Riverfront Development Corporation
- Assets
- $25.5m
- Revenue
- $7.7m
- Investments
- $0.0
- Employees
- 30
- Location
- Memphis, TN
- Founding
- 07/2000
- Data as of
- 06/2023
- EIN
- 62-1811726
Organization Overview
Riverfront Development Corporation, operating under the name Memphis River Parks Partnership, is located in Memphis, TN. The organization was established in 2000. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2023, Memphis River Parks Partnership employed 30 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Memphis River Parks Partnership 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, Memphis River Parks Partnership generated $7.7m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 3.5% each year. All expenses for the organization totaled $28.5m 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
MEMPHIS RIVER PARKS PARTNERSHIP WORKS WITH AND FOR THE PEOPLE OF MEMPHIS TO TRIGGER THE TRANSFORMATIVE POWER OF OUR RIVER. THE PARTNERSHIP MANAGES, MAINTAINS, OPERATES, AND ACTIVATES FIVE CONNECTED RIVERFRONT PARK DISTRICTS OF 250 ACRES OF PARKLAND. BUILDING FROM THE MEMPHIS RIVERFRONT CONCEPT, THE PARTNERSHIP WORKS TO CREATE A CONNECTED, CATALYTIC, AND FUN RIVERFRONT FOR EVERYONE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MANAGED CITY OF MEMPHIS RIVERFRONT PARKS UNDER CONTRACT FROM CITY OF MEMPHIS
MUD ISLAND WAS OPEN TO ALL FOR FREE ENTRY AS A PUBLIC PARK. VISITORS EXPLORED THE RIVER WALK AND THE NEW MEMPHIS SIGN. REGULAR PROGRAMS INCLUDED FREE CONCERTS AND FULL MOON KAYAKING.
MAINTENANCE, UTILITIES, LANDSCAPING AND GENERAL OPERATIONS OF BEALE STREET LANDING
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Tyree Daniels Chair | OfficerTrustee | 1 | $0 |
Ray Pohlman Immediate Past Chair | OfficerTrustee | 1 | $0 |
Robert Clark Vice Chair | OfficerTrustee | 1 | $0 |
Sam Cantor Treasurer | OfficerTrustee | 1 | $0 |
Tammy Locascio Assistant Secretary | OfficerTrustee | 1 | $0 |
Gregory M Ducket Chairperson Emeritus | OfficerTrustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Montgomery Martin Construction | 6/29/23 | $23,908,787 |
First Horizon Bank Construction Retainer | 6/29/23 | $1,116,977 |
Studio Gang Architectsltd Architecture | 6/29/23 | $1,058,514 |
A & B Construction Co Inc Construction | 6/29/23 | $532,708 |
Memphis Light Gas And Water Utility Service | 6/29/23 | $605,939 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,974,917 |
| Noncash contributions included in lines 1a–1f | $59,634 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,974,917 |
| Total Program Service Revenue | $4,716,600 |
| Investment income | $4,844 |
| 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 | -$91 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $7,696,270 |
| 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. | $248,255 |
| Compensation of current officers, directors, key employees. | $46,407 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,142,392 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $117,283 |
| Payroll taxes | $108,868 |
| 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 | $184,109 |
| Advertising and promotion | $141,090 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $80,628 |
| Travel | $12,548 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $76,225 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $14,122 |
| Insurance | $298,171 |
| All other expenses | $297,756 |
| Total functional expenses | $28,519,514 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $10,680,297 |
| Savings and temporary cash investments | $300,394 |
| Pledges and grants receivable | $4,355,000 |
| Accounts receivable, net | $9,293,765 |
| 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 | $134,722 |
| Net Land, buildings, and equipment | $103,182 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $636,401 |
| Total assets | $25,503,761 |
| Accounts payable and accrued expenses | $4,478,416 |
| Grants payable | $0 |
| Deferred revenue | $3,258,651 |
| 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 | $9,500,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $946,125 |
| Total liabilities | $18,183,192 |
| Net assets without donor restrictions | $7,320,569 |
| 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 | $25,503,761 |