Form 990 for tax year 2023

Filed by BENTONVILLE REVITALIZATION INC.

Totals

Total revenue: $1,970,978
Total expenses: $761,438
Contributions and grants received: $0
Grants paid: $630,142
Program service revenue: $1,970,978
Investment income: $0
Other revenue: $0
Total assets, end of year: $15,032,801
Total liabilities, end of year: $10,637,315
Net assets or fund balances, end of year: $4,395,486
Program services expenses (Part IX): $745,614
Management and general expenses: $15,824
Fundraising expenses: $0
Program service expenses (Part III): $745,614

Program services were 97.9% 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.

2a · Program service revenue: 21C BENTONVILLE, LLC

total $1,970,978 · related or exempt $1,970,978
2f · All other program service revenue

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
6c · Rental income or loss

real property $0 · personal property $0
7c · Gain or loss

securities $0 · other assets $0
11d · All other revenue

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
11e · Other revenue, total

$0

Functional expenses

Part IX, the statement of functional expenses.

1 · Grants to domestic organizations and governments

total $630,142 · program services $630,142
11a · Fees: management

total $15,997 · program services $15,997
11b · Fees: legal

total $17,488 · program services $17,488
11c · Fees: accounting

total $15,824 · management and general $15,824
11g · Fees: other

total $0 · program services $0 · management and general $0 · fundraising $0
16 · Occupancy

total $42,787 · program services $42,787
22 · Depreciation, depletion and amortization

total $39,200 · program services $39,200
24e · All other expenses

total $0 · program services $0 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

1 · Cash, non-interest-bearing

beginning of year $120,478 · end of year $28,382
5 · Loans and receivables from officers and key people

beginning of year $0 · end of year $0
6 · Loans and receivables from disqualified persons

beginning of year $0 · end of year $0
10a · Land, buildings and equipment: cost or other basis

$1,989,373
10b · Land, buildings and equipment: accumulated depreciation

$264,283
10c · Land, buildings and equipment, net

beginning of year $1,764,290 · end of year $1,725,090
12 · Investments: other securities

beginning of year $0
13 · Investments: program-related

beginning of year $11,308,351 · end of year $13,279,329
15 · Other assets

beginning of year $0 · end of year $0
22 · Loans and payables to officers and key people

beginning of year $10,007,173 · end of year $10,637,315
25 · Other liabilities

beginning of year $0 · end of year $0
31 · Retained earnings, endowment or other funds

beginning of year $3,185,946 · end of year $4,395,486

Mission and programs · 2023

Mission

BENTONVILLE REVITALIZATION, INC. (THE GANIZATION") EXISTS TO PROMOTE COMMUNITY DEVELOPMENT AND TO COMBAT COMMUNITY DETERIORATION IN DOWNTOWN BENTONVILLE, ARKANSAS. AMONG ITS ACTIVITIES, THE ORGANIZATION MAY (A) PURCHASE EMPTY OR VACATED PROPERTY LOTS IN THE DOWNTOWN BENTONVILLE AREA, (B) OVERSEE PREPARING THE LOTS FOR RESALE (E.G., CLEARING THE LOTS OF ANY STRUCTURES OR DEBRIS), AND (C) RESELL THE LOTS FOR FAIR MARKET VALUE TO THIRD PARTY PURCHASERS THAT HAVE INDICATED AN INTEREST IN DEVELOPING THE PROPERTY TO PROMOTE THE BUSINESS AND CIVIC INTERESTS OF BENTONVILLE.

Activities or mission (Part I)

SEE RESPONSE ON PART III, LINE 1 AND CONTINUED ON SCHEDULE O ATTACHED

The organization operates one level of a parking deck in downtown Bentonville that is open daily and free of charge for public parking. The organization also operates three parking lots in downtown Bentonville that are used as Benton County employee parking during work hours and public parking after work hours, both free of charge.

Expenses $22,499
For the purpose of revitalizing the downtown Bentonville area and promoting community development, the organization has a program related investment in 21C Bentonville, LLC and makes grants to the City of Bentonville.

Expenses $723,115 · Grants $630,142 · Revenue $1,970,978

As filed on the 2023 return.

Listed in Part VII

David ShortDAVID SHORT

DIRECTOR/PRESIDENT/TREASURER

Total calculated

$0

Hours/week

1
Nancy LeakeNANCY LEAKE

DIRECTOR/SECRETARY

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.

Grants on this return

City of Bentonville Arkansas

$630,142

To complete design work for a new Adult Wellness Center for the City of Bentonville.

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.

Related partnerships

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

21C BENTONVILLE LLC

Related · HOSPITALITY · AR · 57.81% owned · share of income $1,970,978 · share of assets $13,603,359

Directly controlled by BENTONVILLE REVITALIZATION INC

Provenance

Return type: form_990
Tax year: 2023
Filed: 6 November 2024
IRS schema version: 2023v5.1
Source object: 202413119349302391

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