Downtown Parking Management Inc

Nonprofit profile at a glance

EIN
451276191
IRS 990 coverage
2015–2024
Forms available
Form 990 2024
Location
Cedar Rapids, IA, USA
Phone
3193657275
Rating
76
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Community Improvement, Capacity Building N.E.C.

Official website

Reported finances

Revenue
$3,477,383
Expenses
$3,760,206
Assets
$2,215,555
Liabilities
$3,804,448

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

7 people listed

People named in this filing

  • DUSEK JON (CHAIRMAN)
  • CARLSON CHRIS (DIRECTOR)
  • CORKERY MATT (DIRECTOR)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

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.

What it reported doing in 2024

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.

Operating model

Revenue model
Earned-program. 99% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Program spending has declined or grown slowly and revenue has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 76
  • Transparency & Controls: 90
  • Accountability: 88
  • Sustainability: 24
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 88%; rating input score 88
  • Program expense ratio: 81.7%; rating input score 82
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 5 of 7 controls in place; rating input score 71
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -8.1%; rating input score 15; 15th percentile among comparable filings
  • Total-asset coverage ratio: 0.59; rating input score 21; 21st percentile among comparable filings
  • Liabilities to assets ratio: 1.72; rating input score 2; 2nd percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 91; 91st percentile among comparable filings

Growth

  • Program expense growth: -3.9% per year; rating input score 0; 6th percentile among comparable filings
  • Revenue growth: -3.4% per year; rating input score 0; 5th percentile among comparable filings
  • Asset growth: -6.6% per year; rating input score 0; 3rd percentile among comparable filings

Details

  • Where the money goes: 88% of revenue deployed · 81.7% of spending went to programs
  • Governance: 5 of 5 board members independent · 5 of 7 filing controls reported
  • Programs: 3 filed program accomplishments · $3.1M in reported program spending
  • Leadership: top reported pay $0 · 7 people listed
  • Highest-paid contractors: 2 contractors listed · $1.8M reported
  • Consistency: 24 of 24 current checks pass
  • Schedules: 3 filed schedules
  • Filing history: 9 filing years from 2015 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 2 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Operating margin scored 15/100.
  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.
  • High — Sustainability: Total-asset coverage ratio scored 21/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 2/100.