Downtown Wytheville Incorporated
- Assets
- $155.0k
- Revenue
- $183.3k
- Investments
- $0.0
- Employees
- 1
- Location
- Wytheville, VA
- Founding
- 01/2015
- Data as of
- 12/2021
- EIN
- 46-4878598
Organization Overview
Downtown Wytheville Incorporated is located in Wytheville, VA. The organization was established in 2015. 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 Wytheville Incorporated 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 12/2021, Downtown Wytheville Incorporated generated $183.3k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 11.3% each year . All expenses for the organization totaled $144.3k during the year ending 12/2021. While expenses have increased by 9.3% per year over the past 7 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO STIMULATE DOWNTOWN REVITALIZATION AND ECONOMIC GROWTH IN WYTHEVILLE, VA, THROUGH ORGANIZATION, PROMOTION, AND DESIGN
Describe the Organization's Program Activity:
Part 3 - Line 4a
THROUGH 2021 DOWNTOWN WYTHEVILLE IN PARTNERSHIP WITH THE TOWN OF
THROUGH THE CONTINUATION OF THE NOT BACK TO NORMAL, FORWARD IS BETTER
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Josh Penningto President | OfficerTrustee | 3 | $0 |
Shane Terry Vice President | OfficerTrustee | 5 | $0 |
Lennon Counts Treasurer | OfficerTrustee | 1 | $0 |
Deb King Board Member | Trustee | 1 | $0 |
Chad Arnold Board Member | Trustee | 1 | $0 |
Patricia Austi Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $155,680 |
| All other contributions, gifts, grants, and similar amounts not included above | $20,159 |
| Noncash contributions included in lines 1a–1f | $349 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $175,839 |
| Total Program Service Revenue | $7,406 |
| Investment income | $21 |
| 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 | $183,266 |
| 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. | $91,418 |
| Compensation of current officers, directors, key employees. | $31,996 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $5,682 |
| Fees for services: Management | $23,213 |
| 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 | $5,416 |
| Office expenses | $732 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $14,270 |
| Travel | $333 |
| 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 | $1,915 |
| All other expenses | $0 |
| Total functional expenses | $144,331 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $9,008 |
| Savings and temporary cash investments | $80,021 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $57,225 |
| 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 | $719 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $8,000 |
| Total assets | $154,973 |
| Accounts payable and accrued expenses | $6,379 |
| 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 | $17,092 |
| Total liabilities | $23,471 |
| Net assets without donor restrictions | $123,340 |
| Net assets with donor restrictions | $8,162 |
| 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 | $154,973 |
Grants Awarded
Over the last fiscal year, Downtown Wytheville Incorporated has awarded $60,200 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
BRISTOL RESTAURA PURPOSE: SUPPORT | $20,000 |
SEVEN SISTERS PURPOSE: SUPPORT | $20,000 |
CHAUS CORNER BAK PURPOSE: SUPPORT | $18,700 |
M&K ENTERPRISES PURPOSE: SUPPORT | $1,500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Marshall University Research Corporation Huntington, WV | $66,297,155 | $55,595,334 |
Calvert Impact Capital Inc Bethesda, MD | $679,643,317 | $23,234,500 |
Economic Development Partnership Of North Carolina Inc Raleigh, NC | $8,246,221 | $25,900,688 |
Memphis Convention And Visitors Bureau Memphis, TN | $38,589,779 | $17,172,027 |
Purchase Area Development District Inc Mayfield, KY | $0 | $14,269,202 |
Tennessee Technology Development Corporation Nashville, TN | $18,062,853 | $12,109,273 |
Riverfront Development Corporation Memphis, TN | $39,591,502 | $20,233,137 |
Chattanooga Area Convention And Visitors Bureau Inc Chattanooga, TN | $6,892,228 | $12,124,566 |
East Baltimore Development Inc Baltimore, MD | $12,751,192 | $30,262,944 |
Nash-Edgecombe Economic Development Inc Rocky Mount, NC | $2,214,551 | $9,450,498 |
Alexandria Economic Development Partnership Inc Alexandria, VA | $1,919,174 | $9,268,061 |
Montgomery County Economic Development Corporation Rockville, MD | $2,827,028 | $7,933,113 |