Pike Place Market QB3

Nonprofit profile at a glance

EIN
811190481
IRS 990 coverage
2016–2022
Forms available
Form 990 2022
Location
Seattle, WA, USA
Phone
2067745256
Rating
71
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Support N.E.C.

Reported finances

Revenue
$107,233
Expenses
$298,140
Assets
$0
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2022. Amounts in USD.

Leadership & pay

2 people listed

Executive titles in this filing

  • Mary Bacarella (Executive Director)

Highest reported compensation

  • Mary Bacarella (Executive Director): $89,406 total reported compensation
  • Erica Bates (Director): $75,616 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2022. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Pike place market qb3 is a Washington state nonprofit corporation formed in 2016 to obtain funds under the nmtc program, which commenced in 2016. Pike place market pda is sole corporate member of ppm qb3. During 2016, pda leased commercial space related to marketfront project to ppm qb3 for purposes of renovating and rehabilitating them through the nmtc financing program. Simultaneously, ppm qb3 subleased the space back to the pda with a term expiring on december 2051. Construction ended on june 1st, 2017, and ppm qb3 has collected $416,438 of master lease payments from pike place market pda for the entire year.

What it reported doing in 2022

Financing activity

Operating model

Revenue model
Earned-program. 100% 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. Expenses are high relative to revenue and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 89
  • Transparency & Controls: 90
  • Accountability: 32
  • Sustainability: 1
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 100%; rating input score 100
  • 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: Limited
  • Governance controls: 7 of 9 controls in place; rating input score 78
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -178%; rating input score 1; 1st percentile among comparable filings
  • Total-asset coverage ratio: 0; rating input score 1; 1st percentile among comparable filings
  • Liabilities to assets ratio: Limited
  • Officer compensation ratio: Limited

Growth

  • Program expense growth: 2.5% per year; rating input score 100; 48th percentile among comparable filings
  • Revenue growth: -62.3% per year; rating input score 0; 1st percentile among comparable filings
  • Asset growth: -18.4% per year; rating input score 0; 3rd percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 100% of spending went to programs
  • Governance: 7 of 9 filing controls reported
  • Programs: 2 filed program accomplishments · $298K in reported program spending
  • Leadership: top reported pay $89K · 2 people listed
  • Consistency: 13 of 13 current checks pass
  • Schedules: 4 filed schedules
  • Filing history: 6 filing years from 2016 to 2022
  • 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 — Sustainability: Operating margin scored 1/100.
  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 1/100.
  • High — Growth: Asset growth scored 0/100.