Overview
What is Worcester Public Market Inc?
Worcester Public Market Inc, located at 4 Ash Street, Worcester, MA 01608, is a thriving nonprofit organization that plays a significant role in urban revitalization and economic development. By accommodating a diverse range of merchants, from individual stall vendors to enclosed shops, the market caters to various food-related retail activities. This includes raw produce, value-added food products, and ready-to-eat foods, fostering a farm-to-consumer agricultural enhancement and cultural exchange. With a dedicated workforce of 29 individuals, Worcester Public Market Inc contributes to job creation and provides a vibrant, community-oriented space for food-related activities.
Official website here: www.worcesterpublicmarket.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 76% (Three-Star out of Four Star rating)
Worcester Public Market Inc has received a Three-Star rating from Charity Navigator, indicating a solid level of accountability and financial health. The overall score is derived entirely from the Accountability & Finance beacon, showcasing the organization's commitment to transparency and efficient use of funds. The fiscal year reviewed was FY2022, reflecting recent performance metrics.
The organization demonstrates strong governance with 100% independent board members and an effective audit and oversight committee, achieving full points in these areas. Additionally, the market has a high program expense ratio of 84.35%, indicating that a significant portion of its expenditures directly supports its mission. However, the charity lacks a conflict of interest policy and other governance documents, which suggests room for improvement in its operational protocols.
While most aspects of the organization’s financial management are commendable, the absence of certain policies could raise questions about its governance practices. The organization may benefit from implementing these missing documents to enhance its accountability further and bolster its overall rating in future assessments.
This AI summary has been generated from information found on Charity Navigator.
Is Worcester Public Market Inc legitimate?
Worcester Public Market Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Worcester Public Market Inc 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: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $263,630
For more financial information, click here
Official website here: www.worcesterpublicmarket.org
What is the mission statement of Worcester Public Market Inc?
Worcester Public Market Inc's mission is centered around promoting urban revitalization and economic development by engaging in various food-related retail activities. This market aims to accommodate a diverse range of merchants, from individual stall vendors to enclosed shops, selling raw produce, value-added food products, and ready-to-eat foods. By doing so, it contributes to farm-to-consumer agricultural enhancement and fosters cultural exchange.
Official website here: www.worcesterpublicmarket.org
What is the revenue of Worcester Public Market Inc?
Worcester Public Market Inc's revenue in 2023 was $918,741.
Official website here: www.worcesterpublicmarket.org
Who are the executives of Worcester Public Market Inc and what are their salaries?
The average compensation at Worcester Public Market Inc during 2023 was $10,140. There are 26 employees at Worcester Public Market Inc.
Here are 5 key members and their salaries:
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Official website here: www.worcesterpublicmarket.org
Where can I find the form 990 for Worcester Public Market Inc?
Worcester Public Market Inc's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.worcesterpublicmarket.org
Learn more at the official website: www.worcesterpublicmarket.org
Mission Statement of Worcester Public Market Inc
Worcester Public Market Inc, with a focus on urban revitalization and economic development, engages in a variety of food-related retail activities. Their mission is to accommodate a broad spectrum of merchants, ranging from individual stall-type vendors to enclosed shops. This diversity in merchants extends from raw produce to value-added food products and ready-to-eat foods. By doing so, Worcester Public Market Inc aims to contribute to agricultural enhancement and foster cultural exchange. In essence, this organization seeks to revitalize urban spaces while promoting local food businesses and encouraging cultural interactions.
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Impact
July, 2024
Worcester Public Market Inc's impact lies in its effort to contribute to urban revitalization, economic development, job creation, farm-to-consumer agricultural enhancement, and cultural exchange through a variety of food-related retail activities. By accommodating a broad spectrum of vendors and offering a range of food products, from raw produce to value-added items and ready-to-eat foods, the organization plays a significant role in enhancing the local community. This initiative not only supports small businesses and local farmers but also provides residents with access to fresh, diverse food options while fostering cultural connections.
This information is meant to be a general summary of Worcester Public Market Inc. 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 2023.
- Investment Income: $1,050
- Gross Receipts: $1,483,133
Assets and Liabilities:
- Total Assets: $5,513,194
- Total Liabilities: $3,168,834
- Net Assets: $2,344,360
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Organization Details
Founding Year
2017
Principal Officer
Allen Fletcher
NTEE Category
Code: S20 - Community improvement
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