DOWNTOWN NORFOLK DEVELOPMENT CORPO… - Form 990 Financial Data

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1979

Legal Domicile

Principal Officer

MARY MILLER

Phone

7576231757

Tax Period

2024-07-01 to 2025-06-30

DOWNTOWN NORFOLK DEVELOPMENT CORPORATION, founded in 1979, is a community nonprofit that reported $2.4M in total revenue in fiscal year 2024. Revenue decreased 5% compared to the prior year.

Mission

THE DOWNTOWN NORFOLK COUNCIL (DNC) ENHANCES DOWNTOWN NORFOLK'S VALUE, ENERGY, AND ACTIVITY THROUGH PROVIDING ESSENTIAL CLEAN AND SAFE SERVICES, STRENGTHENING AUTHENTIC URBAN EXPERIENCES, AND FOSTERING INCLUSIVE COMMUNITY.

Program Service Accomplishments

Program 1

Expenses: $2,094,973 Revenue: $150,111

MANAGEMENT OF THE DOWNTOWN IMPROVEMENT DISTRICT FOR PUBLIC SAFETY, PUBLIC SPACE MAINTENANCE, MARKETING INITIATIVES AND OTHER BOARD DESIGNATED KEY OBJECTIVES.

Program 2

PARTNERSHIP WITH CITY OF NORFOLK TO PROVIDE STIMULUS FOR THE REVITILIZATION OF GRANBY STREET, SELDEN MARKET AND PROMOTION OF ARTS AND DESIGN DISTRICT.

Program 3

Expenses: $373,009 Revenue: $18,722

THE SIX WEEK PRODUCTION OF HOLIDAYS IN THE CITY AND GRAND ILLUMINATION PARADE, AND OTHER EVENTS TO ENCOURAGE DOWNTOWN ENGAGEMENT

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $2,191,362

Program Service Revenue $267,051

Investment Income $10,954

Other Revenue $-98,218

TOTAL REVENUE $2,371,149

Expense Breakdown

Grants Paid $0

Salaries & Benefits $659,576

Fundraising Expenses $0

Program Expenses $2,467,982

Other Expenses $1,872,304

TOTAL EXPENSES $2,531,880

Year-over-Year Comparison

	2024	2023	Change
Revenue	$2,371,149	$2,497,578	-0.1%
Expenses	$2,531,880	$2,784,821	-0.1%
Net Income	$-160,731	$-287,243	-0.4%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

475

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$150,233

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JAMES WOFFORD	IMMEDIATE PAST CHAIR	1.00	Officer Director	$0	$0	$0
MEL PRICE	CHAIR	1.00	Officer Director	$0	$0	$0
TOMMY LEEMAN	DIRECTOR	1.00	Director	$0	$0	$0
JENNY BONSIEWICH	TREASURER	1.00	Officer Director	$0	$0	$0
PRESTON CARRAWAY	DIRECTOR	1.00	Director	$0	$0	$0
SUPING LI	DIRECTOR	1.00	Director	$0	$0	$0
SCOTT CAMPBELL	DIRECTOR	1.00	Director	$0	$0	$0
CHRISTIAN CONWAY	DIRECTOR	1.00	Director	$0	$0	$0
MATTHEW CROWE	EXECUTIVE COMMITTEE	1.00	Director	$0	$0	$0
PATRICK EDWARDS	VICE CHAIR	1.00	Officer Director	$0	$0	$0
JESSE HEMPHILL	DIRECTOR	1.00	Director	$0	$0	$0
RAY KING	EXECUTIVE COMMITTEE	1.00	Director	$0	$0	$0
MILES LEON	EXECUTIVE COMMITTEE	1.00	Director	$0	$0	$0
CHRISTY MARRON	DIRECTOR	1.00	Director	$0	$0	$0
MICHELLE NICHOLS	DIRECTOR	1.00	Director	$0	$0	$0
LACY PETERSON	DIRECTOR	1.00	Director	$0	$0	$0
JIMMY SCHOOLS	DIRECTOR	1.00	Director	$0	$0	$0
BRITTANY TREBLE	DIRECTOR	1.00	Director	$0	$0	$0
KENNETH E OWEN	DIRECTOR	1.00	Director	$0	$0	$0
RAFFAELE ALLEN	EXECUTIVE COMMITTEE	1.00	Director	$0	$0	$0
TONY BROTHERS	DIRECTOR	1.00	Director	$0	$0	$0
DAN HANKIN	DIRECTOR	1.00	Director	$0	$0	$0
BLAIR VALDIVIESO	DIRECTOR	1.00	Director	$0	$0	$0
AMY SAMPSON	DIRECTOR	1.00	Director	$0	$0	$0
EVA WIGGINS	DIRECTOR	1.00	Director	$0	$0	$0
MARY MILLER	PRESIDENT/CEO	40.00	Officer	$142,674	$7,559	$150,233

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2025	$2,371,149	$2,531,880	$1,603,999	$-160,731
2024	$2,497,578	$2,784,821	$1,936,058	$-287,243
2023	$2,378,826	$2,864,700	$2,181,908	$-485,874
2022	$2,621,273	$2,404,994	$2,778,298	$216,279
2021	$2,878,440	$2,132,405	$2,920,211	$746,035
2020	$2,240,243	$2,307,663	$1,919,188	$-67,420
2019	$2,373,559	$2,491,848	$1,895,818	$-118,289
2018	$2,522,749	$2,496,406	$2,018,736	$26,343

DOWNTOWN NORFOLK DEVELOPMENT CORPORATION