Better Business Bureau Report for
3CDC

Better Business Bureau Report issued August 2011
Better Business Bureau Report expires August 2013


Does not meet one or more standards
This charity does not meet one or more of the 20 standards for Charity Accountability. Find out more...


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Charity Contact Information

Name: 3CDC
Address: 1014 Vine Street, Suite 14200
  Cincinnati, OH 45202
Phone: (513) 621-4400
Web Address: www.3cdc.org
Also known as:Cincinnati Center City Development Corporation
Cincinnati Equity Fund
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Better Business Bureau Comments

Year, State Incorporated: 2003, Ohio
Affiliates: Fountain Square Management Group, Fountain Square, LLC, OTR Holdings, Inc., OTR Redevelopment, LLC, Gateway II, LLC, CCCP, LLC
Stated Purpose: To develop Cincinnati's center city as a regional center of high value employment and real estate sustained by a diverse mix of housing, culture, and entertainment.

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Evaluation Conclusions

               

3CDC does not meet the following 2 Standards for Charity Accountability.

Standard 6: Board Policy on Effectiveness - Have a board policy of assessing, no less than every two years, the organization's performance and effectiveness and of determining future actions required to achieve its mission.

The charity states that it does not have a formal policy in which its performance and effectiveness will be reviewed at least once every two years.

 

Standard 16: Annual Report - Have an annual report available to all, on request, that includes: (a) the organization's mission statement, (b) a summary of the past year's program service accomplishments, (c) a roster of the officers and members of the board of directors, (d) financial information that includes (i) total income in the past fiscal year, (ii) expenses in the same program, fund raising and administrative categories as in the financial statements, and (iii) ending net assets.

The charity's 2009-2010 annual report does not include a roster of the members of the board of directors and financial information that includes total income, expenses by program, administrative, and fundraising, and total ending net assets.

 
3CDC meets the remaining 18 Standards for Charity Accountability.
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Programs

               

3CDC was created as part of the overall system to increase the effectiveness and efficiency of development activities in the City of Cincinnati. 3CDC works collaboratively with the City of Cincinnati and Port of Greater Cincinnati Development Authority to take full advantage of each organization’s resources and abilities. 3CDC’s primary responsibilities include the implementation of real estate development projects and programs that will strengthen the core assets of downtown Cincinnati. Additionally, the charity sets overall strategic direction and priorities for development in the center city with input from a broad range of stakeholders and foster public-private collaboration. 3CDC also puts development deals together and oversees project implementation to ensure public and private accountability for the successful completion of center city projects.

For the fiscal year ended June 30, 2010, 3CDC's program expenses were:

  
Operations - Fountain Square 5,947,805
Development Projects - Over-the-Rhine 2,990,815
Development Projects - Central Business District 1,507,467
Operations - Over-the-Rhine 79,873
Total Program Expenses: $10,525,960
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Governance

               

Chief Executive : Mr. Stephen G. Leeper, President & CEO
Compensation*:
 $335,182

Chair of the Board: Mr. Dimitri Panayotopoulos
Chair's Profession / Business Affiliation: Vice Chairman, Global Business Units, The Procter & Gamble Company

Board Size: 34

Paid Staff Size: 22

*Compensation includes annual salary and, if applicable, benefit plans, expense accounts, and other allowances.
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Fund Raising

               

Method(s) Used:

direct mail appeals, invitations to fundraising events, grant proposals
Fundraising costs were 2% of related contributions. (Related contributions, which totaled $2,099,226, are donations received as a result of fundraising activities.)
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Tax Status

               

This charityis tax-exempt under section 501(c)(3) of the Internal Revenue Code. It is eligible to receive contributions deductible as charitable donations for federal income tax purposes.
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Financial

               

The following information is based on 3CDC's audited financial statements - consolidated for the fiscal year ended June 30, 2010.

Source of Funds  
Governmental Grants 3,047,896
Parking Income 2,969,885
Contributions and Grants 1,952,824
Management Fee Income 1,270,251
Developer Fee Income 658,926
Rental Income 646,154
Events and Programming Income 639,747
Lease Revenue 164,578
Donated Services 93,600
Interest Income 77,371
Gain on Sale of Property 72,814
Private Grants 52,802
Other Revenue 25,482
Total Income $11,672,330


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Uses of Funds as a % of Total Expenses

Programs: 82%  Fund Raising: Less than 1%  Administrative: 18% 

Total income   $11,672,330
  Program expenses $10,525,960
  Fund raising expenses 45,041
  Administrative expenses 2,302,699
 
Total expenses   $12,873,700
Expenses in Excess of Income   (1,201,370)
Beginning net assets   (6,160,021)
Ending net assets   (7,465,109)
Total liabilities   84,382,056
Total assets   $76,916,947


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