Overview
What is Newbo City Market?
Newbo City Market is a vibrant nonprofit organization situated in Cedar Rapids, Iowa, with a mission to drive economic growth and enhance community well-being through cultural and entrepreneurial initiatives. By fostering local talents and businesses, especially those specializing in local products, the organization creates a nurturing environment for startups and early-stage enterprises. The market supports around 26 small businesses annually, providing employment opportunities for over 150 individuals and contributing nearly $3 million in annual gross revenue. Since its inception in 2012, numerous businesses have graduated from the market and established their independent locations in the area. Newbo City Market also collaborates with various community, municipal, and educational institutions to foster economic and workforce development, serving as a hub for public programming and a community gathering space.
Official website here: www.newbocitymarket.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 97%, Four-Star out of Four Stars
Newbo City Market has achieved an impressive Four-Star rating from Charity Navigator, indicating a high level of financial health and organizational accountability. With an overall score of 97%, the nonprofit excels particularly in its Accountability & Finance (83%) and Culture & Community (17%) categories. The organization boasts a strong independent board, complete financial transparency, and adherence to best practices in governance and policy.
The significant strengths of Newbo City Market include its perfect scores in essential areas such as independent board composition, financial statement oversight, and various essential policies, including conflict of interest and whistleblower protections. Additionally, the organization demonstrates exceptional engagement with its constituents, reflected in its outstanding feedback scores across the board, showcasing a commitment to transparency and community involvement.
While the rating reflects strong performance, the specific focus on Culture & Community, which contributes to a lower percentage in that area, suggests room for improvement in enhancing community engagement and outreach efforts. Overall, Newbo City Market is regarded as a highly trustworthy nonprofit with a solid operational foundation and a clear commitment to serving its community effectively.
This AI summary has been generated from information found on Charity Navigator.
Is Newbo City Market legitimate?
Newbo City Market is a legitimate nonprofit organization registered as a 501(c)(3) entity. Newbo City Market submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $90,325
Professional Fundraising Fees: $0
Other Salaries and Wages: $329,143
For more financial information, click here
Official website here: www.newbocitymarket.org
What is the mission statement of Newbo City Market?
Newbo City Market's mission is centered around fostering economic development by uplifting entrepreneurs and artists. They achieve this through an equitable business incubator, accessible public programming, and a community gathering space. The organization showcases the community's assets, inspiration, and potential by cultivating new businesses and entrepreneurship, supporting local artists and artisans, and harnessing the power of culture and creativity to drive economic growth. Newbo City Market's mission is community-based economic development, enhancing economic opportunities while improving social conditions in a sustainable way. They lower barriers for diverse entrepreneurs and serve as a launch pad for startup and early-stage businesses focused on local products, annually hosting up to 26 small businesses employing over 150 people and generating nearly $3 million in gross revenue. Since its opening, the market has seen over 20 small businesses graduate and open stand-alone locations in the area, demonstrating its impact on local economic development.
Official website here: www.newbocitymarket.org
Who is the CEO of Newbo City Market?
Julie Parisi is the Chair of Newbo City Market.
Official website here: www.newbocitymarket.org
What is the revenue of Newbo City Market?
Newbo City Market's revenue in 2022 was $1,383,456.
Official website here: www.newbocitymarket.org
Who are the executives of Newbo City Market and what are their salaries?
The average compensation at Newbo City Market during 2022 was $13,531. There are 31 employees and 17 volunteers at Newbo City Market.
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- Compensation: $84,163
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- Other: $6,162
Official website here: www.newbocitymarket.org
Where can I find the form 990 for Newbo City Market?
Newbo City Market's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.newbocitymarket.org
Learn more at the official website: www.newbocitymarket.org
Mission Statement of Newbo City Market
Newbo City Market, a nonprofit organization, is dedicated to fostering economic development within its community. It achieves this by uplifting entrepreneurs and artists through an equitable business incubator, accessible public programming, and a community gathering space. The organization's mission is to showcase the community's assets, inspiration, and potential by cultivating new businesses and entrepreneurship, supporting local artists and artisans, and harnessing the power of culture and creativity to drive economic growth. This mission is rooted in community-based economic development, which involves using local resources in a sustainable way to enhance economic opportunities and improve social conditions.
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 the community. The organization lowers barriers for diverse entrepreneurs and serves as a launch pad for startup and early-stage businesses, many of which have a distinct focus on local products. Each year, the market is home to up to 26 small businesses, employing over 150 people and generating nearly $3 million in gross revenue annually. Since opening 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.
In addition to its business incubator, Newbo City Market partners with several community, municipal, and educational institutions to foster economic and workforce development. This holistic approach to community development allows Newbo City Market to create a vibrant, thriving community that benefits from its rich cultural heritage and entrepreneurial spirit.
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Impact
October, 2024
Newbo City Market plays a significant role in economic development by fostering entrepreneurship and supporting local artists and artisans. It serves as an equitable business incubator and community gathering space, showcasing the unique assets and potential of Cedar Rapids. By cultivating new businesses, it leverages local resources to enhance economic opportunities while improving social conditions sustainably.
The impact of Newbo City Market is evident in the creation of a vibrant entrepreneurial ecosystem, where up to 26 small businesses can thrive simultaneously, employing over 150 individuals and generating nearly $3 million in annual gross revenue. Since its inception in 2012, the market has helped over 20 businesses transition from incubation to establishing their own standalone locations, demonstrating its effectiveness as a launchpad for startups and early-stage ventures with a focus on local products.
Additionally, Newbo City Market partners with community, municipal, and educational institutions to advance economic and workforce development initiatives, further cementing its role as a catalyst for community-based economic growth. By blending social and economic development, it enhances the cultural fabric of Cedar Rapids, driving both economic vitality and community well-being.
This information is meant to be a general summary of Newbo City Market. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $2,761
- Program Service Revenue: $430,801
- Gross Receipts: $1,461,687
Assets and Liabilities:
- Total Assets: $2,862,007
- Total Liabilities: $678,268
- Net Assets: $2,183,739
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
VENDOR RENTALS
Revenue
$335,195
EVENTS
Revenue
$95,606
Organization Details
Founding Year
2009
Phone
(319) 200-4050Principal Officer
Julie Parisi
Main Address
1100 3RD ST SE, CEDAR RAPIDS, IA, 52401
Website
www.newbocitymarket.orgNTEE Category
Code: S31 - Community improvement
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