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Nonprofiteer
← NEW TOWN MACON INC

Form 990 for tax year 2022

Filed by NEW TOWN MACON INC.

Totals

Total revenue
$3,338,620
Total expenses
$2,913,101
Contributions and grants received
$2,422,627
Grants paid
$56,290
Program service revenue
$609,546
Investment income
$549,281
Other revenue
-$242,834
Total assets, end of year
$36,186,795
Total liabilities, end of year
$14,939,578
Net assets or fund balances, end of year
$21,247,217
Program services expenses (Part IX)
$2,360,929
Management and general expenses
$355,022
Fundraising expenses
$197,150
Program service expenses (Part III)
$2,360,929

Program services were 81.0% 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.

  • 1b · Membership dues

    $117,500

  • 1e · Government grants (contributions)

    $571,000

  • 1f · All other contributions, gifts and grants

    $1,734,127

  • 2a · Program service revenue: DEVELOPMENT FEE

    total $377,400 · related or exempt $377,400

  • 2b · Program service revenue: INTEREST FROM CDFI PROGRAM

    total $124,231 · related or exempt $124,231

  • 2c · Program service revenue: PERFORMANCE CONTRACTS

    total $91,296 · related or exempt $91,296

  • 2d · Program service revenue: TUITION ENTREPRENEUR EDUC.

    total $8,413 · related or exempt $8,413

  • 2e · Program service revenue: ORIGINATION FEE CDFI PROGRAMS

    total $8,206 · related or exempt $8,206

  • 3 · Investment income

    total $939,849 · related or exempt $939,849

  • 6a · Gross rents

    real property $362,749

  • 6b · Less rental expenses

    real property $553,961

  • 6c · Rental income or loss

    real property -$191,212

  • 6d · Net rental income or loss

    total -$191,212 · related or exempt -$5,410 · unrelated business -$185,802

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

    securities $390,568

  • 7c · Gain or loss

    securities -$390,568

  • 7d · Net gain or loss

    total -$390,568 · related or exempt -$390,568

  • 11a · Other revenue: OTHER INCOME

    total $18,835 · excluded $18,835

  • 11b · Other revenue: SPEARMAN LOFTS OPERATING, LLC

    total -$315 · unrelated business -$315

  • 11c · Other revenue: NEWTOWN UBIT, LLC

    total -$70,142 · unrelated business -$70,142

  • 11e · Other revenue, total

    -$51,622

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $21,240 · program services $21,240

  • 2 · Grants to domestic individuals

    total $35,050 · program services $35,050

  • 5 · Compensation of officers, directors and key employees

    total $407,540 · program services $183,135 · management and general $138,256 · fundraising $86,149

  • 7 · Other salaries and wages

    total $569,629 · program services $466,420 · management and general $41,974 · fundraising $61,235

  • 8 · Pension plan contributions

    total $33,798 · program services $28,559 · management and general $1,541 · fundraising $3,698

  • 9 · Other employee benefits

    total $45,072 · program services $30,235 · management and general $8,111 · fundraising $6,726

  • 10 · Payroll taxes

    total $72,326 · program services $50,862 · management and general $11,734 · fundraising $9,730

  • 11a · Fees: management

    total $1,250 · program services $1,250

  • 11b · Fees: legal

    total $35,522 · program services $33,191 · management and general $2,331

  • 11c · Fees: accounting

    total $45,813 · management and general $45,813

  • 11f · Fees: investment management

    total $47,116 · program services $47,116

  • 11g · Fees: other

    total $488,769 · program services $479,443 · management and general $9,326

  • 12 · Advertising and promotion

    total $58,742 · program services $50,012 · management and general $3,720 · fundraising $5,010

  • 13 · Office expenses

    total $72,199 · program services $33,062 · management and general $37,620 · fundraising $1,517

  • 14 · Information technology

    total $44,323 · program services $44,323

  • 16 · Occupancy

    total $100,422 · program services $99,109 · management and general $862 · fundraising $451

  • 17 · Travel

    total $43,786 · program services $39,228 · management and general $4,558

  • 19 · Conferences, conventions and meetings

    total $43,534 · program services $20,104 · management and general $796 · fundraising $22,634

  • 20 · Interest

    total $450,033 · program services $450,033

  • 22 · Depreciation, depletion and amortization

    total $34,992 · management and general $34,992

  • 23 · Insurance

    total $48,018 · program services $34,630 · management and general $13,388

  • 24a · Other expenses: PROVISION FOR LOAN LOSSES

    total $124,739 · program services $124,739

  • 24b · Other expenses: PROGRAM SUPPLIES

    total $89,188 · program services $89,188

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,092,061 · end of year $392,266

  • 2 · Savings and temporary cash investments

    beginning of year $4,862,730 · end of year $6,150,890

  • 3 · Pledges and grants receivable

    beginning of year $7,548,323 · end of year $6,024,868

  • 4 · Accounts receivable

    beginning of year $8,500 · end of year $63,150

  • 5 · Loans and receivables from officers and key people

    beginning of year $1,900,805 · end of year $2,365,878

  • 6 · Loans and receivables from disqualified persons

    end of year $99,413

  • 7 · Other notes and loans receivable

    beginning of year $482,035 · end of year $772,345

  • 9 · Prepaid expenses and deferred charges

    beginning of year $7,023 · end of year $1,803

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

    $5,654,622

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

    $715,943

  • 10c · Land, buildings and equipment, net

    beginning of year $4,477,911 · end of year $4,938,679

  • 11 · Investments: publicly traded securities

    beginning of year $3,407,587 · end of year $6,097,273

  • 12 · Investments: other securities

    beginning of year $2,860,705 · end of year $3,499,655

  • 13 · Investments: program-related

    beginning of year $5,817,756 · end of year $5,775,575

  • 15 · Other assets

    end of year $5,000

  • 17 · Accounts payable and accrued expenses

    beginning of year $386,872 · end of year $124,651

  • 22 · Loans and payables to officers and key people

    beginning of year $1,344,094 · end of year $1,227,796

  • 23 · Secured mortgages and notes payable

    beginning of year $2,764,061 · end of year $2,141,514

  • 24 · Unsecured notes and loans payable

    beginning of year $8,427,095 · end of year $11,445,617

  • 27 · Net assets without donor restrictions

    beginning of year $3,216,831 · end of year $4,281,193

  • 28 · Net assets with donor restrictions

    beginning of year $16,326,483 · end of year $16,966,024

Mission and programs · 2022

Mission

INVEST TIME, RESOURCES, AND MONEY IN LOCAL PEOPLE AND BUSINESSES TO REVITALIZE DOWNTOWN MACON.

  • COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION (CDFI): NEWTOWN MACON (THROUGH ITS SUBSIDIARY NEWTOWN LOANS, LLC) HAS BEEN DESIGNATED BY THE U.S. DEPARTMENT OF THE TREASURY AS A CDFI. THE CDFI FACILITATES THE LARGER STRATEGY OF INCREASING DOWNTOWN RESIDENTS BY FUNDING LOFT DEVELOPMENT THROUGH THE REAL ESTATE LOAN FUND AND GROWING JOBS BY PROVIDING CAPITAL AND MENTORING TO ENTREPRENEURS. THE REAL ESTATE LOAN FUND WAS ESTABLISHED IN PARTNERSHIP WITH THE MACON- BIBB URBAN DEVELOPMENT AUTHORITY AND MACON-BIBB COUNTY. WE USE BOND FUNDS IN VIABLE RESIDENTIAL PROJECTS TO CLOSE THE GAP BETWEEN SOURCES OF FUNDS (INCLUDING OWNER EQUITY, TRADITIONAL FINANCING AND HISTORIC TAX CREDITS) AND THE ACTUAL COST TO REHABILITATE OR BUILD REAL ESTATE DEVELOPMENTS DOWNTOWN. AT THE END OF THE FISCAL YEAR, THE CFI HAD 8.8 MILLION OF LOANS IN SERVICE ON PROJECTS. IN TOTAL, CDFI'S REAL ESTATE LOANS PRODUCED PROJECTS WITH MARKET VALUES OF 115 MILLION, EXPECTED TO PRODUCE 371 RESIDENTIAL LOFTS AND REHABILITATE OVER 695,477 SQUARE FEET OF UNDERUTILIZED BUILDINGS. THE CDFI ALSO PROVIDES SUPPORT FOR ENTREPRENEURS. WE OFFER A VARIETY OF SERVICES INCLUDING SHEPHERDING APPLICANTS THROUGH THE PERMIT PROCESS, ONE- ON-ONE MENTORSHIP COUNSELING, AND ACCESS TO CAPITAL THROUGH LOANS, EQUITY INVESTMENTS AND JOINT VENTURES. OUR STAFF SERVED OVER 600 INDIVIDUAL ENTREPRENEURS DURING THE YEAR THROUGH A COMPREHENSIVE SET OF INDIVIDUAL AND GROUP TRAINING PROGRAMS. IN TOTAL BY THE END OF THE FISCAL YEAR, THE CDFI HAD CLOSED NINETEEN BUSINESS LOANS, FOR A TOTAL OF APPROXIMATELY 1.7 MILLION. THESE SERVICES ATTRACT BUSINESSES TO DOWNTOWN, VERIFIED BY A TOTAL OF 6 NET NEW BUSINESSES OPENING IN DOWNTOWN MACON DURING THE FISCAL YEAR.

    Expenses $1,112,278 · Revenue $760,215

  • CREATING A SENSE OF PLACE: A DESIRABLE NEIGHBORHOOD IS BOTH LIVABLE AND WALKABLE, SO NEWTOWN MACON IS PROMOTING THE DOWNTOWN LIFESTYLE AND PROVIDING RECREATIONAL ACTIVITIES. NEWTOWN PROMOTES A SENSE OF PLACE BY MANAGING FIRST FRIDAY EVENTS, BEAUTIFYING THE STREETS, PROMOTING DOWNTOWN EVENTS, AND PROMOTING THE DEVELOPMENT OF THE OCMULGEE HERITAGE TRAIL. NEWTOWN MACON ALSO PROMOTES DOWNTOWN LIVING THROUGH MARKETING AND BRANDING, AND BY HELPING PEOPLE FIND A PLACE TO LIVE THROUGH THE LOFT FINDER ONLINE SERVICE AT NEWTOWNMACON.COM/LOFT-FINDER. THROUGH THESE STRATEGIES, DOWNTOWN MACON IS ATTRACTING NEW RESIDENTS. WE ENDED THE YEAR AT OUR GOAL OF 85% OCCUPANCY WITHIN DOWNTOWN MACON'S LOFT RENTAL UNITS.

    Expenses $828,857 · Grants $56,290 · Revenue $84,105

  • THE OCMULGEE HERITAGE TRAIL (OHT) OHT CONTINUES TO BE ONE OF OUR MAIN FOCUSES AS A PUBLIC/PRIVATE PARTNERSHIP. NEWTOWN MACON RUNS AN ADVISORY COMMITTEE TO PLAN AND MANAGE EXPANSION AND IMPROVEMENT OF THE TRAIL SYSTEM AND RAISE PRIVATE FUNDS TO ENABLE THESE IMPROVEMENTS THROUGH THE OHT CONSTRUCTION FUND. ONCE IMPROVEMENTS ARE COMPLETE, NEWTOWN TURNS THE IMPROVEMENTS OVER TO LOCAL GOVERNMENT TO RUN AS PUBLIC PARK SPACE IN PERPETUITY. THE COMMITTEE IS WORKING TO FINALIZE A NEW MASTER PLAN TO GUIDE THE NEXT TWENTY-FIVE YEARS OF TRAIL DEVELOPMENT.

    Expenses $281,918 · Revenue $123,381

  • Withheld by Nonprofiteer: this text may name a private individual.

    Expenses $137,876 · Revenue -$51,708

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here. A text marked withheld matched a screen for wording that may name a private individual, such as an honorific or "in memory of". Most of what it withholds names no one; it is withheld so that what does is never shown.

Listed in Part VII

  • JOSHUA M ROGERS

    PRESIDENT &

    Total calculated
    $213,313
    From this org
    $202,128
    From related orgs
    $0
    Other
    $11,185
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $202,128
    Bonus
    not reported
    Other
    not reported
    Deferred
    $11,185
    Nontaxable benefits
    not reported
    Filer's total
    $213,313

  • JAMES FRITZE

    CFO

    Total calculated
    $139,533
    From this org
    $124,466
    From related orgs
    $0
    Other
    $15,067
    Hours/week
    40

  • VIRGIL ADAMS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • GARY BECHTEL

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • EMBER BENTLEY

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • LORI BREWER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • JIM DAWS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • R KRIS ELLIS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • DELVECCHIO FINLEY

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • RON FOSTER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • CARYN FREY

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • DR R KIRBY GODSEY

    CHAIR EMERIT

    Total calculated
    $0
    Hours/week
    1

  • CORRIE HALL

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • PATRICK HARRIS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • ROBERT F HATCHER

    SECRETARY

    Total calculated
    $0
    Hours/week
    5

  • CURTIS HERTWIG

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • ANNISA JONES

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • KAREN LAMBERT

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    5

  • BRUCE LEICHT

    TREASURER

    Total calculated
    $0
    Hours/week
    5

  • BLAKE LISENBY

    OF COUNSEL

    Total calculated
    $0
    Hours/week
    5

  • LESTER MILLER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • EMILY MYERS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • BRYAN NICHOLS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • CHRISTINA O'BRIEN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • JACOB PATTON

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • SCOTT SEIGEL

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • CHRIS R SHERIDAN

    CHAIR OHT CO

    Total calculated
    $0
    Hours/week
    5

  • DAVID THOMPSON

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • WILLIAM UNDERWOOD

    CHAIR

    Total calculated
    $0
    Hours/week
    5

  • JESSICA WALDEN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • THOMAS WICKER

    PAST CHAIR

    Total calculated
    $0
    Hours/week
    1

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

  • 1a · Health or social club dues or initiation fees
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Written employment contract
  • 3 · Approval by the board or compensation committee

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
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

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

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.

  • SPEARMAN LOFTS OPERATING LLC

    UNRELATED · RENTAL · GA · 1% owned · share of income -$316 · share of assets $222,180 · general or managing partner

    Directly controlled by NEWTOWN MA

Related corporations and trusts

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

  • NEWTOWN UBIT LLC

    S CORP · RENTAL · GA · 100% owned · share of income -$70,142 · share of assets $557,855

    Directly controlled by NA

Provenance

Return type
form_990
Tax year
2022
Filed
20 March 2024
IRS schema version
2022v5.0
Source object
202400829349300465

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