Carter Street Corporation
- Assets
- $17.7m
- Revenue
- $10.6m
- Investments
- $0.0
- Employees
- 69
- Location
- Chattanooga, TN
- Founding
- 03/1982
- Data as of
- 06/2023
- EIN
- 62-1125122
Organization Overview
Carter Street Corporation is located in Chattanooga, TN. The organization was established in 1982. According to its NTEE Classification (S31) the organization is classified as: Urban & Community Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2023, Carter Street Corporation employed 69 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Carter Street Corporation 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 06/2023, Carter Street Corporation generated $10.6m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 5.5% each year. All expenses for the organization totaled $9.5m during the year ending 06/2023. While expenses have increased by 4.0% per year over the past 8 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
ENCOURAGE ECONOMIC DEVELOPMENT
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION OWNS AND MANAGES A CONVENTION CENTER FOR THE PURPOSE OF ENCOURAGING THE ECONOMIC DEVELOPMENT OF CHATTANOOGA AND HAMILTON COUNTY.
THE ORGANIZATION OWNS AND MANAGES A PARKING GARAGE FOR THE PURPOSE OF ENCOURAGING ECONOMIC DEVELOPMENT OF CHATTANOOGA AND HAMILTON COUNTY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Evann Freeman Asst Secretary/director | OfficerTrustee | 2 | $0 |
Malcolm Harris Director | Trustee | 2 | $0 |
Hicks Armor Chairman | OfficerTrustee | 2 | $0 |
William B Raines Jr Vice Chairman | OfficerTrustee | 2 | $0 |
Anne Wilkins Treasurer | OfficerTrustee | 2 | $0 |
Chris Crimmins Secretary | OfficerTrustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Levy Restaurants Food & Beverage Services | 6/29/23 | $2,850,192 |
Walden Security Security Services | 6/29/23 | $386,860 |
M&m Productions Audio Visual Services | 6/29/23 | $325,857 |
Labor Finders Temporary Labor Services | 6/29/23 | $148,709 |
Jake Marshall Service Inc Hvac Maintenance | 6/29/23 | $128,506 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $839,408 |
| 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 | $839,408 |
| Total Program Service Revenue | $9,623,872 |
| Investment income | $253,201 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$99,214 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $10,617,267 |
| 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. | $162,993 |
| Compensation of current officers, directors, key employees. | $97,796 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,626,018 |
| Pension plan accruals and contributions | $39,751 |
| Other employee benefits | $133,545 |
| Payroll taxes | $113,567 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $5,388 |
| Fees for services: Accounting | $15,945 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $20,814 |
| Advertising and promotion | $13,690 |
| Office expenses | $17,753 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,118,406 |
| Travel | $3,975 |
| 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 | $918,573 |
| Insurance | $141,354 |
| All other expenses | $127,510 |
| Total functional expenses | $9,522,257 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,031,490 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $144,220 |
| 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 | $32,564 |
| Net Land, buildings, and equipment | $7,492,176 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $6,957,029 |
| Total assets | $17,657,479 |
| Accounts payable and accrued expenses | $343,993 |
| Grants payable | $0 |
| Deferred revenue | $138,012 |
| 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 | $7,086,301 |
| Total liabilities | $7,568,306 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $2,596,997 |
| Paid-in or capital surplus, or land, building, or equipment fund | $7,492,176 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $17,657,479 |