Downtown Belmont Development Association
- Assets
- $53.7k
- Revenue
- $257.2k
- Investments
- $0.0
- Employees
- 0
- Location
- Belmont, NC
- Founding
- 06/2015
- Data as of
- 06/2022
- EIN
- 47-4333734
Organization Overview
Downtown Belmont Development Association is located in Belmont, NC. The organization was established in 2015. According to its NTEE Classification (A99) the organization is classified as: Arts, Culture & Humanities N.E.C., under the broad grouping of Arts, Culture & Humanities and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Downtown Belmont Development Association 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 06/2022, Downtown Belmont Development Association generated $257.2k in total revenue. This organization has experienced exceptional growth, as over the past 3 years, it has increased revenue by an average of 30.2% each year . All expenses for the organization totaled $222.7k during the year ending 06/2022. While expenses have increased by 25.5% per year over the past 3 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO FURTHER ADVANCE THE ECONOMIC, AESTHETIC AND CULTURAL ENVIRONMENT OF HISTORIC DOWNTOWN BELMONT, NC.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MOONLIGHT ON MAIN: THE MOONLIGHT ON MAIN EVENT WAS A THREE WEEKEND EVENT TURNING DOWNTOWN BELMONT INTO A LUNAR-INSPIRED OUTDOOR ART GALLERY WITH GOBO ARTWORK PROJECTED ONTO BUILDINGS AROUND DOWNTOWN WITH REALISTIC INTERNATIONALLY TOURING 23 FOOT MOON BY UK ARTIST LUKE JERRAM HANDING IN STOWE PARK. THE MOON SERVED AS THE BACKDROP FOR A SERIES OF LUNAR-INSPIRED EVENTS, PUBLIC ART, THEATER, AND CONCERTS. THE THREE WEEKEND EVENT ATTRACTED OVER 21,000 VISITORS INTO DOWNTOWN WITH AN ECONOMIC IMPACT OF APPROXIMATELY 1.5 MILLION.
ALL OTHER EVENTS
FRIDAY NIGHT LIVE: DOWNTOWN BELMONT IS AMPLIFIED WITH LIVE MUSIC EVERY OTHER FRIDAY NIGHT STARTING IN LATE APRIL THROUGH JULY 4TH. THE DBDA HOLDS THESE CONCERTS FOR THE COMMUNITY AND BRINGS IN A DIVERSE LINE UP OF MUSIC EVERY YEAR. THESE SUMMER CONCERTS ARE EXTREMELY POPULAR, KID FRIENDLY, AND DRAW THOUSANDS OF SPECTATORS INTO DOWNTOWN.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Phil Boggan Downtown Dir | Trustee | 40 | $0 |
Amy Bossard Director | Trustee | $0 | |
Jennifer Church Chair | OfficerTrustee | $0 | |
Jim Hefferan Appt. Counci | Trustee | $0 | |
Joe Jordan Director | Trustee | $0 | |
Kevin Krouse Asst. City M | Trustee | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $33,500 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $111,600 |
| Noncash contributions included in lines 1a–1f | $25,100 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $145,100 |
| Total Program Service Revenue | $111,558 |
| 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 | $257,249 |
| 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 | $1,212 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $20,775 |
| 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 | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $809 |
| All other expenses | $235 |
| Total functional expenses | $222,676 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $51,621 |
| 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 | $2,044 |
| 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 | $53,665 |
| Accounts payable and accrued expenses | $3,768 |
| 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 | $3,768 |
| Net assets without donor restrictions | $49,897 |
| 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 | $53,665 |