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Nonprofiteer
← UPTOWN REINVESTMENT CORPORATION INC

Form 990 for tax year 2023

Filed by UPTOWN REINVESTMENT CORPORATION INC.

Totals

Total revenue
$14,851,531
Total expenses
$16,266,910
Contributions and grants received
$12,090,428
Grants paid
$13,430,046
Program service revenue
$204,616
Investment income
$1,506,692
Other revenue
$1,049,795
Total assets, end of year
$83,990,325
Total liabilities, end of year
$2,268,499
Net assets or fund balances, end of year
$81,721,826
Program services expenses (Part IX)
$16,241,492
Management and general expenses
$25,418
Fundraising expenses
$0
Program service expenses (Part III)
$16,241,492

Program services were 99.8% 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

    $6,545,000

  • 1f · All other contributions, gifts and grants

    $5,545,428

  • 2a · Program service revenue: FEE FOR SERVICE REVENUE

    total $94,782 · related or exempt $94,782

  • 2b · Program service revenue: DEVELOPER FEE

    total $73,590 · related or exempt $73,590

  • 2f · All other program service revenue

    total $36,244 · related or exempt $36,244

  • 3 · Investment income

    total $1,646,932 · excluded $1,646,932

  • 6a · Gross rents

    real property $1,219,181

  • 6b · Less rental expenses

    real property $169,386

  • 6c · Rental income or loss

    real property $1,049,795

  • 6d · Net rental income or loss

    total $1,049,795 · excluded $1,049,795

  • 7b · Less cost or other basis and sales expenses

    other assets $140,240

  • 7c · Gain or loss

    other assets -$140,240

  • 7d · Net gain or loss

    total -$140,240 · excluded -$140,240

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $13,380,177 · program services $13,380,177

  • 2 · Grants to domestic individuals

    total $49,869 · program services $49,869

  • 7 · Other salaries and wages

    total $1,067,175 · program services $1,067,175

  • 10 · Payroll taxes

    total $36,022 · program services $36,022

  • 11b · Fees: legal

    total $2,673 · program services $2,165 · management and general $508

  • 11c · Fees: accounting

    total $34,145 · program services $9,695 · management and general $24,450

  • 11g · Fees: other

    total $26,508 · program services $26,508

  • 12 · Advertising and promotion

    total $51,876 · program services $51,876

  • 13 · Office expenses

    total $13,537 · program services $13,077 · management and general $460

  • 16 · Occupancy

    total $667,522 · program services $667,522

  • 20 · Interest

    total $67,155 · program services $67,155

  • 22 · Depreciation, depletion and amortization

    total $156,407 · program services $156,407

  • 23 · Insurance

    total $64,878 · program services $64,878

  • 24a · Other expenses: DEVELOPMENT EXPENSE

    total $648,966 · program services $648,966

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $200 · end of year $200

  • 2 · Savings and temporary cash investments

    beginning of year $5,443,753 · end of year $3,445,330

  • 4 · Accounts receivable

    beginning of year $4,702,367 · end of year $4,415,573

  • 7 · Other notes and loans receivable

    beginning of year $12,936,810 · end of year $13,159,736

  • 9 · Prepaid expenses and deferred charges

    beginning of year $107,531 · end of year $108,403

  • 10a · Land, buildings and equipment: cost or other basis

    $9,420,574

  • 10b · Land, buildings and equipment: accumulated depreciation

    $955,099

  • 10c · Land, buildings and equipment, net

    beginning of year $7,835,651 · end of year $8,465,475

  • 13 · Investments: program-related

    beginning of year $53,812,509 · end of year $54,235,014

  • 15 · Other assets

    beginning of year $125,152 · end of year $160,594

  • 17 · Accounts payable and accrued expenses

    beginning of year $739,262 · end of year $1,239,483

  • 19 · Deferred revenue

    beginning of year $13,036 · end of year $4,609

  • 25 · Other liabilities

    beginning of year $1,074,470 · end of year $1,024,407

  • 27 · Net assets without donor restrictions

    beginning of year $79,440,289 · end of year $80,589,392

  • 28 · Net assets with donor restrictions

    beginning of year $3,696,916 · end of year $1,132,434

Mission and programs · 2023

Mission

TO PROMOTE ECONOMIC GROWTH, EMPLOYMENT AND DEVELOPMENT IN THE DOWNTOWN FLINT BUSINESS DISTRICT BY OFFERING FINANCIAL ASSISTANCE, ASSISTANCE IN OBTAINING PRIVATE INVESTMENT CAPITAL, REAL PROPERTY, AND OTHER INCENTIVES TO BUSINESSESS CONSIDERING LOCATING NEW FACILITIES OR DEVELOPMENTS IN THE DOWNTOWN FLINT BUSINESS DISTRICT.TO BRING TOGETHER ALL DOWNTOWN INTERESTS, INCLUDING GOVERNMENT, EDUCATION, BUSINESS, AND CHARITABLE INSTITUTIONS IN A BROAD-BASED COALITION.TO SUPPORT EXISTING BUSINESSES AND ENCOURAGE ENTREPRENEURIAL BUSINESS DEVELOPMENT IN THE DOWNTOWN FLINT BUSINESS DISTRICT.TO ENHANCE THE PUBLIC INFRASTRUCTURE AND IMPROVE AESTHETICS.TO INCREASE DOWNTOWN RESIDENCY AND DEVELOP THE DOWNTOWN INTO AN ATTRACTIVE AREA FOR BUSINESS, EMPLOYMENT, AND ENTERTAINMENT.

Activities or mission (Part I)

SEE PART III LINE 1 DESCRIPTION

  • THE PROMOTION OF ECONOMIC GROWTH, EMPLOYMENT, AND DEVELOPMENT IN THE DOWNTOWN FLINT BUSINESS DISTRICT BY:* OFFERING FINANCIAL AND TECHNICAL ASSISTANCE THROUGH PROCUREMENT OF PRIVATE INVESTMENT CAPITAL AND FEDERAL AND STATE GRANTS* ACQUIRING AND REVITALIZING UNDER UTILIZED COMMERCIAL REAL ESTATE

    Expenses $15,178,641 · Grants $13,380,177 · Revenue $157,911

  • THE PROMOTION OF ECONOMIC GROWTH, EMPLOYMENT, AND DEVELOPMENT IN THE DOWNTOWN FLINT BUSINESS DISTRICT BY:* OPERATING AND SUPPORTING THE OPERATIONS OF THE LOCAL FARMERS' MARKET LOCATED IN DOWNTOWN FLINT

    Expenses $1,062,851 · Grants $49,869 · Revenue $46,705

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Tim Herman

    PRESIDENT

    Total calculated
    $0
    Hours/week
    1 + 1.5 related

  • John Stock

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    1 + 1.5 related

  • Greg Viener

    CHAIR/SECRETARY

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Deborah Cherry

    TREASURER

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Greg Fiedler

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Bobby Mukkamala

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Dave Forystek

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Luther Brown

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Loyst Fletcher

    DIRECTOR - PART YEAR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Debasish Dutta

    DIRECTOR - PART YEAR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Isaiah Oliver

    DIRECTOR - PART YEAR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Kiara May

    DIRECTOR - PART YEAR

    Total calculated
    $0
    Hours/week
    1 + 1 related

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.

Grants on this return

  • HWD HARRISON INC

    $9,879,726

    TO PROMOTE ECONOMIC GROWTH, EMPLOYMENT AND DEVELOPMENT IN THE DOWNTOWN FLINT BUSINESS DISTRICT.

  • HWD ON SECOND INC

    $2,298,576

    TO PROMOTE ECONOMIC GROWTH, EMPLOYMENT AND DEVELOPMENT IN THE DOWNTOWN FLINT BUSINESS DISTRICT.

  • MICHIGAN COMMUNITY CAPITAL

    $1,180,000

    TO PROMOTE ECONOMIC GROWTH, EMPLOYMENT AND DEVELOPMENT IN THE DOWNTOWN FLINT BUSINESS DISTRICT.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

  • FOUNDATION FOR UPTOWN REINVESTMENT

    501(C)(3) · NON PROFIT · MI · controlled entity

    Directly controlled by UPTOWN REINVESMENT CORPORATION

  • HWD HARRISON INC

    501(C)(3) · NON PROFIT · MI · controlled entity

    Directly controlled by UPTOWN REINVESMENT CORPORATION

  • HWD ON SECOND INC

    501(C)(3) · NON PROFIT · MI · controlled entity

    Directly controlled by UPTOWN REINVESMENT CORPORATION

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.

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • CAPITOL THEATER INVESTORS LLC

    RELATED · RE DEVELOP · MI · 70% owned · share of income $2,588,674 · share of assets $18,493,431 · general or managing partner

    Directly controlled by URC

  • HWD INVESTORS LLC

    RELATED · RE DEVELOP · MI · 66.67% owned · share of income -$160,975 · share of assets $12,779,617 · general or managing partner

    Directly controlled by URC

  • 550 BEARS LLC

    RELATED · RE DEVELOP · MI · 90% owned · share of income -$49,496 · share of assets $8,897,336

    Directly controlled by URC

  • BUCKHAM SQUARE INVESTORS LLC

    RELATED · RE DEVELOP · MI · 70% owned · share of income -$1,106,445 · share of assets $9,732,864

    Directly controlled by URC

  • URC 600 SOUTH LLC

    RELATED · RE DEVELOP · MI · 50% owned · share of income -$34,037 · share of assets $664,624 · general or managing partner

    Directly controlled by URC

  • 310 EAST THIRD STREET MASTER TENANT LLC

    RELATED · RE DEVELOP · MI · 51% owned · share of income -$1,442 · share of assets $69,309

    Directly controlled by URC

  • FLINT HOME OWNERSHIP INITIATIVE

    RELATED · RE DEVELOP · MI · 50% owned · share of income $847,569 · share of assets $1,660,529

    Directly controlled by URC

Related corporations and trusts

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

  • BUCKHAM SQUARE MANAGER INC

    C · RE DEVELOP · MI · 70% owned · share of income -$1,105,360 · share of assets $9,736,559 · controlled entity

    Directly controlled by BSI

  • CAPITOL THEATRE MANAGER INC

    C · RE DEVELOP · MI · 70% owned · share of income -$434,635 · share of assets $15,219,880 · controlled entity

    Directly controlled by CTI

  • DOWNTOWN RESTORATION CORPORATION

    C · RE DEVELOP · MI · 100% owned · share of income -$81,792 · share of assets $9,783,718 · controlled entity

    Directly controlled by URC

  • URC 310 E THIRD ST

    C · RE DEVELOP · MI · 100% owned · share of income -$5,144 · share of assets $980,997 · controlled entity

    Directly controlled by URC

Provenance

Return type
form_990
Tax year
2023
Filed
7 November 2024
IRS schema version
2023v5.1
Source object
202423139349302482

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