2023-11-14T09:14:17-06:00 2022-12-31 410746749 CLIFTONLARSONALLEN LLP 600 3RD AVENUE SE SUITE 300 CEDAR RAPIDS IA 52401 990 2022-01-01 270600567 NEWBO CITY MARKET NEWB 3192004050 1100 3RD ST SE CEDAR RAPIDS IA 52401 JULIE PARISI EXECUTIVE DIRECTOR 3192004050 2023-11-13 1 JULIE PARISI 999009999 0 DAVID LITTLE P01480921 3193632697 2023-11-08 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z JULIE PARISI 1100 3RD ST SE CEDAR RAPIDS IA 52401 1461687 0 X WWW.NEWBOCITYMARKET.ORG X 2009 IA FOSTER ECONOMIC DEVELOPMENT BY UPLIFTING ENTREPRENEUERS AND ARTISTS THROUGH AND EQUITABLE BUSINESS INCUBATOR, ACCESSIBLE PUBLIC PROGRAMMING, AND A COMMUNITY GATHERING SPACE. 17 17 31 17 0 0 470074 810904 413527 430801 42 2761 -63769 138990 819874 1383456 19527 28494 0 0 362762 467862 0 0 75847 505998 663776 888287 1160132 -68413 223324 2228131 2862007 244214 678268 1983917 2183739 X FOSTER ECONOMIC DEVELOPMENT BY UPLIFTING ENTREPRENEUERS AND ARTISTS THROUGH AND EQUITABLE BUSINESS INCUBATOR, ACCESSIBLE PUBLIC PROGRAMMING, AND A COMMUNITY GATHERING SPACE. 0 0 351124 28494 517129 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. 301656 COMMUNITY ENGAGEMENT: NEWBO CITY MARKET HAS USED PLACEMAKING AS A METHOD OF ECONOMIC DEVELOPMENT FROM THE BEGINNING WITH BENEFITS THAT HAVE EXTENDED FAR BEYOND ENTICING VISITORS, ENTREPRENEURS, SMALL BUSINESSES, AND CORPORATIONS. THE ORGANIZATION HOSTS OVER 200 ARTS, ENTERTAINMENT, WELLNESS, AND COMMUNITY EVENTS OPEN TO THE PUBLIC; THESE EVENTS PROMOTE THE LOCAL CULTURE, DRIVE ECONOMIC GROWTH FOR BOTH BUSINESSES INSIDE THE ORGANIZATION AND IN THE AREA, AND BUILD THE CHARACTER AND QUALITY OF OUR PUBLIC PLACE. TO LOCAL ECONOMIES RECOVERING FROM A LOSS OF CONVENTIONAL INDUSTRY (SUCH AS THE LOSS OF INDUSTRIAL BUSINESSES IN THE DISTRICT), PLACEMAKING IS A METHOD FOR CAPITALIZING ON EXISTING STRENGTHS, RATHER THAN INVENTING NEW ONES, FOR THE PURPOSE OF DEVELOPING A STRONGER ECONOMY. WE HAVE SEEN STRONG RETURNS TO THE LOCAL ECONOMY FROM TOURISM, AN INTRINSICALLY PLACE-BASED INDUSTRY. PLACEMAKING IS AN ENVIRONMENTALLY FRIENDLY FORM OF ECONOMIC DEVELOPMENT. THE WALKABLE AND BIKEABLE STREETS AND TRAILS THAT ARE FAVORED BY THE PLACEMAKING PHILOSOPHY HAVE MADE A POSITIVE IMPACT ON NOT ONLY BUSINESS SUCCESS, BUT ALSO THE WELLNESS CULTURE OF THE COMMUNITY. WITH OUR OPEN SPACES AS PART OF BOTH THE MARKET'S AND DISTRICT'S IDENTITY, AND THEREFORE OUR DEVELOPMENT STRATEGY, IT HAS BEEN IMPORTANT TO BOTH PROTECT THESE SPACES AND IMPROVE THEM FOR GREATER UTILITY AND ENJOYMENT. PLACEMAKING ENCOURAGES THE RECOGNITION OF LOCAL ARTISTS AND MUSICIANS. IT ALSO PLACES IMPORTANCE ON PRESERVING LOCAL LANDMARKS AND SIGNIFICANT ARCHITECTURE. 169685 NEIGHBORHOOD REVITALIZATION: THE ORGANIZATION RECLAIMED AND REVITALIZED A BLOCK THAT RECEIVED MAJOR FLOOD DAMAGE IN THE CITY-WIDE FLOOD OF 2008 AND HELPS DRIVE THE REDEVELOPMENT AND REVITALIZATION OF THE CZECH VILLAGE/NEW BOHEMIA DISTRICT. THE SPACE IS BECOMING A MAJOR ATTRACTION FOR THE CITY OF CEDAR RAPIDS AND THE SURROUNDING AREA. IN 2018, THE MARKET ATTRACTED OVER 500,000 PEOPLE TO THIS REVITALIZED AREA AND HELD OVER 200 COMMUNITY EVENTS. THE MARKET ALSO HELPS BUILD A "LOCALIZED ECONOMY," BOTH INSIDE THE MARKET AND THROUGHOUT THE DISTRICT. OUR LOCALIZED ECONOMY IS IDENTIFIED BY SEVERAL BUSINESSES IN CLOSE PROXIMITY THAT ALL SHARE THE TRAITS AND VALUES OF ENTREPRENEURSHIP, ARTS AND ENTERTAINMENT, SMALL BUSINESS, LOCALLY-SOURCED PRODUCTS, AND LOCALLY-BASED TALENT WITH AN ECLECTIC BUSINESS CULTURE THAT VALUES WHAT IS UNIQUE AND "FUNKY". "NEWBO" HAS BECOME SYNONYMOUS WITH "ENTREPRENEURSHIP" IN CEDAR RAPIDS. 822465 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 16 0 31 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 17 17 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 X JULIE PARISI 3192004050 1100 3RD ST SE CEDAR RAPIDS IA 52401 LALA ROB CHAIR 2.00 X X 0 0 0 YANEZ GLADYS VICE CHAIR 2.00 X X 0 0 0 O'HARA KELLY TREASURER 2.00 X X 0 0 0 SYTSMA JASON SECRETARY 2.00 X X 0 0 0 HANSON SHANNON PAST CHAIR 2.00 X X 0 0 0 BANTA TOM DIRECTOR 1.00 X 0 0 0 BYNOE WARREN DIRECTOR 1.00 X 0 0 0 DEMARTINO SOFIA DIRECTOR 1.00 X 0 0 0 DOYLE DAN DIRECTOR 1.00 X 0 0 0 ELLES ERIKA DIRECTOR 1.00 X 0 0 0 JONES DIANA DIRECTOR 1.00 X 0 0 0 KUTZKO DIANE DIRECTOR 1.00 X 0 0 0 LARSON TIM DIRECTOR 1.00 X 0 0 0 MEYER MARK DIRECTOR 1.00 X 0 0 0 NELSON KATHI DIRECTOR 1.00 X 0 0 0 SHERRY MARGARET DIRECTOR 1.00 X 0 0 0 SWENSON SCOTT DIRECTOR 1.00 X 0 0 0 PARISI JULIE EXECUTIVE DIRECTOR 40.00 X 84163 0 6162 84163 0 6162 0 0 0 0 0 6776 75989 728139 45680 810904 VENDOR RENTALS 531390 335195 335195 EVENTS 532000 95606 95606 430801 2761 2761 7724 6776 6977 747 747 157582 71254 86328 86328 GIFT CARDS NOT REDEEME 900099 37474 37474 OTHER INCOME 900099 14441 14441 51915 1383456 517129 0 55423 28494 28494 90325 51485 27098 11742 329143 187611 98743 42789 8922 5086 2676 1160 39472 22347 11968 5157 1829 1829 11295 11295 9914 9914 12633 9475 3158 7220 4332 1444 1444 201357 181221 9739 10397 4316 2158 2158 2171 1628 543 3850 3850 297640 223230 74410 20238 15285 4953 PROGRAM SUPPLIES 83711 82874 837 BAD DEBT EXPENSE 5184 5184 2418 2055 363 1160132 822465 261820 75847 253783 277984 70091 793722 6312 17500 14802 6522 10618 5243983 3521602 1891423 1722381 0 25000 2228131 2862007 76074 98604 61325 16687 20087 151453 498252 244214 678268 X 1604594 1395676 379323 788063 1983917 2183739 2228131 2862007 223324 -23502 0 X X 0 1 X 1 0 X 143008 158392 191370 456074 810904 1759748 143008 158392 191370 456074 810904 1759748 1759748 11128 65818 31060 48675 2761 159442 13298 5924 16998 3128 51915 91263 2010453 2616766 0.87530 0.81910 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: GROSS REVENUE FROM SPECIAL EVENTS - 2018 AMOUNT: $ 10,361. 2019 AMOUNT: $ 2,436. OTHER INCOME - 2018 AMOUNT: $ 2,937. 2019 AMOUNT: $ 3,488. 2020 AMOUNT: $ 16,998. 2021 AMOUNT: $ 3,128. 2022 AMOUNT: $ 51,915. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 1527441 1527441 3293145 3195455 97690 133030 83925 49105 265537 242222 23315 24830 24830 1722381 X 1390036 6580 6580 1383456 0 1383456 1166712 6580 6580 1160132 0 1160132 PART X, LINE 2: THE ORGANIZATION IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND A SIMILAR SECTION OF THE IOWA TAX LAW, WHICH PROVIDES INCOME TAX EXEMPTION FOR CORPORATIONS ORGANIZED AND OPERATED EXCLUSIVELY FOR RELIGIOUS, CHARITABLE, OR EDUCATIONAL PURPOSES. THE INTERNAL REVENUE SERVICE HAS NOT DETERMINED THAT THE ORGANIZATION IS CLASSIFIED AS A PRIVATE FOUNDATION. THE ORGANIZATION FILES INFORMATION RETURNS IN THE U.S. FEDERAL JURISDICTION AND HAS ADOPTED THE FINANCIAL ACCOUNTING STANDARDS BOARD'S REQURIEMENTS FOR UNCERTAIN TAX POSITIONS. THE ORGANIZATION HAS DETERMINED THAT IT WAS NOT REQUIRED TO RECORD A LIABILITY RELATED TO UNCERTAIN TAX POSITIONS. 1 BUSINESS DEVELOPMENT GRANT PROGRAM (THE HATCHERY) 5 18575 CHILDCARE STIPEND PROGRAM 4 8319 YOUNG ENTREPRENEURS GRANTS 15 1600 PART I, LINE 2: FUNDS ARE MONITORED THROUGH SEPARATE ACCOUNTS IN QUICKBOOKS. THE ORGANIZATION ADMITS AS MANY PROGRAM PARTICIPANTS AS THE FACILITY SPACE ALLOWS. EACH YEAR THERE ARE A MAXIMUM OF 6 PARTICIPANTS IN THE HATCHERY PROGRAM. AN EXCEL SPREADSHEET TRACKS A SCHEDULE OF GRANT PROJECTIONS IN ORDER TO CORRESPOND TO ANNUAL BUDGET PROJECTIONS. ONLY ACTUAL GRANT DISCOUNTS ARE BOOKED IN QUICKBOOKS AS NOT EVERY PARTICIPANT COMPLETES THE PROGRAM. THE MAXIMUM GRANT AWARDED TO ANY ONE INDIVIDUAL BUSINESS IS $6,000 IN A GIVEN YEAR. X VARIOUS DONATED PPE 1 37368 FMV X SUPPLIES 1 8312 FMV 0 0 0 PART I, COLUMN (B): THE AMOUNT REPRESENTS THE NUMBER OF CONTRIBUTORS IN THE CATEGORY. FORM 990, PART VI, SECTION A, LINE 1A THE EXECUTIVE COMMITTEE HAS THE POWER TO MAKE ON-GOING DECISIONS BETWEEN MEETINGS OF THE BOARD, INCLUDING FINANCIAL AND BUDGETARY DECISIONS. NO COMMITTEE MAY (A) AUTHORIZE DISTRIBUTIONS, (B) APPROVE A DISSOLUTION, MERGER OR THE SALE, PLEDGE OR TRANSFER OF ALL OR SUBSTANTIALLY ALL OF THE ORGANIZATION'S ASSETS, (C) ELECT, APPOINT OR REMOVE DIRECTORS OR FILL VACANCIES ON THE BOARD OR ANY OF ITS COMMITTEES, OR (D) ADOPT, AMEND OR REPEAL THE ARTICLES OR BYLAWS. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY AN INDEPENDENT ACCOUNTING FIRM. THE EXECUTIVE DIRECTOR AND FINANCE COMMITTEE WILL REVIEW A DRAFT OF THE FORM 990, AND THEN A COPY IS PROVIDED TO THE ENTIRE BOARD OF DIRECTORS PRIOR TO THE RETURN BEING FILED WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE ORGANIZATION'S POLICY DOES COVER THE BOARD OF DIRECTORS. IT OUTLINES THE DUTY TO DISCLOSE, THE PROCESS FOR DETERMINING WHETHER A CONFLICT OF INTEREST EXISTS AND THE PROCEDURES FOR ADDRESSING A CONFLICT. IN CONNECTION WITH ANY ACTUAL OR POSSIBLE CONFLICTS OF INTEREST, AN INTERESTED PERSON MUST DISCLOSE THE EXISTENCE AND NATURE OF HIS OR HER FINANCIAL INTEREST OR FIDUCIARY RESPONSIBILITY AND ALL MATERIAL FACTS TO THE DIRECTORS AND MEMBERS OF COMMITTEES WITH BOARD-DELEGATED POWERS CONSIDERING THE PROPOSED TRANSACTION OR ARRANGEMENTS. AFTER DISCLOSURE OF THE FINANCIAL INTEREST OF FIDUCIARY RESPONSIBILITY AND ALL MATERIAL FACTS, AND AFTER ANY DISCUSSION WITH THE INTERESTED PERSON, HE OR SHE SHALL LEAVE THE BOARD OR COMMITTEE MEETING WHILE THE FINAL DETERMINATION OF A CONFLICT OF INTEREST IS DISCUSSED AND VOTED UPON. THE REMAINING BOARD OR COMMITTEE MEMBERS SHALL DECIDE IF A CONFLICT OF INTEREST EXISTS. THE MINUTES OF THE BOARD AND ALL COMMITTEES WITH BOARD-DELEGATED POWERS SHALL CONTAIN: -THE NAMES OF THE PERSONS WHO DISCLOSED OR OTHERWISE WERE FOUND TO HAVE A FINANCIAL INTEREST OR A FIDUCIARY RESPONSIBILITY IN CONNECTION WITH AN ACTUAL OR POSSIBLE CONFLICT OF INTEREST, THE NATURE OF THE FINANCIAL INTEREST OR FIDUCIARY RESPONSIBILITY, ANY ACTION TAKEN TO DETERMI9NE WHETHER A CONFLICT OF INTEREST WAS PRESENT, AND THE BOARD'S OR COMMITTEE'S DECISION AS TO WHETHER A CONFLICT OF INTEREST IN FACT EXISTED. -THE NAMES OF THE PERSONS WHO WERE PRESENT FOR DISCUSSIONS AND VOTES RELATING TO THE TRANSACTION OR ARRANGEMENT, THE NAMES OF THE PERSONS WHO RECUSED THEMSELVES FROM SUCH DISCUSSION AND VOTES, THE CONTENT OF THE DISCUSSION, INCLUDING ANY ALTERNATIVES TO THE PROPOSED TRANSCATION OR ARRANGEMENT, AND A RECORD OF ANY VOTES TAKEN IN CONNECTION THEREWITH. A VOTING MEMBER OF ANY COMMITTEE WITH BOARD-DELEGATED POWERS WHO JURISDICTION INLUDES COMPENSATION MATTERS AND WHO RECEIVES COMPENSATION, DIRECTLY OR INDIRECTLY, FROM NEWBO CITY MARKET FOR SERVICES IS PRECLUDED FROM VOTING ON MATTERS PERTAINING TO THAT MEMBER'S COMPENSATION. FORM 990, PART VI, SECTION B, LINE 15A THE PROCESS FOR DETERMINING EXECUTIVE DIRECTOR COMPENSATION INCLUDES COMPARABILITY DATA AS COMPARED TO COMPANY RESOURCES. THE COMPENSATION DELIBERATION AND APPROVAL IS CONDUCTED BY THE BOARD AND THE PROCESS AND DETERMINATION IS DOCUMENTED IN THE BOARD MINUTES. THIS PROCESS WAS LAST COMPLETED IN 2022. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART XII, LINE 2C THE ORGANIZATION HAS A COMMITTEE THAT IS RESPONSIBLE UNDER ITS GOVERNING DOCUMENTS FOR OVERSEEING THE AUDIT OF THE FINANCIAL STATEMENTS AND THE SELECTION OF THE INDEPENDENT ACCOUNTING FIRM WHO PERFORMED THE AUDIT. THE FINANCE COMMITTEE PEFORMS THIS FUNCTION AND THE BOARD OF DIRECTORS ACCEPT THEIR RECOMMENDATION. THE PROCESS HAS NOT CHANGED FROM PRIOR YEARS.