Downtown Amarillo Inc

Nonprofit profile at a glance

EIN
263590676
IRS 990 coverage
2019–2023
Forms available
Form 990 2023, Form 990-N 2019
Location
Amarillo, TX, USA
Phone
8063503581
Rating
61
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Economic Development

Reported finances

Revenue
$11,000
Expenses
$1,538
Assets
$9,717
Liabilities
$33,000

Source: IRS Form 990. Selected filing: tax year 2023. Amounts in USD.

Leadership & pay

14 people listed

People named in this filing

  • JIM J BREWER (CHAIRMAN)
  • SAMUEL B LOVELADY (TREASURER)
  • RICHARD WARE (MEMBER)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

Source: IRS Form 990. Selected filing: tax year 2023. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Downtown amarillo, inc. Is committed to making downtown amarillo a vibrant and attractive place.

What it reported doing in 2023

Downtown amarillo inc. Borrowed 350,000 from amarillo national bank in august 2019. The funds were used to purchase lots at 500 s. Parker and 1601-1628 sw 5th in amarillo which were shortly thereafter contributed to the city of amarillo. The city plans to build an intermodal transportation facility on the property. Grants and other funding are currently being sought to do so. This center will allow for bus operations and traffic which are currently housed in and originating from a building to be moved to the new facility. This will further the mission of downtown amarillo inc. By making this historic building available for more beneficial uses. During fye 9/30/24 the amarillo area foundation made grants in the amount of 11,000 to help retire the debt.

Operating model

Revenue model
Donor-supported. 100% of the money available for current operations came from contributions and gifts.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

SUPPORTED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 41
  • Transparency & Controls: 90
  • Accountability: 70
  • Sustainability: 68
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 14%; rating input score 14
  • Program expense ratio: 100%; rating input score 100
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 64th percentile among comparable filings
  • Governance controls: 2 of 7 controls in place; rating input score 29
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 86%; rating input score 97; 97th percentile among comparable filings
  • Total-asset coverage ratio: 6.32; rating input score 52; 52nd percentile among comparable filings
  • Liabilities to assets ratio: 3.4; rating input score 2; 2nd percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 60; 60th percentile among comparable filings

Growth

  • Program expense growth: -30% per year; rating input score 0; 12th percentile among comparable filings
  • Revenue growth: -46.1% per year; rating input score 0; 9th percentile among comparable filings
  • Asset growth: -27% per year; rating input score 0; 6th percentile among comparable filings

Details

  • Where the money goes: 14% of revenue deployed · 100% of spending went to programs
  • Governance: 14 of 14 board members independent · 2 of 7 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $0 · 14 people listed
  • Consistency: 11 of 11 current checks pass
  • Schedules: 2 filed schedules
  • Filing history: 4 filing years from 2019 to 2023
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Financial Efficiency: Mission deployment rate scored 14/100.
  • High — Accountability: Governance controls: 4 of 6 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Growth: Asset growth scored 0/100.
  • Review — Sustainability: Total-asset coverage ratio scored 52/100.
  • High — Sustainability: Liabilities to assets ratio scored 2/100.