2024-11-15T20:54:02-06:00 2023-12-31 382029668 GJC CPA'S & ADVISORS 1001 WOODWARD AVENUE SUITE 850 DETROIT MI 482261904 990 2023-01-01 320030432 EASTERN MARKET CORPORATION EAST 3138339300 2934 RUSSELL DETROIT MI 482074826 KATHARINE TRUDEAU PRESIDENT 3138339300 2024-11-15 1 1 MICHAEL R NICHOLAS P00966144 3139652655 2023 2024-10-15 13:58:12Z EASTERN MARKET PARTNERSHIP KATHARINE TRUDEAU 2934 RUSSELL DETROIT MI 482074826 8395044 0 X WWW.EASTERNMARKET.ORG X 2006 MI THE MISSION OF EASTERN MARKET CORPORATION ("EASTERN MARKET") IS TO LEVERAGE ITS DYNAMIC HISTORY, MANAGE OPERATIONS, DEVELOP PROGRAMS, BUILD FACILITIES, AND PROVIDE CRITICAL INFRASTRUCTURE TO STRENGTHEN THE EASTERN MARKET DISTRICT, IMPROVE ACCESS TO HEALTHY, GREEN, AFFORDABLE, AND FAIR FOOD CHOICES IN DETROIT AND THROUGHOUT SOUTHEAST MICHIGAN, AND FORTIFY THE FOOD SECTOR AS A PILLAR OF REGIONAL ECONOMIC GROWTH. 21 21 57 42 0 0 3409189 6625038 0 0 40151 107858 1419669 1409221 4869009 8142117 0 158239 0 0 2583472 2871845 0 0 430318 3445977 2515247 6029449 5545331 -1160440 2596786 10937880 14377658 304733 1147725 10633147 13229933 X EASTERN MARKET IS ORGANIZED TO COMBAT COMMUNITY DETERIORATION AND TO LESSEN THE BURDENS OF GOVERNMENT IN MANAGING ITS PUBLIC MARKET THAT HAS SERVED DETROIT SINCE 1891.EASTERN MARKET OPERATES THE MARKET UNDER AN AGREEMENT WITH THE CITY OF DETROIT, WHICH OWNS THE FACILITY. EASTERN MARKET HAS DEVELOPED A CAPITAL IMPROVEMENT PLAN AND IS IMPLEMENTING A SERIES OF CAPITAL IMPROVEMENTS TO IMPROVE THE MARKET'S ABILITY TO SERVE AS A FOOD CENTER FOR DETROIT AND AS A CATALYST FOR ECONOMIC DEVELOPMENT. THE STAKEHOLDERS' VISION FOR THE EASTERN MARKET DISTRICT (THE "MARKET") IS TO LEVERAGE THE ATTRACTION AND LEGACY OF THE MARKET, TO BUILD A DYNAMIC, DIVERSE, AND UNIQUE URBAN DISTRICT, AND TO STRENGTHEN THE IDENTITY OF THE MARKET AS A FOOD-RELATED DISTRICT BY ENHANCING THE OPERATIONS OF THE EXISTING PUBLIC MARKET AND BY DEVELOPING BUSINESS OPPORTUNITIES FOR SPECIALTY FOOD RETAILERS, FOOD WHOLESALE OPERATIONS, RESTAURANTS, FOOD DISTRIBUTORS, AND FOOD PROCESSORS. 0 0 2974687 158239 1433662 PUBLIC MARKET ACTIVITIES: FEES FOR THE USE OF MARKET FACILITIES AND LOTS, AS WELL AS SHED STALL LEASES TO PROVIDE MARKET VENDORS ACCESS TO THE PUBLIC IN A CENTRALIZED LOCATION INCLUDING 52 SATURDAY MARKETS, NUMEROUS SUNDAY AND TUESDAY MARKETS, AND SEVERAL PRIVATE FACILITY RENTALS 1256282 73922 FOOD ACCESS SUPPORT PROGRAM: COMMUNITY BASED POP-UP MOBILE MARKET THAT IMPROVES ACCESS TO FRESH, HEALTHY FOOD AND PROVIDES NUTRITION EDUCATION 4230969 1 1 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 1 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 87 0 1 57 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 21 21 0 0 0 0 0 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 MI X KATHARINE TRUDEAU 3138339300 2934 RUSSELL DETROIT MI 482074826 CINDY PASKY CHAIR 1.00 X X 0 0 0 DONALD RENCHER VICE-CHAIR 1.00 X X 0 0 0 DREW PATRICK TREASURER 1.00 X X 0 0 0 JUDITH MCNEELY SECRETARY 1.00 X X 0 0 0 BJ BELCOURE DIRECTOR 1.00 X 0 0 0 JAY BONAHOOM DIRECTOR 1.00 X 0 0 0 RON BRUNDIDGE DIRECTOR 1.00 X 0 0 0 FRED DURHAL DIRECTOR 1.00 X 0 0 0 FRANK GERMACK DIRECTOR 1.00 X 0 0 0 VIOLET GINTSIS DIRECTOR 1.00 X 0 0 0 ARMOND HARRIS DIRECTOR 1.00 X 0 0 0 LATISHA JOHNSON DIRECTOR 1.00 X 0 0 0 MARK KALTZ DIRECTOR 1.00 X 0 0 0 JONATHAN KUNG DIRECTOR 1.00 X 0 0 0 CARLOS PARISI DIRECTOR 1.00 X 0 0 0 LUKE POLCYN DIRECTOR 1.00 X 0 0 0 VINCE SANNA DIRECTOR 1.00 X 0 0 0 JOE SPENCER DIRECTOR 1.00 X 0 0 0 SANDRA YU STAHI DIRECTOR 1.00 X 0 0 0 TOSHA TABRON DIRECTOR 1.00 X 0 0 0 JONI THROWER-DAVIS DIRECTOR 1.00 X 0 0 0 DANIEL CARMODY CHIEF EXECUTIVE OFFICER 50.00 1.00 X 194423 0 2600 KATHARINE TRUDEAU PRESIDENT 39.00 1.00 X 109904 0 0 DIETRICH KNOER EXECUTIVE DIRECTOR, EMDC 1.00 39.00 X 130174 0 0 BRANDON SENG DIRECTOR OF PROGRAMS 40.00 X 125000 0 0 PERCOLA BROOKS DIRECTOR OF ACCOUNTING 40.00 X 102570 0 0 662071 0 2600 5 0 1 0 1XRUN 2905 BEAUFAIT DETROIT MI 482073401 PRINTING 172000 48207-11 GRASSROOT DETROITERS 3127 EAST CANFIELD DETROIT MI 482081508 FOOD DISTRIBUTION 115000 2 190560 693214 5741264 6625038 107858 107858 30000 30000 1433662 0 1433662 1433662 1433662 0 190560 128363 -128363 -128363 166175 124564 41611 41611 32311 32311 32311 8142117 1507584 0 9495 158239 158239 434500 317185 65175 52140 2437345 1779261 365602 292482 41208 41208 27815 27815 237087 82835 140229 14023 36832 33148 1842 1842 274727 111089 95138 68500 513045 459997 53048 24182 5658 18524 590168 517162 73006 110713 93414 17299 GROUNDS 252600 225814 26786 MAINTENANCE 208169 187352 20817 PROGRAM EXPENSES 158085 158085 PRINTING 21813 20485 937 391 18803 12222 5641 940 5545331 4230969 884044 430318 411588 2190544 165950 2562658 122251 61487 176093 106405 1709441 1643804 16599894 8910434 8251465 7689460 101092 123300 10937880 14377658 192872 356982 91387 54046 691388 20474 45309 304733 1147725 X 8463953 8892261 2169194 4337672 10633147 13229933 10937880 14377658 2596786 0 X 0 1 X 1 0 X 3898317 4143847 4211900 3409189 6625038 22288291 1014123 1352401 1370363 1614235 1599837 6950959 8300 15600 19812 15600 15600 74912 4920740 5511848 5602075 5039024 8240475 29314162 354370 354370 0 354370 354370 28959792 2422 33038 154474 148981 137858 476773 2422 33038 154474 148981 137858 476773 30817 37879 38124 67981 32311 207112 4953979 5582765 5794673 5255986 8410644 29998047 0.96540 0.96990 0.01590 0.01280 X SCHEDULE A, PART III, LINE 12, EXPLANATION OF OTHER INCOME: MISCELLANEOUS INCOME - 2019 AMOUNT: $ 30,817. 2020 AMOUNT: $ 37,879. 2021 AMOUNT: $ 38,124. 2022 AMOUNT: $ 67,981. 2023 AMOUNT: $ 32,311. PART III, SHORT YEAR EXPLANATION: EASTERN MARKET CHANGED ITS ACCOUNTING PERIOD FROM A JUNE 30 YEAR-END TO A DECEMBER 31 YEAR-END, EFFECTIVE JULY 1, 2019. THEREFORE, THE 2019 COLUMN REPRESENTS A SHORT PERIOD. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 62500 62500 907524 152052 755472 14766142 7930422 6835720 777579 741811 35768 86149 86149 0 7689460 LEASE LIABILITIES 45309 45309 X PART X, LINE 2: EASTERN MARKET'S MANAGEMENT IS NOT AWARE OF ANY UNCERTAIN TAX POSITIONS OR UNRECOGNIZED TAX BENEFITS AS OF DECEMBER 31, 2023 OR 2022. GALA 175439 175439 3207 99626 VENDOR DINNER 15121 15121 1710 9500 14320 190560 190560 1710 12707 113946 128363 -128363 1 EASTERN MARKET DEVELOPMENT CORPORATION 2934 RUSSELL DETROIT MI 482074826 821252089 501(C)(3) 158239 0 N/A N/A MAINTAINING OPERATIONS 1 0 PART I, LINE 2: THE ORGANIZATION REQUIRES DOCUMENTATION OF EXPENDITURES RELATIVE TO ALL GRANT FUNDS PROVIDED AND AWARDED TO QUALIFYING COMPANIES. X X 0 0 0 0 0 0 0 0 0 DANIEL CARMODY CHIEF EXECUTIVE OFFICER 166390 0 25000 0 3033 0 2600 0 0 0 197023 0 0 0 FORM 990, PART VI, SECTION A, LINE 7A WITHIN THE 21-MEMBER BOARD OF DIRECTORS, THERE IS A NOMINATIONS COMMITTEE CONSISTING OF THREE BOARD MEMBERS. OF THE 21 MEMBERS, SEVEN ARE APPOINTED BY THE CITY'S MAYOR OR CITY COUNCIL. FORM 990, PART VI, SECTION A, LINE 7B ANY CONTRACT OR AGREEMENT IN EXCESS OF $25,000 FOR THE EXPENDITURE OF FUNDS THAT ARE GENERATED BY THE OPERATION OF THE MARKET, OR THAT ARE PROVIDED TO EASTERN MARKET BY THE CITY OF DETROIT, MUST BE APPROVED BY THE DETROIT CITY COUNCIL. EASTERN MARKET SUBMITS AN ANNUAL OPERATING BUDGET FOR MARKET OPERATION AND CAPITAL IMPROVEMENTS WHICH MUST BE APPROVED BY A REPRESENTATIVE OF THE CITY OF DETROIT. EASTERN MARKET MUST OBTAIN THE CITY OF DETROIT'S APPROVAL TO BORROW FUNDS. FORM 990, PART VI, SECTION B, LINE 11B ONCE EASTERN MARKET'S EXTERNAL CPA FIRM HAS COMPLETED A DRAFT OF FORM 990, BASED ON INFORMATION PROVIDED BY EASTERN MARKET'S MANAGEMENT, A REVIEW IS PERFORMED BY EASTERN MARKET'S INTERNAL ACCOUNTANTS. WHEN DEEMED "FINAL", THE RETURN IS PROVIDED TO EASTERN MARKET'S FINANCE COMMITTEE AND BOARD MEMBERS PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C A STAFF MEMBER (THE OFFICE MANAGER) ENSURES THAT ALL BOARD MEMBERS HAVE SUBMITTED A SIGNED CONFLICT OF INTEREST STATEMENT. IN THE EVENT THAT A POTENTIAL CONFLICT IS DISCLOSED, THE ISSUE WILL DISCUSSED AND INVESTIGATED. FORM 990, PART VI, SECTION B, LINE 15 FOR THE PRESIDENT AND THE CHIEF EXECUTIVE OFFICER, THE EXECUTIVE COMMITTEE IS AUTHORIZED BY THE BOARD TO RESEARCH AND DETERMINE ADJUSTMENTS TO THE PRESIDENT'S AND THE CHIEF EXECUTIVE OFFICER'S COMPENSATION AND TO LEAD THE ANNUAL PERFORMANCE REVIEW EFFORT. FOR OTHER EMPLOYEES, ADJUSTMENTS ARE MADE AT THE DISCRETION OF THE PRESIDENT AND ARE BASED, IN PART, ON RECRUITMENT AND COMPENSATION INPUT FROM AN INDEPENDENT CONSULTANT. FORM 990, PART VI, SECTION C, LINE 19 EASTERN MARKET MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. EASTERN MARKET DEVELOPMENT CORPORATION 2934 RUSSELL DETROIT MI 482074826 821252089 BUSINESS AND RESOURCE DEVELOPMENT MI 501(C)(3) LINE 10 EASTERN MARKET CORPORATION 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 EASTERN MARKET DEVELOPMENT CORPORATION B 158239 CASH PAID