Downtown Asheboro Inc
- Assets
- $630.5k
- Revenue
- $818.9k
- Investments
- $0.0
- Employees
- 1
- Location
- Asheboro, NC
- Founding
- Data as of
- 06/2024
- EIN
- 84-3444377
Organization Overview
Downtown Asheboro Inc is located in Asheboro, NC. According to its NTEE Classification (A82) the organization is classified as: Historical Societies & Historic Preservation, under the broad grouping of Arts, Culture & Humanities and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Downtown Asheboro 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 06/2024, Downtown Asheboro Inc generated $818.9k in total revenue. All expenses for the organization totaled $317.3k during the year ending 06/2024. While expenses have increased by 44.1% per year over the past 4 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
2024
Describe the Organization's Mission:
Part 3 - Line 1
TO PROMOTE THE BUSINESS WITHIN HISTORIC STRUCTURES, THEREFORE CREATING A STRONGER CORE FOR DOWNTOWN HISTORIC PRESERVATION ACTIVITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROMOTING AN APPRECIATION OF HISTORY THROUGH THE ACQUISTION, RESTORATION, AND PRESERVATION OF HOMES, CHURCHES, AND PUBLIC BUILDINGS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kelly Heath Board Member | Trustee | 4 | $0 |
Kathy Homiller Board Member | Trustee | 1 | $0 |
Wendi Mink Board Member | Trustee | 1 | $0 |
Tom Osteen Board Member | Trustee | 1 | $0 |
Christie Luckenbach Board Member | Trustee | 1 | $0 |
Joel Mcclosky Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $749,416 |
| 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 | $749,416 |
| Total Program Service Revenue | $65,672 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $3,800 |
| 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 | $818,888 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $30,113 |
| Grants and other assistance to domestic individuals. | $33,170 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $73,706 |
| Compensation of current officers, directors, key employees. | $73,706 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $5,369 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $5,002 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $10,981 |
| Office expenses | $50 |
| Information technology | $388 |
| Royalties | $0 |
| Occupancy | $0 |
| 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 | $1,540 |
| Insurance | $1,456 |
| All other expenses | $380 |
| Total functional expenses | $317,333 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $74,608 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $195 |
| 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 | $4,525 |
| Net Land, buildings, and equipment | $551,211 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $630,539 |
| Accounts payable and accrued expenses | $100 |
| Grants payable | $0 |
| Deferred revenue | $27,709 |
| 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 | $27,809 |
| Net assets without donor restrictions | $602,730 |
| 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 | $630,539 |
Grants Awarded
Over the last fiscal year, Downtown Asheboro Inc has awarded $30,113 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
THE TABLE BAKERY LLC PURPOSE: REDEVELOPMENT | $8,750 |
UPSTYLE GOODS AND SALON LLC PURPOSE: REDEVELOPMENT | $21,363 |