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Nonprofiteer
← DOWNTOWN PARKING MANAGEMENT INC

Form 990 for tax year 2023

Filed by DOWNTOWN PARKING MANAGEMENT INC.

Totals

Total revenue
$3,375,643
Total expenses
$3,765,392
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$3,256,711
Investment income
$10,035
Other revenue
$108,897
Total assets, end of year
$2,128,178
Total liabilities, end of year
$3,434,248
Net assets or fund balances, end of year
-$1,306,070
Program services expenses (Part IX)
$3,026,740
Management and general expenses
$738,652
Fundraising expenses
$0
Program service expenses (Part III)
$3,026,740

Program services were 80.4% 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: PARKING REVENUE

    total $3,176,241 · related or exempt $3,176,241

  • 2b · Program service revenue: DERECHO INSURANCE PROC

    total $80,470 · related or exempt $80,470

  • 3 · Investment income

    total $7,535 · excluded $7,535

  • 7a · Gross sales of assets other than inventory

    other assets $2,500

  • 7b · Less cost or other basis and sales expenses

    other assets $0

  • 7c · Gain or loss

    other assets $2,500

  • 7d · Net gain or loss

    total $2,500 · excluded $2,500

  • 11a · Other revenue: MISCELLANEOUS

    total $108,897 · excluded $108,897

  • 11e · Other revenue, total

    $108,897

Functional expenses

Part IX, the statement of functional expenses.

  • 11a · Fees: management

    total $121,627 · program services $93,662 · management and general $27,965

  • 11c · Fees: accounting

    total $20,632 · management and general $20,632

  • 11g · Fees: other

    total $1,449,619 · program services $1,134,545 · management and general $315,074

  • 12 · Advertising and promotion

    total $12,396 · program services $12,100 · management and general $296

  • 13 · Office expenses

    total $124,258 · program services $34,937 · management and general $89,321

  • 14 · Information technology

    total $327,523 · program services $216,929 · management and general $110,594

  • 16 · Occupancy

    total $402,760 · program services $402,760

  • 17 · Travel

    total $38,130 · program services $38,130

  • 22 · Depreciation, depletion and amortization

    total $283,139 · program services $219,840 · management and general $63,299

  • 23 · Insurance

    total $296,694 · program services $189,442 · management and general $107,252

  • 24a · Other expenses: DEBT SERVICE PAYMENT

    total $450,002 · program services $450,002

  • 24b · Other expenses: SALES TAX

    total $197,025 · program services $197,025

  • 24c · Other expenses: GENERAL OPERATING SUPPL

    total $41,587 · program services $37,368 · management and general $4,219

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $188,425 · end of year $191,663

  • 2 · Savings and temporary cash investments

    beginning of year $588,137 · end of year $547,400

  • 4 · Accounts receivable

    beginning of year $98,347 · end of year $134,507

  • 9 · Prepaid expenses and deferred charges

    beginning of year $92,416 · end of year $136,534

  • 10a · Land, buildings and equipment: cost or other basis

    $5,008,995

  • 10b · Land, buildings and equipment: accumulated depreciation

    $3,890,921

  • 10c · Land, buildings and equipment, net

    beginning of year $1,278,443 · end of year $1,118,074

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,771,685 · end of year $2,957,531

  • 19 · Deferred revenue

    end of year $26,800

  • 25 · Other liabilities

    beginning of year $390,404 · end of year $449,917

  • 27 · Net assets without donor restrictions

    beginning of year -$916,321 · end of year -$1,306,070

Mission and programs · 2023

Mission

THE MISSION OF DOWNTOWN PARKING MANAGEMENT, INC. (DPMI) IS TO PROVIDE EFFICIENT, CONVENIENT AND AFFORDABLE PARKING OPTIONS FOR DOWNTOWN CEDAR RAPIDS. DPMI'S VISION IS TO ENHANCE THE DOWNTOWN TENANT AND VISITOR EXPERIENCE AND BE A CATALYST FOR ECONOMIC DEVELOPMENT.

Activities or mission (Part I)

TO PROVIDE EFFICIENT, CONVENIENT, AND AFFORDABLE PARKING OPTIONS FOR DOWNTOWN CEDAR RAPIDS

  • PROVISION OF PARKING FACILITIES AND SYSTEM UPGRADES:THE SYSTEM PROVIDES SPACE TO ABOUT 3,900 DOWNTOWN EMPLOYEES AND APPROXIMATELY 280,000 ESTIMATED VISITOR/EVENT PATRONS. IN ADDITION, THE SYSTEM OPERATES APPROXIMATELY 4,000 ON STREET SPACES WITH AN ESTIMATED 322,000 ANNUAL ON STREET TRANSACTIONS. PARKING TRANSACTIONS ANNUALLY ARE ESTIMATED TO BE 550,000 TRANSACTIONS. DPMI CONTINUES TO STRIVE IN CREATING A WELCOMING, SAFE ENVIRONMENT THROUGH 24/7 SECURITY EFFORTS AND AMENITIES. THE AMENITIES SERVICES PROGRAM ACCOMMODATES PARKING PATRONS, SHOULD AN UNEXPECTED SITUATION OCCUR, OFFERING INSTANT ACCESS TO A RANGE OF SERVICES FROM COURTESY JUMP STARTS, TIRE FILL, TO SECURITY ASSISTANCE. CAPITAL PROJECTS COMPLETED INCLUDE ELEVATOR UPGRADES, ROOF REPLACEMENTS, DECK SEALING, SECURITY, LIGHTING, SKYWALK AND ENTRANCE GATE UPGRADES.

    Expenses $1,664,707 · Revenue $3,375,643

  • PROVISION OF PARKING SERVICES TO FACILITATE JOB GROWTH AND ECONOMIC DEVELOPMENT:TO AID IN FOSTERING, SUPPORTING AND ENCOURAGING GROWTH AND DEVELOPMENT OF JOBS, AND THE DEVELOPMENT OF NEW BUSINESS AND INDUSTRY, DPMI HAS DEVELOPED A SUITE OF PARKING INCENTIVE AND SUBSIDY PROGRAMS TO SPUR INVESTMENT IN THE GREATER DOWNTOWN AREA. THE PROGRAMS ENABLE BUSINESSES, EMPLOYERS AND EMPLOYEES THE OPPORTUNITY TO RECEIVE DISCOUNTS OFF OF MONTHLY PARKING RATES AND HAVE HELPED CATALYZE MORE THAN 650 JOBS ANNUALLY. TO DATE 13 EXISTING COMPANIES WERE OFFERED PARKING INCENTIVES AND/OR PARKING SUBSIDY SOLUTIONS. RETENTION AND EXPANSION OF EXISTING JOBS AND BUSINESS CONSUMES APPROXIMATELY 33 PERCENT OF DPMI'S TIME.

    Expenses $756,685

  • EDUCATION AND COMMUNICATION WITH PARKING SYSTEM USERS:IN ORDER TO IMPROVE PUBLIC PERCEPTION OF PARKING IN DOWNTOWN CEDAR RAPIDS AND TO LEVERAGE PARKING AS A SIGNIFICANT TOOL AND CATALYST FOR ECONOMIC DEVELOPMENT, DPMI HAS INITIATED SIGNIFICANT OUTREACH STRATEGIES. "PARK CEDAR RAPIDS" CAMPAIGN WAS LAUNCHED IN OCTOBER 2011 TO INFORM THE GENERAL PUBLIC AND DOWNTOWN STAKEHOLDERS OF A NEW AND ENHANCED PARKING SYSTEM - ONE FOCUSED ON SUPERIOR CUSTOMER SERVICE, IMPROVED SECURITY AND POSITIVE EXPERIENCE. COMMUNICATION MECHANISMS RANGED FROM CREATING A NEW INTERACTIVE WEBSITE, PARTNERING WITH THE MEDIA, HOSTING Q&A COMMUNITY OUTREACH EVENTS, AND IMPLEMENTING AN AMBASSADOR PROGRAM TO ASSIST THE GENERAL PUBLIC AND STAKEHOLDERS WITH THE USE OF THE NEW PARKING TECHNOLOGIES.

    Expenses $605,348

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Zylstra David

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • Corkery Matt

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Dusek Jon

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Kerns Cory

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Timko Fred

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Baack Ryan

    GENERAL MANAGER

    Total calculated
    $0
    Hours/week
    40

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.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

  • CEDAR RAPIDS METRO ECONOMIC ALLIANCE

    501(C)(6) · MEMBER OF THE ORGANIZATION · IA

  • CEDAR RAPIDS DOWNTOWN SELF-SUPPORTED MUNICIPAL IMPROVEMENT DISTRICT

    501(C)(3) · MEMBER OF THE ORGANIZATION · IA

Provenance

Return type
form_990
Tax year
2023
Filed
11 October 2024
IRS schema version
2023v5.1
Source object
202402899349300525

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