Downtown Norfolk Fund in Norfolk, Virginia (VA)
Table of contents:
| Downtown Norfolk Fund | |
| Employer Identification Number (EIN) | 541472420 |
| Name of Organization | Downtown Norfolk Fund |
| Address | 223 E City Hall Ave Ste 212, Norfolk, VA 23510-1700 |
| Activities | Commemorative event (centennial, festival, pageant, etc.) |
| Subsection | Charitable Organization |
| Ruling Date | 03/1989 |
| Deductibility | Contributions are deductible |
| Foundation | Organization which receives a substantial part of its support from a governmental unit or the general public |
| Organization | Corporation |
| Exempt Organization Status | Unconditional Exemption |
| Tax Period | 06/2014 |
| Assets | $25,000 to $99,999 |
| Income | $25,000 to $99,999 |
| Filing Requirement | 990 - Required to file Form 990-N - Income less than $25,000 per year |
| Asset Amount | $59,002 |
| Amount of Income | $37,500 |
| Form 990 Revenue Amount | $37,500 |
| National Taxonomy of Exempt Entities (NTEE) | Recreation, Sports, Leisure, Athletics: Fairs, County and Other |
Non-representatives - add comments:
Amount of income in 2014: $37,500 (it was $5,875 in 2013)
| This organization: | $37,500 |
| Other organizations performing similar types of work: | $194,759 |
Assets in 2014: $59,002 (it was $35,463 in 2013)
| Downtown Norfolk Fund: | $59,002 |
| Other organizations performing similar types of work: | $199,284 |
Expenses in 2014: $40,436
| Downtown Norfolk Fund: | $40,436 |
| Other organizations performing similar types of work: | $179,780 |
Income to expenses ratio in 2014: 0.9
| This organization: | 0.9 |
| Other organizations performing similar types of work: | 1.1 |
Grants share in income in 2014: 100.0%
| Downtown Norfolk Fund: | 100.0% |
| Other organizations performing similar types of work: | 13.4% |
| Revenue, Expenses, and Changes in Net Assets or Fund Balances | |||
| 2012 | 2013 | 2014 | |
|---|---|---|---|
| Total revenue | $106,930 | $5,875 | $37,500 |
| Contributions, gifts, grants, and similar amounts received | $106,930 | $5,875 | $37,500 |
| Program service revenue including government fees and contracts | $0 | $0 | $0 |
| Membership dues and assessments | $0 | $0 | $0 |
| Investment income | $0 | $0 | $0 |
| Gain/Loss from sale of assets other than inventory | $0 | $0 | $0 |
| Net income/loss from gaming and fundraising events | $0 | $0 | $0 |
| Gross profit/loss from sales of inventory | $0 | $0 | $0 |
| Other revenue | $0 | $0 | $0 |
| Total expenses | $103,890 | $25,370 | $40,436 |
| Total net assets | $4,407 | $-15,088 | $-18,024 |
| Excess/Deficit for the year | $3,040 | $-19,495 | $-2,936 |
| Net assets or fund balances at beginning of year | $1,367 | $4,407 | $-15,088 |
| Other changes in net assets or fund balances | $0 | $0 | $0 |
| Net assets or fund balances at end of year | $-15,088 | $-18,024 | |
| Balance Sheets | |||
| 2012 | 2013 | 2014 | |
|---|---|---|---|
| Total assets | $52,863 | $35,463 | $59,002 |
| Total liabilities | $48,456 | $50,551 | $77,026 |
| Net assets or fund balances | $4,407 | $-15,088 | $-18,024 |
| Other Information | |||
| 2012 | 2013 | 2014 | |
|---|---|---|---|
| Did the organization engage in any significant activity not previously reported to the IRS? | No | No | |
| Were any significant changes made to the organizing or governing documents? | No | No | |
| Did the organization have unrelated business gross income of $1,000 or more during the year from business activities | No | No | No |
| Has the organization filed a Form 990-T for the year? | No | No | |
| Did the organization undergo a liquidation, dissolution, termination, or significant disposition of net assets during the year? | No | No | |
| Amount of political expenditures, direct or indirect | $0 | $0 | |
| Did the organization file Form 1120-POL for this year? | No | No | |
| Did the organization borrow from, or make any loans to, any officer, director, trustee, or key employee or were any such loans made in a prior year and still outstanding at the end of the tax year covered by this return? | No | No | |
| Total amount involved | $0 | $0 | |
| Initiation fees and capital contributions | $0 | $0 | $0 |
| Gross receipts for public use of club facilities | $0 | $0 | $0 |
| Did the organization engage in any section 4958 excess benefit transaction during the year, or did it engage in an excess benefit transaction in a prior year that has not been reported on any of its prior Forms 990 or 990-EZ? | No | No | |
| At any time during the tax year, was the organization a party to a prohibited tax shelter transaction? | No | No | |
| Reason for Public Charity Status (for 2014) | |
| The organization is not a private foundation because it is: | An organization organized and operated exclusively for the benefit of, to perform the functions of, or to carry out the purposes of one or more publicly supported organizations described in section 509(a)(1) or section 509(a)(2) |
| Number of organizations supported | 1 |
| Sum of amounts of support | $0 |
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| Organizations performing similar types of work | |||||
| Id | Name | Address | State | Established | Total Income |
|---|---|---|---|---|---|
| 1 | Norfolk Festevents Ltd | 120 W Main St, Norfolk, VA 23510-1609 | VA | 1984-09 | $4,003,118 |
| 2 | Virginia Beach Events Unlimited Inc | 265 Kings Grant Rd Ste 102, Virginia Bch, VA 23452-6834 | VA | 1985-03 | $2,426,147 |
| 3 | Washington County Fair Association | 1305 Blue Bell Rd, Brenham, TX 77833-2436 | TX | 1941-01 | $2,356,414 |
| 4 | Salinas Valley Fair Inc | 625 Division St, King City, CA 93930-3430 | CA | 1956-03 | $1,984,890 |
| 5 | National D-Day Memorial Foundation Ltd | PO BOX 77, Bedford, VA 24523-0077 | VA | 1989-10 | $1,797,719 |
| 6 | Vesper New Years Association | 1509 Locust Street, Philadelphia, PA 19102 | PA | 1955-03 | $1,317,469 |
| 7 | Transportation Resources Inc | 1120 Rarig Ave, Columbus, OH 43219-2312 | OH | 1980-10 | $1,222,442 |
| 8 | Westfest Inc | 3406 Franklin Ave, Waco, TX 76710-7324 | TX | 1978-01 | $1,158,944 |
| 9 | Twins Days Festival Committee Inc | 9825 Ravenna Rd, Twinsburg, OH 44087-1714 | OH | 1987-02 | $1,122,951 |
| 10 | Walker County Fair Association | PO BOX 1817, Huntsville, TX 77342-1817 | TX | 1979-10 | $1,097,386 |
| 11 | Tulare County Junior Livestock Show And Community Fair | 2700 W Teapot Dome Ave, Porterville, CA 93257-9442 | CA | 1981-11 | $748,555 |
| 12 | Southern New Mexico State Fair | PO BOX 1145, Las Cruces, NM 88004-1145 | NM | 1973-03 | $732,318 |
| 13 | Yakima Valley Junior Fair | PO BOX 27, Grandview, WA 98930-0027 | WA | 1976-05 | $560,317 |
| 14 | Titus County Fair Association Inc | PO BOX 1232, Mt Pleasant, TX 75456-1232 | TX | 1988-11 | $439,162 |
| 15 | San Marcos Sights & Sounds Of Christmas Inc | 630 E Hopkins St, San Marcos, TX 78666-6314 | TX | 1998-08 | $383,459 |
| 16 | Tazewell County Fair Association Inc | 515 Fairground Rd, Tazewell, VA 24651-9791 | VA | 1994-02 | $180,827 |
| 17 | Downtown Norfolk Fund | 223 E City Hall Ave Ste 212, Norfolk, VA 23510-1700 | VA | 1989-03 | $37,500 |
| 18 | Natchel Blues Network Inc | P O Box 1773, Norfolk, VA 23501-1773 | VA | 1987-09 | $20,765 |
| 19 | Louisa County Fair Inc | Po Box 1064, Louisa, VA 23093 | VA | 1992-07 | $0 |
| 20 | Prince George County Heritage Fair Inc | 1617 Flowerdew Hundred Rd, Hopewell, VA 23860-8554 | VA | 1984-03 | $0 |
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