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Nonprofiteer
← 62 MARKET STREET INC

Form 990 for tax year 2022

Filed by 62 MARKET STREET INC.

Totals

Total revenue
$113,379
Total expenses
$304,420
Contributions and grants received
$5,200
Grants paid
$0
Program service revenue
$108,179
Investment income
$0
Other revenue
$0
Total assets, end of year
$1,918,842
Total liabilities, end of year
$2,905,481
Net assets or fund balances, end of year
-$986,639
Program services expenses (Part IX)
$275,773
Management and general expenses
$28,647
Fundraising expenses
$0
Program service expenses (Part III)
$275,773

Program services were 90.6% 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.

  • 1f · All other contributions, gifts and grants

    $5,200

  • 2a · Program service revenue: INCUBATOR OFFICE RENT FEES

    total $40,208 · related or exempt $40,208

  • 2b · Program service revenue: CAFE RENT

    total $35,802 · related or exempt $35,802

  • 2c · Program service revenue: RESTAURANT CAM

    total $17,545 · related or exempt $17,545

  • 2d · Program service revenue: COMMERCIAL KITCHEN

    total $10,735 · related or exempt $10,735

  • 2e · Program service revenue: TRANSIENT INCUBATOR RENT

    total $2,604 · related or exempt $2,604

  • 2f · All other program service revenue

    total $1,285 · related or exempt $1,285

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $1,190 · program services $595 · management and general $595

  • 7 · Other salaries and wages

    total $34,259 · program services $17,129 · management and general $17,130

  • 9 · Other employee benefits

    total $12,661 · program services $10,129 · management and general $2,532

  • 10 · Payroll taxes

    total $4,308 · program services $2,154 · management and general $2,154

  • 11c · Fees: accounting

    total $3,978 · management and general $3,978

  • 13 · Office expenses

    total $6,214 · program services $6,214

  • 16 · Occupancy

    total $77,037 · program services $77,037

  • 22 · Depreciation, depletion and amortization

    total $148,976 · program services $148,976

  • 23 · Insurance

    total $11,289 · program services $9,031 · management and general $2,258

  • 24a · Other expenses: GENERAL EXCISE TAX

    total $4,353 · program services $4,353

  • 24b · Other expenses: LICENSES AND FEES

    total $100 · program services $100

  • 24c · Other expenses: BANK CHARGES

    total $55 · program services $55

Balance sheet

Part X, book values.

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

    $4,315,552

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

    $2,396,710

  • 10c · Land, buildings and equipment, net

    beginning of year $2,056,005 · end of year $1,918,842

  • 17 · Accounts payable and accrued expenses

    beginning of year $14,697 · end of year $24,504

  • 25 · Other liabilities

    beginning of year $2,836,906 · end of year $2,880,977

  • 27 · Net assets without donor restrictions

    beginning of year -$795,598 · end of year -$986,639

Mission and programs · 2022

Mission

TO IMPROVE THE QUALITY OF LIFE, BOTH ECONOMICALLY AND SOCIALLY, OF RESIDENTS OF THE COUNTY OF MAUI WITH AN URBAN REVITALIZATION PROPERTY DEVELOPMENT PROJECT WITH A UNIQUE MIXED-USE DESIGN OF A BUSINESS INCUBATOR AND COMMERCIAL KITCHEN.

  • LOKAHI PACIFIC BUSINESS INCUBATOR PROVIDES PRIVATE OFFICE SPACE, BUSINESS SUPPORT AND COUNSELING SERVICES, AND STATE-OF-THE-ART EQUIPMENT AND AMENITIES FOR UP TO 9 START-UP OR EXPANDING SERVICE AND PROFESSIONAL BUSINESSES. 62 MARKET STREET INC.'S VIRTUAL OFFICE IS A SHARED OFFICE SERVICE, WHICH NORMALLY INCLUDES BUSINESS ADDRESS, MAIL & COURIER SERVICES, PHONE, FAX ANSWERING & WEB-HOSTING SERVICES, AND MEETING & CONFERENCE FACILITIES.

    Expenses $164,375 · Revenue $64,480

  • THE KITCHEN IS A LICENSED COMMERCIAL KITCHEN AVAILABLE TO ANY COMMUNITY MEMBER OR ORGANIZATION INTERESTED IN STARTING UP OR WORKING IN A SPECIALTY FOOD BUSINESS. THIS WILL PROVIDE START-UP FOOD BUSINESSES THE OPPORTUNITY TO EXPLORE FOOD PRODUCTION WITHOUT THE HIGH COST OF BUYING THEIR OWN EQUIPMENT OR CONSTRUCTING THEIR OWN BUILDING. IN ADDITION, THE SMALL BUSINESS INCUBATOR WILL OFFER TECHNICAL ASSISTANCE IN FOOD PRODUCTION AS WELL AS GENERAL BUSINESS MANAGEMENT SKILLS, NETWORKING OPPORTUNITIES AMONG ENTREPRENEURS, AND THE OPPORTUNITY TO FORM SHARED SERVICE COOPERATIVES FOR MARKETING, DISTRIBUTION, AND SUPPLY.

    Expenses $111,398 · Revenue $43,699

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Mark D Reck

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    0.12 + 0.88 related

  • Viola Mundrick-Wichman

    VICE-CHAIR

    Total calculated
    $0
    Hours/week
    0.12 + 0.88 related

  • Scott Hal Smith Pa-C

    SECRETARY

    Total calculated
    $0
    Hours/week
    0.12 + 0.88 related

  • Greg Knue

    TREASURER

    Total calculated
    $0
    Hours/week
    0.12 + 0.88 related

  • Reynold Butch M Gima

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.12 + 0.88 related

  • Klaus Simmer

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.12 + 0.88 related

  • Ryan Fukushima

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.12 + 0.88 related

  • Regina S Thieman

    EXECUTIVE DI

    Total calculated
    $85,916
    From this org
    $0
    From related orgs
    $85,916
    Other
    $0
    Hours/week
    3 + 37 related

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.

Provenance

Return type
form_990
Tax year
2022
Filed
9 May 2024
IRS schema version
2022v5.0
Source object
202421369349312867

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