Overview
What is Eastern Market Corporation?
Eastern Market Corporation, also known as Eastern Market Partnership, is a nonprofit organization based in Detroit, Michigan. Their primary mission is to manage and enhance the historic Eastern Market, a public market that has served the city since 1891. The corporation aims to strengthen the Eastern Market District by improving its infrastructure and operations, providing access to healthy, affordable, and fair food choices, and fostering economic growth in the region. They oversee various market activities, including weekly markets, private facility rentals, and shed stall leases, offering vendors a centralized location to connect with the public. With a workforce of 84 employees, Eastern Market Corporation works to revitalize the district, transforming it into a dynamic, diverse, and unique urban area, while maintaining its food-related identity.
Official website here: www.easternmarket.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 97% (Four-Star out of Four Stars)
Eastern Market Corporation has achieved an impressive Four-Star rating on Charity Navigator, indicating a strong commitment to accountability and finance. The organization excels in maintaining an independent board with 100% of its members being independent, contributing to its robust governance structure. The absence of material diversion of assets and the presence of a comprehensive audit and oversight committee further demonstrate the organization's financial integrity.
The financial ratios associated with Eastern Market Corporation are noteworthy, particularly its high program expense ratio of 78.20%, which reflects a significant portion of its budget being directed towards its programs. Additionally, the fundraising efficiency ratio of $0.10 also highlights effective financial management, suggesting that the organization utilizes its resources wisely to maximize impact. The working capital ratio of 1.85 years indicates a healthy financial position, providing stability for future operations.
However, as with any organization, it is important for prospective donors and supporters to consider the overall impact and effectiveness of the programs delivered. While the financial metrics are strong, individuals may want to look deeper into the specific outcomes and community reach of the organization to ensure alignment with their philanthropic goals.
This AI summary has been generated from information found on Charity Navigator.
Is Eastern Market Corporation legitimate?
Eastern Market Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Eastern Market Corporation 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: $198,303
Professional Fundraising Fees: $0
Other Salaries and Wages: $2,385,169
For more financial information, click here
Official website here: www.easternmarket.org
What is the mission statement of Eastern Market Corporation?
Eastern Market Corporation, often referred to as Eastern Market, aims to utilize its rich history and manage operations to strengthen its district. The organization's primary goal is to provide access to healthy, affordable, and fair food choices in Detroit and surrounding southeast Michigan. By leveraging its market's appeal and legacy, Eastern Market aspires to build a dynamic, diverse, and unique urban district, enhancing the identity of the area as a food-related district. This is achieved by improving the market's capabilities as a food center and creating business opportunities for specialty food retailers, wholesalers, restaurants, distributors, and processors. Eastern Market operates under an agreement with the city of Detroit and implements a capital improvement plan to enhance its facilities, serving as a catalyst for economic growth.
Official website here: www.easternmarket.org
Who is the CEO of Eastern Market Corporation?
Daniel Carmody is the Chair of Eastern Market Corporation.
Official website here: www.easternmarket.org
What is the revenue of Eastern Market Corporation?
Eastern Market Corporation's revenue in 2022 was $4,869,009.
Official website here: www.easternmarket.org
Who are the executives of Eastern Market Corporation and what are their salaries?
The average compensation at Eastern Market Corporation during 2022 was $30,756. There are 84 employees and 42 volunteers at Eastern Market Corporation.
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- Compensation: $198,303
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- Other: $2,600
Official website here: www.easternmarket.org
Where can I find the form 990 for Eastern Market Corporation?
Eastern Market Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.easternmarket.org
Learn more at the official website: www.easternmarket.org
Mission Statement of Eastern Market Corporation
Eastern Market Corporation, often referred to as Eastern Market, is dedicated to leveraging its historical significance and managing operations to strengthen the Eastern Market District. The organization's mission is multifaceted, aiming to improve access to healthy, affordable, and fair food choices in Detroit and throughout Southeast Michigan. Beyond this, Eastern Market strives to fortify the food sector as a pillar of regional economic growth.
To achieve its mission, Eastern Market Corporation combats community deterioration and lessens the burden on government by managing its public market, which has served Detroit since 1891. The corporation 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 enhance 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 is to leverage the market's attraction and legacy to build a dynamic, diverse, and unique urban district. They aim to strengthen the district's identity as a food-related district by enhancing the operations of the existing public market and by creating business opportunities for specialty food retailers, food wholesale operations, restaurants, food distributors, and food processors. Eastern Market Corporation plays a pivotal role in realizing this vision.
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Impact
October, 2024
Eastern Market Corporation plays a pivotal role in revitalizing and strengthening the Eastern Market District in Detroit. By managing operations and developing programs, it enhances access to healthy, affordable, and fair food choices for the community, ultimately impacting public health and wellness in Southeast Michigan.
The organization facilitates vibrant public market activities, hosting a range of markets throughout the week, including 52 Saturday markets. These events not only provide a centralized location for food vendors and small businesses but also foster community engagement and economic vitality.
Eastern Market Corporation's commitment to capital improvement ensures that the market continues to evolve as a vital food hub and economic catalyst. By investing in infrastructure improvements and creating business opportunities for specialty food retailers, wholesalers, and food processors, the corporation strengthens the food sector as a key component of regional economic growth.
Furthermore, through its strategic vision, Eastern Market Corporation aims to enhance the identity of the district as a food-related destination, promoting a dynamic urban environment that celebrates the legacy and attraction of the market. This vision reflects a broader commitment to combating community deterioration and alleviating the operational burdens associated with managing public market facilities. Ultimately, the corporation's impact extends beyond the market itself, contributing to the cultural, social, and economic fabric of Detroit and Southeast Michigan.
This information is meant to be a general summary of Eastern Market Corporation. 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: $40,151
- Gross Receipts: $5,240,386
Assets and Liabilities:
- Total Assets: $10,937,880
- Total Liabilities: $304,733
- Net Assets: $10,633,147
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Organization Details
Founding Year
2006
Phone
(313) 833-9300Principal Officer
Daniel Carmody
Main Address
2934 RUSSELL, DETROIT, MI, 482074826
Website
www.easternmarket.orgNTEE Category
Code: K99 - Food
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