Downtown Austin Development Corporation
- Assets
- $692.8k
- Revenue
- $430.8k
- Investments
- $0.0
- Employees
- 0
- Location
- Austin, TX
- Founding
- 12/1998
- Data as of
- 04/2023
- EIN
- 74-2862219
Organization Overview
Downtown Austin Development Corporation is located in Austin, TX. The organization was established in 1998. According to its NTEE Classification (C12) the organization is classified as: Fund Raising & Fund Distribution, under the broad grouping of Environment and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Downtown Austin Development 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 04/2023, Downtown Austin Development Corporation generated $430.8k in total revenue. This organization has experienced exceptional growth, as over the past 3 years, it has increased revenue by an average of 49.5% each year . All expenses for the organization totaled $139.1k during the year ending 04/2023. While expenses have increased by 33.4% per year over the past 3 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
TO ENHANCE THE DOWNTOWN AREA OF AUSTIN, TEXAS, AND TO SUPPORT AND IMPLEMENT THE DOWNTOWN VISION OF THE AUSTIN DMO, INC D.B.A DOWNTOWN AUSTIN ALLIANCE AND IMPLEMENT SERVICES AND PROJECTS BENEFICIAL TO DOWNTOWN AUSTIN, INCLUDING PARKS IMPROVEMENT PROJECTS AND OTHER LARGE SCALE PROJECTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FOUNDATION'S MISSION IS TO IGNITE THE POTENTIAL OF DOWNTOWN-THROUGH ART AND CREATIVE SPACES THAT CAPTURE THE SPIRIT OF AUSTIN-BY AND FOR EVERYONE. THE FOUNDATION IS CHARGED WITH IMPLEMENTING KEY PROJECTS THAT SUPPORT THE DOWNTOWN ALLIANCE'S VISION. THAT INCLUDES HOLDING THE MANAGEMENT CONTRACT TO OPERATE, PROGRAM AND FUND REPUBLIC SQUARE, AS WELL AS LEADING PLACE-BASED ACTIVATIONS AND INITIATIVES DOWNTOWN AS OUTLINED IN THE ROADMAP TO RECOVERY AND RESILIENCE. THE FOUNDATION PARTNERED WITH BLUE STARLITE MINI URBAN DRIVE-IN AND THE TEXAS FACILITIES COMMISSION TO HOST A COVID-FRIENDLY DOWNTOWN DRIVE-IN MOVIE THEATER EVERY WEEKEND OF THE YEAR. SCREENINGS TAKE PLACE THURSDAY-SATURDAY NIGHTS ON THE ROOFTOP OF 300 SAN ANTONIO STREET. THE DRIVE-IN FORMAT WAS ALSO USED TO HOST OTHER CREATIVE COMMUNITY EVENTS SUCH AS SLAM POETRY NIGHTS. IN ADDITION TO COMMISSIONING MURALS, DURING THE FISCAL YEAR THE FOUNDATION LAUNCHED A MURAL ART AND PARK TOUR BIKE RIDE, SHOWCASING A CURATED COLLECTION OF INSPIRATIONAL AND ICONIC MURALS IN AND AROUND DOWNTOWN. IN ADDITION, REPUBLIC SQUARE WAS ACTIVATED WITH A WEEKLY FARMER'S MARKET AS WELL AS A DIVERSE ARRAY OF OTHER CULTURALAND COMMUNITY-FOCUSED EVENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kevin Brown Director | Trustee | 1 | $0 |
Jenny Wiebrand Director | Trustee | 1 | $0 |
Dewitt Peart Secretary | Trustee | 1 | $0 |
Saul Paul Director | Trustee | 1 | $0 |
Xavier Pena Director | Trustee | 1 | $0 |
Andy Austin Director | Trustee | 1 | $0 |
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 | $373,105 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $373,105 |
| Total Program Service Revenue | $57,682 |
| 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 | $430,787 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $70,000 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| 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 | $54,745 |
| Advertising and promotion | $0 |
| Office expenses | $1,587 |
| Information technology | $2,816 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $8,949 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $976 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $67 |
| All other expenses | $0 |
| Total functional expenses | $139,140 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $412,510 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $269,965 |
| Accounts receivable, net | $5,000 |
| 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 | $5,333 |
| 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 | $692,808 |
| Accounts payable and accrued expenses | $1,128 |
| 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 | $1,128 |
| Net assets without donor restrictions | $421,715 |
| Net assets with donor restrictions | $269,965 |
| 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 | $692,808 |