Downtown Norfolk Development Corporation
- Assets
- $2.2m
- Revenue
- $2.4m
- Investments
- $0.0
- Employees
- 11
- Location
- Norfolk, VA
- Founding
- 02/1982
- Data as of
- 06/2023
- EIN
- 54-1122850
Organization Overview
Downtown Norfolk Development Corporation, operating under the name Downtown Norfolk Council, is located in Norfolk, VA. The organization was established in 1982. According to its NTEE Classification (S01) the organization is classified as: Alliances & Advocacy, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2023, Downtown Norfolk Council employed 11 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Downtown Norfolk Council is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 06/2023, Downtown Norfolk Council generated $2.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.0% each year. All expenses for the organization totaled $2.9m during the year ending 06/2023. While expenses have increased by 4.2% 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.
Since 2016, Downtown Norfolk Council has awarded 30 individual grants totaling $369,386. 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
THE DOWNTOWN NORFOLK COUNCIL IS THE UNIFYING VOICE OF ITS MEMBERS AND STAKEHOLDERS, AND THE PRIMARY CATALYST FOR ADVANCING THE COLLECTIVE VISION FOR THE FUTURE OF DOWNTOWN. WE ARE COMMITTED TO BEING A LEADER, AN ADVOCATE AND A RESOURCE FOR DOWNTOWN'S CONTINUING DEVELOPMENT AS AN ATTRACTIVE, DYNAMIC AND ECONOMICALLY VITAL PLACE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MANAGEMENT OF THE DOWNTOWN IMPROVEMENT DISTRICT FOR PUBLIC SAFETY, PUBLIC SPACE MAINTENANCE, MARKETING INITIATIVES AND OTHER BOARD DESIGNATED KEY OBJECTIVES.
PARTNERSHIP WITH CITY OF NORFOLK TO PROVIDE STIMULUS FOR THE REVITILIZATION OF GRANBY STREET, SELDEN MARKET AND PROMOTION OF ARTS AND DESIGN DISTRICT.
THE SIX WEEK PRODUCTION OF HOLIDAYS IN THE CITY AND GRAND ILLUMINATION PARADE, AND OTHER EVENTS TO ENCOURAGE DOWNTOWN ENGAGEMENT
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
James Wofford Immediate Past Chair | OfficerTrustee | 1 | $0 |
Mel Price Chair | OfficerTrustee | 1 | $0 |
Tommy Leeman Director | Trustee | 1 | $0 |
Jenny Bonsiewich Treasurer | OfficerTrustee | 1 | $0 |
Preston Carraway Director | Trustee | 1 | $0 |
Lorraine Connaughton Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Block By Block Cleaning And Maintenance Services | 6/29/23 | $935,457 |
Safenight Llc Economic Saftey | 6/29/23 | $121,180 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $15,000 |
| Government grants | $2,188,109 |
| All other contributions, gifts, grants, and similar amounts not included above | $5,788 |
| Noncash contributions included in lines 1a–1f | $353 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,208,897 |
| Total Program Service Revenue | $261,523 |
| Investment income | $1,351 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$93,430 |
| 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 | $2,378,826 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $125,776 |
| 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. | $127,773 |
| Compensation of current officers, directors, key employees. | $8,445 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $352,168 |
| Pension plan accruals and contributions | $62,669 |
| Other employee benefits | $0 |
| Payroll taxes | $49,503 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $12,051 |
| Fees for services: Accounting | $21,163 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $49,734 |
| Advertising and promotion | $274,675 |
| Office expenses | $1,780 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $40,414 |
| Travel | $17,193 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $4,863 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $179,539 |
| Insurance | $27,398 |
| All other expenses | $172,077 |
| Total functional expenses | $2,864,700 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $987,406 |
| Savings and temporary cash investments | $286,392 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $272,335 |
| 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 | $500,783 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $8,056 |
| Other assets | $126,936 |
| Total assets | $2,181,908 |
| Accounts payable and accrued expenses | $68,487 |
| Grants payable | $0 |
| Deferred revenue | $18,075 |
| 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 | $111,189 |
| Other liabilities | $26,510 |
| Total liabilities | $224,261 |
| Net assets without donor restrictions | $341,863 |
| Net assets with donor restrictions | $1,615,784 |
| 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 | $2,181,908 |
Grants Awarded
Over the last fiscal year, Downtown Norfolk Development Corporation has awarded $120,121 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
BROTHERS NORFOLK PURPOSE: SUPPORT TO LOCAL BUSINESS OWNERS, WHO COMMIT TO MAKING THEIR STREET-LEVEL BUSINESS MORE VIBRANT | $10,000 |
LARANDON'S HOMES LLC PURPOSE: SUPPORT TO LOCAL BUSINESS OWNERS, WHO COMMIT TO MAKING THEIR STREET-LEVEL BUSINESS MORE VIBRANT | $10,000 |
ROADSTEAD MONTESSORI SCHOOL PURPOSE: SUPPORT TO LOCAL BUSINESS OWNERS, WHO COMMIT TO MAKING THEIR STREET-LEVEL BUSINESS MORE VIBRANT | $9,577 |
DOWNTOWN NORFOLK FUND PURPOSE: SUPPORT TO RELATED ORAGNIZATION FOR OPERATING EXPENSES | $90,544 |