Form 990 for tax year 2024

Filed by RIVERCITY COMPANY.

Totals

Total revenue: $6,243,206
Total expenses: $2,925,907
Contributions and grants received: $1,665,312
Grants paid: $5,000
Program service revenue: $54,923
Investment income: $3,252,762
Other revenue: $1,270,209
Total assets, end of year: $28,194,101
Total liabilities, end of year: $425,067
Net assets or fund balances, end of year: $27,769,034
Program services expenses (Part IX): $2,397,485
Management and general expenses: $528,422
Fundraising expenses: $0
Program service expenses (Part III): $2,397,485

Program services were 81.9% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

1d · Related organizations

$119,272
1f · All other contributions, gifts and grants

$1,546,040
2a · Program service revenue: EVENT INCOME - RCC

total $54,923 · related or exempt $54,923
3 · Investment income

total $296,106 · excluded $296,106
6a · Gross rents

real property $2,630,993
6b · Less rental expenses

real property $1,360,784
6c · Rental income or loss

real property $1,270,209
6d · Net rental income or loss

total $1,270,209 · excluded $1,270,209
7a · Gross sales of assets other than inventory

securities $1,815,094 · other assets $3,900,000
7b · Less cost or other basis and sales expenses

securities $1,721,373 · other assets $1,037,065
7c · Gain or loss

securities $93,721 · other assets $2,862,935
7d · Net gain or loss

total $2,956,656 · related or exempt $2,956,656

Functional expenses

Part IX, the statement of functional expenses.

1 · Grants to domestic organizations and governments

total $5,000 · program services $5,000
5 · Compensation of officers, directors and key employees

total $404,438 · program services $331,639 · management and general $72,799
6 · Compensation of disqualified persons

total $531,366 · program services $406,858 · management and general $124,508
11b · Fees: legal

total $27,801 · program services $19,181 · management and general $8,620
11c · Fees: accounting

total $53,680 · program services $2,535 · management and general $51,145
11f · Fees: investment management

total $25,071 · management and general $25,071
11g · Fees: other

total $1,317,299 · program services $1,317,299
12 · Advertising and promotion

total $7,044 · program services $7,044
14 · Information technology

total $40,209 · management and general $40,209
16 · Occupancy

total $32,837 · program services $18,773 · management and general $14,064
17 · Travel

total $15,392 · program services $14,174 · management and general $1,218
22 · Depreciation, depletion and amortization

total $56,132 · program services $8,711 · management and general $47,421
23 · Insurance

total $25,514 · program services $13,523 · management and general $11,991
24a · Other expenses: TAXES AND LICENSES

total $77,377 · program services $3,599 · management and general $73,778
24b · Other expenses: CONTRACT LABOR

total $48,483 · program services $48,483
24c · Other expenses: SUPPORT OF PROJECT

total $35,037 · program services $35,037
24d · Other expenses: PERFORMANCE CONTRACTS

total $23,575 · program services $23,575
24e · All other expenses

total $199,652 · program services $142,054 · management and general $57,598

Balance sheet

Part X, book values.

1 · Cash, non-interest-bearing

beginning of year $352,213 · end of year $219,657
2 · Savings and temporary cash investments

beginning of year $2,415,331 · end of year $3,616,912
4 · Accounts receivable

beginning of year $136,356 · end of year $153,893
7 · Other notes and loans receivable

beginning of year $21,753 · end of year $21,753
9 · Prepaid expenses and deferred charges

beginning of year $38,920 · end of year $22,280
10a · Land, buildings and equipment: cost or other basis

$27,198,449
10b · Land, buildings and equipment: accumulated depreciation

$10,718,950
10c · Land, buildings and equipment, net

beginning of year $17,723,749 · end of year $16,479,499
12 · Investments: other securities

beginning of year $3,850,175 · end of year $7,549,383
15 · Other assets

beginning of year $224,437 · end of year $130,724
17 · Accounts payable and accrued expenses

beginning of year $320,043 · end of year $256,388
19 · Deferred revenue

beginning of year $39,293 · end of year $37,955
25 · Other liabilities

beginning of year $162,490 · end of year $130,724
27 · Net assets without donor restrictions

beginning of year $24,008,079 · end of year $27,144,385
28 · Net assets with donor restrictions

beginning of year $233,029 · end of year $624,649

Mission and programs · 2024

Mission

THE RIVERCITY COMPANY'S MISSION IS TO ASSIST AND SUPPORT THE CHATTANOOGA CITY AND HAMILTON COUNTY GOVERNMENTS BY PROMOTING AND MANAGING THE DEVELOPMENT OF A VIBRANT, ATTRACTIVE AND HEALTHY DOWNTOWN THAT IS THE ECONOMIC, SOCIAL AND CULTURAL CENTERPIECE OF THE CHATTANOOGA REGION. THE RIVERCITY COMPANY ACCOMPLISHES THIS BY OVERSEEING DEVELOPMENT OF DOWNTOWN REAL ESTATE, MAKING AND PROGRAMMING GREAT URBAN SPACES, AND EMPLOYING CREATIVE URBAN DESIGN. ITS PRIMARY STRATEGIC AREAS FOR PROJECTS AND INITIATIVES ARE: (I) CONTINUING THE ONE RIVERFRONT PLAN IN THE RIVERFRONT DISTRICT, (II) REINVIGORATING THE HISTORIC COMMERCIAL CORE IN THE CITY CENTER DISTRICT, AND (III) BRINGING MORE RESIDENTS TO ALL AREAS OF DOWNTOWN THROUGH CATALYZING A FULL RANGE OF DOWNTOWN HOUSING.

EVOLVING OUR RIVERFRONT PARKS: THE FIRST PHASE OF THE ONE RIVERFRONT PLAN THROUGH COMMUNITY INPUT SEES THE FOUNDATION OF THE ONE RIVERFRONT PLAN IS TO HUMANIZE THE PARKS AND GREEN SPACE ON THE RIVERFRONT. BUILDING UPON THE LEGACY AND DESIGN OF THE 21ST CENTURY WATERFRONT, WE WILL EVOLVE AND ENHANCE OUR RIVERFRONT PARKS FOR RESIDENTS AND VISITORS TO EXPERIENCE AND ENJOY BEAUTIFUL, COMFORTABLE AND EXCITING PARK SPACES. THE "EVOLVING OUR RIVERFRONT PARKS" PLAN IS A SERIES OF ENHANCEMENTS THAT WILL HONOR HISTORY, CONNECT CORRIDORS IN THE DISTRICT, EMBRACE ECOLOGY, SOFTEN AND PROVIDE SHADE, ALONG WITH USING THE INSPIRATION OF A SOUTHERN PORCH FOR AREAS ALONG THE RIVER.

Expenses $1,372,077
FUTURE OF HAWK HILL: WITH THE ANTICIPATED RELOCATION OF THE CHATTANOOGA LOOKOUTS BASEBALL TEAM FROM AT&T FIELD TO THE U.S. PIPE & WHELAND FOUNDRY SITE, HAWK HILL WILL BECOME AVAILABLE FOR REDEVELOPMENT. PER THE LAND TRANSFER AGREEMENT WITH THE CITY OF CHATTANOOGA ONCE THE CHATTANOOGA LOOKOUTS HAVE RELOCATED TO THE NEW STADIUM. RIVERCITY COMPANY ALONG WITH THE CITY, COMMUNITY INPUT, URBAN PLANNERS AND DOWNTOWN STAKEHOLDERS TO ASSIST IN DEVELOPING A COMPREHENSIVE, LONG-TERM VISION FOR THE SITE TO GUIDE FUTURE REDEVELOPMENT. WITH THIS INFORMATION, RIVERCITY COMPANY WILL EXPLORE POTENTIAL LAND USES, DENSITY, PUBLIC SPACES, CONNECTIVITY, AND THE NECESSARY INFRASTRUCTURE TO SUPPORT FUTURE REDEVELOPMENT.

Expenses $182,480
EMERGING PRODUCERS: RIVERCITY HAS DEVELOPED A PROGRAM FOR INDIVIDUALS PRODUCING EVENTS IN DOWNTOWN IN CHATTANOOGA. THE EMERGING PRODUCERS PROGRAM IS TO PROVIDE EDUCATION AND HANDS-ON TRAINING TO THOSE WITH 2 YEARS OR LESS OF EXPERIENCE. THE PROGRAM TEACHES A WIDE VARIETY OF TOPICS FROM PERMITS, INSURANCE TO SAFETY ALONG WITH HOW TO CREATE PARTNERSHIPS, MARKETING AND CONTRACTOR MANAGEMENT FOR EVENT PRODUCTION. THE LAST SIX MONTHS OF THE PROGRAM ALLOWS EACH COHORT MEMBER TO TAKE THE LEAD ON PRODUCING AN EVENT IN DOWNTOWN WITH THE OTHER COHORT MEMBERS IN THE PROGRAM SUPPORTING THE WORK.

Expenses $81,609
DOWNTOWN ANIMATION: RIVERCITY BUILT OFF THE SUCCESS OF DOWNTOWN ANIMATION FROM THE PAST TWO YEARS WITH A ROBUST CALENDAR OF ACTIVITIES AND EVENTS FOR 2024/2025. EVENTS AND PROGRAMS INCLUDES; NOONTUNES, ICE CREAM CRAWL, SUMMERWEEN, TAKE A BREAK IN MILLER PARK AND REINDEER ON THE RIVERFRONT.GRATEFULL: GRATEFULL IS FREE AND ALL ARE WELCOME TO JOIN TOGETHER FOR A THANKSGIVING MEAL IN THE MIDDLE OF MARTIN LUTHER KING BLVD. THERE IS NO FEE, NO EXPECTATIONS, AND NO AGENDA JUST AN OPEN INVITATION FOR ALL TO GATHER IN THE CITY FOR A TIME OF THANKSGIVING AND GRATEFULNESS.BEAUTIFICATION: RIVERCITY IN PARTNERSHIP WITH THE CITY OF CHATTANOOGA PUBLIC ART, INSTALLED NEW BANNERS FOR THE CITY CENTER DISTRICT. RIVERCITY ALSO MANAGES THE SNOWFLAKE LIGHTING DURING THE HOLIDAYS TO HELP WITH BEAUTIFICATION EFFORTS DOWNTOWN.SPORT SPOT: RIVERCITY INSTALLED A TEMPORARY POP UP RECREATIONAL EXPERIENCE UNDER THE OLGIATIE BRIDGE ON THE RIVERFRONT IN DOWNTOWN CHATTANOOGA. THE PURPOSE WAS TO TEST CONCEPTS FROM THE "EVOLVING OUR RIVERFRONT PARKS" PLANNING PROCESS AND TO GATHER REAL TIME FEEDBACK FROM USERS. FOUR DIFFERENT PUBLIC PLAY SPACES WERE AVAILABLE; PUMP TRACK COURSE, ROLLER SKATING RINK, PICKLEBALL COURT AND BASKETBALL COURT.REIMAGINE BROAD STREET: RIVERCITY ALONG WITH THE CITY EMBARKED ON A COMPREHENSIVE AND VISIONARY PLAN FOR BROAD STREET IN DOWNTOWN CHATTANOOGA. THE PLAN IS A DETAILED BLOCK-BY-BLOCK URBAN DESIGN ANALYSIS THAT WILL ADDRESS THE PUBLIC REALM IMPROVEMENTS, MULTI- MODAL TRANSPORTATION ENHANCEMENTS, INTEGRATE TECHNOLOGY, GREEN INFRASTRUCTURE, PARKING, ECONOMIC DEVELOPMENT OPPORTUNITIES, ALL WHILE SUPPORTING EXISTING BUSINESSES AND URBAN RESIDENTS.PUBLIC SAFETY: IN RESPONSE TO COMMUNITY FEEDBACK SEEKING REGULAR OPPORTUNITIES FOR SHARING, RIVERCITY COMPANY, THE DOWNTOWN CHATTANOOGA ALLIANCE, CHATTANOOGA TOURISM COMPANY AND THE CHATTANOOGA AREA CHAMBER OF COMMERCE HAVE PARTNERED TO ESTABLISH QUARTERLY PUBLIC MEETINGS. THE MEETINGS INCLUDE REPRESENTATIVES FROM THE HOST ORGANIZATIONS ALONG WITH THE CHATTANOOGA POLICE DEPARTMENT AND CITY OF CHATTANOOGA TO SHARE ABOUT PROJECTS, PLANS AND WAYS FOR LOCALS TO STAY INFORMED. IT IS ALSO AN OPPORTUNITY FOR THE COMMUNITY TO ASK QUESTIONS AND PROVIDE FEEDBACK. MILLER PLAZA: MILLER PLAZA IS AN URBAN PUBLIC PARK CONSTRUCTED ALMOST THREE DECADES AGO IN THE HEART OF DOWNTOWN CHATTANOOGA; IT WAS BUILT BOTH TO PROVIDE A MODEL OF GOOD URBAN DESIGN FOR "ACTIVE PARK USE", AND TO PROVIDE A VENUE FOR AN ENORMOUS VARIETY OF ANIMATING ACTIVITIES FOR DOWNTOWN. WHEN IT WAS CONSTRUCTED, DOWNTOWN CHATTANOOGA WAS SLIDING DOWNHILL WITH ABANDONED RETAIL STORES, CLOSED MOVIE THEATERS, OFFICES AND RESIDENCES RELOCATING TO OUTLYING SUBURBAN AREAS, AND A VACUUM OF ATTRACTIVE ACTIVITY AND ANIMATION, ESPECIALLY AFTER WORK HOURS ENDED. MILLER PLAZA WAS THE FIRST BEACON FOR THE REVIVAL OF DOWNTOWN CHATTANOOGA, AND MILLER PLAZA NOW SERVES AS THE HOME FOR THREE RESTAURANTS AND ONE RETAIL SHOP, SEASONAL FRIDAY NIGHT CONCERT SERIES FROM MEMORIAL DAY TO LABOR DAY, AND A VENUE FOR MANY DOZENS OF CIVIC GATHERINGS AND ACTIVITIES. MILLER PLAZA IS OWNED TY THE RIVERCITY COMPANY AND IT CONTINUES TO PROVIDE THE SOCIAL ANCHOR FOR EVENTS AND ANIMATION WITHIN THE CITY CENTER DISTRICT OF DOWNTOWN CHATTANOOGA.

Expenses $761,319 · Grants $5,000 · Revenue $53,969

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

Jennifer GoodmanJENNIFER GOODMAN

CHAIRWOMAN

Total calculated

$0

Hours/week

1
Roy VaughnROY VAUGHN

VICE CHAIR

Total calculated

$0

Hours/week

1
Martha Culp MillenerMARTHA CULP MILLENER

SECRETARY

Total calculated

$0

Hours/week

1
Martha LeiperMARTHA LEIPER

TREASURER

Total calculated

$0

Hours/week

1
Alnoor DhananiALNOOR DHANANI

VICE PRESIDENT

Total calculated

$0

Hours/week

1
Rebecca AshfordREBECCA ASHFORD

DIRECTOR

Total calculated

$0

Hours/week

1
Johan De NysschenJOHAN DE NYSSCHEN

DIRECTOR

Total calculated

$0

Hours/week

1
Jeff EversoleJEFF EVERSOLE

DIRECTOR

Total calculated

$0

Hours/week

1
Brent GoldbergBRENT GOLDBERG

DIRECTOR

Total calculated

$0

Hours/week

1
Leslie GowerLESLIE GOWER

DIRECTOR

Total calculated

$0

Hours/week

1
Althea JonesALTHEA JONES

DIRECTOR

Total calculated

$0

Hours/week

1
Mayor Weston WampMAYOR WESTON WAMP

DIRECTOR

Total calculated

$0

Hours/week

1
Mayor Tim KellyMAYOR TIM KELLY

DIRECTOR

Total calculated

$0

Hours/week

1
Jenny HillJENNY HILL

DIRECTOR

Total calculated

$0

Hours/week

1
James McKissicJAMES MCKISSIC

DIRECTOR

Total calculated

$0

Hours/week

1
David WadeDAVID WADE

DIRECTOR

Total calculated

$0

Hours/week

1
Susan HarrisSUSAN HARRIS

DIRECTOR

Total calculated

$0

Hours/week

1
Charles WoodCHARLES WOOD

DIRECTOR

Total calculated

$0

Hours/week

1
Jason ProvonshaJASON PROVONSHA

DIRECTOR

Total calculated

$0

Hours/week

1
Tom WhiteTOM WHITE

DIRECTOR

Total calculated

$0

Hours/week

1
Emily MackEMILY MACK

PRESIDENT

Total calculated

$261,378

From this org

$246,334

From related orgs

$0

Other

$15,044

Hours/week

40

Schedule J breakdown matched by us

Base

$246,334

Bonus

$0

Other

$0

Deferred

$0

Nontaxable benefits

$15,044

Filer's total

$261,378
Jim WilliamsonJIM WILLIAMSON

VICE PRESIDENT

Total calculated

$143,060

From this org

$123,226

From related orgs

$0

Other

$19,834

Hours/week

40

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

3 · Compensation committee
3 · Independent compensation consultant
3 · Form 990 of other organizations
3 · Written employment contract
3 · Compensation survey or study
3 · Approval by the board or compensation committee
7 · Other non-fixed payments

Answered no

4a · Severance or change-of-control payment
4b · Supplemental nonqualified retirement plan
4c · Equity-based compensation arrangement
5a · Pay contingent on this organization's revenues
5b · Pay contingent on a related organization's revenues
6a · Pay contingent on this organization's net earnings
6b · Pay contingent on a related organization's net earnings
8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 3: THE EXECUTIVE COMMITTEE REGULARLY REVIEWS SEVERAL FACTORS INCLUDING (1) AN INDEPENDENT COMPENSATION SURVEY, WHICH WAS LAST PERFORMED DURING 2019. THE SURVEY LOOKED AT THE ECONOMIC RESEARCH INSTITUTE SURVEY DATA FOR CEO COMPENSATION OF VARIOUS INDUSTRIES, INCLUDING NON-PROFITS AND REAL ESTATE DEVELOPMENT, COMPENSATION FOR THE CEO OF THE CHATTANOOGA CHAMBER OF COMMERCE, THE CHATTANOOGA CONVENTION AND VISITORS BUREAU, THE TENNESSEE AQUARIUM, NASHVILLE DOWNTOWN PARTNERSHIP, AND KNOXVILLE CHAMBER OF COMMERCE, (2) THE APPLICANT'S EXISTING RATE OF PAY, (3) COMPENSATION PAID TO THE TWO IMMEDIATE PREVIOUS RIVERCITY EXECUTIVE DIRECTORS, (4) EVALUATION SEMI-ANNUALLY OF THE EXECUTIVE DIRECTOR'S BONUS COMPENSATION BASED UPON GOALS SET BY THE COMMITTEE.
PART I, LINE 7: THE EXECUTIVE COMMITTEE EVALUATES SEMI-ANNUALLY THE EXECUTIVE DIRECTOR'S PERFORMANCE IN ORDER TO DETERMINE WHETHER ANY BONUS COMPENSATION IS APPROPRIATE, BASED UPON GOALS SET BY THE COMMITTEE. NO COMPENSATION IS TIED TO A FORMULA RELATED TO REVENUE OR RECEIPTS.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

FIRST & CHERRY LLC

REAL ESTATE HOLDING COMPANY · TN · income $0 · assets $46,000

Directly controlled by THE RIVERCITY COMPANY
NEW VISION AT BROAD AND FOURTH LLC

REAL ESTATE HOLDING COMPANY · TN · income $0 · assets $5,000

Directly controlled by THE RIVERCITY COMPANY

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

SOUTHSIDE RENAISSANCE CORPORATION

C · SOLAR PROJECT DEVELOPMENT · TN · 100% owned · share of income $2,700

Directly controlled by THE RIVERCITY COMPANY

Provenance

Return type: form_990
Tax year: 2024
Filed: 17 November 2025
IRS schema version: 2024v5.2
Source object: 202543219349315294

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

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