Crosstown Redevelopment Cooperative Association Inc
- Assets
- $6.6m
- Revenue
- $218.4k
- Investments
- $6.0m
- Employees
- 1
- Location
- Memphis, TN
- Founding
- 03/2015
- Data as of
- 12/2021
- EIN
- 47-2073263
Organization Overview
Crosstown Redevelopment Cooperative Association Inc is located in Memphis, TN. 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. Crosstown Redevelopment Cooperative Association Inc 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, Crosstown Redevelopment Cooperative Association Inc generated $218.4k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 3 years, the organization has seen revenues fall by an average of (63.8%) each year. All expenses for the organization totaled $400.1k during the year ending 12/2021. 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 ASSIST IN THE REVITALIZATION AND ECONOMIC DEVELOPMENT OF THE CROSSTOWN NEIGHBORHOOD IN MEMPHIS, TENNESSEE, BY ASSISTING IN AND FACILITATING THE MANAGEMENT, PRESERVATION AND REDEVELOPMENT OF THE CROSSTOWN PROJECT, NOW KNOWN AS CROSSTOWN CONCOURSE. THE FOREGOING SHALL INCLUDE, WITHOUT LIMITATION, ACTING AS A MANAGER AND/OR MEMBER OF BUILDING OWNER.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MANAGED ALL OPERATIONS AND PROGRAMMING FOR CROSSTOWN CONCOURSE. ASSISTED IN THE REVITALIZATION AND ECONOMIC DEVELOPMENT OF THE CROSSTOWN NEIGHBORHOOD. LAUNCHED WYXR AND THE CROSSTOWN RADIO PARTNERSHIP IN COLLABORATION WITH THE UNIVERSITY OF MEMPHIS AND THE DAILY MEMPHIAN, WHICH REPLACED WUMR, 91.7 STATION. CONTINUE TO OWN, OVERSEE OPERATIONS AND SUPPORT CROSSTOWN CURB MARKET, INC.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Todd Richardson President | OfficerTrustee | 40 | $200,000 |
Mclean Wilson President | OfficerTrustee | 1 | $0 |
Martin Hand Director | Trustee | 1 | $0 |
Kirk Bobo Director | Trustee | 1 | $0 |
Ann Langston Director | Trustee | 1 | $0 |
Milton Lovell Director | Trustee | 1 | $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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $218,357 |
| 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 | $218,357 |
| 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. | $200,000 |
| Compensation of current officers, directors, key employees. | $100,000 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $6,000 |
| Other employee benefits | $0 |
| Payroll taxes | $11,754 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $3,870 |
| Fees for services: Accounting | $28,020 |
| 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 | $0 |
| Payments to affiliates | $140,000 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $2,881 |
| All other expenses | $1,001 |
| Total functional expenses | $400,149 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $320,395 |
| 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 | $6,025,900 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $215,643 |
| Total assets | $6,561,938 |
| Accounts payable and accrued expenses | $9,267 |
| 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 | $1,195,000 |
| Other liabilities | $0 |
| Total liabilities | $1,204,267 |
| Net assets without donor restrictions | $5,357,671 |
| 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 | $6,561,938 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Crosstown Redevelopment Cooperative Association Inc has recieved totaling $710,000.
| Awarding Organization | Amount |
|---|---|
Christian Community Foundation Of Memphis And The Mid-South Inc Memphis, TN PURPOSE: PROGRAM SUPPORT | $355,000 |
Christian Community Foundation Of Memphis And The Mid-South Inc Memphis, TN PURPOSE: PROGRAM SUPPORT | $355,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Central Arkansas Development Council Benton, AR | $22,711,775 | $63,852,394 |
Southern Mississippi Planning And Development District Inc Gulfport, MS | $44,385,657 | $33,837,059 |
Metro Atlanta Host Committee Inc Atlanta, GA | $222,399 | $14,582,853 |
Economic Development Partnership Of North Carolina Inc Raleigh, NC | $8,246,221 | $25,900,688 |
Mississippi County Arkansas Economic Opportunity Commission In Blytheville, AR | $4,387,153 | $19,452,667 |
South Alabama Regional Planning Commission Mobile, AL | $10,162,715 | $18,722,811 |
Atlanta Convention & Vistors Bureau Inc Atlanta, GA | $20,280,984 | $17,066,911 |
Memphis Convention And Visitors Bureau Memphis, TN | $38,589,779 | $17,172,027 |
St Louis Economic Development Partnership Saint Louis, MO | $27,235,860 | $13,883,018 |
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 |