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Nonprofiteer
← NEWBO CITY MARKET

Form 990 for tax year 2023

Filed by NEWBO CITY MARKET.

Totals

Total revenue
$1,076,799
Total expenses
$1,074,263
Contributions and grants received
$527,457
Grants paid
$50,526
Program service revenue
$452,388
Investment income
$26,804
Other revenue
$70,150
Total assets, end of year
$2,835,853
Total liabilities, end of year
$647,352
Net assets or fund balances, end of year
$2,188,501
Program services expenses (Part IX)
$638,058
Management and general expenses
$364,833
Fundraising expenses
$71,372
Program service expenses (Part III)
$638,058

Program services were 59.4% 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.

  • 1c · Fundraising events

    $5,363

  • 1e · Government grants (contributions)

    $28,750

  • 1f · All other contributions, gifts and grants

    $493,344

  • 1g · Noncash contributions included above

    $13,270

  • 2a · Program service revenue: VENDOR RENTALS

    total $311,819 · related or exempt $311,819

  • 2b · Program service revenue: EVENTS

    total $140,569 · related or exempt $140,569

  • 3 · Investment income

    total $26,804 · excluded $26,804

  • 8a · Fundraising events: gross income

    $8,162

  • 8a · Fundraising events: contributions included on line 1c

    $5,363

  • 8b · Fundraising events: direct expenses

    $6,237

  • 8c · Net income from fundraising events

    total $1,925 · excluded $1,925

  • 10a · Gross sales of inventory

    $162,362

  • 10b · Cost of goods sold

    $96,796

  • 10c · Net income from sales of inventory

    total $65,566 · related or exempt $65,566

  • 11a · Other revenue: OTHER INCOME

    total $2,659 · excluded $2,659

  • 11e · Other revenue, total

    $2,659

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $50,526 · program services $50,526

  • 5 · Compensation of officers, directors and key employees

    total $93,385 · program services $41,598 · management and general $41,971 · fundraising $9,816

  • 7 · Other salaries and wages

    total $361,436 · program services $160,998 · management and general $162,442 · fundraising $37,996

  • 9 · Other employee benefits

    total $16,358 · program services $7,149 · management and general $7,619 · fundraising $1,590

  • 10 · Payroll taxes

    total $41,068 · program services $18,070 · management and general $18,789 · fundraising $4,209

  • 11a · Fees: management

    total $1,881 · management and general $1,881

  • 11b · Fees: legal

    total $68 · management and general $68

  • 11c · Fees: accounting

    total $46,654 · management and general $46,654

  • 11g · Fees: other

    total $10,763 · management and general $10,763

  • 12 · Advertising and promotion

    total $19,205 · program services $14,404 · fundraising $4,801

  • 13 · Office expenses

    total $6,211 · program services $3,727 · management and general $1,242 · fundraising $1,242

  • 16 · Occupancy

    total $202,800 · program services $182,519 · management and general $9,604 · fundraising $10,677

  • 17 · Travel

    total $13,566 · program services $1,357 · management and general $11,531 · fundraising $678

  • 19 · Conferences, conventions and meetings

    total $3,639 · program services $364 · management and general $2,912 · fundraising $363

  • 20 · Interest

    total $19,584 · management and general $19,584

  • 22 · Depreciation, depletion and amortization

    total $46,157 · program services $34,618 · management and general $11,539

  • 23 · Insurance

    total $27,599 · program services $20,699 · management and general $6,900

  • 24a · Other expenses: PROGRAM SUPPLIES

    total $91,362 · program services $89,513 · management and general $1,849

  • 24b · Other expenses: BAD DEBT EXPENSE

    total $8,093 · management and general $8,093

  • 24e · All other expenses

    total $13,908 · program services $12,516 · management and general $1,392

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $277,984 · end of year $86,767

  • 2 · Savings and temporary cash investments

    beginning of year $793,722 · end of year $771,823

  • 3 · Pledges and grants receivable

    beginning of year $17,500 · end of year $80,700

  • 4 · Accounts receivable

    beginning of year $14,802 · end of year $13,182

  • 8 · Inventories for sale or use

    beginning of year $0 · end of year $1,870

  • 9 · Prepaid expenses and deferred charges

    beginning of year $10,618 · end of year $10,888

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

    $5,411,156

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

    $3,567,759

  • 10c · Land, buildings and equipment, net

    beginning of year $1,722,381 · end of year $1,843,397

  • 15 · Other assets

    beginning of year $25,000 · end of year $27,226

  • 17 · Accounts payable and accrued expenses

    beginning of year $98,604 · end of year $141,939

  • 19 · Deferred revenue

    beginning of year $61,325 · end of year $0

  • 21 · Escrow or custodial account liability

    beginning of year $20,087 · end of year $17,581

  • 23 · Secured mortgages and notes payable

    beginning of year $498,252 · end of year $487,832

  • 27 · Net assets without donor restrictions

    beginning of year $1,395,676 · end of year $1,404,078

  • 28 · Net assets with donor restrictions

    beginning of year $788,063 · end of year $784,423

Mission and programs · 2023

Mission

FOSTER ECONOMIC DEVELOPMENT BY UPLIFTING ENTREPRENEUERS AND ARTISTS THROUGH AND EQUITABLE BUSINESS INCUBATOR, ACCESSIBLE PUBLIC PROGRAMMING, AND A COMMUNITY GATHERING SPACE.

  • ECONOMIC DEVELOPMENT: NEWBO CITY MARKET IS A NONPROFIT ORGANIZATION SHOWCASING OUR COMMUNITY'S ASSETS, INSPIRATION, AND POTENTIAL BY CULTIVATING NEW BUSINESSES AND ENTREPRENEURSHIP AND BY SUPPORTING LOCAL ARTISTS AND ARTISANS, HARNESSING THE POWER OF CULTURE AND CREATIVITY TO DRIVE ECONOMIC GROWTH AND TO BUILD THE CHARACTER AND QUALITY OF OUR COMMUNITY. THIS CORE OF THIS MISSION IS COMMUNITY-BASED ECONOMIC DEVELOPMENT BY USING LOCAL RESOURCES IN A WAY THAT ENHANCES ECONOMIC OPPORTUNITIES WHILE IMPROVING SOCIAL CONDITIONS IN A SUSTAINABLE WAY. OFTEN COMMUNITY-BASED ECONOMIC DEVELOPMENT INITIATIVES ARE IMPLEMENTED TO OVERCOME CRISES (SUCH AS THE 2008 FLOOD) AND INCREASE OPPORTUNITIES FOR COMMUNITIES THAT ARE DISADVANTAGED. TO MEET THIS GOAL, NEWBO CITY MARKET HAS BECOME BOTH A CULTURAL ORGANIZATION AND AN ECONOMIC DEVELOPMENT INITIATIVE, BLENDING SOCIAL AND ECONOMIC DEVELOPMENT TO FOSTER THE ECONOMIC, SOCIAL, AND CULTURAL WELL-BEING OF OUR COMMUNITY. THE ORGANIZATION LOWERS BARRIERS FOR DIVERSE ENTREPRENEURS AND CREATES A LAUNCH PAD FOR STARTUP AND EARLY-STAGE BUSINESSES THAT HAVE A DISTINCT FOCUS ON LOCAL PRODUCTS. EACH YEAR, THE ORGANIZATION IS HOME TO UP TO 26 SMALL BUSINESSES EMPLOYING OVER 150 PEOPLE AND RECEIVING NEARLY $3 MILLION IN GROSS REVENUE ANNUALLY. SINCE OPENING THE MARKET IN 2012, OVER 20 SMALL BUSINESSES HAVE OR ARE IN THE PROCESS OF GRADUATING FROM THE MARKET AND OPENING STAND-ALONE LOCATIONS IN THE AREA. THE ORGANIZATION ALSO PARNTERS WITH SEVERAL COMMUNITY, MUNICIPAL, AND EDUCATIONAL INSTITUTIONS TO FOSTER ECONOMIC AND WORKFORCE DEVELOPMENT.

    Expenses $257,166 · Grants $50,526 · Revenue $517,954

  • COMMUNITY ENGAGEMENT: NEWBO CITY MARKET HAS USED PLACEMAKING AS A METHOD OF ECONOMIC DEVELOPMENT FROM THE BEGINNING WITH BENEFITS THAT HAVE EXTENDED FAR BEYOND ENTICING VISITORS, ENTREPRENEURS, SMALL BUSINESSES, AND CORPORATIONS. THE ORGANIZATION HOSTS OVER 200 ARTS, ENTERTAINMENT, WELLNESS, AND COMMUNITY EVENTS OPEN TO THE PUBLIC; THESE EVENTS PROMOTE THE LOCAL CULTURE, DRIVE ECONOMIC GROWTH FOR BOTH BUSINESSES INSIDE THE ORGANIZATION AND IN THE AREA, AND BUILD THE CHARACTER AND QUALITY OF OUR PUBLIC PLACE. TO LOCAL ECONOMIES RECOVERING FROM A LOSS OF CONVENTIONAL INDUSTRY (SUCH AS THE LOSS OF INDUSTRIAL BUSINESSES IN THE DISTRICT), PLACEMAKING IS A METHOD FOR CAPITALIZING ON EXISTING STRENGTHS, RATHER THAN INVENTING NEW ONES, FOR THE PURPOSE OF DEVELOPING A STRONGER ECONOMY. WE HAVE SEEN STRONG RETURNS TO THE LOCAL ECONOMY FROM TOURISM, AN INTRINSICALLY PLACE-BASED INDUSTRY. PLACEMAKING IS AN ENVIRONMENTALLY FRIENDLY FORM OF ECONOMIC DEVELOPMENT. THE WALKABLE AND BIKEABLE STREETS AND TRAILS THAT ARE FAVORED BY THE PLACEMAKING PHILOSOPHY HAVE MADE A POSITIVE IMPACT ON NOT ONLY BUSINESS SUCCESS, BUT ALSO THE WELLNESS CULTURE OF THE COMMUNITY. WITH OUR OPEN SPACES AS PART OF BOTH THE MARKET'S AND DISTRICT'S IDENTITY, AND THEREFORE OUR DEVELOPMENT STRATEGY, IT HAS BEEN IMPORTANT TO BOTH PROTECT THESE SPACES AND IMPROVE THEM FOR GREATER UTILITY AND ENJOYMENT. PLACEMAKING ENCOURAGES THE RECOGNITION OF LOCAL ARTISTS AND MUSICIANS. IT ALSO PLACES IMPORTANCE ON PRESERVING LOCAL LANDMARKS AND SIGNIFICANT ARCHITECTURE.

    Expenses $220,811

  • NEIGHBORHOOD REVITALIZATION: THE ORGANIZATION RECLAIMED AND REVITALIZED A BLOCK THAT RECEIVED MAJOR FLOOD DAMAGE IN THE CITY-WIDE FLOOD OF 2008 AND HELPS DRIVE THE REDEVELOPMENT AND REVITALIZATION OF THE CZECH VILLAGE/NEW BOHEMIA DISTRICT. THE SPACE IS BECOMING A MAJOR ATTRACTION FOR THE CITY OF CEDAR RAPIDS AND THE SURROUNDING AREA. IN 2018, THE MARKET ATTRACTED OVER 500,000 PEOPLE TO THIS REVITALIZED AREA AND HELD OVER 200 COMMUNITY EVENTS. THE MARKET ALSO HELPS BUILD A "LOCALIZED ECONOMY," BOTH INSIDE THE MARKET AND THROUGHOUT THE DISTRICT. OUR LOCALIZED ECONOMY IS IDENTIFIED BY SEVERAL BUSINESSES IN CLOSE PROXIMITY THAT ALL SHARE THE TRAITS AND VALUES OF ENTREPRENEURSHIP, ARTS AND ENTERTAINMENT, SMALL BUSINESS, LOCALLY-SOURCED PRODUCTS, AND LOCALLY-BASED TALENT WITH AN ECLECTIC BUSINESS CULTURE THAT VALUES WHAT IS UNIQUE AND "FUNKY". "NEWBO" HAS BECOME SYNONYMOUS WITH "ENTREPRENEURSHIP" IN CEDAR RAPIDS.

    Expenses $160,081

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

Listed in Part VII

  • Yanez Gladys

    CHAIR

    Total calculated
    $0
    Hours/week
    2

  • Sytsma Jason

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    2

  • O'Hara Kelly

    TREASURER

    Total calculated
    $0
    Hours/week
    2

  • Swenson Scott

    SECRETARY

    Total calculated
    $0
    Hours/week
    2

  • Lala Rob

    PAST CHAIR

    Total calculated
    $0
    Hours/week
    2

  • Banta Tom

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Bynoe Warren

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Durin Peter

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Jones Diana

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Larson Tim

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Meyer Mark

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Nelsen Kathi

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Parisi Julie

    EXECUTIVE DIRECTOR

    Total calculated
    $93,394
    From this org
    $84,479
    From related orgs
    $0
    Other
    $8,915
    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.

Provenance

Return type
form_990
Tax year
2023
Filed
17 September 2024
IRS schema version
2023v5.1
Source object
202402679349300425

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