2024-05-09T12:06:12-05:00 2023-04-30 440160260 FORVIS LLP 500 RIDGEFIELD COURT ASHEVILLE NC 28806 990 2022-05-01 271876711 CROSSTOWN ARTS CROS 9015078030 1350 CONCOURSE AVENUE NO 280 MEMPHIS TN 38104 KEN STEORTS SECRETARY 9015078030 2024-05-09 1 KEN STEORTS 999009999 1 AMY BIBBY P00445891 8282542254 2024-05-09 0 AAL1 IAL1 2022 2023-04-26 12:10:37Z X RICHARD LOU 1350 CONCOURSE AVENUE NO 280 MEMPHIS TN 38104 5635754 0 X WWW.CROSSTOWNARTS.ORG X 2010 TN CROSSTOWN ARTS IS A CONTEMPORARY ARTS ORGANIZATION DEDICATED TO FURTHER CULTIVATING THE CREATIVE COMMUNITY IN MEMPHIS. MANAGING A VARIETY OF EXHIBITION, PERFORMANCE, AND PRODUCTION SPACES, CROSSTOWN ARTS SUPPORTS ARTISTS, MUSICIANS, AND AUDIENCES WITH A WIDE RANGE OF MULTIDISCIPLINARY AND COLLABORATIVE PROJECTS. CROSSTOWN ARTS FOUNDED AND MANAGED THE RENOVATION OF CROSSTOWN CONCOURSE, A ONE-MILLION-SQUARE-FOOT MIXED-USE DEVELOPMENT IN THE FORMER SEARS BUILDING. OVER 40,000 SQUARE FEET OF SPACE IN CROSSTOWN CONCOURSE IS DEDICATED TO THE NON-PROFIT ARTS ORGANIZATION'S ARTS AND MUSIC PROGRAMMING. 5 5 48 314 0 0 3188781 2700228 920952 1208736 554182 1080741 16710 -103784 4680625 4885921 0 0 0 0 1696012 1322010 70532 0 54598 4056349 4732779 5822893 6054789 -1142268 -1168868 38457214 48927443 40739613 45280667 -2282399 3646776 X CROSSTOWN ARTS IS A CONTEMPORARY ARTS ORGANIZATION DEDICATED TO FURTHER CULTIVATING THE CREATIVE COMMUNITY IN MEMPHIS. MANAGING A VARIETY OF EXHIBITION, PERFORMANCE, AND PRODUCTION SPACES, CROSSTOWN ARTS SUPPORTS ARTISTS, MUSICIANS, AND AUDIENCES WITH A WIDE RANGE OF MULTIDISCIPLINARY AND COLLABORATIVE PROJECTS. CROSSTOWN ARTS FOUNDED AND MANAGED THE RENOVATION OF CROSSTOWN CONCOURSE, A ONE-MILLION-SQUARE-FOOT MIXED-USE DEVELOPMENT IN THE FORMER SEARS BUILDING. OVER 40,000 SQUARE FEET OF SPACE IN CROSSTOWN CONCOURSE IS DEDICATED TO THE NON-PROFIT ARTS ORGANIZATION'S ARTS AND MUSIC PROGRAMMING. 0 0 1295392 239031 CROSSTOWN ARTS MANAGES A VARIETY OF EXHIBITION SPACES THAT INCLUDE OVER 5,000 SQUARE FEET OF GALLERY SPACE IN MULTIPLE LOCATIONS. THE EXHIBITION PROGRAM HOSTS A DIVERSE RANGE OF MEMPHIS-BASED AND NATIONAL/INTERNATIONAL VISUAL ARTISTS, AND INCLUDES A DELIBERATE MIX OF INDIVIDUAL AND GROUP SHOWS CURATED AND ORGANIZED BY INDIVIDUALS AND/OR OTHER ARTS ORGANIZATIONS, OFTEN WITH A FOCUS ON INTERCONNECTING ARTISTS AND CONTENT FROM VARIED BACKGROUNDS. EXHIBITIONS RANGE FROM HIGHLY CURATED SHOWS BY PROFESSIONAL ARTISTS WHO WORK IN COMPLEX AND COMPELLING SUBJECT MATTER TO OPEN-CALL SHOWS THAT WELCOME A BROAD SCOPE OF PARTICIPANTS WORKING AT ANY LEVEL OF EXPERTISE. ALL VISUAL ART EXHIBITIONS ARE FREE AND OPEN TO THE PUBLIC WITH 100% OF ALL ART SALES GOING DIRECTLY TO THE EXHIBITING ARTIST(S). CROSSTOWN ARTS MANAGES A VARIETY OF PERFORMANCE SPACES FOR LIVE MUSIC THAT INCLUDE A SMALL, INTIMATE VENUE FOR AUDIENCES OF UP TO 125 PEOPLE, AS WELL AS A BLACK-BOX THEATER FOR AUDIENCES OF UP TO 400 PEOPLE. CROSSTOWN ARTS' MUSIC PROGRAMMING FOCUSES ON LIVE PERFORMANCES BY MEMPHIS-BASED MUSICIANS, AS WELL AS NATIONALLY AND INTERNATIONALLY RENOWNED TOURING MUSICIANS SEEKING TO PERFORM IN THESE EXTRAORDINARILY INTIMATE VENUES, WHICH WERE DESIGNED TO PROVIDE A PREMIERE SONIC EXPERIENCE FOR THE AUDIENCE. THE THEATER IS EQUIPPED WITH STATE-OF-THE-ART AUDIO AND A DCP DIGITAL PROJECTION SYSTEM THAT SUPPORTS CROSSTOWN ARTS' ARTHOUSE FILM PROGRAMMING, WHICH INCLUDES COLLABORATIVE LIVE MUSIC SCORES FOR FILM SCREENINGS. 564151 57709 CROSSTOWN ARTS MANAGES A VARIETY OF MULTIDISCIPLINARY AND COLLABORATIVE PRODUCTION SPACES THAT ARE THE CORE ELEMENTS OF THE RESIDENCY PROGRAM, WHICH HOSTS OVER 60 MEMPHIS-BASED AND VISITING ARTISTS AND MUSICIANS, WORKING IN ANY MEDIUM, EACH YEAR. THE RESIDENCY PROGRAM OFFERS ACCEPTED RESIDENTS THE GIFT OF UNINTERRUPTED TIME AND SPACE TO WORK ON THEIR CREATIVE PROJECTS BY PROVIDING STUDIO WORK SPACES, SEPARATE INDIVIDUAL AND FAMILY RESIDENTIAL HOUSING VIA ON-SITE APARTMENTS, AND MEALS, AT NO COST TO RESIDENTS. THESE ARTISTS, MUSICIANS, COMPOSERS, PHOTOGRAPHERS, FILMMAKERS, WRITERS, AND DANCERS ARE ABLE TO SPEND DEDICATED TIME ON THEIR WORK, IN WHATEVER CAPACITY THEY CHOOSE, WHILE PARTICIPATING IN THE RESIDENCY PROGRAM. NO EXHIBITIONS OR PERFORMANCES ARE REQUIRED OF THE RESIDENTS, BUT THEY ARE INVITED TO SHARE THEIR WORK THROUGH ARTIST TALKS AND A PUBLIC OPEN STUDIO NIGHT DURING EACH RESIDENCY SESSION.PARTICIPANTS IN THE RESIDENCY PROGRAM HAVE ACCESS TO PRODUCTION RESOURCES AND FACILITIES THAT INCLUDE A FULL-SCALE WOODSHOP, A CNC MACHINE, A LASER CUTTER, LARGE-FORMAT DIGITAL PRINTERS, HIGH-END SCANNERS, DIGITAL LABS WITH ALL MAJOR MUSIC/SOUND/DESIGN/VIDEO EDITING SOFTWARE, SCREEN PRINTING, AND MORE. THESE PRODUCTION RESOURCES ARE ALSO AVAILABLE TO ANY NON-RESIDENT ARTISTS AND MUSICIANS IN MEMPHIS FOR A LOW MONTHLY FEE. 2087522 899471 CROSSTOWN ARTS CREATES A WIDE RANGE OF PUBLIC PROGRAMMING IN AND AROUND CROSSTOWN CONCOURSE TO HELP REVITALIZE MEMPHIS' CROSSTOWN NEIGHBORHOOD. THIS PUBLIC PROGRAMMING INCLUDES ONGOING FREE, LARGE-SCALE PUBLIC EVENTS THROUGHOUT THE YEAR IN CROSSTOWN CONCOURSE'S OUTDOOR PUBLIC PLAZA AND INDOOR PUBLIC ATRIUM SPACES. 1292809 12525 DEPRECIATION, RENT, MUSICIAN SERVICES, PUBLIC ENGAGEMENT 1292809 12525 5239874 1 1 0 0 0 0 0 0 0 0 1 0 0 1 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 1 139 0 1 48 0 0 0 0 0 0 0 0 0 0 0 0 0 X 5 5 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 TN X JANICE EARHEART 9015078030 1350 CONCOURSE AVENUE NO 280 MEMPHIS TN 38104 RICHARD LOU CHAIR 2.00 X X 0 0 0 BARBARA L DEANS BOARD DIRECTOR 2.00 X 0 0 0 KEN STEORTS SECRETARY 2.00 X X 0 0 0 DERWIN SISNETT BOARD DIRECTOR 2.00 X 0 0 0 MCLEAN WILSON BOARD DIRECTOR 2.00 X 0 0 0 CHRISTOPHER MINER EXECUTIVE DIRECTOR 40.00 X 99455 0 16657 99455 0 16657 0 0 0 0 0 2700228 2700228 CONCOURSE REVENUE 900099 538780 538780 RESIDENCY & SHARED ART MAKING 900099 418400 418400 EVENT REVENUE 900099 239031 239031 SYNC REVENUE 900099 12525 12525 1208736 1082438 1082438 291956 317630 -25674 -25674 -25674 1697 -1697 -1697 -1697 350502 430506 -80004 -80004 OTHER INCOME 900099 1894 1894 1894 4885921 1128732 0 1056961 82465 45356 28862 8247 1005053 649325 338915 16813 177976 104555 68276 5145 56516 56516 196417 10029 186388 287817 269527 18290 23660 17885 5775 845501 842313 3188 2198 2198 1460536 1455343 5193 938305 938305 64177 64177 DIRECT PROGRAMMING EXPE 625379 625379 SUPPLIES 209910 144264 59543 6103 BAD DEBT 53992 53992 REPAIRS AND MAINTENANCE 24887 24887 6054789 5239874 760317 54598 943615 1040245 492560 102699 16816778 24255578 11869 8437 125704 116081 23095750 6222862 17829304 16872888 2237384 6531515 38457214 48927443 237871 267332 11791584 11802553 21980273 21788293 6729885 11422489 40739613 45280667 X -2662832 3530345 380433 116431 -2282399 3646776 38457214 48927443 X -1168868 7098041 X X 0 1 X 1 0 X 4716846 3351514 2863160 3188781 2700228 16820529 4716846 3351514 2863160 3188781 2700228 16820529 16820529 1038648 894064 792154 960854 1735085 5420805 22241334 0.75630 0.81330 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 273810 273810 14985323 4086050 10899273 6833939 1863411 4970528 999445 272519 726926 3233 882 2351 16872888 INTEREST RATE SWAP ASSET 427108 ROU ASSETS 4010935 MISC RECEIVABLES 122097 DEPOSITS 36577 ACCRUED INTEREST RECEIVABLE 1934798 6531515 ACCRUED INTEREST PAYABLE 5883613 SECURITY DEPOSITS 57044 LEASE LIABILITY 5481832 11422489 5675987 790066 790066 4885921 0 4885921 6802925 748136 748136 6054789 0 6054789 PART XI, LINE 2D - OTHER ADJUSTMENTS: GAIN ON INTEREST RATE SWAP 41,930. COGS 430,506. RENTAL EXPENSE 317,630. PART XII, LINE 2D - OTHER ADJUSTMENTS: COGS 430,506. RENTAL EXPENSE 317,630. FORM 990, PART VI, SECTION B, LINE 11B A COPY IS SENT VIA EMAIL TO THE BOARD FOR REVIEW AND APPROVAL, PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C DIRECTORS ARE REQUIRED TO UPDATE AN ANNUAL CONFLICT OF INTEREST STATEMENT AS REQUIRED BY THE ADOPTED POLICY. THE POLICY REQUIRES A BOARD MEMBER TO PROVIDE RELEVANT INFORMATION TO THE FULL BOARD IF THE AFFECTED BOARD MEMBER BELIEVES THAT A POTENTIAL CONFLICT HAS ARISEN WITH THE POTENTIAL CONFLICT RESOLVED BY A VOTE OF THE FULL BOARD EXCLUSIVE OF THE MEMBER IN QUESTION. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF DIRECTORS USES INDEPENDENT DATA, COMPARISON OF COMPENSATION FROM SIMILAR NOT FOR PROFIT ORGANIZATIONS AND OTHER RESOURCES TO ESTABLISH COMPENSATION FOR ALL EMPLOYEES. FORM 990, PART VI, SECTION C, LINE 19 COPIES OF THE FORMS FOR PUBLIC INSPECTION ARE AVAILABLE UPON REQUEST FORM 990, PART XI, LINE 9: GAIN ON INTEREST RATE SWAP 41,930. ASSIGNMENT TO CROSSTOWN REDEVELOPMENT COOPERATIVE ASSOCIATION RESTATEMENT -21,713,237. ADJUSTMENT DUE TO FINANCIAL STATEMENT CHANGE IN SETTLEMENT OF RECEIVABLES 28,769,348. PART XII, LINE 2C THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. AMENDED FORM 990 FILING CONTINUED THE AMENDED 990 ALSO TAKES INTO ACCOUNT THE BELOW ASSIGNMENT OF INTEREST AS STATED IN THE AUDITED FINANCIAL STATEMENTS FOOTNOTE FOR CROSSTOWN ARTS. EFFECTIVE MARCH 1, 2023, CROSSTOWN ARTS ENTERED INTO AN ASSUMPTION AGREEMENT WITH CROSSTOWN REDEVELOPMENT COOPERATIVE ASSOCIATION ("CRCA"). THE ASSUMPTIONS AND ASSIGNMENTS AND RELATED ACCRUED INTEREST WERE RECORDED AT CARRYING VALUE ON THE ASSIGNMENT DATE AS FOLLOWS: INTEREST PAYABLE TO CMT $ (241,501) INTEREST PAYABLE TO CROSSTOWN, LLC (37,932) INTEREST RECEIVABLE FROM CBO 662,120 CMIF NOTE PAYABLE TO CROSSTOWN ARTS (12,477,800) CMIF NOTE RECEIVABLE FROM CBO 53,808,350 CMIF NOTE PAYABLE TO CMT (20,000,000) NET ASSETS ASSIGNED TO CRCA $ 21,713,237 THE ABOVE CHANGE IN NET ASSETS IS REFLECTED ON PART X LINES 27 AND 28: WITHOUT DONOR RESTRICTIONS 3,530,345 WITH DONOR RESTRICTIONS 116,431 THE NET ASSET ASSIGNMENT TO CRCA OF $21,713,237 IS REFLECTED ON PART XI, LINE 9. CITY IMPACT LLC 1350 CONCOURSE AVENUE NO 280 MEMPHIS TN 38104 260586701 TO MAINTAIN AND ISOLATE INVESTMENT ASSETS FOR LIABILITY PURPOSES TN 291994 4289303 RIVER CITY RENTAL HOUSING LLC 1350 CONCOURSE AVENUE NO 280 MEMPHIS TN 38104 261132467 TO MAINTAIN AND ISOLATE INVESTMENT ASSETS FOR LIABILITY PURPOSES TN 0 0 MEMPHIS APARTMENT INVESTMENTS LLC 1350 CONCOURSE AVENUE NO 280 MEMPHIS TN 38104 261231702 TO MAINTAIN AND ISOLATE INVESTMENT ASSETS FOR LIABILITY PURPOSES TN 0 0 LOST IN THE COSIMOS LLC 1350 CONCOURSE AVENUE NO 280 MEMPHIS TN 38104 TO OBTAIN ADDITIONAL FUNDING FOR DEVELOPMENT TN 72648 6574360 SUSTAINING THE ARTS LLC 1350 CONCOURSE AVENUE NO 280 MEMPHIS TN 38104 PROVIDE EMERGENCY FINANCIAL RELIEF TO MUSICIANS TN 0 54091 CROSSTOWN CURB MARKET INC 100 PEABODY PLACE STE 1300 MEMPHIS TN 38103 842223248 RESTAURANT TN CROSSTOWN REDEVELOPMENT COOPERATIVE ASSOCIATION C 704400 112640 1.00000 0 CROSSTOWN LLC 100 PEABODY PLACE STE 900 MEMPHIS TN 38103 260579293 TN CROSSTOWN REDEVELOPMENT COOPERATIVE ASSOCIATION C 28603817 395527389 1.00000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0