Overview
What is Mercado On 5th Inc?
Mercado On 5th Inc, based in Moline, Illinois, is a nonprofit organization that aims to positively impact and enhance the lives of hundreds of families within the predominantly Hispanic Floreciente neighborhood. They achieve this by organizing and sponsoring various markets throughout the year. Mercado On 5th also supports small businesses by helping them obtain their necessary certifications and licenses, thereby offering a platform for community engagement, shopping, and cultural experiences. Scholarships and grants are provided to these businesses through collaborations with entities such as the USBDA and Western Illinois University. The mission of Mercado On 5th is to establish a multi-cultural marketplace that welcomes diversity and fosters an inclusive environment, bringing together minorities in the community while allowing small businesses to promote and grow their ventures. The organization employs a small team of three individuals.
Official website here: www.mercadoonfifth.com
What are the reviews and ratings of this charity?
Charity Navigator Rating: 88%
Mercado On 5th Inc has received a Three-Star out of Four Star rating from Charity Navigator, reflecting an overall score of 88%. This rating is primarily based on the organization’s Accountability & Finance metrics, which are crucial for assessing the reliability and effectiveness of a nonprofit. The charity excels in several areas, demonstrating strong governance practices with 100% independent board members and a solid financial management framework.
The organization shows commendable financial health, with a program expense ratio of 91.64%, indicating that a significant portion of its expenses is directed towards its programs. Furthermore, it maintains transparency through audited financial statements and proper documentation of board meeting minutes. However, it lacks a whistleblower policy and document retention policies, which were noted as areas for improvement.
Overall, Mercado On 5th Inc displays a strong commitment to accountability and financial integrity, making it a trustworthy choice for potential donors. The identified gaps in policy documentation suggest room for enhancement in governance practices, yet the organization appears to be on a solid footing in terms of financial management and board independence.
This AI summary has been generated from information found on Charity Navigator.
What do the Facebook reviews say about Mercado On 5th Inc?
86% of 380 reviewers on Facebook recommend Mercado On 5th Inc. Here’s a summary of their insights:
Many patrons express enthusiasm about their experiences, highlighting the friendliness of the staff and the vibrant atmosphere created by the music and food. Reviewers appreciate the welcoming environment, which contributes to a positive social experience. The overall sentiment reflects a community-oriented venue that successfully brings people together.
Overall, those who have visited seem to feel that Mercado On 5th Inc. delivers a lively and enjoyable experience, making it a noteworthy spot for gatherings and celebrations.
This AI summary has been generated from reviews found on Facebook.
Is Mercado On 5th Inc legitimate?
Mercado On 5th Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Mercado On 5th 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: $53,697
For more financial information, click here
Official website here: www.mercadoonfifth.com
What is the mission statement of Mercado On 5th Inc?
Mercado On 5th Inc's mission is to establish a multicultural marketplace that welcomes diversity and fosters an inclusive environment. The primary aim is to bring together minority entrepreneurs, providing them with a platform to promote and grow their businesses. Additionally, the organization seeks to promote a predominantly minority neighborhood by hosting markets throughout the year, impacting and improving the lives of local families. Mercado On 5th Inc also offers small business initiatives, helping vendors obtain necessary certifications and licenses. Furthermore, the organization sponsors scholarships and grants for startup micro-business loans in partnership with the USBDA and Western Illinois University.
Official website here: www.mercadoonfifth.com
Who is the CEO of Mercado On 5th Inc?
Christopher Ontiveros is the Treasurer of Mercado On 5th Inc.
Official website here: www.mercadoonfifth.com
What is the revenue of Mercado On 5th Inc?
Mercado On 5th Inc's revenue in 2022 was $628,324.
Official website here: www.mercadoonfifth.com
Who are the executives of Mercado On 5th Inc and what are their salaries?
The average compensation at Mercado On 5th Inc during 2022 was $17,899. There are 3 employees and 50 volunteers at Mercado On 5th Inc.
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Official website here: www.mercadoonfifth.com
Where can I find the form 990 for Mercado On 5th Inc?
Mercado On 5th Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.mercadoonfifth.com
Learn more at the official website: www.mercadoonfifth.com
Mission Statement of Mercado On 5th Inc
Mercado On 5th Inc, a nonprofit organization, is committed to providing a multi-cultural marketplace that welcomes and brings together minorities in the community. Their mission is to create an atmosphere that encourages small businesses, primarily from minority backgrounds, to promote and grow their enterprises. By hosting markets throughout the year, Mercado On 5th Inc aims to positively impact and improve the lives of numerous families in the predominantly Hispanic Floreciente neighborhood of Moline, Illinois.
Moreover, Mercado On 5th Inc supports small businesses by helping them obtain either their Illinois food certification or Moline city licensing. This initiative provides a platform for the community to interact with small businesses, offering shopping, music, food, and cultural experiences. In addition, the organization awards scholarships and grants for startup micro-business loans, in partnership with the USBDA United States Small Business Development Agency and Western Illinois University. This collaboration aims to further support the growth and success of minority-owned businesses within the community.
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Impact
July, 2024
Mercado On 5th Inc's impact can be seen in the positive changes it brings to the predominantly Hispanic Floreciente neighborhood in Moline, Illinois. By creating and sponsoring multicultural markets throughout the year, this organization directly impacts and improves the lives of hundreds of families in the community. One significant aspect of their work is in facilitating small business initiatives, helping vendors achieve necessary certifications and licensing to grow their businesses.
Moreover, Mercado On 5th Inc plays a crucial role in fostering community cohesion by providing a space for people to come together for shopping, music, food, and cultural exchange. Additionally, their efforts in awarding scholarships and grants to small businesses, as well as assisting with startup micro-business loans through partnerships with agencies like the United States Small Business Development Agency and Western Illinois University, further contribute to the economic empowerment of local entrepreneurs.
Overall, Mercado On 5th Inc's commitment to promoting a welcoming and diverse atmosphere, supporting minority entrepreneurs, and enhancing the vibrancy of the neighborhood demonstrates a tangible impact on community improvement in Moline, Illinois.
This information is meant to be a general summary of Mercado On 5th 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 2022.
- Investment Income: $342
- Program Service Revenue: $126,091
- Gross Receipts: $628,324
Assets and Liabilities:
- Total Assets: $201,822
- Total Liabilities: $0
- Net Assets: $201,822
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
MERCADO EVENT
Revenue
$126,091
Organization Details
Founding Year
2017
Phone
(309) 797-0850Principal Officer
Christopher Ontiveros
Main Address
2212 37TH ST, MOLINE, IL, 61265
Website
www.mercadoonfifth.comNTEE Category
Code: S20 - Community improvement
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