Overview
What is Riverfront Development Corporation?
The Riverfront Development Corporation, doing business as the Memphis River Parks Partnership, is a nonprofit organization situated in Memphis, Tennessee. Based at 40 South Main 2800, their primary mission is to catalyze the transformative potential of the city's riverfront. They manage, maintain, operate, and activate five interconnected riverfront park districts spanning over 250 acres of land. The partnership aims to create a lively, connected, and enjoyable riverfront for the entire community, building upon the Memphis Riverfront Concept. With a workforce of 30 individuals, they collaborate with and serve the people of Memphis, enhancing public spaces and fostering community engagement.
Official website here: www.memphisriverparks.org
What are the reviews and ratings of this charity?
**Charity Navigator Rating: 77% (Three-Star out of Four Star Rating)**
The Riverfront Development Corporation has received a Three-Star rating from Charity Navigator, reflecting an overall score of 77%. This rating primarily focuses on accountability and finance, where the organization shows strong performance, particularly with a fully independent board and sound financial audits. The lack of a whistleblower policy and missing documentation on their website are noted limitations that could impact transparency.
Strengths of the organization include its significant emphasis on program expenses, with 95.25% of its budget allocated to programs, demonstrating a strong commitment to its mission. The board members are entirely independent, enhancing overall accountability, although the liabilities to assets ratio is a point of concern that may warrant further scrutiny.
Unfortunately, there are no user reviews available from GreatNonprofits to provide additional personal insights or sentiments regarding the organization. Overall, while Riverfront Development Corporation has notable strengths, addressing its governance gaps and ensuring full transparency will be essential as it continues its important work.
This AI summary has been generated from information found on Charity Navigator.
Is Riverfront Development Corporation legitimate?
Riverfront Development Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Riverfront Development Corporation submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $248,255
Professional Fundraising Fees: $0
Other Salaries and Wages: $1,142,392
For more financial information, click here
Official website here: www.memphisriverparks.org
What is the mission statement of Riverfront Development Corporation?
The Riverfront Development Corporation works towards harnessing the transformative power of a river for the benefit of everyone. They manage, maintain, operate, and activate five connected riverfront park districts, covering 250 acres of parkland. The organization aims to create a unified, stimulating, and enjoyable riverfront experience for all people. Building upon the concept of the Memphis Riverfront, this partnership strives to foster a connected and catalytic riverfront environment.
Official website here: www.memphisriverparks.org
Who is the CEO of Riverfront Development Corporation?
Carol Coletta is the Chair of Riverfront Development Corporation.
Official website here: www.memphisriverparks.org
What is the revenue of Riverfront Development Corporation?
Riverfront Development Corporation's revenue in 2023 was $7,696,270.
Official website here: www.memphisriverparks.org
Who are the executives of Riverfront Development Corporation and what are their salaries?
The average compensation at Riverfront Development Corporation during 2023 was $46,355. There are 30 employees and 180 volunteers at Riverfront Development Corporation.
Here are 35 key members and their salaries:
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Official website here: www.memphisriverparks.org
Where can I find the form 990 for Riverfront Development Corporation?
Riverfront Development Corporation's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.memphisriverparks.org
Learn more at the official website: www.memphisriverparks.org
Mission Statement of Riverfront Development Corporation
The Riverfront Development Corporation, with a focus on the people of Memphis, strives to harness the transformative power of their river. This organization manages, maintains, operates, and activates five interconnected riverfront park districts, encompassing a total of 250 acres of parkland. By building upon the Memphis Riverfront concept, the Riverfront Development Corporation aims to create a unified, catalytic, and enjoyable riverfront experience for everyone. Its mission is to bring people together, fostering a sense of community and engaging them in the revitalization of their city's waterfront.
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Impact
July, 2024
The Riverfront Development Corporation, operating as the Memphis River Parks Partnership, has had a significant impact on the community of Memphis. By managing, maintaining, and activating five connected riverfront park districts spanning 250 acres of parkland, the organization has worked to create a connected, catalytic, and fun riverfront for everyone in the city. Through their efforts, they have triggered the transformative power of the river for the people of Memphis, fostering community improvement and enhancing the quality of life for residents. Their dedication to revitalizing the riverfront area has not only created recreational opportunities but has also contributed to the overall well-being and economic development of the region.
This information is meant to be a general summary of Riverfront Development Corporation. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2023.
- Investment Income: $4,844
- Program Service Revenue: $4,716,600
- Gross Receipts: $7,696,361
Assets and Liabilities:
- Total Assets: $25,503,761
- Total Liabilities: $18,183,192
- Net Assets: $7,320,569
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
CONTRACT REVENUE
Revenue
$3,024,000
PARKS REVENUE
Revenue
$949,276
BEALE STREET LANDING
Revenue
$743,324
Organization Details
Founding Year
2000
Phone
(901) 312-9190Principal Officer
Carol Coletta
Main Address
40 SOUTH MAIN 2800, MEMPHIS, TN, 38103
Website
www.memphisriverparks.orgNTEE Category
Code: S30 - Community improvement
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