HARRISONBURG DOWNTOWN RENAISSANCE

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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

2003

Legal Domicile

Principal Officer

ANDREA DONO

Phone

5404328922

Tax Period

2023-01-01 to 2023-12-31

HARRISONBURG DOWNTOWN RENAISSANCE, founded in 2003, is a community nonprofit in the Community Improvement sector that reported $1.1M in total revenue in fiscal year 2023. Revenue surged 51% from the prior year, signaling strong growth momentum. The organization ran a surplus of $323K, a strong 30% operating margin.

Mission

HDR'S MISSION IS TO BUILD A DOWNTOWN DESTINATION WHERE BUSINESSES THRIVE AND PEOPLE ENJOY MEMORABLE EXPERIENCES. THIS IS ACHIEVED THROUGH DIRECT SMALL BUSINESS ASSISTANCE, DESTINATION MARKETING, EVENTS, BEAUTIFICATION PROJECTS, GRANTS, AND OTHER COMMUNITY BUILDING ACTIVITIES.

Program Service Accomplishments

Program 1

Expenses: $163,212 Revenue: $66,741

HDR USES DESTINATION MARKETING STRATEGIES TO PROMOTE THE HISTORIC DOWNTOWN, LOCAL BUSINESSES, AND ATTRACTIONS AND AMENITIES TO LOCAL RESIDENTS AND TOURISTS. THIS HELPS US ATTRACT NEW AND RETURNING...

HDR USES DESTINATION MARKETING STRATEGIES TO PROMOTE THE HISTORIC DOWNTOWN, LOCAL BUSINESSES, AND ATTRACTIONS AND AMENITIES TO LOCAL RESIDENTS AND TOURISTS. THIS HELPS US ATTRACT NEW AND RETURNING CUSTOMERS TO THE DISTRICT, TALENT FOR AREA EMPLOYERS, STUDENTS AND FACULTY TO HARRISONBURG UNIVERSITIES, AND TOURISTS. IN 2023, HDR LED MULTIPLE MULTIMEDIA CAMPAIGNS TO PROMOTE THE DISTRICT, WEEKLY EVENTS, RESTAURANT MONTH, HOLIDAY SHOPPING, COMMUNITY FESTIVALS, IN ADDITION TO EDUCATING THE COMMUNITY ABOUT OUR ACTIVITIES AND THE WORK WE DO.

Program 2

Expenses: $113,485

HDR SPECIALIZES IN PEOPLE-BASED AND PLACED-BASED ECONOMIC DEVELOPMENT. OUR STRATEGIES FOCUS ON MATCHING ENTREPRENEURS WITH VACANCIES AND STRENGTHENING EXISTING BUSINESSES SO THEY CAN ATTRACT MORE...

HDR SPECIALIZES IN PEOPLE-BASED AND PLACED-BASED ECONOMIC DEVELOPMENT. OUR STRATEGIES FOCUS ON MATCHING ENTREPRENEURS WITH VACANCIES AND STRENGTHENING EXISTING BUSINESSES SO THEY CAN ATTRACT MORE CUSTOMERS AND GROW THEIR BOTTOM LINES. OUR WORK CREATES AND RETAINS JOBS, CREATES OPPORTUNITIES FOR ENTREPRENEURS, AS WELL AS BOOSTS THE CITY'S TAX BASE. OUR PROGRAMS INCLUDE GRANTS, CUSTOMIZED TECHNICAL ASSISTANCE, PLACEMAKING, NETWORKING OPPORTUNITIES, INFORMATION AND RESOURCES. BY THE END OF 2023, DOWNTOWN HAD ITS LOWEST VACANCY RATE SINCE HDR GOT STARTED. SINCE 2020, HDR HAS PROVIDED $150,000 TO DOWNTOWN SMALL BUSINESS GRANTS AND TECHNICAL ASSISTANCE. HDR HAS ALSO CONTINUED TO SUPPORT THE B-CUBED PROGRAM DESIGNED TO ASSIST OUR AREA'S BLACK- AND BROWN-OWNED BUSINESSES BY SECURING A $50,000 GRANT TO FUND THE PROGRAM. WE ALSO COMPLETED THE DESIGN PHASE OF A NEW DOWNTOWN POCKET PARK AND SECURED A $75,000 GRANT TO SEED ITS CONSTRUCTION.

Program 3

Expenses: $215,245 Revenue: $96,508

HDR PRODUCES FREE PUBLIC EVENTS TO BUILD COMMUNITY, ENHANCE QUALITY OF LIFE FOR RESIDENTS, ATTRACT TOURISTS, BOOST FOOT TRAFFIC AND EXPOSURE FOR SMALL BUSINESSES, GENERATE TAX REVENUE AND SALES AT...

HDR PRODUCES FREE PUBLIC EVENTS TO BUILD COMMUNITY, ENHANCE QUALITY OF LIFE FOR RESIDENTS, ATTRACT TOURISTS, BOOST FOOT TRAFFIC AND EXPOSURE FOR SMALL BUSINESSES, GENERATE TAX REVENUE AND SALES AT BUSINESSES, AND STRENGTHEN COMMUNITY PRIDE AND COHESION THROUGH TOGETHERNESS. ANNUAL EVENTS INCLUDE DOWNTOWN HAPPY HOUR, A CHARCUETERIE BOARD WORKSHOP, BESTWEEKENDEVER, INDEPENDENCE DAY FIREWORKS, BLOCK PARTY IN THE BURG, SKELETON FEST, VETERANS PARADE, AND WINTER WONDERFEST. THESE EVENTS LARGELY TOOK PLACE OUTDOORS AND ENCOURAGED PARTICIPANTS TO CIRCULATE THROUGHOUT THE DOWNTOWN TO DISCOVER BUSINESSES AND TO ENJOY FREE ENTERTAINMENT IN THE HEART OF THE COMMUNITY. LAST YEAR, HDR ALSO LAUNCHED A FREE, NEW 10-WEEK SUMMERTIME CONCERT SERIES. TOTAL ATTENDANCE FOR HDR'S 25 EVENTS THIS YEAR EXCEEDED 59,600.

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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 (2023)

Revenue Breakdown

Contributions & Grants $651,050

Program Service Revenue $160,695

Investment Income $16,144

Other Revenue $240,622

TOTAL REVENUE $1,068,511

Expense Breakdown

Grants Paid $13,500

Salaries & Benefits $280,429

Fundraising Expenses $81,473

Program Expenses $491,942

Other Expenses $451,221

TOTAL EXPENSES $745,150

Year-over-Year Comparison

	2023	2022	Change
Revenue	$1,068,511	$706,534	+0.5%
Expenses	$745,150	$701,295	+0.1%
Net Income	$323,361	$5,239	+60.7%

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

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

$92,486

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
BRAD COHEN	PRESIDENT	0.50	Officer Director	$0	$0	$0
JAIREMY DROOGER	VICE PRESIDENT	0.50	Officer Director	$0	$0	$0
PHIL SAUNDERS	SECRETARY	0.50	Officer Director	$0	$0	$0
MEGAN ARGENBRIGHT	TREASURER	1.00	Officer Director	$0	$0	$0
DANA HARSHBERGER	TREASURER	1.00	Officer Director	$0	$0	$0
JUSTIN BANKS	DIRECTOR	0.50	Director	$0	$0	$0
JESSICA BROWN	DIRECTOR	0.50	Director	$0	$0	$0
THOMAS GLADIN	DIRECTOR	0.50	Director	$0	$0	$0
MIKE GOCHENOUR	DIRECTOR	0.50	Director	$0	$0	$0
CHRISTOPHER JONES	DIRECTOR	0.50	Director	$0	$0	$0
KRISTIN LA PORTA	DIRECTOR	0.50	Director	$0	$0	$0
AARON LUDWIG	DIRECTOR	0.50	Director	$0	$0	$0
KIRSTEN MOORE	DIRECTOR	0.50	Director	$0	$0	$0
MELISSA NGUYEN	DIRECTOR	0.50	Director	$0	$0	$0
JONAH PENCE	DIRECTOR	0.50	Director	$0	$0	$0
ANDY PERRINE	DIRECTOR	0.50	Director	$0	$0	$0
KATE SCHMUFF	DIRECTOR	0.50	Director	$0	$0	$0
JEN SODIKOFF	DIRECTOR	0.50	Director	$0	$0	$0
ANDREA DONO	EXECUTIVE DIRECTOR	40.00	Officer	$82,240	$10,246	$92,486

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
2024	No data	No data	No data	No data
2023	$1,068,511	$745,150	$1,484,576	$323,361
2022	$706,534	$701,295	$859,245	$5,239
2021	$609,048	$453,434	$740,767	$155,614
2020	$505,610	$400,023	$616,461	$105,587
2019	$552,726	$587,091	$459,283	$-34,365
2018	$718,231	$628,486	$458,132	$89,745