EXISTING BUSINESSES AND RECRUITMENT OF NEW BUSINESS TO THE AREA.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kelly Kruse Executive Director | OfficerTrustee | 40 | $82,340 |
Jim Venturini Past Chairman | OfficerTrustee | 0 | $0 |
Dave Kamm Chairman | OfficerTrustee | 0 | $0 |
Austin Schultz Secretary | OfficerTrustee | 0 | $0 |
Kathryn Matteson Vice Chairman | OfficerTrustee | 0 | $0 |
Derek Petersen Treasurer | OfficerTrustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $37,040 |
| Fundraising events | $16,180 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $46,505 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $99,725 |
| 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 | $35,456 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $186,740 |
| 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. | $82,340 |
| Compensation of current officers, directors, key employees. | $82,340 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $30,416 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $3,273 |
| Payroll taxes | $10,116 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $10,909 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $5,895 |
| Advertising and promotion | $730 |
| Office expenses | $7,597 |
| Information technology | $2,348 |
| Royalties | $0 |
| Occupancy | $16,739 |
| Travel | $250 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,430 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $6,368 |
| All other expenses | $0 |
| Total functional expenses | $179,905 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $70,484 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $12,867 |
| 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 | $83,351 |
| Accounts payable and accrued expenses | $61,025 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $61,025 |
| Net assets without donor restrictions | $22,326 |
| 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 | $83,351 |
Grants Recieved
Over the last fiscal year, we have identified 5 grants that Downtown Racine Corp has recieved totaling $1,355.
| Awarding Organization | Amount |
|---|---|
Johnson Foundation Inc Racine, WI PURPOSE: GENERAL DONATION | $500 |
Lang Family Foundation Inc Punta Gorda, FL PURPOSE: GENERAL SUPPORT | $500 |
Johnson Foundation Inc Racine, WI PURPOSE: GENERAL DONATION | $250 |
Johnson Foundation Inc Racine, WI PURPOSE: GENERAL DONATION | $100 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $5 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Community Reinvestment Fund Inc Minneapolis, MN | $272,393,749 | $53,118,127 |
Iec Hotel Corporation West Des Moines, IA | $103,529,195 | $16,531,928 |
Milwaukee Economic Development Corp Milwaukee, WI | $129,937,785 | $4,507,113 |
Black Hawk County Gaming Assoc Waterloo, IA | $18,246,475 | $5,898,126 |
World Business Chicago Chicago, IL | $9,302,792 | $9,942,081 |
Enlace Chicago Chicago, IL | $7,912,354 | $9,016,287 |
Midtown Detroit Inc Detroit, MI | $6,098,841 | $4,938,478 |
Detriot Economic Growth Association Detroit, MI | $6,651,865 | $5,567,044 |
Common Wealth Development Inc Madison, WI | $16,900,042 | $3,774,568 |
Renaissance Development Fund Benton Harbor, MI | $26,943,889 | $2,827,375 |
Humans First Detroit Detroit, MI | $6,650,332 | $4,303,626 |
Milwaukee Urban Strategic Investment Corp Milwaukee, WI | $23,035,863 | $4,044,506 |