Newbo City Market

Nonprofit profile at a glance

EIN
270600567
IRS 990 coverage
2012–2024
Forms available
Form 990 2024, Form 990-N 2010
Location
Cedar Rapids, IA, USA
Phone
3192004050
Rating
71
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Urban, Community Economic Development

Official website

Reported finances

Revenue
$2,496,642
Expenses
$1,149,452
Assets
$4,113,585
Liabilities
$575,112

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

Leadership & pay

17 people listed

Executive titles in this filing

  • PARISI JULIE (EXECUTIVE DIRECTOR)

Highest reported compensation

  • PARISI JULIE (EXECUTIVE DIRECTOR): $108,496 total reported compensation

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

Overview

Mission

Foster economic development by uplifting entrepreneuers and artists through an equitable business incubator, accessible public programming, and a community gathering space.

What it reported doing in 2024

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.

Operating model

Revenue model
Donor-supported. 76% of the money available for current operations came from contributions and gifts.
Distribution model
Direct operator. The filing allocates 95% 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 - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.

Rating breakdown

  • Financial Efficiency: 43
  • Transparency & Controls: 94
  • Accountability: 100
  • Sustainability: 77
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 28.8%; rating input score 29
  • Program expense ratio: 58.8%; rating input score 59
  • Fundraising efficiency: $24.13 raised per $1 spent on fundraising; rating input score 64; 64th percentile among comparable filings

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: 100%; rating input score 100; 72nd percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 8 of 8 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 54%; rating input score 93; 93rd percentile among comparable filings
  • Total-asset coverage ratio: 3.58; rating input score 78; 78th percentile among comparable filings
  • Liabilities to assets ratio: 0.14; rating input score 52; 52nd percentile among comparable filings
  • Officer compensation ratio: 9.4%; rating input score 32; 32nd percentile among comparable filings

Growth

  • Program expense growth: -1.5% per year; rating input score 0; 10th percentile among comparable filings
  • Revenue growth: 3.3% per year; rating input score 100; 29th percentile among comparable filings
  • Asset growth: -6.6% per year; rating input score 0; 3rd percentile among comparable filings

Details

  • Where the money goes: 28.8% of revenue deployed · 58.8% of spending went to programs
  • Governance: 16 of 16 board members independent · 8 of 8 filing controls reported
  • Programs: 3 filed program accomplishments · $676K in reported program spending
  • Leadership: top reported pay $108K · 17 people listed
  • Consistency: 35 of 35 current checks pass
  • Schedules: 5 filed schedules · includes major donors and grants
  • Filing history: 11 filing years from 2012 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: Filed and resolved organization relationships.
  • 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 — Financial Efficiency: Mission deployment rate scored 29/100.
  • Review — Financial Efficiency: Program expense ratio scored 59/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Asset growth scored 0/100.
  • Moderate — Sustainability: Officer compensation ratio scored 32/100.
  • Review — Sustainability: Liabilities to assets ratio scored 52/100.