COOL SPRING DOWNTOWN DISTRICT INC

EIN: 820832831 501(c)(3) Arts, Culture & Humanities

FAYETTEVILLE, NC

Total Revenue
$1,096,228
Total Expenses
$1,144,124
Total Assets
$253,034
Net Assets
$236,608
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
2017
Legal Domicile
NC
Principal Officer
MICHAEL PENNINK
Phone
9107233753
Tax Period
2024-07-01 to 2025-06-30

COOL SPRING DOWNTOWN DISTRICT INC, founded in 2017, is a community nonprofit in the Arts, Culture & Humanities sector that reported $1.1M in total revenue in fiscal year 2024. Revenue surged 22% from the prior year, signaling strong growth momentum.

Mission

THE MISSION OF THE COOL SPRING DOWNTOWN DISTRICT IS TO CREATE AND SUSTAIN AN ARTS AND ENTERTAINMENT DISTRICT EMANATING FROM THE CORE OF THE CITY. THE DISTRICT IS TO BE A VIBRANT CENTER OF ARTISTIC, CULTURAL, CIVIC AND COMMERCIAL ACTIVITY; A PLACE WHERE PEOPLE LIVE, WORK, FREQUENTLY VISIT AND LOYALLY PATRONIZE; A ROBUST GENERATOR OF ECONOMIC PROSPERITY FOR ALL OF CUMBERLAND COUNTY.

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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%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $955,911
Program Service Revenue $95,556
Investment Income $25,201
Other Revenue $19,560
TOTAL REVENUE $1,096,228

Expense Breakdown

Grants Paid $0
Salaries & Benefits $305,594
Fundraising Expenses $0
Program Expenses $1,073,863
Other Expenses $838,530
TOTAL EXPENSES $1,144,124

Year-over-Year Comparison

2024 2023 Change
Revenue $1,096,228 $896,622 +0.2%
Expenses $1,144,124 $941,385 +0.2%
Net Income $-47,896 $-44,763 +0.1%
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

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Liquidity & Cash Position

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Governance

Voting Members
14
Independent Members
14
Employees
5
Volunteers
100

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
4
$0
Total Directors
14
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
MICHAEL PENNINK CHAIR 5.00
Officer Director
$0 $0 $0
HAMPTON RUTLEDGE MEMBER 2.00
Director
$0 $0 $0
JOSH CHOI EX OFFICIO 2.00
Director
$0 $0 $0
GERARD FALLS TREASURER 5.00
Officer Director
$0 $0 $0
DAVID WOODHOUSE MEMBER 2.00
Director
$0 $0 $0
EBONY WARFIELD-GRAHAM MEMBER 2.00
Director
$0 $0 $0
TYLER PATTON MEMBER 2.00
Director
$0 $0 $0
CAROLINE GREGORY MEMBER 2.00
Director
$0 $0 $0
KENNON JACKSON MEMBER 2.00
Director
$0 $0 $0
NATHAN CUFFEE MEMBER 2.00
Director
$0 $0 $0
ISAAC HALVERSON MEMBER 2.00
Director
$0 $0 $0
KATRINA RUBIERA SECRETARY 5.00
Officer Director
$0 $0 $0
LEJUANE BOWENS VICE CHAIR 5.00
Officer Director
$0 $0 $0
KRISTEN WELLONS SEELAND MEMBER 2.00
Director
$0 $0 $0
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 $1,096,228 $1,144,124 $253,034 $-47,896
2024 $896,622 $941,385 $286,400 $-44,763
2023 $917,731 $951,054 $340,186 $-33,323
2022 $773,790 $846,686 $404,618 $-72,896
2021 $640,058 $468,860 $440,521 $171,198
2020 $438,426 $362,470 $293,395 $75,956
2019 $301,024 $291,534 $206,645 $9,490
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