Cool Spring Downtown District Inc
- Assets
- $404.6k
- Revenue
- $773.8k
- Investments
- $0.0
- Employees
- 5
- Location
- Fayetteville, NC
- Founding
- 09/2017
- Data as of
- 06/2022
- EIN
- 82-0832831
Organization Overview
Cool Spring Downtown District Inc is located in Fayetteville, NC. The organization was established in 2017. According to its NTEE Classification (A99) the organization is classified as: Arts, Culture & Humanities N.E.C., under the broad grouping of Arts, Culture & Humanities and related organizations. As of 06/2022, Cool Spring Downtown District Inc employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cool Spring Downtown District Inc 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 06/2022, Cool Spring Downtown District Inc generated $773.8k in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 14.0% each year . All expenses for the organization totaled $846.7k during the year ending 06/2022. 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
SEE SCHEDULE O
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION HAS ORGANIZED, PROMOTED AND SUPPORTED MULTIPLE ARTS & CULTURAL EVENTS IN THE CENTRAL CORE OF THE CITY'S DOWNTOWN DISTRICT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Molly Arnold Chair | OfficerTrustee | 5 | $0 |
Michael Pennick Vice Chair | OfficerTrustee | 5 | $0 |
Jordan Jones Secretary | OfficerTrustee | 5 | $0 |
Rhonda Haskins Treasurer | OfficerTrustee | 5 | $0 |
Wesley Fountain Member | Trustee | 2 | $0 |
Josh Choi Member | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $530,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $136,639 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $666,639 |
| Total Program Service Revenue | $128,923 |
| Investment income | $4 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$21,776 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $773,790 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $211,575 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $17,515 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $20,986 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $107,007 |
| Office expenses | $5,785 |
| Information technology | $8,682 |
| Royalties | $0 |
| Occupancy | $14,524 |
| Travel | $0 |
| 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 | $22,069 |
| Insurance | $6,270 |
| All other expenses | $13,861 |
| Total functional expenses | $846,686 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $167,658 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $40,000 |
| Accounts receivable, net | $95,238 |
| 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 | $101,722 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $404,618 |
| Accounts payable and accrued expenses | $42,027 |
| 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 | $42,027 |
| Net assets without donor restrictions | $322,591 |
| Net assets with donor restrictions | $40,000 |
| 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 | $404,618 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Cool Spring Downtown District Inc has recieved totaling $40,000.
| Awarding Organization | Amount |
|---|---|
Thomas R & Elizabeth E Mclean Foundation Inc Fayetteville, NC PURPOSE: OPERATION DOWNTOWN | $40,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Community Business Partnership Inc Springfield, VA | $2,560,570 | $55,247,461 |
The Virginia Arts Festival Inc Norfolk, VA | $42,180,047 | $13,814,301 |
South Arts Inc Atlanta, GA | $7,711,292 | $5,611,811 |
Acorn Center For Restoration And Freedom Inc Covington, GA | $134,681 | $1,087,049 |
South Fulton Institute Inc Atlanta, GA | $1,909,108 | $891,815 |
Destination Cleveland County Inc Shelby, NC | $7,052,846 | $848,896 |
Jeniam Ii Foundation Memphis, TN | $1,092,809 | $484,239 |
Friends Of The Hunley Inc North Charleston, SC | $1,463,625 | $893,536 |
Tenants And Workers United Inquilinos Y Trabajadores Unidos Alexandria, VA | $1,287,907 | $1,136,060 |
Cool Spring Downtown District Inc Fayetteville, NC | $404,618 | $773,790 |
Creativets Nashville, TN | $484,880 | $860,430 |
The Arts Council Of Moore County Inc Southern Pines, NC | $756,104 | $891,925 |