Marion Downtown Business Association Inc
- Assets
- $42.8k
- Revenue
- $217.4k
- Investments
- $0.0
- Employees
- 3
- Location
- Marion, NC
- Founding
- 03/1992
- Data as of
- 06/2023
- EIN
- 56-1618807
Organization Overview
Marion Downtown Business Association Inc is located in Marion, NC. The organization was established in 1992. According to its NTEE Classification (S41) the organization is classified as: Chambers of Commerce & Business Leagues, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2023, Marion Downtown Business Association Inc employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Marion Downtown Business Association Inc is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 06/2023, Marion Downtown Business Association Inc generated $217.4k in total revenue. This represents relatively stable growth, over the past 3 years the organization has increased revenue by an average of 8.1% each year. All expenses for the organization totaled $266.8k during the year ending 06/2023. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE MARION BUSINESS ASSOCIATION SERVES TO STRENGTHEN THE ECONOMIC BASE OF THE COMMUNITY WHILE PRESERVING THE HISTORIC CHARACTER OF THE DOWNTOWN. TO AID IN DEVELOPMENT OF BUSINESS PLANS, IMPLEMENT BUSINESS PLANS, BUSINESS TO BUSINESS NETWORKING, BUSINESS MARKETING, AND WORKSHOPS/SEMINARS TO BUILD ENTREPRENEURIAL ECOSYSTEM. ORGANIZE DOWNTOWN PROMOTIONS, FESTIVALS AND EVENTS TO GIVE VITALITY TO DOWNTOWN BUSINESS DISTRICT. PROVIDE BUSINESS BASICS TO NEW ENTREPRENEURS. WORK WITH PROPERTY OWNERS TO IMPROVE BUILDINGS FOR OPTIMAL LEASE RATES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FIRST ACCOMPLISHMENT - ADVERTISING AND MARKETING - PROMOTED 150 PLUS MARION BUSINESSES "OPEN FOR BUSINESS" WITH BILLBOARDS, SOCIAL MEDIA, PRINTED MATERIALS, WEBSITE DEVELOPMENT, ADVERTISEMENTS. FACADE IMPROVEMENT GRANTS.
THE MARION BUSINESS ASSOCIATION STAFF PROVIDED SERVICES AND OPPORTUNITIES FOR NETWORKING, TRAINING FOR HISTORIC BUILDING DESIGN AND MEET/GREET OPPORTUNITIES. COVERED ALL OPERATIONAL REQUIREMENTS AND PROGRAMS.
SECOND ACCOMPLISHMENT - PROMOTIONS AND EVENTS - SERVED 28,000 PLUS CUSTOMERS IN COMMUNITY OUTREACH TO PROMOTE AND SUPPORT LOCAL BUSINESSES WITH PROMOTIONS AND EVENTS.
THIRD ACCOMPLISHMENT PROMOTIONS AND EVENTS FOR YEAR ROUND ACTIVITIES IN DOWNTOWN MARION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Freddie Killough Executive Director | Officer | 32 | $45,098 |
Megan Stevens Events And Outreach Coordinator | Officer | 32 | $24,958 |
Rachel Withrow Board Of Director | Trustee | 1 | $0 |
Becky Poteat Board Of Director | Trustee | 1 | $0 |
Tyler Mace Board Of Director | Trustee | 2 | $0 |
Nancy Spencer Tresurer | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $7,000 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $145,378 |
| All other contributions, gifts, grants, and similar amounts not included above | $65,017 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $217,395 |
| Total Program Service Revenue | $0 |
| 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 | $217,395 |
| 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 | $43,222 |
| Compensation of current officers, directors, key employees. | $7,168 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $66,934 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $23,313 |
| Fees for services: Management | $0 |
| 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 | $81,973 |
| Advertising and promotion | $35,807 |
| Office expenses | $2,612 |
| 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 | $2,261 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $788 |
| All other expenses | $2,724 |
| Total functional expenses | $266,802 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $11,773 |
| Savings and temporary cash investments | $31,025 |
| 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 | $42,798 |
| 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 | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $0 |
| 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 | $42,798 |
| Total liabilities and net assets/fund balances | $42,798 |