Form 990 for tax year 2024

Filed by DOWNTOWNABQ MAINSTREET INITIATIVE.

Totals

Total revenue: $659,059
Total expenses: $734,653
Contributions and grants received: $500,481
Grants paid: $74,735
Program service revenue: $157,770
Investment income: $44
Other revenue: $764
Total assets, end of year: $144,476
Total liabilities, end of year: $49,832
Net assets or fund balances, end of year: $94,644
Program services expenses (Part IX): $638,525
Management and general expenses: $77,071
Fundraising expenses: $19,057
Program service expenses (Part III): $638,525

Program services were 86.9% 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.

1c · Fundraising events

$1,941
1e · Government grants (contributions)

$340,673
1f · All other contributions, gifts and grants

$157,867
2a · Program service revenue: Dowtown growers market

total $135,335 · unrelated business $0 · excluded $0
2b · Program service revenue: ABQ Fermentation & Fungi Fest

total $13,040 · unrelated business $0 · excluded $0
2c · Program service revenue: ARTWALK booth fees

total $7,641 · unrelated business $0 · excluded $0
2d · Program service revenue: DTGM Token fees

total $1,754 · unrelated business $0 · excluded $0
3 · Investment income

total $44 · unrelated business $0 · excluded $44
8a · Fundraising events: gross income

$4,604
8a · Fundraising events: contributions included on line 1c

$1,941
8b · Fundraising events: direct expenses

$4,785
8c · Net income from fundraising events

total -$181 · unrelated business $0 · excluded -$181
10a · Gross sales of inventory

$1,030
10b · Cost of goods sold

$85
10c · Net income from sales of inventory

total $945 · excluded $945

Functional expenses

Part IX, the statement of functional expenses.

1 · Grants to domestic organizations and governments

total $72,735 · program services $72,735
2 · Grants to domestic individuals

total $2,000 · program services $2,000
5 · Compensation of officers, directors and key employees

total $69,842 · program services $39,562 · management and general $23,296 · fundraising $6,984
7 · Other salaries and wages

total $349,317 · program services $328,981 · management and general $9,890 · fundraising $10,446
10 · Payroll taxes

total $33,114 · program services $29,115 · management and general $2,622 · fundraising $1,377
11c · Fees: accounting

total $16,619 · program services $0 · management and general $16,619 · fundraising $0
11g · Fees: other

total $80,196 · program services $74,206 · management and general $5,990 · fundraising $0
12 · Advertising and promotion

total $7,865 · program services $7,865 · management and general $0 · fundraising $0
13 · Office expenses

total $20,664 · program services $14,632 · management and general $5,782 · fundraising $250
14 · Information technology

total $13,430 · program services $12,047 · management and general $1,383 · fundraising $0
16 · Occupancy

total $60,492 · program services $54,967 · management and general $5,525 · fundraising $0
17 · Travel

total $241 · program services $221 · management and general $20 · fundraising $0
19 · Conferences, conventions and meetings

total $2,151 · program services $637 · management and general $1,514 · fundraising $0
23 · Insurance

total $5,487 · program services $1,057 · management and general $4,430 · fundraising $0
24a · Other expenses: Downtown tree planted

total $500 · program services $500 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

1 · Cash, non-interest-bearing

beginning of year $189,931 · end of year $143,677
4 · Accounts receivable

beginning of year $44,639 · end of year $0
9 · Prepaid expenses and deferred charges

beginning of year $2,102 · end of year $799
10a · Land, buildings and equipment: cost or other basis

$44,028
10b · Land, buildings and equipment: accumulated depreciation

$44,028
10c · Land, buildings and equipment, net

beginning of year $0 · end of year $0
19 · Deferred revenue

beginning of year $6,441 · end of year $8,046
25 · Other liabilities

beginning of year $59,993 · end of year $41,786
27 · Net assets without donor restrictions

beginning of year $170,238 · end of year $94,644

Mission and programs · 2024

Mission

The DowntownABQ MainStreet Initiative is a community redevelopment organization. Our mission is to promote and support downtowns economic, social, and creative vitality through community-driven projects and programs. A revitalized and vibrant downtown is a symbol of community economic health, local quality of life, pride, and community identity.

Downtown Growers Market - The market is home to over 75 New Mexican growers offering the highest quality produce available in Albuquerque, along with a wide array of talented local artists and a delicious mix of prepared food artisans. Every week we feature a live band, community nonprofits, a bike valet service, and lots of community spirit! All are welcome! 70,000 individuals were served.

Expenses $197,898 · Revenue $137,089
Arts and Cultural District The Downtown Arts & Cultural District, made up of roughly 30 blocks in and around the Central Avenue corridor, works to support and promote creative work / local businesses and institutions, and increase visitors to the area. Albuquerques Downtown is home to a unique array of assets, including artists, designers, filmmakers, galleries, museums, theaters, musicians, music venues, city festivals, restaurants, food trucks / kitchens, breweries, coffee shops, and creative entrepreneurs living and working in both formal and informal spaces. 20,000 individuals were served.

Expenses $210,416 · Grants $1,485 · Revenue $13,040
Downtown Placemaking From our initial program to bring community placemaking to Civic Plaza which began in 2014, we have grown the program to bring placemaking to the larger Downtown. Through programming with Artwalk, a monthly downtown arts crawl event which we support through grant writing, event coordination, permitting, and promotion, to the Downtown Rail Trail community engagement project, to programs for murals and pop up music and food events, we strive to bring vitality to downtowns vacant and underutilized spaces. These programs are essential to bringing economic opportunity to our downtown businesses and organizations while providing community friendly events for our residents and visitors. Over 25,000 individuals were served.

Expenses $230,211 · Grants $73,250 · Revenue $7,641

As filed on the 2024 return.

Listed in Part VII

Julia Youngs

President

Total calculated

$0

Hours/week

3
Mario Semiglia

Treasurer

Total calculated

$0

Hours/week

1
Ashley Rammelsberg

Director

Total calculated

$0

Hours/week

1
Bethany Tabor

Secretary

Total calculated

$0

Hours/week

1
Richard Meadows

Director

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

No itemized grants to organizations on this return.

Provenance

Return type: form_990
Tax year: 2024
Filed: 15 May 2025
IRS schema version: 2024v5.2
Source object: 202523219349321947

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