Form 990 for tax year 2024

Filed by DOWNTOWN PARKING MANAGEMENT INC.

Totals

Total revenue: $3,477,383
Total expenses: $3,760,206
Contributions and grants received: $0
Grants paid: $0
Program service revenue: $3,445,128
Investment income: $14,818
Other revenue: $17,437
Total assets, end of year: $2,215,555
Total liabilities, end of year: $3,804,448
Net assets or fund balances, end of year: -$1,588,893
Program services expenses (Part IX): $3,072,959
Management and general expenses: $687,247
Fundraising expenses: $0
Program service expenses (Part III): $3,072,959

Program services were 81.7% 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 $3,445,128 · related or exempt $3,445,128
3 · Investment income

total $14,818 · excluded $14,818
11a · Other revenue: MISCELLANEOUS

total $17,437 · excluded $17,437
11e · Other revenue, total

$17,437

Functional expenses

Part IX, the statement of functional expenses.

11a · Fees: management

total $62,250 · program services $49,800 · management and general $12,450
11c · Fees: accounting

total $19,038 · management and general $19,038
11g · Fees: other

total $1,983,923 · program services $1,587,139 · management and general $396,784
12 · Advertising and promotion

total $28,639 · program services $22,911 · management and general $5,728
13 · Office expenses

total $130,478 · program services $104,384 · management and general $26,094
14 · Information technology

total $24,847 · program services $19,878 · management and general $4,969
16 · Occupancy

total $370,759 · program services $296,607 · management and general $74,152
17 · Travel

total $56,255 · program services $45,004 · management and general $11,251
20 · Interest

total $40,309 · program services $32,247 · management and general $8,062
22 · Depreciation, depletion and amortization

total $297,642 · program services $238,114 · management and general $59,528
23 · Insurance

total $345,957 · program services $276,766 · management and general $69,191
24a · Other expenses: DEBT SERVICE PAYMENT

total $400,109 · program services $400,109

Balance sheet

Part X, book values.

1 · Cash, non-interest-bearing

beginning of year $191,663
2 · Savings and temporary cash investments

beginning of year $547,400 · end of year $415,192
4 · Accounts receivable

beginning of year $134,507 · end of year $95,653
9 · Prepaid expenses and deferred charges

beginning of year $136,534 · end of year $117,593
10a · Land, buildings and equipment: cost or other basis

$5,222,799
10b · Land, buildings and equipment: accumulated depreciation

$3,646,182
10c · Land, buildings and equipment, net

beginning of year $1,118,074 · end of year $1,576,617
14 · Intangible assets

end of year $10,500
17 · Accounts payable and accrued expenses

beginning of year $2,957,531 · end of year $3,119,516
19 · Deferred revenue

beginning of year $26,800
23 · Secured mortgages and notes payable

end of year $284,823
25 · Other liabilities

beginning of year $449,917 · end of year $400,109
27 · Net assets without donor restrictions

beginning of year -$1,306,070 · end of year -$1,588,893

Mission and programs · 2024

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 $1,024,321 · Revenue $3,445,128
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 $1,024,319
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 $1,024,319

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

Dusek JonDUSEK JON

CHAIRMAN

Total calculated

$0

Hours/week

1
Carlson ChrisCARLSON CHRIS

DIRECTOR

Total calculated

$0

Hours/week

1
Corkery MattCORKERY MATT

DIRECTOR

Total calculated

$0

Hours/week

1
Kerns CoryKERNS CORY

DIRECTOR (THRU JUNE)

Total calculated

$0

Hours/week

1
Timko FredTIMKO FRED

DIRECTOR

Total calculated

$0

Hours/week

1
Zylstra DavidZYLSTRA DAVID

DIRECTOR

Total calculated

$0

Hours/week

1
Baack RyanBAACK 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: 2024
Filed: 30 October 2025
IRS schema version: 2024v5.2
Source object: 202533089349301948

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