Main Street Lexington
- Assets
- $159.3k
- Revenue
- $178.7k
- Investments
- $0.0
- Employees
- 5
- Location
- Lexington, VA
- Founding
- 05/2014
- Data as of
- 06/2023
- EIN
- 46-3289690
Organization Overview
Main Street Lexington is located in Lexington, VA. The organization was established in 2014. According to its NTEE Classification (S99) the organization is classified as: Community Improvement & Capacity Building N.E.C., under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2023, Main Street Lexington employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Main Street Lexington 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 06/2023, Main Street Lexington generated $178.7k 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 (9.3%) each year. All expenses for the organization totaled $167.6k during the year ending 06/2023. As we would expect to see with falling revenues, expenses have declined by (7.7%) per year over the past 4 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2021, Main Street Lexington has awarded 24 individual grants totaling $194,344. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO INCREASE THE ECONOMIC PROSPERITY AND CULTURAL VITALITY OF OUR COMMUNITY, REESTABLISHING DOWNTOWN LEXINGTON AS THE VIBRANT ECONOMIC AND CULTUTAL NEXUS OF OUR AREA, WHILE MAINTAINING ITS UNIQUE CHARACTER
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROMOTING AND REVITALIZING HISTORIC DOWNTOWN LEXINGTON VIRGINIA
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Rebecca Logan Executive Di | OfficerTrustee | 40 | $54,080 |
Holly Ostby Vice Preside | OfficerTrustee | 4 | $0 |
John Kirkpatrick Board Member | Trustee | 2 | $0 |
Jared Covington Board Member | Trustee | 4 | $0 |
Jeff Hughes President | OfficerTrustee | 10 | $0 |
Linda Moreschi Board Member | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $114,114 |
| All other contributions, gifts, grants, and similar amounts not included above | $21,699 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $135,813 |
| Total Program Service Revenue | $42,921 |
| 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 | $178,734 |
| 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 | $80,207 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $6,186 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $600 |
| Fees for services: Accounting | $3,735 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $29,506 |
| Advertising and promotion | $3,572 |
| Office expenses | $2,072 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $1,191 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $3,997 |
| All other expenses | $519 |
| Total functional expenses | $167,559 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $159,260 |
| 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 | $159,260 |
| 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 | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $68,489 |
| Total liabilities | $68,489 |
| Net assets without donor restrictions | $65,560 |
| Net assets with donor restrictions | $25,211 |
| 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 | $159,260 |
Grants Awarded
Over the last fiscal year, Main Street Lexington has awarded $194,344 in support to 24 organizations.
| Grant Recipient | Amount |
|---|---|
ALVIN-DENNIS INC PURPOSE: FOR GENERAL SUPPORT | $7,876 |
LEXINGTON LC PURPOSE: FOR GENERAL SUPPORT | $6,400 |
ARTISTS IN CAHOOTS PURPOSE: FOR GENERAL SUPPORT | $7,476 |
CABEL GALLERY OF VIRGINIA ART LLC PURPOSE: FOR GENERAL SUPPORT | $5,400 |
BLUE SKY BAKERY LLC PURPOSE: FOR GENERAL SUPPORT | $5,400 |
SAISHAKTI INC PURPOSE: FOR GENERAL SUPPORT | $5,400 |