Downtown Lexington Corporation
- Assets
- $326.2k
- Revenue
- $630.0k
- Investments
- $0.0
- Employees
- 5
- Location
- Lexington, KY
- Founding
- 02/1991
- Data as of
- 12/2021
- EIN
- 61-1189677
Organization Overview
Downtown Lexington Corporation, operating under the name Downtown Lexington Partnership, is located in Lexington, KY. The organization was established in 1991. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2021, Downtown Lexington Partnership employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Downtown Lexington Partnership 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 12/2021, Downtown Lexington Partnership generated $630.0k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (10.8%) each year. All expenses for the organization totaled $551.9k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (12.7%) per year over the past 7 years. 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
DOWNTOWN LEXINGTON CORPORATION (DLC) WITH MORE THAN 200 MEMBERS WHO REPRESENT THE LARGEST BUSINESSES, THE SMALLEST PROPRIETORS AND ENTREPRENEURS, NEIGHBORHOOD ASSOCIATIONS, CHURCHES, EDUCATIONAL INSTITUTIONS, AND INDIVIDUALS, IS A COMMUNITY AND BUSINESS ADVOCACY GROUP FOUNDED IN 1988. DLC ENCOURAGES RESPONSIBLE ECONOMIC DEVELOPMENT IN THE DOWNTOWN BUSINESS CORE AND IN THE VARIOUS NEIGHBORHOODS SURROUNDING THIS CENTRAL AREA. DLC ADVOCATES DIVERSITY, COMMUNICATION AND LEADERSHIP IN ASSISTING PROPERTY OWNERS, BUSINESSES, EMPLOYEES AND RESIDENTS IN MAKING DOWNTOWN LEXINGTON A LOCATION FOR RETAIL BUSINESSES, RESTAURANTS, OFFICES, ARTS AND CULTURAL ACTIVITIES AS WELL AS A WONDERFUL PLACE TO LIVE AND WORK.
Describe the Organization's Program Activity:
Part 3 - Line 4a
OTHER EVENT PROGRAMMING - INCLUDES STATE OF DOWNTOWN EVENT, ICE RINK, ANNUAL MEETING, HOLIDAYS, AND OTHER EVENTS
THURSDAY NIGHT LIVE - WEEKLY OUTDOOR EVENT IN DOWNTOWN LEXINGTON THAT DRAWS PATRONS TO DOWNTOWN TO ENJOY FOOD FROM LOCAL RESTAURANTS AND MUSIC FROM LOCAL BANDS.
MEMBERSHIP SERVICES - ENCOURAGES RESPONSIBLE ECONOMIC DEVELOPMENT IN THE DOWNTOWN BUSINESS CORE AND IN THE VARIOUS NEIGHBORHOODS SURROUNDING THIS CENTRAL AREA. ADVOCATES DIVERSITY, COMMUNICATION AND LEADERSHIP IN ASSISTING PROPERTY OWNERS, BUSINESSES, EMPLOYEES AND RESIDENTS IN MAKING DOWNTOWN LEXINGTON A LOCATION FOR RETAIL BUSINESSES, RESTAURANTS, OFFICES, ARTS AND CULTURAL ACTIVITIES AS WELL AS A WONDERFUL PLACE TO LIVE AND WORK.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Terry Sweeney President & CEO | Officer | 40 | $156,351 |
Steve Kelly Chairman | OfficerTrustee | 0 | $0 |
Paul Johnston Treasurer | OfficerTrustee | 0 | $0 |
Melody Flowers Chairman | OfficerTrustee | 0 | $0 |
Woodford Webb Secretary | OfficerTrustee | 0 | $0 |
Steve Grossman Director | OfficerTrustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $213,200 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $109,534 |
| 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 | $322,734 |
| Total Program Service Revenue | $307,290 |
| Investment income | $18 |
| 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 | $630,042 |
| 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. | $156,351 |
| Compensation of current officers, directors, key employees. | $156,351 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $131,810 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $36,713 |
| Payroll taxes | $21,823 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $22,725 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,799 |
| Advertising and promotion | $246 |
| Office expenses | $7,607 |
| Information technology | $16,051 |
| Royalties | $0 |
| Occupancy | $30,000 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $296 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $9,126 |
| Insurance | $8,665 |
| All other expenses | $5,382 |
| Total functional expenses | $551,862 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $308,289 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $8,876 |
| 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 | $9,023 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $326,188 |
| 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 | $326,188 |
| 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 | $326,188 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Downtown Lexington Corporation has recieved totaling $1,200.
| Awarding Organization | Amount |
|---|---|
Nisource Charitable Foundation Columbus, OH PURPOSE: CORPORATE DONATION | $1,200 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Impact Community Action Columbus, OH | $17,964,278 | $51,062,093 |
Akron Summit Community Action Agency Akron, OH | $9,053,133 | $31,825,266 |
Christian Community Development Corporation Inc Memphis, TN | $275,024,548 | $28,566,509 |
Hocking-Athens Perry Community Action Glouster, OH | $22,374,760 | $30,742,269 |
Indianapolis Foundation Inc Indianapolis, IN | $352,748,809 | $43,731,535 |
Delta Area Economic Opportunity Corporation Portageville, MO | $22,832,856 | $23,706,654 |
Upper East Tennessee Human Development Agency Kingsport, TN | $7,143,102 | $23,146,809 |
Pennyrile Allied Community Services Inc Hopkinsville, KY | $9,618,726 | $22,758,893 |
Hampton Roads Community Action Program Inc Newport News, VA | $4,977,691 | $24,100,051 |
Northwest Tennessee Economic Development Council Dresden, TN | $2,980,191 | $21,895,121 |
Jumpstart Inc Cleveland, OH | $82,356,707 | $21,511,113 |
Lexington Center Corporation Lexington, KY | $378,439,328 | $16,156,810 |