Fort Worth South Inc
- Assets
- $908.6k
- Revenue
- $3.3m
- Investments
- $0.0
- Employees
- 5
- Location
- Fort Worth, TX
- Founding
- 08/1997
- Data as of
- 12/2022
- EIN
- 75-2640191
Organization Overview
Fort Worth South Inc, operating under the name Near Southside Inc, is located in Fort Worth, TX. The organization was established in 1997. According to its NTEE Classification (A80) the organization is classified as: Historical Organizations, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 12/2022, Near Southside Inc employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Near Southside 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 12/2022, Near Southside Inc generated $3.3m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 3 years, the organization has seen revenues fall by an average of (13.1%) each year. All expenses for the organization totaled $3.3m during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (13.2%) per year over the past 3 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
IMPLEMENTATION OF A STRATEGIC PLAN FOR REVITALIZATION OF FORT WORTH'S NEAR SOUTHSIDE AS A VIBRANT URBAN, MIXED-USE NEIGHBORHOOD.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TIF - TAX INCREMENT FINANCING DISTRICT #4 WAS ESTABLISHED TO SUPPORT DEVELOPMENT IN THE NEAR SOUTHSIDE, BRINGING PUBLIC AND PRIVATE INVESTMENT TO A DISTRICT THAT HAD SUFFERED FROM DECADES OF DISINVESTMENT AND BLIGHT. THE PROGRAM HAS FUNDED MANY DIFFERENT TYPES OF PROJECTS, FROM THE REPAIR OF SIDEWALK BENCHES TO THE CONSTRUCTION OF A 320-SPACE PARKING GARAGE, IN ADDITION TO OTHER LARGE PUBLIC INFRASTRUCTURE PROJECTS THROUGHOUT THE DISTRICT. FOCUS AREAS INCLUDE - INVESTMENT IN NEW DEVELOPMENT AND RE-DEVELOPMENT, STREETSCAPE AND INFRASTRUCTURE IMPROVEMENTS.
PARK MANAGEMENT - FORT WORTH SOUTH RECEIVES FUNDING FROM PRIVATE AND PUBLIC PARTNERS TO SUPPORT THE OVERALL MANAGEMENT OF SEVERAL PUBLIC SPACES IN THE NEAR SOUTHSIDE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael Brennan President | Officer | 35 | $134,616 |
Jose Castro Director | Trustee | 0.5 | $0 |
Richard Cervenka Director | Trustee | 0.5 | $0 |
Bruce Davis Director | Trustee | 0.5 | $0 |
Marty Englander Director | Trustee | 0.5 | $0 |
Colleen Fischer Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
701 Magnolia Llc Development | 12/30/22 | $1,840,000 |
Boonpetro Real Estate Llc Development | 12/30/22 | $176,200 |
Ana Consultants Llc Engineering | 12/30/22 | $239,510 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $260,338 |
| Fundraising events | $0 |
| Related organizations | $75,195 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $15,275 |
| Noncash contributions included in lines 1a–1f | $19,200 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $350,808 |
| Total Program Service Revenue | $2,963,720 |
| Investment income | $9,702 |
| 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 | $3,324,230 |
| 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. | $134,616 |
| Compensation of current officers, directors, key employees. | $67,308 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $300,966 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $40,457 |
| Payroll taxes | $25,873 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $21,361 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $14,750 |
| Advertising and promotion | $23,482 |
| Office expenses | $35,725 |
| Information technology | $2,820 |
| Royalties | $0 |
| Occupancy | $27,437 |
| Travel | $686 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,024 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $9,266 |
| All other expenses | $0 |
| Total functional expenses | $3,287,580 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $758,748 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $149,802 |
| 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 | $908,550 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $11,000 |
| 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 | $11,000 |
| Net assets without donor restrictions | $897,550 |
| 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 | $908,550 |